Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | ||
Sep. 30, 2020 | Oct. 21, 2020 | Dec. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-36504 | ||
Entity Registrant Name | Weatherford International plc | ||
Entity Incorporation, State or Country Code | L2 | ||
Entity Tax Identification Number | 98-0606750 | ||
Entity Address, Address Line One | 2000 St. James Place | ||
Entity Address, City or Town | Houston | ||
Entity Address, Country | TX | ||
Entity Address, Postal Zip Code | 77056 | ||
City Area Code | 713 | ||
Local Phone Number | 836.4000 | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 70,017,356 | ||
Ordinary Shares, Par Value (in USD) | $ 0.001 | $ 0.001 | |
Entity Central Index Key | 0001603923 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Revenue | $ 807 | $ 1,314 | $ 2,843 | $ 3,969 |
Costs and Expenses: | ||||
Research and Development | 21 | 35 | 77 | 107 |
Selling, General and Administrative | 180 | 232 | 651 | 710 |
Long-lived Asset Impairments | 0 | 0 | 818 | 20 |
Goodwill Impairment | 0 | 399 | 239 | 730 |
Inventory Charges | 0 | 0 | 134 | 0 |
Restructuring, Facility and Severance | 31 | 53 | 114 | 93 |
Prepetition Charges | 0 | 0 | 0 | 86 |
Gain (Loss) on Disposition of Assets | (12) | (15) | (12) | (15) |
(Gain) Loss on Sale of Businesses, Net | 0 | 8 | 0 | (104) |
Total Costs and Expenses | 867 | 1,761 | 4,222 | 4,835 |
Operating Income (Loss) | (60) | (447) | (1,379) | (866) |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 133 | 133 | ||
Nonoperating Income (Expense) [Abstract] | ||||
Interest Expense, Net (Unrecognized Contractual Interest Expense was $133 million for three and nine months ended September 30, 2019) | (79) | (26) | (196) | (341) |
Reorganization Items | 0 | (303) | (9) | (303) |
Other Expense, Net | (20) | (8) | (56) | (18) |
Loss Before Income Taxes | (159) | (784) | (1,640) | (1,528) |
Income Tax Provision | (8) | (31) | (64) | (76) |
Net Loss | (167) | (815) | (1,704) | (1,604) |
Net Income Attributable to Noncontrolling Interests | 7 | 6 | 17 | 14 |
Net Income (Loss) Attributable to Weatherford | $ (174) | $ (821) | $ (1,721) | $ (1,618) |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Loss Per Share, Basic & Diluted (in dollars per share) | $ (2.48) | $ (0.82) | $ (24.58) | $ (1.61) |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted Average Shares Outstanding, Basic and Diluted (in shares) | 70 | 1,004 | 70 | 1,004 |
Other Cost and Expense, Operating | $ 16 | $ 42 | $ 48 | $ 100 |
Products | ||||
Revenues: | ||||
Revenue | 322 | 467 | 1,081 | 1,461 |
Costs and Expenses: | ||||
Cost of Goods and Services Sold | 290 | 408 | 935 | 1,343 |
Services | ||||
Revenues: | ||||
Revenue | 485 | 847 | 1,762 | 2,508 |
Costs and Expenses: | ||||
Cost of Goods and Services Sold | $ 341 | $ 599 | $ 1,218 | $ 1,765 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Loss | $ (167) | $ (815) | $ (1,704) | $ (1,604) |
Foreign Currency Translation Adjustments | (6) | (28) | (72) | 35 |
Other Comprehensive Income, Other, Net of Tax | 0 | 8 | 0 | 8 |
Other Comprehensive Income | (6) | (20) | (72) | 43 |
Comprehensive Loss | (173) | (835) | (1,776) | (1,561) |
Comprehensive Income Attributable to Noncontrolling Interests | 7 | 6 | 17 | 14 |
Comprehensive Loss Attributable to Weatherford | $ (180) | $ (841) | $ (1,793) | $ (1,575) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets, Current [Abstract] | ||
Cash and Cash Equivalents | $ 1,121 | $ 618 |
Restricted Cash | 172 | 182 |
Accounts Receivable, Net of Allowance for Credit Losses of $31 at September 30, 2020 and $0 at December 31, 2019 | 835 | 1,241 |
Inventories, Net | 811 | 972 |
Other Current Assets | 354 | 440 |
Total Current Assets | 3,293 | 3,453 |
Property, Plant and Equipment, Net of Accumulated Depreciation of $284 at September 30, 2020 and $25 at December 31, 2019 | 1,304 | 2,122 |
Goodwill | 0 | 239 |
Intangible Assets, Net of Accumulated Amortization of $133 at September 30, 2020 and $9 at December 31, 2019 | 841 | 1,114 |
Operating Lease Right-of-Use Assets | 147 | 256 |
Other Non-Current Assets | 79 | 109 |
Total Assets | 5,664 | 7,293 |
Liabilities: | ||
Short-term Borrowings and Current Portion of Long-term Debt | 14 | 13 |
Accounts Payable | 332 | 585 |
Accrued Salaries and Benefits | 287 | 270 |
Income Taxes Payable | 197 | 205 |
Current Portion of Operating Lease Liabilities | 70 | 79 |
Other Current Liabilities | 516 | 520 |
Total Current Liabilities | 1,416 | 1,672 |
Long-term Debt | 2,602 | 2,151 |
Operating Lease Liabilities | 183 | 213 |
Other Non-Current Liabilities | 340 | 341 |
Total Liabilities | 4,541 | 4,377 |
Shareholders’ Equity: | ||
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at September 30, 2020 and December 31, 2019 | 0 | 0 |
Capital in Excess of Par Value | 2,897 | 2,897 |
Retained Deficit | (1,747) | (26) |
Accumulated Other Comprehensive Income (Loss) | (63) | 9 |
Weatherford Shareholders’ Equity | 1,087 | 2,880 |
Noncontrolling Interests | 36 | 36 |
Total Shareholders’ Equity | 1,123 | 2,916 |
Total Liabilities and Shareholders’ Equity | $ 5,664 | $ 7,293 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets, Current [Abstract] | ||
Allowance for Uncollectible Accounts | $ 31 | $ 0 |
Noncurrent Assets: | ||
Accumulated Depreciation of Property, Plant and Equipment | 284 | 25 |
Accumulated Amortization of Other Intangible Assets | $ 133 | $ 9 |
Shareholders’ Equity: | ||
Ordinary Shares, Par Value (in USD) | $ 0.001 | $ 0.001 |
Ordinary Shares, Authorized (in shares) | 1,356 | 1,356 |
Ordinary Shares, Issued (in shares) | 70 | 70 |
Ordinary Stock, Outstanding (in shares) | 70 | 70 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (1,704) | $ (1,604) |
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: | ||
Depreciation and Amortization | 387 | 357 |
Goodwill Impairment | 239 | 730 |
Impairments and Other Charges | 1,114 | 213 |
Reorganization Items | 0 | 134 |
Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs | 0 | 110 |
Gain on Sale Businesses, Net | 0 | (104) |
Change in Assets and Liabilities: | ||
Accounts Receivable | 358 | (147) |
Inventories | (4) | (152) |
Accounts Payable | (248) | (105) |
Other Operating Activities | 46 | (111) |
Net Cash Provided by (Used in) Operating Activities | 188 | (679) |
Cash Flows From Investing Activities: | ||
Capital Expenditures for Property, Plant and Equipment | (100) | (177) |
Proceeds from Sale of Property, Plant, and Equipment | 13 | 80 |
Payments of Deferred Consideration on the Acquisition of Equity Investment | (24) | 0 |
Acquisition of Intangible Assets | (4) | (12) |
Proceeds from Disposition of Businesses, Net | 1 | 319 |
Proceeds from Bond Maturities | 25 | 0 |
Net Cash Provided by (Used in) Investing Activities | (89) | 210 |
Cash Flows From Financing Activities: | ||
Proceeds from Issuance of Secured Debt | 457 | 0 |
Borrowings (Repayments) of Debtor in Possession Credit Agreement, Net | 0 | 1,386 |
Debtor in Possession Financing Payments and Payments on Backstop Agreement | 0 | 110 |
Repayments of Long-term Debt | (7) | (317) |
Repayments of Short-term Debt, Net | (22) | (25) |
Other Financing Activities | (28) | (17) |
Net Cash Provided by Financing Activities | 400 | 917 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (6) | 0 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 493 | 448 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 800 | 602 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 1,293 | 1,050 |
Supplemental Cash Flow Information: | ||
Interest Paid | 114 | 248 |
Income Taxes Paid, Net of Refunds | $ 60 | $ 65 |
General
General | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” or “Weatherford”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. Summary of Significant Accounting Policies Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2019 Annual Report for the discussion on our significant accounting policies. Certain reclassifications of the financial statements and accompanying footnotes for the three and nine months ended September 30, 2019 have been made to conform to the presentation for the three and nine months ended September 30, 2020. As described in “Note 1 – Summary of Significant Accounting Policies”, “Note 2 – Emergence from Chapter 11 Bankruptcy Proceedings”, and “Note 3 – Fresh Start Accounting” of our Consolidated Financial Statements from our 2019 Annual Report, we filed voluntary petitions for bankruptcy on July 1, 2019, then emerged from bankruptcy on December 13, 2019 and adopted fresh-start accounting upon emergence. References to “Predecessor” herein relate to the Condensed Consolidated Statements of Operations of the Company prior to the emergence from bankruptcy on December 13, 2019. References to “Successor” herein relate to the Condensed Consolidated Balance Sheets of the reorganized Company as of September 30, 2020 and December 31, 2019 and the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 (“Successor Period”) and are not comparable to the Condensed Consolidated Financial Statements of the Predecessor Periods for the three and nine months ended September 30, 2019 (“Predecessor Period”), as indicated by the “black line” division in the financials and footnote tables, which emphasizes the lack of comparability between amounts presented. Our financial results for future periods will be different from historical trends and the differences may be material. |
