Weatherford International (WFRD) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021	Mar. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		70,120,153
Ordinary Shares, Par Value (in USD)			$ 0.001
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenue	$ 832	$ 1,215
Costs and Expenses:
Research and Development	21	33
Selling, General and Administrative	188	248
Impairments and Other Charges	0	817
Restructuring Charges	0	26
Total Costs and Expenses	845	2,037
Operating Loss	(13)	(822)
Nonoperating Income (Expense) [Abstract]
Interest Expense, Net	70	58
Reorganization Items	0	(9)
Other Expense, Net	(4)	(25)
Loss Before Income Taxes	(87)	(914)
Income Tax Provision	(23)	(44)
Net Loss	(110)	(958)
Net Income Attributable to Noncontrolling Interests	6	8
Net Loss Attributable to Weatherford	$ (116)	$ (966)
Earnings Per Share, Basic and Diluted [Abstract]
Loss Per Share, Basic & Diluted (in dollars per share)	$ (1.66)	$ (13.80)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted Average Shares Outstanding, Basic and Diluted (in shares)	70	70
Products
Revenues:
Revenue	$ 309	$ 450
Costs and Expenses:
Cost of Goods and Services Sold	280	392
Services
Revenues:
Revenue	523	765
Costs and Expenses:
Cost of Goods and Services Sold	$ 356	$ 521

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Loss	$ (110)	$ (958)
Foreign Currency Translation Adjustments	(4)	(95)
Comprehensive Loss	(114)	(1,053)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	6	8
Comprehensive Loss Attributable to Weatherford	$ (120)	$ (1,061)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets, Current [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 1,177	$ 1,118
Restricted Cash	166	167
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020	793	826
Inventory, Net	676	717
Other Assets, Current	346	349
Total Current Assets	3,158	3,177
Property, Plant and Equipment, Net of Accumulated Depreciation of $430 at March 31, 2021 and $367 at December 31, 2020	1,170	1,236
Intangible Assets, Net of Accumulated Amortization of $212 at March 31, 2021 and $173 at December 31, 2020	771	810
Operating Lease, Right-of-Use Asset	128	138
Other Assets, Noncurrent	68	73
Total Assets	5,295	5,434
Liabilities:
Short-term Debt	11	13
Accounts Payable, Current	330	325
Employee-related Liabilities, Current	253	297
Taxes Payable, Current	194	185
Operating Lease, Liability, Current	67	71
Other Current Liabilities	509	471
Total Current Liabilities	1,364	1,362
Long-term Debt and Lease Obligation	2,602	2,601
Operating Lease, Liability, Noncurrent	159	177
Other Liabilities, Noncurrent	349	357
Total Liabilities	4,474	4,497
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2021 and December 31, 2020	0	0
Additional Paid in Capital, Common Stock	2,897	2,897
Retained Earnings (Accumulated Deficit)	(2,063)	(1,947)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(47)	(43)
Weatherford Shareholders’ Equity	787	907
Noncontrolling Interests	34	30
Total Shareholders’ Equity	821	937
Total Liabilities and Shareholders’ Equity	$ 5,295	$ 5,434

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets, Current [Abstract]
Allowance for Uncollectible Accounts	$ 32	$ 32
Noncurrent Assets:
Accumulated Depreciation of Property, Plant and Equipment	430	367
Accumulated Amortization of Other Intangible Assets	$ 212	$ 173
Shareholders’ Equity:
Ordinary Shares, Authorized (in shares)	1,356	1,356
Ordinary Shares, Issued (in shares)	70	70
Ordinary Stock, Outstanding (in shares)	70	70
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020	$ 793	$ 826
Property, Plant and Equipment, Net of Accumulated Depreciation of $430 at March 31, 2021 and $367 at December 31, 2020	1,170	1,236
Intangible Assets, Net of Accumulated Amortization of $212 at March 31, 2021 and $173 at December 31, 2020	771	810
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2021 and December 31, 2020	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net Loss	$ (110)	$ (958)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	111	157
Goodwill Impairment	0	167
Long-lived Asset Impairments	0	640
Inventory Charges	17	2
Deferred Income Tax Expense (Benefit)	2	23
Employee Benefits and Share-based Compensation	4	0
Changes in Operating Assets and Liabilities, Net:
Accounts Receivable	33	(3)
Inventories	20	(48)
Accounts Payable	7	(32)
Other Assets and Liabilities, Net	(10)	76
Net Cash Provided by Operating Activities	74	30
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(15)	(38)
Proceeds from Disposition of Assets	11	6
Other Investing Activities	1	(3)
Net Used in Investing Activities	(3)	(35)
Cash Flows From Financing Activities:
Repayments of Long-term Debt	(3)	(2)
Repayments of Short-term Debt, Net	(4)	(3)
Payment for Contingent Consideration Liability, Financing Activities	0	(12)
Other Financing Activities	(2)	(3)
Net Cash Provided by (Used in) Financing Activities, Total	(9)	(20)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(4)	(11)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	58	(36)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,285	800
Cash, Cash Equivalents and Restricted Cash at End of Period	1,343	764
Supplemental Cash Flow Information:
Interest Paid	24	2
Income Taxes Paid, Net of Refunds	15	21
Non-cash other asset impairment charges	0	6
Cost of Sales
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Inventory Charges	$ 17	$ 2