Accounts Receivable Factoring
Accounts Receivable Factoring | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | Accounts Receivable Factoring From time to time, we participate in factoring arrangements to sell accounts receivable to third-party financial institutions. Our factoring transactions in the Successor Periods and Predecessor Periods were recognized as sales, and the proceeds are included as operating cash flows in our Condensed Consolidated Statements of Cash Flows. The loss on sale of accounts receivable sold was immaterial for all Successor Periods and Predecessor Periods. The following table presents accounts receivable sold and cash proceeds from the sale of accounts receivable. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Accounts Receivable Sold $ 11 $ 37 $ 34 $ 199 Cash Proceeds from Sale of Accounts Receivable $ 10 $ 34 $ 30 $ 186 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net Inventories, net of reserves of $106 million and $0 as of September 30, 2020 and December 31, 2019, respectively by category were as follows: (Dollars in millions) 9/30/2020 12/31/2019 Finished Goods $ 683 $ 830 Work in Process and Raw Materials, Components and Supplies 128 142 $ 811 $ 972 During the second quarter of 2020, we recognized inventory charges and write-downs of $134 million primarily for excess and obsolete inventory as a result of the decline in oil and gas commodity demand, the downturn in the oil and gas industry and the impact of COVID-19 pandemic. These inventory charges are included in “Inventory Charges” on the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions We did not have any acquisitions of businesses in the three and nine months ended September 30, 2020 or 2019. We paid $12 million in March 2020 and an additional $12 million in April 2020 as final settlement of the deferred consideration associated with our acquisition of the remaining 50% equity interest in our Qatari joint venture, which took place in the first quarter of 2018. Divestitures We did not have any significant dispositions of businesses in the three and nine months ended September 30, 2020. In the second quarter of 2019 we completed the sale of our reservoir solutions and our surface data logging businesses for an aggregate sale price of $256 million and recognized a net gain of approximately $117 million and divested a carrying amount of $95 million in net assets. |
Long-Lived Asset Impairments an
Long-Lived Asset Impairments and Other Long-Lived Asset Impairments and Other | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Asset Impairments and Other | Long-lived Asset Impairments We did not recognize any long-lived asset impairments in the third quarter ended September 30, 2020. The unprecedented global economic and industry conditions resulting from the decline in demand and impact from the COVID-19 pandemic were identified as impairment indicators. As a result, we performed interim impairment assessments as of March 31, 2020, and as of June 30, 2020, of our property, plant and equipment, definite-lived intangible assets, goodwill and right of use assets with the assistance of third-party valuation advisors. Based on our impairment test, we determined the carrying amount of certain long-lived assets exceeded their respective fair values and recognized $818 million of long-lived asset impairments in “Long-lived Asset Impairments” on the accompanying Condensed Consolidated Statements of Operations during the nine months ended September 30, 2020. The fair values of our long-lived assets were determined using discounted cash flow or Level 3 fair value analyses. The unobservable inputs to the income approach included the estimated discounted future cash flows by asset group, specifically the forecasted revenue, forecasted operating margins, and discount rate assumptions used to determine the fair value of certain asset groups. The table below details the Successor long-lived asset impairments by asset and segment recognized for the nine months ended September 30, 2020. Nine Months Ended September 30, 2020 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Property, Plant and Equipment $ 316 $ 255 $ 571 Intangible Assets 44 115 159 Right of Use Assets 56 32 88 Total Impairment Charges $ 416 $ 402 $ 818 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The impairment indicators discussed in “Note 5 - Long-Lived Asset Impairments” triggered interim quantitative goodwill assessments as of March 31, 2020 and June 30, 2020. Our quantitative goodwill impairment assessments were based on a discounted cash flow analysis and a multiples-based market approach for comparable companies in our industry, a Level 3 fair value analysis. The analysis included significant judgments, including estimated future cash flows by reporting unit, specifically forecasted revenue, forecasted operating margins, discount rates and forecasted capital expenditures used to determine the fair value of the reporting units. As a result, we fully impaired our goodwill in the Russia and Middle East & North Africa (“MENA”) reporting units as of the second quarter ended June 30, 2020. The changes in the carrying amount of goodwill by reporting segment for the nine months ended September 30, 2020, are presented in the following table. (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Balance at December 31, 2019 $ — $ 239 $ 239 Impairment — (239) (239) Balance at September 30, 2020 $ — $ — $ — For the three and nine months ended September 30, 2019, the Predecessor goodwill impairment tests indicated that goodwill was impaired and as a result the Predecessor incurred a charge of $399 million and $730 million, respectively. The Predecessor impairment indicators were a result of lower activity levels and lower exploration and production capital spending that resulted in a decline in drilling activity and forecasted growth in the North America, Asia and MENA reporting units. Intangible Assets The components of definite-lived intangible assets, net of accumulated amortization, were as follows: (Dollars in millions) 9/30/2020 12/31/2019 Developed and Acquired Technology $ 478 $ 721 Trade Names 363 393 Totals $ 841 $ 1,114 We did not recognize any impairment of intangible assets in the Successor three months ended September 30, 2020. For the Successor nine months ended September 30, 2020, based on our impairment tests in the first and second quarters of 2020, we recognized impairments of $159 million of our developed and acquired technology. Amortization expense was $38 million and $124 million for the Successor three and nine months ended September 30, 2020, respectively, and $17 million and $49 million for the Predecessor three and nine months ended September 30, 2019 and is reported in Selling, General and Administrative on our Condensed Consolidated Statements of Operations. As of September 30, 2020, accumulated amortization was $101 million for Developed and Acquired Technology and $32 million for Trade Names. |
Restructuring, Facility Consoli
Restructuring, Facility Consolidation and Severance Charges | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Facility Consolidation and Severance Charges | Restructuring, Facility Consolidation and Severance Charges During the Successor three and nine months ended September 30, 2020, in response to the impact on our business from the COVID-19 pandemic and the significant decline in demand, we initiated additional immediate actions and developed plans to reduce our future cost structure. As a result, during the Successor three and nine months ended September 30, 2020, we incurred restructuring and severance charges of $31 million and $114 million, respectively in “Restructuring, Facility and Severance” on the accompanying Condensed Consolidated Statements of Operations. Additional charges with respect to our ongoing cost reduction actions are expected to be recorded through the remainder of 2020 and could result in additional charges in future periods as we execute and revise our plans. The following table presents restructuring and severance charges for the Successor Period and Predecessor Period. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Severance Charges $ 31 $ 7 $ 109 $ 10 Facility Consolidation and Other Charges — 40 5 69 Asset Related Charges (non-cash) — 6 — 14 Total Restructuring and Severance Charges $ 31 $ 53 $ 114 $ 93 The following table presents total restructuring and severance charges by reporting segment and Corporate for the Successor Period and Predecessor Period. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Western Hemisphere $ 17 $ 21 $ 58 $ 36 Eastern Hemisphere 12 4 29 11 Corporate 2 28 27 46 $ 31 $ 53 $ 114 $ 93 The following table presents total restructuring and severance accrual activity charges, payments and other changes for the Successor Period ended September 30, 2020. (Dollars in millions) Accrued Balance at December 31, 2019 Charges Cash Payments Other Accrued Balance at September 30, 2020 Restructuring and Severance Reserve $ 66 $ 114 $ (109) $ (15) $ 56 |
Borrowings and Other Obligation
Borrowings and Other Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Obligations | Borrowings and Other Obligations (Dollars in millions) 9/30/2020 12/31/2019 Finance Lease Current Portion $ 9 $ 10 Other Short-term Financing Arrangements 5 3 Short-term Borrowings $ 14 $ 13 11.00% Exit Notes due 2024 $ 2,098 $ 2,097 8.75% Senior Secured Notes due 2024 456 — Finance Lease Long-term Portion 48 54 Long-term Debt $ 2,602 $ 2,151 Credit Agreements ABL Credit Agreement On December 13, 2019, we entered into a senior secured asset-based lending agreement in an aggregate amount of $450 million (the “ABL Credit Agreement”) with the lenders party thereto and Wells Fargo Bank, N.A. as administrative agent. On August 28, 2020, we issued $500 million of 8.75% Senior Secured Notes due 2024 (“Senior Secured Notes”) and terminated the ABL Credit Agreement, resulting in the alleviation of our substantial doubt to continue as a going concern that was previously reported as of June 30, 2020. At the time of termination, there were no loan amounts outstanding under the ABL Credit Agreement, and all outstanding letters of credit thereunder were either cash collateralized or transferred to issuing banks under the senior secured letter of credit agreement (“LC Credit Agreement”), described below. Upon termination of the ABL Credit Agreement, we recorded $15 million of unamortized deferred debt issuance costs in “Interest Expense, Net” on our Condensed Consolidated Financial Statements. LC Credit Agreement On December 13, 2019, we entered into the LC Credit Agreement in an aggregate amount of $195 million maturing on June 13, 2024 with the lenders party thereto and Deutsche Bank Trust Company Americas as administrative agent. On August 28, 2020, we amended the LC Credit Agreement to, among other things, increase the aggregate commitments to $215 million, modify the maturity date to May 29, 2024 and reduce the minimum liquidity covenant from $200 million to $175 million. The LC Credit Agreement is used for the issuance of bid and performance letters of credit of the Company and certain of its subsidiaries. At September 30, 2020, we had approximately $168 million in outstanding letters of credit under the LC Credit Agreement and availability of $47 million. We incurred $6 million of issuance costs in obtaining the amendment, increasing our unamortized costs to $12 million. These issuance costs will be recognized over the term of the agreement in “Other Expense, Net” on our Condensed Consolidated Financial Statements. As of September 30, 2020, we had $346 million of letters of credit outstanding, consisting of the $168 million mentioned above under the LC Credit Agreement and another $178 million under various uncommitted facilities (of which there was $170 million in cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). The applicable terms, interest rates and fees for borrowings under the LC Credit Agreement are the same as those presented in “Note 13 – Short-Term Borrowings and other Debt Obligations” in our 2019 Annual Report. Long-term Debt On December 13, 2019, we issued unsecured 11% senior notes maturing December 1, 2024 (“Exit Notes”) for an aggregate principal amount of $2.1 billion. Interest on the Exit Notes accrues at the rate of 11% per annum and is payable semiannually in arrears on June 1 and December 1. The first interest payment was made on June 1, 2020. On August 28, 2020, Weatherford International Ltd., as issuer, Weatherford International plc and Weatherford International, LLC, as guarantors, and the other subsidiary guarantors party thereto, entered into an indenture with Wilmington Trust, National Association, as trustee and collateral agent, and issued the Senior Secured Notes in an aggregate principal amount of $500 million. Interest on the Senior Secured Notes accrues at the rate of 8.75% per annum and is payable semiannually in arrears on March 1 and September 1, commencing on March 1, 2021. Proceeds from the issuance were reduced by a purchase commitment discount of $25 million and a commitment fee of $15 million. These debt issuance costs along with legal and other direct costs are presented as a contra-liability of the carrying amount of the debt liability and will be recognized using the effective interest rate method over the term of the debt in “Interest Expense, Net” on our Condensed Consolidated Financial Statements. The Senior Secured Notes are fully and unconditionally guaranteed on a senior secured basis by the Company’s material domestic subsidiaries, certain material foreign subsidiaries, and in the future by other subsidiaries that guarantee its obligations under the LC Credit Agreement or other material indebtedness. The Senior Secured Notes are secured by substantially all of the assets of the Company and the guarantors (on an effectively first-priority basis with respect to the priority collateral for the Senior Secured Notes, and on an effectively second-priority basis with respect to the priority collateral for the LC Credit Agreement, in each case, subject to permitted liens). The indentures governing the Exit Notes and Senior Secured Notes contain covenants that limit, among other things, our ability and the ability of certain of our subsidiaries, to: incur, assume or guarantee additional indebtedness; pay dividends or distributions on capital stock or redeem or repurchase capital stock; make investments; sell stock of our subsidiaries; transfer or sell assets; create liens; enter into transactions with affiliates; and enter into mergers or consolidations. In addition, the Senior Secured Notes require maintaining at least $175 million of minimum liquidity as defined in the Senior Secured Notes indenture agreement. As of September 30, 2020, we were in compliance with the covenants of the aforementioned indentures and the LC Credit Agreement. Fair Value of Short and Long-term Borrowings The carrying value of our short-term borrowings approximates their fair value due to their short maturities. These short-term borrowings are classified as Level 2 in the fair value hierarchy. The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The table below presents the fair value and carrying value of the Exit and Senior Secured Notes. (Dollars in millions) 9/30/2020 12/31/2019 11.00% Exit Notes due 2024 $ 1,269 $ 2,252 8.75% Senior Secured Notes due 2024 511 — Fair Value $ 1,780 $ 2,252 Carrying Value $ 2,554 $ 2,097 The total fair value of our debt decreased significantly primarily due to the negative impact the COVID-19 pandemic had on our business and industry, which increased the credit spreads of our debt. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our assets and liabilities measured at fair value on a recurring basis consist solely of our derivative instruments. 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. Our derivative activity is not material to our financial statements. Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable and held-to-maturity investments. The estimated fair value of these financial instruments approximates their carrying values as reflected in our Condensed Consolidated Financial Statements. The fair value of our short-term and long-term borrowings are discussed in “Note 8 – Borrowings and Other Obligations.” |
Disputes, Litigation and Contin