General

General	3 Months Ended
	Mar. 31, 2021
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 Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 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

Impairments and Other Charges

Impairments and Other Charges	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring, Impairment, and Other Activities Disclosure	2. Impairments and Other Charges We recorded the following in “Impairments and Other Charges” on the accompanying Condensed Consolidated Statements of Operations: Three Months Ended March 31, (Dollars in millions) 2021 2020 Long-lived Asset Impairments $ — $ 640 Goodwill Impairment — 167 Other Charges, Net — 10 Total Impairment and Other Charges $ — $ 817

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net Inventories, net of reserves of $137 million and $119 million as of March 31, 2021 and December 31, 2020, respectively by category in the table below. During the three months ended March 31, 2021 and 2020, we recognized excess and obsolete inventory charges of $17 million and $2 million, respectively, recorded in “Cost of Products” on our Condensed Consolidated Statements of Operations. (Dollars in millions) 3/31/2021 12/31/2020 Finished Goods $ 604 $ 655 Work in Process and Raw Materials, Components and Supplies 72 62 Inventories, Net $ 676 $ 717

Long-Lived Asset Impairments an

Long-Lived Asset Impairments and Other Long-Lived Asset Impairments and Other	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021. During the three months ended March 31, 2020, the 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, 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 $640 million of long-lived asset impairments in “Long-lived Asset Impairments” on the accompanying Condensed Consolidated Statements of Operations during the three months ended March 31, 2020. See the impairment to goodwill and intangible assets at “Note 5 – Goodwill and Intangible Assets.” The fair values of our long-lived assets were determined using discounted cash flow under the income approach or Level 3 fair value analyses. The income approach required significant assumptions to determine the fair value of an asset or asset group including the estimated discounted future cash flows, specifically the forecasted revenue, forecasted operating margins and the discount rate. The table below details the long-lived asset impairments by asset and segment recognized. Three Months Ended March 31, 2020 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Property, Plant and Equipment $ 222 $ 208 $ 430 Intangible Assets 31 106 137 Right of Use Assets 49 24 73 Total Impairment Charges $ 302 $ 338 $ 640

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill We have no goodwill as of December 31, 2020 and March 31, 2021. The cumulative impairment loss for goodwill was $239 million. For the three months ended March 31, 2020, based on our goodwill impairment assessment that determined the fair value of our reporting units were less than their carrying values, we recognized goodwill impairment of $167 million in our Eastern Hemisphere segment, included in “Impairments and Other Charges” on the accompanying Condensed Consolidated Statements of Operations. We identified the impairment indicators as discussed in “Note 4 – Long-Lived Asset Impairments” that triggered interim quantitative goodwill assessments as of March 31, 2020. The fair values of our reporting units were determined using a combination of the income approach and the market approach for comparable companies in our industry, a Level 3 fair value analysis. Determining the fair value of the reporting units requires management to develop significant judgments, including estimating and discounting future cash flows by reporting unit, specifically forecasted revenue, forecasted operating margins and discount rates. Intangible Assets The components of definite-lived intangible assets, net of accumulated amortization, were as follows: (Dollars in millions) 3/31/2021 12/31/2020 Developed and Acquired Technology $ 427 $ 456 Trade Names 344 354 Totals $ 771 $ 810 We did not recognize any impairment of intangible assets in the three months ended March 31, 2021. For the three months ended March 31, 2020, based on our impairment test, we recognized intangible asset impairments of $137 million of our developed and acquired technology. Amortization expense was $39 million and $46 million for the three months ended March 31, 2021 and 2020, respectively, and is reported in Selling, General and Administrative on our Condensed Consolidated Statements of Operations. Accumulated amortization as of March 31, 2021 and December 31, 2020, was $161 million and $132 million, respectively, for Developed and Acquired Technology and $51 million and $41 million, respectively, for Trade Names.