Disputes, Litigation and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Disputes, Litigation and Contingencies | Disputes, Litigation and Legal Contingencies We are subject to lawsuits and claims arising out of the nature of our business. We have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, that would result in a liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these cases, the aggregate impact to our financial condition could be material. Due to the COVID-19 pandemic, courts in many jurisdictions around the world have been temporarily closed for trials and hearings, which has resulted in delays in many of our litigation matters. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 were $43 million and $44 million, respectively. Shareholder Litigation GAMCO Shareholder Litigation On September 6, 2019, GAMCO Asset Management, Inc. (“GAMCO”), purportedly on behalf of itself and other similarly situated shareholders, filed a lawsuit asserting violations of the federal securities laws against certain then-current and former officers and directors of the Company. GAMCO alleges violations of Sections 10(b) and 20(b) of the Securities Exchange Act of 1934, and violations of Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”) based on allegations that the Company and certain of its officers made false and/or misleading statements, and alleged non-disclosure of material facts, regarding our business, operations, prospects and performance. GAMCO seeks damages on behalf of purchasers of the Company’s ordinary shares from October 26, 2016 through May 10, 2019. GAMCO’s lawsuit was filed in the United States District Court for the Southern District of Texas, Houston Division, and it is captioned GAMCO Asset Management, Inc. v. McCollum, et al., Case No. 4:19-cv-03363. The District Court Judge appointed Utah Retirement Systems (“URS”) as Lead Plaintiff, and on March 16, 2020, URS filed its Amended Complaint. URS added the Company as a defendant but dropped the claims against non-officer board members and all the claims under the Securities Act. The defendants filed their motion to dismiss on May 18, 2020, and plaintiffs filed their response on July 3, 2020. The defendants filed a reply brief on August 3, 2020, and now the Court will rule on the motion to dismiss. We cannot reliably predict the outcome of the claims, including the amount of any possible loss. Prior Shareholder Litigation In 2010, three shareholder derivative actions were filed, and in 2014 a fourth shareholder derivative action was 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 ”). 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. Although the plaintiffs appealed the jurisdictional ruling, on June 19, 2020, the plaintiffs filed a motion to dismiss the appeal with prejudice. This litigation has concluded. Environmental Contingencies We have obligations and expect to incur capital, operating and maintenance, and remediation expenditures, as a result of compliance with environmental laws and regulations. Among those obligations, are the current requirements imposed by the Texas Commission on Environmental Quality (“TCEQ”) at the former Universal Compression facility in Midland, Texas. At this location we are performing a TCEQ-approved Remedial Action Plan (“RAP”) to address contaminated ground water. The performance of the RAP and related expenses are scheduled to be performed over a ten to twenty-year period and may cost as much as $6 million. We continuously monitor and strive to maintain compliance with changes in laws and regulations that impact our business. |
Shareholders' Equity (Deficienc
Shareholders' Equity (Deficiency) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity (Deficiency) | Shareholders’ Equity (Deficiency) The following summarizes our shareholders’ equity (deficiency) activity for the three and nine months ended September 30, 2020 and 2019. (Dollars in Millions) Par Value of Issued Shares Capital in Excess of Par Value Retained Accumulated Non-controlling Interests Total Shareholders’ Equity (Deficiency) Balance at December 31, 2019 (Successor) $ — $ 2,897 $ (26) $ 9 $ 36 $ 2,916 Net Income (Loss) — — (966) — 8 (958) Other Comprehensive Loss — — — (95) — (95) Balance at March 31, 2020 (Successor) $ — $ 2,897 $ (992) $ (86) $ 44 $ 1,863 Net Income (Loss) — — (581) — 2 (579) Other Comprehensive Loss — — — 29 — 29 Dividends to Noncontrolling Interests — — — — (8) (8) Balance at June 30, 2020 (Successor) $ — $ 2,897 $ (1,573) $ (57) $ 38 $ 1,305 Net Income (Loss) — — (174) — 7 (167) Other Comprehensive Loss — — — (6) — (6) Dividends to Noncontrolling Interests — — — — (9) (9) Balance at September 30, 2020 (Successor) $ — $ 2,897 $ (1,747) $ (63) $ 36 $ 1,123 Balance at December 31, 2018 (Predecessor) $ 1 $ 6,711 $ (8,671) $ (1,746) $ 39 $ (3,666) Net Income (Loss) — — (481) — 4 (477) Other Comprehensive Income — — — 33 — 33 Dividends to Noncontrolling Interests — — — — (5) (5) Awards Granted, Vested and Exercised — 8 — — — 8 Other — — — — 1 1 Balance at March 31, 2019 (Predecessor) 1 6,719 (9,152) (1,713) 39 (4,106) Net Income (Loss) — — (316) — 4 (312) Other Comprehensive Income — — — 30 — 30 Dividends to Noncontrolling Interests — — — — (6) (6) Awards Granted, Vested and Exercised — 5 — — — 5 Balance at June 30, 2019 (Predecessor) $ 1 $ 6,724 $ (9,468) $ (1,683) $ 37 $ (4,389) Net Income (Loss) — — (821) — 6 (815) Other Comprehensive Income — — — (20) — (20) Dividends to Noncontrolling Interests — — — — (5) (5) Awards Granted, Vested and Exercised — 5 — — — 5 Balance at September 30, 2019 (Predecessor) $ 1 $ 6,729 $ (10,289) $ (1,703) $ 38 $ (5,224) The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2020 for the Successor and nine months ended September 30, 2019 for the Predecessor: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2019 (Successor) $ 7 $ 2 $ — $ 9 Other Comprehensive Loss $ (72) $ — $ — $ (72) Balance at September 30, 2020 (Successor) $ (65) $ 2 $ — $ (63) Balance at December 31, 2018 (Predecessor) $ (1,724) $ (14) $ (8) $ (1,746) Other Comprehensive Income 35 — — 35 Reclassifications — — 8 8 Net activity 35 — 8 43 Balance at September 30, 2019 (Predecessor) $ (1,689) $ (14) $ — $ (1,703) |
Loss per Share
Loss per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Loss per Share | Loss per Share Basic earnings (loss) per share for all periods presented equals net income (loss) divided by our weighted average shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including potential dilutive ordinary shares. The following table presents our basic and diluted weighted average shares outstanding and loss per share for the three and nine months ended September 30, 2020 and 2019: Successor Predecessor Successor Predecessor (Dollars and shares in millions, Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended except per share amounts) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Net Loss Attributable to Weatherford $ (174) $ (821) $ (1,721) $ (1,618) Basic and Diluted weighted average shares outstanding 70 1,004 70 1,004 Basic and Diluted Loss Per Share Attributable to Weatherford $ (2.48) $ (0.82) $ (24.58) $ (1.61) Our basic and diluted weighted average shares outstanding for the Successor Period and Predecessor Period are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for both the three and nine months ended September 30, 2020 exclude 8 million potential ordinary shares, and the three and nine months ended September 30, 2019 exclude 163 million and 208 million potential ordinary shares, respectively, for restricted share units, performance units, exchangeable senior notes and warrants outstanding as we had net losses for those periods and their inclusion would be anti-dilutive. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenue by Product Line and Geographic Region Revenues are attributable to countries based on the ultimate destination of the sale of products or performance of services. During the second quarter of 2020, in order to support the streamlining and realignment of the business, we combined our prior reported four product lines into two product lines, and all prior periods have been retrospectively recast to conform to this new presentation. Our two primary product lines are as follows: (1) Production and Completions and (2) Drilling, Evaluation and Intervention. Our new combined Production and Completion product line was previously reported as two separate product lines. Our new Drilling, Evaluation and Intervention product line was previously reported as two separate product lines of Drilling and Evaluation and Well Construction. The unmanned equipment that we lease to customers as operating leases consists primarily of drilling rental tools (in the Drilling, Evaluation and Intervention product line) and artificial lift pumping equipment (in the Production and Completions product line). These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts. Equipment rental revenues recognized under Accounting Standards Update No. 2016-02, Leases (Topic 842) were $30 million and $119 million for the three and nine months Successor Periods ended September 30, 2020, respectively, and $64 million and $226 million for the three and nine months Predecessor Periods ended September 30, 2019, respectively. The following tables disaggregate our product and service revenues by major product line and geographic region for the three and nine months ended September 30, 2020 and 2019. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Product Line Revenue by Hemisphere: Production and Completions $ 170 $ 348 $ 632 $ 1,098 Drilling, Evaluation and Intervention 146 327 582 1,022 Western Hemisphere $ 316 $ 675 $ 1,214 $ 2,120 Production and Completions $ 241 $ 265 $ 783 $ 792 Drilling, Evaluation and Intervention 250 374 846 1,057 Eastern Hemisphere $ 491 $ 639 $ 1,629 $ 1,849 Total Revenue $ 807 $ 1,314 $ 2,843 $ 3,969 Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Revenue by Geographic Areas: North America $ 175 $ 383 $ 688 $ 1,259 Latin America 141 292 526 861 Western Hemisphere $ 316 $ 675 $ 1,214 $ 2,120 Middle East & North Africa and Asia $ 319 $ 377 $ 1,063 $ 1,129 Europe/Sub-Sahara Africa/Russia 172 262 566 720 Eastern Hemisphere $ 491 $ 639 $ 1,629 $ 1,849 Total Revenues $ 807 $ 1,314 $ 2,843 $ 3,969 The following table provides information about receivables for product and services included in “Accounts Receivable, Net,” “Contrast Assets” and “Contract Liabilities” at September 30, 2020 and December 31, 2019. (Dollars in millions) 9/30/2020 12/31/2019 Receivables for Product and Services in Accounts Receivable, Net $ 793 $ 1,156 Receivables for Equipment Rentals in Account Receivable, Net $ 42 $ 85 Contract Assets $ 1 $ 3 Contract Liabilities $ 29 $ 12 Revenue recognized for the nine months ended September 30, 2020 that were included in the contract liabilities balance at the beginning of 2020 was $8 million. 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 September 30, 2020 primarily relate to subsea services and an artificial lift contract. (Dollars in millions) 2020 2021 2022 2023 Thereafter Total Service Revenue $ 35 $ 34 $ 34 $ 34 $ 80 $ 217 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2019 Annual Report. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Revenue: Western Hemisphere $ 316 $ 675 $ 1,214 $ 2,120 Eastern Hemisphere 491 639 1,629 $ 1,849 Total Revenue $ 807 $ 1,314 $ 2,843 $ 3,969 Operating Income (Loss): Western Hemisphere $ (2) 15 $ 4 $ 35 Eastern Hemisphere 5 56 38 104 Total Segment Operating Income 3 71 42 139 Corporate (28) (31) (80) (95) Impairments and Other Charges (a) (b) (47) (494) (1,353) (1,029) Gain on Operational Assets Sale 12 15 12 15 Gain (Loss) on Sale of Businesses, Net (c) — (8) — 104 Total Operating Loss $ (60) $ (447) $ (1,379) $ (866) Interest Expense, Net (79) (26) (196) (341) Reorganization Items — (303) (9) (303) Other Expense, Net (20) (8) (56) (18) Loss Before Income Taxes $ (159) $ (784) $ (1,640) $ (1,528) (a) In the Successor three months ended September 30, 2020, primarily includes restructuring and other charges. In the Successor nine months ended September 30, 2020, primarily includes the impairment of goodwill, property, plant and equipment, intangibles and right of use assets, inventory excess and obsolete charges, and restructuring and other charges. See “Note 3 – Inventories, Net”, “Note 5 - Long-Lived Asset Impairments”, “Note 6 – Goodwill and Intangible Assets”, and “Note 7 – Restructuring, Facility Consolidation and Severance Charges” for additional information. (b) In the Predecessor three months ended September 30, 2019, primarily includes goodwill impairment, and restructuring and other charges. In the Predecessor nine months ended September 30, 2019, primarily includes goodwill impairment, restructuring and other charges, and prepetition charges for professional and other fees related to the Predecessor bankruptcy cases. See “Note 5 - Long-Lived Asset Impairments”, “Note 6 – Goodwill and Intangible Assets”, and “Note 7 – Restructuring, Facility Consolidation and Severance Charges” for additional information. (c) Primarily includes the gain on sale of our reservoir solutions business in the Predecessor second quarter of 2019. The following table presents total assets by segment at for each period presented: (Dollars in millions) 9/30/2020 12/31/2019 Western Hemisphere $ 1,694 $ 2,514 Eastern Hemisphere 3,264 4,392 Corporate 706 387 Total $ 5,664 $ 7,293 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We use the discrete method to determine our quarterly tax provision because small changes in estimated ordinary annual income result in significant changes in our estimated annual effective tax rate. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. For the Successor three and nine months ended September 30, 2020, we recognized tax expense of $8 million and $64 million, respectively, on a loss before income taxes of $159 million and $1.6 billion, respectively, as compared to the Predecessor three and nine months ended September 30, 2019 where we recognized tax expense of $31 million and $76 million, respectively, on a loss before income taxes of $784 million and $1.5 billion, respectively. Tax expense for the three and nine months ended September 30, 2020 and 2019 includes withholding taxes, minimum taxes and deemed profit taxes that do not directly correlate to ordinary income or loss. Impairments and other charges did not result in significant tax benefit in either period. Tax expense for the Successor nine months ended September 30, 2020 includes $20 million recorded in the first quarter of 2020 to recognize valuation allowance in jurisdictions where we are no longer able to forecast taxable income and a subsequent $11 million release to derecognize such valuation allowance in the current quarter where this was no longer applicable. We routinely undergo tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. As of September 30, 2020, we anticipate that it is reasonably possible that our uncertain tax positions of $214 million may decrease by up to $2 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” or “Weatherford”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. |
Principles of Consolidation | In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. |
Reclassifications | Summary of Significant Accounting PoliciesPlease refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2019 Annual Report for the discussion on our significant accounting policies. Certain reclassifications of the financial statements and accompanying footnotes for the three and nine months ended September 30, 2019 have been made to conform to the presentation for the three and nine months ended September 30, 2020. |
Accounts Receivable Factoring A
Accounts Receivable Factoring Accounts Receivable Factoring (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable Factoring | The following table presents accounts receivable sold and cash proceeds from the sale of accounts receivable. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Accounts Receivable Sold $ 11 $ 37 $ 34 $ 199 Cash Proceeds from Sale of Accounts Receivable $ 10 $ 34 $ 30 $ 186 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Inventories, net of reserves of $106 million and $0 as of September 30, 2020 and December 31, 2019, respectively by category were as follows: (Dollars in millions) 9/30/2020 12/31/2019 Finished Goods $ 683 $ 830 Work in Process and Raw Materials, Components and Supplies 128 142 $ 811 $ 972 |
Long-Lived Asset Impairments _2
Long-Lived Asset Impairments and Other (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Impairment of Long-Lived Assets | The table below details the Successor long-lived asset impairments by asset and segment recognized for the nine months ended September 30, 2020. Nine Months Ended September 30, 2020 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Property, Plant and Equipment $ 316 $ 255 $ 571 Intangible Assets 44 115 159 Right of Use Assets 56 32 88 Total Impairment Charges $ 416 $ 402 $ 818 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reporting segment for the nine months ended September 30, 2020, are presented in the following table. (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Balance at December 31, 2019 $ — $ 239 $ 239 Impairment — (239) (239) Balance at September 30, 2020 $ — $ — $ — |
Schedule of Finite-Lived Intangible Assets | Intangible Assets The components of definite-lived intangible assets, net of accumulated amortization, were as follows: (Dollars in millions) 9/30/2020 12/31/2019 Developed and Acquired Technology $ 478 $ 721 Trade Names 363 393 Totals $ 841 $ 1,114 |
Restructuring, Facility Conso_2
Restructuring, Facility Consolidation and Severance Charges (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The following table presents restructuring and severance charges for the Successor Period and Predecessor Period. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Severance Charges $ 31 $ 7 $ 109 $ 10 Facility Consolidation and Other Charges — 40 5 69 Asset Related Charges (non-cash) — 6 — 14 Total Restructuring and Severance Charges $ 31 $ 53 $ 114 $ 93 The following table presents total restructuring and severance charges by reporting segment and Corporate for the Successor Period and Predecessor Period. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Western Hemisphere $ 17 $ 21 $ 58 $ 36 Eastern Hemisphere 12 4 29 11 Corporate 2 28 27 46 $ 31 $ 53 $ 114 $ 93 |
Schedule of Restructuring Reserve by Type of Cost | The following table presents total restructuring and severance accrual activity charges, payments and other changes for the Successor Period ended September 30, 2020. (Dollars in millions) Accrued Balance at December 31, 2019 Charges Cash Payments Other Accrued Balance at September 30, 2020 Restructuring and Severance Reserve $ 66 $ 114 $ (109) $ (15) $ 56 |