Restructuring, Facility Consoli

Restructuring, Facility Consolidation and Severance Charges	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring, Facility Consolidation and Severance Charges	Restructuring Charges During the three months ended March 31, 2021 and 2020, we incurred restructuring charges of zero and $26 million, respectively, in “Restructuring Charges” on the accompanying Condensed Consolidated Statements of Operations. Additional charges with respect to our ongoing cost reduction actions may be recognized in subsequent periods. The following table presents restructuring charges for the first quarter of 2021 and 2020. Three Months Ended March 31, (Dollars in millions) 2021 2020 Severance Charges $ — $ 23 Facility Exit Charges — 3 Total Restructuring Charges $ — $ 26 The following table presents total restructuring charges by reporting segment and Corporate for the first quarter of 2021 and 2020. Three Months Ended March 31, (Dollars in millions) 2021 2020 Western Hemisphere $ — $ 15 Eastern Hemisphere — 6 Corporate — 5 Total Restructuring Charges $ — $ 26 The following table presents total restructuring accrual activity for the three months ended March 31, 2021. (Dollars in millions) Accrued Balance at December 31, 2020 Charges Cash Payments Other Accrued Balance at March 31, 2021 Restructuring Reserve $ 53 $ — $ (12) $ (1) $ 40

Borrowings and Other Obligation

Borrowings and Other Obligations	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Borrowings and Other Obligations	Borrowings and Other Obligations (Dollars in millions) 3/31/2021 12/31/2020 Finance Lease Current Portion $ 11 $ 9 Other Short-term Financing Arrangements — 4 Short-term Borrowings $ 11 $ 13 11.00% Exit Notes due 2024 $ 2,098 $ 2,098 8.75% Senior Secured Notes due 2024 457 455 Finance Lease Long-term Portion 47 48 Long-term Debt $ 2,602 $ 2,601 Exit Notes Upon our emergence from bankruptcy on December 13, 2019, we entered into an indenture with Deutsche Bank Trust Company Americas, as trustee and issued unsecured 11.00% Exit Notes in an aggregate principal amount of $2.1 billion maturing on December 1, 2024 (the “Exit Notes”). Interest on the Exit Notes accrues at the rate of 11.00% per annum and is payable semiannually in arrears on June 1 and December 1, which commenced on June 1, 2020. Senior Secured Notes On August 28, 2020, we entered into an indenture with Wilmington Trust, National Association, as trustee and collateral agent, and issued the 8.75% Senior Secured Notes in an aggregate principal amount of $500 million maturing September 1, 2024 (the “Senior Secured Notes”). 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. LC Credit Agreement On December 13, 2019, we entered into the senior secured letter of 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 (the “LC Credit Agreement”). The LC Credit Agreement is used for the issuance of bid and performance letters of credit of the Company and certain of its subsidiaries. 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 to $175 million. At March 31, 2021, we had approximately $160 million in outstanding letters of credit under the LC Credit Agreement and availability of $55 million. As of March 31, 2021, we had $328 million of letters of credit outstanding, consisting of the $160 million mentioned above under the LC Credit Agreement and another $168 million under various uncommitted facilities (of which there was $163 million in cash collateral held and recorded in “Restricted Cash” on our Condensed Consolidated Balance Sheets). Accrued Interest As of March 31, 2021 and December 31, 2020, we had approximately $80 million and $34 million, respectively in “Other Current Liabilities” primarily related to the Exit Notes and Senior Secured Notes. 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 Notes and Senior Secured Notes. 3/31/2021 12/31/2020 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 2,098 $ 2,018 $ 2,098 $ 1,628 8.75% Senior Secured Notes due 2024 457 524 455 507 Total $ 2,555 $ 2,542 $ 2,553 $ 2,135

Disputes, Litigation and Contin

Disputes, Litigation and Contingencies	3 Months Ended
	Mar. 31, 2021
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, many of the Company’s litigation matters and other disputes have been delayed due to court closures or other mandated accommodations. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 were $44 million and $43 million, respectively. 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. Their motion to dismiss is pending before the Court. We cannot reliably predict the outcome of the claims, including the amount of any possible loss.