Borrowings and Other Obligati_2
Borrowings and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt and Other Debt Obligations | (Dollars in millions) 9/30/2020 12/31/2019 Finance Lease Current Portion $ 9 $ 10 Other Short-term Financing Arrangements 5 3 Short-term Borrowings $ 14 $ 13 11.00% Exit Notes due 2024 $ 2,098 $ 2,097 8.75% Senior Secured Notes due 2024 456 — Finance Lease Long-term Portion 48 54 Long-term Debt $ 2,602 $ 2,151 |
Fair Value,of Short and Long-term Borrowings | (Dollars in millions) 9/30/2020 12/31/2019 11.00% Exit Notes due 2024 $ 1,269 $ 2,252 8.75% Senior Secured Notes due 2024 511 — Fair Value $ 1,780 $ 2,252 Carrying Value $ 2,554 $ 2,097 |
Shareholders' Equity (Deficie_2
Shareholders' Equity (Deficiency) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity | The following summarizes our shareholders’ equity (deficiency) activity for the three and nine months ended September 30, 2020 and 2019. (Dollars in Millions) Par Value of Issued Shares Capital in Excess of Par Value Retained Accumulated Non-controlling Interests Total Shareholders’ Equity (Deficiency) Balance at December 31, 2019 (Successor) $ — $ 2,897 $ (26) $ 9 $ 36 $ 2,916 Net Income (Loss) — — (966) — 8 (958) Other Comprehensive Loss — — — (95) — (95) Balance at March 31, 2020 (Successor) $ — $ 2,897 $ (992) $ (86) $ 44 $ 1,863 Net Income (Loss) — — (581) — 2 (579) Other Comprehensive Loss — — — 29 — 29 Dividends to Noncontrolling Interests — — — — (8) (8) Balance at June 30, 2020 (Successor) $ — $ 2,897 $ (1,573) $ (57) $ 38 $ 1,305 Net Income (Loss) — — (174) — 7 (167) Other Comprehensive Loss — — — (6) — (6) Dividends to Noncontrolling Interests — — — — (9) (9) Balance at September 30, 2020 (Successor) $ — $ 2,897 $ (1,747) $ (63) $ 36 $ 1,123 Balance at December 31, 2018 (Predecessor) $ 1 $ 6,711 $ (8,671) $ (1,746) $ 39 $ (3,666) Net Income (Loss) — — (481) — 4 (477) Other Comprehensive Income — — — 33 — 33 Dividends to Noncontrolling Interests — — — — (5) (5) Awards Granted, Vested and Exercised — 8 — — — 8 Other — — — — 1 1 Balance at March 31, 2019 (Predecessor) 1 6,719 (9,152) (1,713) 39 (4,106) Net Income (Loss) — — (316) — 4 (312) Other Comprehensive Income — — — 30 — 30 Dividends to Noncontrolling Interests — — — — (6) (6) Awards Granted, Vested and Exercised — 5 — — — 5 Balance at June 30, 2019 (Predecessor) $ 1 $ 6,724 $ (9,468) $ (1,683) $ 37 $ (4,389) Net Income (Loss) — — (821) — 6 (815) Other Comprehensive Income — — — (20) — (20) Dividends to Noncontrolling Interests — — — — (5) (5) Awards Granted, Vested and Exercised — 5 — — — 5 Balance at September 30, 2019 (Predecessor) $ 1 $ 6,729 $ (10,289) $ (1,703) $ 38 $ (5,224) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2020 for the Successor and nine months ended September 30, 2019 for the Predecessor: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Deferred Loss on Derivatives Total Balance at December 31, 2019 (Successor) $ 7 $ 2 $ — $ 9 Other Comprehensive Loss $ (72) $ — $ — $ (72) Balance at September 30, 2020 (Successor) $ (65) $ 2 $ — $ (63) Balance at December 31, 2018 (Predecessor) $ (1,724) $ (14) $ (8) $ (1,746) Other Comprehensive Income 35 — — 35 Reclassifications — — 8 8 Net activity 35 — 8 43 Balance at September 30, 2019 (Predecessor) $ (1,689) $ (14) $ — $ (1,703) |
Loss per Share (Tables)
Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table presents our basic and diluted weighted average shares outstanding and loss per share for the three and nine months ended September 30, 2020 and 2019: Successor Predecessor Successor Predecessor (Dollars and shares in millions, Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended except per share amounts) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Net Loss Attributable to Weatherford $ (174) $ (821) $ (1,721) $ (1,618) Basic and Diluted weighted average shares outstanding 70 1,004 70 1,004 Basic and Diluted Loss Per Share Attributable to Weatherford $ (2.48) $ (0.82) $ (24.58) $ (1.61) |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate our product and service revenues by major product line and geographic region for the three and nine months ended September 30, 2020 and 2019. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Product Line Revenue by Hemisphere: Production and Completions $ 170 $ 348 $ 632 $ 1,098 Drilling, Evaluation and Intervention 146 327 582 1,022 Western Hemisphere $ 316 $ 675 $ 1,214 $ 2,120 Production and Completions $ 241 $ 265 $ 783 $ 792 Drilling, Evaluation and Intervention 250 374 846 1,057 Eastern Hemisphere $ 491 $ 639 $ 1,629 $ 1,849 Total Revenue $ 807 $ 1,314 $ 2,843 $ 3,969 Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Revenue by Geographic Areas: North America $ 175 $ 383 $ 688 $ 1,259 Latin America 141 292 526 861 Western Hemisphere $ 316 $ 675 $ 1,214 $ 2,120 Middle East & North Africa and Asia $ 319 $ 377 $ 1,063 $ 1,129 Europe/Sub-Sahara Africa/Russia 172 262 566 720 Eastern Hemisphere $ 491 $ 639 $ 1,629 $ 1,849 Total Revenues $ 807 $ 1,314 $ 2,843 $ 3,969 |
Schedule of Contract with Customer, Asset and Liability | The following table provides information about receivables for product and services included in “Accounts Receivable, Net,” “Contrast Assets” and “Contract Liabilities” at September 30, 2020 and December 31, 2019. (Dollars in millions) 9/30/2020 12/31/2019 Receivables for Product and Services in Accounts Receivable, Net $ 793 $ 1,156 Receivables for Equipment Rentals in Account Receivable, Net $ 42 $ 85 Contract Assets $ 1 $ 3 Contract Liabilities $ 29 $ 12 |
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 September 30, 2020 primarily relate to subsea services and an artificial lift contract. (Dollars in millions) 2020 2021 2022 2023 Thereafter Total Service Revenue $ 35 $ 34 $ 34 $ 34 $ 80 $ 217 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial information by segment | Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2019 Annual Report. Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Dollars in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Revenue: Western Hemisphere $ 316 $ 675 $ 1,214 $ 2,120 Eastern Hemisphere 491 639 1,629 $ 1,849 Total Revenue $ 807 $ 1,314 $ 2,843 $ 3,969 Operating Income (Loss): Western Hemisphere $ (2) 15 $ 4 $ 35 Eastern Hemisphere 5 56 38 104 Total Segment Operating Income 3 71 42 139 Corporate (28) (31) (80) (95) Impairments and Other Charges (a) (b) (47) (494) (1,353) (1,029) Gain on Operational Assets Sale 12 15 12 15 Gain (Loss) on Sale of Businesses, Net (c) — (8) — 104 Total Operating Loss $ (60) $ (447) $ (1,379) $ (866) Interest Expense, Net (79) (26) (196) (341) Reorganization Items — (303) (9) (303) Other Expense, Net (20) (8) (56) (18) Loss Before Income Taxes $ (159) $ (784) $ (1,640) $ (1,528) (a) In the Successor three months ended September 30, 2020, primarily includes restructuring and other charges. In the Successor nine months ended September 30, 2020, primarily includes the impairment of goodwill, property, plant and equipment, intangibles and right of use assets, inventory excess and obsolete charges, and restructuring and other charges. See “Note 3 – Inventories, Net”, “Note 5 - Long-Lived Asset Impairments”, “Note 6 – Goodwill and Intangible Assets”, and “Note 7 – Restructuring, Facility Consolidation and Severance Charges” for additional information. (b) In the Predecessor three months ended September 30, 2019, primarily includes goodwill impairment, and restructuring and other charges. In the Predecessor nine months ended September 30, 2019, primarily includes goodwill impairment, restructuring and other charges, and prepetition charges for professional and other fees related to the Predecessor bankruptcy cases. See “Note 5 - Long-Lived Asset Impairments”, “Note 6 – Goodwill and Intangible Assets”, and “Note 7 – Restructuring, Facility Consolidation and Severance Charges” for additional information. (c) Primarily includes the gain on sale of our reservoir solutions business in the Predecessor second quarter of 2019. The following table presents total assets by segment at for each period presented: (Dollars in millions) 9/30/2020 12/31/2019 Western Hemisphere $ 1,694 $ 2,514 Eastern Hemisphere 3,264 4,392 Corporate 706 387 Total $ 5,664 $ 7,293 |
General Liquidity Concerns (Det
General Liquidity Concerns (Details) - Senior Notes - USD ($) $ in Billions | Aug. 04, 2020 | Dec. 12, 2019 |
Exit Notes, 11.00 Percent Due 2024 | ||
Stated interest rate on debt | 11.00% | |
Face amount of debt | $ 2.1 | |
Senior Notes 8.75 Percent Due 2024 | ||
Stated interest rate on debt | 8.75% | |
Face amount of debt | $ 0.5 |
Accounts Receivable Factoring (
Accounts Receivable Factoring (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | ||||