Shareholders' Equity (Deficienc

Shareholders' Equity (Deficiency)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity (Deficiency)	Shareholders’ Equity The following summarizes our shareholders’ equity activity for the three months ended March 31, 2021 and 2020. (Dollars in Millions) Capital in Excess of Par Value Retained Accumulated Non-controlling Interests Total Shareholders’ Equity Balance at December 31, 2020 $ 2,897 $ (1,947) $ (43) $ 30 $ 937 Net Income (Loss) — (116) — 6 (110) Other — — — (2) (2) Other Comprehensive Loss — — (4) — (4) Balance at March 31, 2021 $ 2,897 $ (2,063) $ (47) $ 34 $ 821 Balance at December 31, 2019 $ 2,897 $ (26) $ 9 $ 36 $ 2,916 Net Income (Loss) — (966) — 8 (958) Other Comprehensive Loss — — (95) — (95) Balance at March 31, 2020 $ 2,897 $ (992) $ (86) $ 44 $ 1,863 The following table presents the changes in our accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive Loss $ (4) $ — $ (4) Balance at March 31, 2021 $ (35) $ (12) $ (47) Balance at December 31, 2019 $ 7 $ 2 $ 9 Other Comprehensive Loss (95) — (95) Balance at March 31, 2020 $ (88) $ 2 $ (86)

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2021 2020 Net Loss Attributable to Weatherford $ (116) $ (966) Basic and Diluted Weighted Average Shares Outstanding 70 70 Basic and Diluted Loss Per Share Attributable to Weatherford $ (1.66) (13.80) Our basic and diluted weighted average shares outstanding for the periods presented are equivalent due to the net loss attributable to shareholders. Diluted weighted average shares outstanding for the three months ended March 31, 2021 and 2020 exclude 9 million and 8 million, respectively, potential ordinary shares for restricted share units, performance share units,

Revenues

Revenues	3 Months Ended
	Mar. 31, 2021
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. Our two product lines are as follows: (1) Completion and Production and (2) Drilling, Evaluation and Intervention. 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 Completion and Production 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. The following tables disaggregate our product and service revenues by major product line and geographic region for the three months ended March 31, 2021 and 2020 and includes equipment revenues recognized under lease accounting standards of $28 million for the three months ended March 31, 2021, and $57 million for the three months ended March 31, 2020. Three Months Ended March 31, (Dollars in millions) 2021 2020 Product Line Revenue for Western Hemisphere Completion and Production $ 225 $ 297 Drilling, Evaluation and Intervention 165 291 Total Western Hemisphere Revenue 390 588 Product Line Revenue for Eastern Hemisphere Completion and Production 198 302 Drilling, Evaluation and Intervention 244 325 Total Eastern Hemisphere Revenue 442 627 Total Revenues $ 832 $ 1,215 Three Months Ended March 31, (Dollars in millions) 2021 2020 Revenue by Geographic Areas: North America $ 214 $ 341 Latin America 176 247 Western Hemisphere 390 588 Middle East & North Africa and Asia 267 403 Europe/Sub-Sahara Africa/Russia 175 224 Eastern Hemisphere 442 627 Total Revenues $ 832 $ 1,215 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets (including unbilled receivables), and customer advances and deposits (contract liabilities classified as deferred revenues). Our receivables are primarily derived from contract sales of products and services, which are included in “Accounts Receivable, Net” on the Condensed Consolidated Balance Sheets, and was $758 million and $792 million at March 31, 2021 and December 31, 2021, respectively. Total accounts receivable, net was $793 million and $826 million at March 31, 2021 and December 31, 2020, respectively. Contract assets were immaterial in both periods ending March 31, 2021 and December 31, 2020. Contract liabilities totaled $43 million and $37 million at March 31, 2021 and December 31, 2020. Revenue recognized for the three months ended March 31, 2021 that were included in the contract liabilities balance at the beginning of 2021 was $18 million. Performance Obligations In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of March 31, 2021. (Dollars in millions) 2021 2022 2023 2024 Thereafter Total Service Revenue $ 38 $ 41 $ 39 $ 40 $ 54 $ 212