Accounts Receivable Sold | $ 11 | $ 37 | $ 34 | $ 199 |
Cash Proceeds from Sale of Accounts Receivable | $ 10 | $ 34 | $ 30 | $ 186 |
Inventories, Net (Schedule of I
Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 683 | $ 830 |
Work in Process and Raw Materials, Components and Supplies | 128 | 142 |
Inventories, Net | $ 811 | $ 972 |
Inventories, Net Inventory Narr
Inventories, Net Inventory Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |||||
Inventory valuation reserves | $ 106 | $ 106 | $ 0 | ||
Inventory charges | $ 0 | $ 0 | $ 134 | $ 0 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Joint Venture in Qatar | ||
Business Acquisition [Line Items] | ||
Cash | $ 12 | $ 12 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on disposition of business | $ 0 | $ 8 | $ 0 | $ (104) | |
Discontinued Operations, Disposed of by Sale | Disposed Reservoir Solutions and Surface Data Logging Businesses [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration transferred | 256 | 256 | |||
Loss on disposition of business | 117 | ||||
Divestitures, assets | 95 | 95 | |||
Discontinued Operations, Disposed of by Sale | Land Drilling Rigs | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration transferred | 288 | 288 | $ 72 | ||
Loss on disposition of business | 6 | ||||
Divestitures, assets | $ 66 | $ 66 |
Long-Lived Asset Impairments _3
Long-Lived Asset Impairments and Other - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||||||
Total Impairment Charges | $ 818 | |||||
Long-lived asset impairment | $ 0 | $ 0 | $ 13 | $ 7 | $ 818 | $ 20 |
Long-Lived Asset Impairments _4
Long-Lived Asset Impairments and Other - Impairment of Long Lived Assets (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Property, Plant and Equipment | $ 571 |
Intangible Assets | 159 |
Right of Use Assets | 88 |
Total Impairment Charges | 818 |
Western Hemisphere | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Property, Plant and Equipment | 316 |
Intangible Assets | 44 |
Right of Use Assets | 56 |
Total Impairment Charges | 416 |
Eastern Hemisphere | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Property, Plant and Equipment | 255 |
Intangible Assets | 115 |
Right of Use Assets | 32 |
Total Impairment Charges | $ 402 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | ||||
Balance at December 31, 2019 | $ 239 | |||
Goodwill Impairment | $ 0 | $ (399) | (239) | $ (730) |
Balance at September 30, 2020 | $ 0 | 0 | ||
Western Hemisphere | ||||
Goodwill [Roll Forward] | ||||
Balance at December 31, 2019 | 0 | |||
Goodwill Impairment | 0 | |||
Eastern Hemisphere | ||||
Goodwill [Roll Forward] | ||||
Balance at December 31, 2019 | 239 | |||
Goodwill Impairment | $ (239) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Line Items] | ||||
Goodwill Impairment | $ 0 | $ 399 | $ 239 | $ 730 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||
Totals | $ 841 | $ 1,114 | |
Developed and Acquired Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 478 | 721 | |
Totals | $ 159 | ||
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 363 | $ 393 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Intangible Asset Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Totals | $ 841 | $ 841 | $ 1,114 | |||
Amortization of intangible assets | 38 | $ 17 | 124 | $ 49 | ||
Accumulated amortization | 133 | 133 | $ 9 | |||
Developed and Acquired Technology | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Totals | $ 159 | |||||
Accumulated amortization | 101 | 101 | ||||
Trade Names | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Accumulated amortization | $ 32 | $ 32 |
Restructuring, Facility Conso_3
Restructuring, Facility Consolidation and Severance Charges (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 31 | $ 53 | $ 114 | $ 93 |
Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 31 | $ 53 | $ 114 | $ 93 |
Restructuring, Facility Conso_4
Restructuring, Facility Consolidation and Severance Charges (Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 31 | $ 53 | $ 114 | $ 93 |
Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 31 | 53 | 114 | 93 |
Restructuring Charges | Western Hemisphere | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 17 | 21 | 58 | 36 |
Restructuring Charges | Eastern Hemisphere | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 12 | 4 | 29 | 11 |
Restructuring Charges | Corporate, Non-Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | 2 | 28 | 27 | 46 |
Restructuring Charges | Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 31 | 7 | 109 | 10 |
Restructuring Charges | Facility Consolidation and Other Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring costs | 0 | 40 | 5 | 69 |
Restructuring Charges | Asset Related Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring costs | $ 0 | $ 6 | $ 0 | $ 14 |
Restructuring, Facility Conso_5
Restructuring, Facility Consolidation and Severance Charges (Restructuring Liability) (Details) - Severance and Other Restructuring Liabilities $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | $ 66 |
Restructuring Charges | 114 |
Cash Payments | (109) |
Other | (15) |
Accrued balance at end of period | $ 56 |
Borrowings and Other Obligati_3
Borrowings and Other Obligations (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Other Short-term Financing Arrangements | $ 14 | $ 13 |
Short-term Borrowings | 14 | 13 |
Long-term Debt | 2,602 | 2,151 |
Senior Notes | ||
Short-term Debt [Line Items] | ||
Long-term Debt | 2,098 | 2,097 |
Other short-term bank loans | ||
Short-term Debt [Line Items] | ||
Finance Lease, Liability, Noncurrent | 48 | 54 |
Secured Debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt | 456 | 0 |
Other short-term bank loans | ||
Short-term Debt [Line Items] | ||
Finance Lease Current Portion | 9 | 10 |
Other Short-term Financing Arrangements | $ 5 | $ 3 |
Borrowings and Other Obligati_4
Borrowings and Other Obligations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Sep. 30, 2020 | Aug. 27, 2020 | Aug. 04, 2020 | Dec. 31, 2019 | Dec. 12, 2019 | |
Short-term Debt [Line Items] | |||||
Debt instrument, unused borrowing capacity, amount | $ 47 | ||||
Short-term Borrowings and Current Portion of Long-term Debt | 14 | $ 13 | |||
Debt Instrument Covenant Debt Amount in Excess Default | 175 | $ 200 | |||
Write off of Deferred Debt Issuance Cost | 15 | ||||
Debt Issuance Costs, Gross | 25 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | 15 | ||||
LC Credit Agreement Letters of Credit | |||||
Short-term Debt [Line Items] | |||||
Letters of credit outstanding, amount | 168 | ||||
Other short-term bank loans | |||||
Short-term Debt [Line Items] | |||||
Short-term Borrowings and Current Portion of Long-term Debt | 5 | 3 | |||
Committed Letters of Credit | |||||
Short-term Debt [Line Items] | |||||
Letters of credit outstanding, amount | $ 346 | ||||
Letters of credit outstanding, cash collateral | 170 | ||||
Committed letters of credit | |||||
Short-term Debt [Line Items] | |||||
Letters of credit outstanding, amount | 178 | ||||
ABL Credit Agreement | |||||
Short-term Debt [Line Items] | |||||
Credit agreement, maximum capacity | $ 450 | ||||
LC Credit Agreement | |||||
Short-term Debt [Line Items] | |||||
Credit agreement, maximum capacity | 195 | ||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Gross | 12 | ||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment | $ 6 | ||||
Amended LC Credit Agreement [Member] | |||||
Short-term Debt [Line Items] | |||||
Credit agreement, maximum capacity | $ 215 | ||||
Senior Notes | Senior Notes 8.75 Percent Due 2024 | |||||
Short-term Debt [Line Items] | |||||
Stated interest rate on debt | 8.75% | ||||
Face amount of debt | $ 500 | ||||
Senior Notes | Exit Notes, 11.00 Percent Due 2024 | |||||
Short-term Debt [Line Items] | |||||
Stated interest rate on debt | 11.00% | ||||
Face amount of debt | $ 2,100 |
Borrowings and Other Obligati_5
Borrowings and Other Obligations Fair and carrying value of long-term debt (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Senior Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 1,269 | $ 2,252 |
Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 2,097 | |
Secured Debt | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 511 | $ 0 |
Secured and Senior Notes | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,780 | |
Secured and Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 2,554 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, held-to-maturity | $ 25 | $ 50 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 25 | |
Senior Notes | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 1,269 | 2,252 |
Senior Notes | Fair Value, Inputs, Level 2 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 2,097 |
Disputes, Litigation and Cont_2
Disputes, Litigation and Contingencies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2010lawsuit | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Estimated litigation liability | $ 43 | $ 44 | |
Accrual for Environmental Loss Contingencies, Gross | $ 6 | ||
Neff v. Brady, et al. | |||
Loss Contingencies [Line Items] | |||
Number of actions filed (in lawsuits) | lawsuit | 3 |
Shareholders' Equity (Deficie_3
Shareholders' Equity (Deficiency) (Shareholders' Equity Activity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning balance | $ 1,305 | $ 1,863 | $ 2,916 | $ (4,389) | $ (4,106) | $ (3,666) | $ 2,916 | $ (3,666) |
Net Income (Loss) | (167) | (579) | (958) | (815) | (312) | (477) | (1,704) | (1,604) |
Other Comprehensive Income | (6) | 29 | (95) | (20) | 30 | 33 | (72) | 43 |
Dividends Paid to Noncontrolling Interests | (9) | (8) | (5) | (6) | (5) | |||
Equity Awards Granted, Vested and Exercised | 5 | 5 | 8 | |||||
Other | 1 | |||||||
Balance, ending balance | 1,123 | 1,305 | 1,863 | (5,224) | (4,389) | (4,106) | 1,123 | (5,224) |
Par Value of Issued Shares | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning balance | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 1 |
Balance, ending balance | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 1 |
Capital in Excess of Par Value | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning balance | 2,897 | 2,897 | 2,897 | 6,724 | 6,719 | 6,711 | 2,897 | 6,711 |
Equity Awards Granted, Vested and Exercised | 5 | 5 | 8 | |||||
Balance, ending balance | 2,897 | 2,897 | 2,897 | 6,729 | 6,724 | 6,719 | 2,897 | 6,729 |
Retained Earnings | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning balance | (1,573) | (992) | (26) | (9,468) | (9,152) | (8,671) | (26) | (8,671) |
Net Income (Loss) | (174) | (581) | (966) | (821) | (316) | (481) | ||
Balance, ending balance | (1,747) | (1,573) | (992) | (10,289) | (9,468) | (9,152) | (1,747) | (10,289) |
Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning balance | (57) | (86) | 9 | (1,683) | (1,713) | (1,746) | 9 | (1,746) |
Other Comprehensive Income | (6) | 29 | (95) | (20) | 30 | 33 | ||
Balance, ending balance | (63) | (57) | (86) | (1,703) | (1,683) | (1,713) | (63) | (1,703) |
Noncontrolling Interests | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning balance | 38 | 44 | 36 | 37 | 39 | 39 | 36 | 39 |
Net Income (Loss) | 7 | 2 | 8 | 6 | 4 | 4 | ||
Dividends Paid to Noncontrolling Interests | (9) | (8) | (5) | (6) | (5) | |||
Other | 1 | |||||||
Balance, ending balance | $ 36 | $ 38 | $ 44 | $ 38 | $ 37 | $ 39 | $ 36 | $ 38 |
Shareholders' Equity (Deficie_4
Shareholders' Equity (Deficiency) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 9 | $ (1,746) | $ 9 | $ (1,746) | ||||
Other Comprehensive Income | (72) | 35 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8 | |||||||
Other Comprehensive Income | $ (6) | $ 29 | (95) | $ (20) | $ 30 | 33 | (72) | 43 |
Ending balance | (63) | (1,703) | (63) | (1,703) | ||||
Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning balance | 7 | (1,724) | 7 | (1,724) | ||||
Other Comprehensive Income | (72) | 35 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive Income | 35 | |||||||
Ending balance | (65) | (1,689) | (65) | (1,689) | ||||
Defined Benefit Pension | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning balance | 2 | (14) | 2 | (14) | ||||
Other Comprehensive Income | 0 | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||||
Other Comprehensive Income | 0 | |||||||
Ending balance | 2 | (14) | 2 | (14) | ||||
Deferred Loss on Derivatives | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 0 | $ (8) | 0 | (8) | ||||
Other Comprehensive Income | 0 | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8 | |||||||
Other Comprehensive Income | 8 | |||||||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Loss per Share (Weighted Averag
Loss per Share (Weighted Average Shares Outstanding) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Loss Attributable to Weatherford | $ (174) | $ (821) | $ (1,721) | $ (1,618) |
Weighted Average Shares Outstanding, Basic and Diluted (in shares) | 70 | 1,004 | 70 | 1,004 |
Loss Per Share, Basic & Diluted (in dollars per share) | $ (2.48) | $ (0.82) | $ (24.58) | $ (1.61) |
Loss per Share (Antidilutive Sh
Loss per Share (Antidilutive Shares) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,000 | 163,000 | 8,000 | 208,000 |
Revenues - Major Product Line (
Revenues - Major Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Operating Leases, Income Statement, Lease Revenue | $ 30 | $ 64 | $ 119 | $ 226 |
Disaggregation of Revenue [Line Items] | ||||
Revenue | 807 | 1,314 | 2,843 | 3,969 |
Western Hemisphere | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 316 | 675 | 1,214 | 2,120 |
Western Hemisphere | Production and Completions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 170 | 348 | 632 | 1,098 |
Western Hemisphere | Drilling Evaluation and Intervention [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 146 | 327 | 582 | 1,022 |
Eastern Hemisphere | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 491 | 639 | 1,629 | 1,849 |
Eastern Hemisphere | Production and Completions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 241 | 265 | 783 | 792 |
Eastern Hemisphere | Drilling Evaluation and Intervention [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 250 | $ 374 | $ 846 | $ 1,057 |
Revenues - Geographic Areas (De
Revenues - Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 807 | $ 1,314 | $ 2,843 | $ 3,969 |
Western Hemisphere | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 316 | 675 | 1,214 | 2,120 |
Western Hemisphere | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 175 | 383 | 688 | 1,259 |
Western Hemisphere | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 141 | 292 | 526 | 861 |
Eastern Hemisphere | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 491 | 639 | 1,629 | 1,849 |
Eastern Hemisphere | Middle East & North Africa and Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 319 | 377 | 1,063 | 1,129 |
Eastern Hemisphere | Europe/Sub-Sahara Africa/Russia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 172 | $ 262 | $ 566 | $ 720 |
Revenues - Receivables (Details
Revenues - Receivables (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Receivables for Product and Services in Accounts Receivable, Net | $ 793 | $ 1,156 |
Equipment Receivables | 42 | 85 |
Contract Assets | 1 | 3 |
Contract Liabilities | 29 | $ 12 |
Contract with Customer, Liability, Revenue Recognized | $ 8 |
Revenues - Expected to be Recog
Revenues - Expected to be Recognized in Future (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
Service Revenue | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service Revenue | $ 217 |
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service Revenue | 35 |
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service Revenue | 34 |
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service Revenue | 34 |
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service Revenue | 34 |
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Service Revenue | $ 80 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 807 | $ 1,314 | $ 2,843 | $ 3,969 | |
Operating Income (Loss) | (60) | (447) | (1,379) | (866) | |
Other Cost and Expense, Operating | (16) | (42) | (48) | (100) | |
(Gain) Loss on Sale of Businesses, Net | 0 | 8 | 0 | (104) | |
Interest Expense, Net (Unrecognized Contractual Interest Expense was $133 million for three and nine months ended September 30, 2019) | 79 | 26 | 196 | 341 | |
Reorganization Items | 0 | (303) | (9) | (303) | |
Other Expense, Net | (20) | (8) | (56) | (18) | |
Loss Before Income Taxes | (159) | (784) | (1,640) | (1,528) | |
Total Assets | 5,664 | 5,664 | $ 7,293 | ||
Gain (Loss) on Disposition of Assets | 12 | 15 | 12 | 15 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 807 | 1,314 | 2,843 | 3,969 | |
Operating Income (Loss) | 3 | 71 | 42 | 139 | |
Other Cost and Expense, Operating | (47) | (494) | (1,353) | (1,029) | |
Operating Segments | Western Hemisphere | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 316 | 675 | 1,214 | 2,120 | |
Operating Income (Loss) | (2) | 15 | 4 | 35 | |
Total Assets | 1,694 | 1,694 | 2,514 | ||
Operating Segments | Eastern Hemisphere | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 491 | 639 | 1,629 | 1,849 | |
Operating Income (Loss) | 5 | 56 | 38 | 104 | |
Total Assets | 3,264 | 3,264 | 4,392 | ||
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
General and Administrative Expense | (28) | $ (31) | (80) | $ (95) | |
Total Assets | $ 706 | $ 706 | $ 387 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 8 | $ 31 | $ 64 | $ 76 | |
Loss before income taxes | 159 | $ 784 | 1,640 | $ 1,528 | |
Tax Credit Carryforward, Valuation Allowance | 11 | 11 | $ 20 | ||
Unrecognized Tax Benefits | 214 | 214 | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 2 | $ 2 |