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
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 2020 Annual Report. Three Months Ended March 31, (Dollars in millions) 2021 2020 Revenue: Western Hemisphere $ 390 $ 588 Eastern Hemisphere 442 627 Total Revenue 832 1,215 Operating Income (Loss): Western Hemisphere 24 29 Eastern Hemisphere (19) 18 Total Segment Operating Income 5 47 Corporate (a) (18) (26) Total Operating Income (Loss) Before Impairments, Restructuring and Other Charges (13) 21 Impairments and Other Charges (b) — (817) Restructuring Charges — (26) Total Operating Loss (13) (822) Interest Expense, Net (70) (58) Reorganization Items — (9) Other Expense, Net (4) (25) Loss Before Income Taxes $ (87) $ (914) (a) Corporate also includes eliminations of intercompany margins associated with transfers of assets and inventory that were nil in the three months ended March 31, 2021 and $8 million in the three months ended March 31, 2020. (b) In the three months ended March 31, 2020, primarily includes the impairment of goodwill, property, plant and equipment, intangibles and right of use assets and other charges. See “Note 4 – Long-Lived Asset Impairments” and “Note 5 – Goodwill and Intangible Assets” for additional information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We determined our quarterly tax provision using the year-to-date effective tax rate because small changes in estimated ordinary annual income result in significant changes in our estimated annual effective tax rate. The year-to-date effective tax rate 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 three months ended March 31, 2021, we recognized tax expense of $23 million on a loss before income taxes of $87 million compared to tax expense of $44 million on a loss before income taxes of $914 million for the three months ended March 31, 2020. Our income tax provisions generally do not correlate to our consolidated income (loss) before tax. Our income taxes provisions are primarily driven by profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third-party transactions that do not directly correlate to ordinary income or loss. Impairments and other charges recognized do not result in significant tax benefit as a result of our inability to forecast realization of the tax benefit of such losses. Tax expense for the three months ended March 31, 2020 included $20 million to recognize valuation allowance in jurisdictions where we are no longer able to forecast taxable income as a result of our liquidity position as of March 31, 2020. 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 March 31, 2021, we anticipate that it is reasonably possible that our uncertain tax positions of $233 million may decrease by up to $3 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
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 Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 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 2020 Annual Report for the discussion on our significant accounting policies. Certain reclassifications of the financial statements and accompanying footnotes for the three months ended March 31, 2020 have been made to conform to the presentation for the three months ended March 31, 2021.

Impairments and Other Charges (

Impairments and Other Charges (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Summary of Impairment Charges	We recorded the following in “Impairments and Other Charges” on the accompanying Condensed Consolidated Statements of Operations: Three Months Ended March 31, (Dollars in millions) 2021 2020 Long-lived Asset Impairments $ — $ 640 Goodwill Impairment — 167 Other Charges, Net — 10 Total Impairment and Other Charges $ — $ 817

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Components of Inventory	Inventories, net of reserves of $137 million and $119 million as of March 31, 2021 and December 31, 2020, respectively by category in the table below. During the three months ended March 31, 2021 and 2020, we recognized excess and obsolete inventory charges of $17 million and $2 million, respectively, recorded in “Cost of Products” on our Condensed Consolidated Statements of Operations. (Dollars in millions) 3/31/2021 12/31/2020 Finished Goods $ 604 $ 655 Work in Process and Raw Materials, Components and Supplies 72 62 Inventories, Net $ 676 $ 717

Long-Lived Asset Impairments _2

Long-Lived Asset Impairments and Other (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Impairment of Long-Lived Assets	The table below details the long-lived asset impairments by asset and segment recognized. Three Months Ended March 31, 2020 (Dollars in millions) Western Hemisphere Eastern Hemisphere Total Property, Plant and Equipment $ 222 $ 208 $ 430 Intangible Assets 31 106 137 Right of Use Assets 49 24 73 Total Impairment Charges $ 302 $ 338 $ 640

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
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) 3/31/2021 12/31/2020 Developed and Acquired Technology $ 427 $ 456 Trade Names 344 354 Totals $ 771 $ 810

Restructuring, Facility Conso_2

Restructuring, Facility Consolidation and Severance Charges (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table presents restructuring charges for the first quarter of 2021 and 2020. Three Months Ended March 31, (Dollars in millions) 2021 2020 Severance Charges $ — $ 23 Facility Exit Charges — 3 Total Restructuring Charges $ — $ 26 The following table presents total restructuring charges by reporting segment and Corporate for the first quarter of 2021 and 2020. Three Months Ended March 31, (Dollars in millions) 2021 2020 Western Hemisphere $ — $ 15 Eastern Hemisphere — 6 Corporate — 5 Total Restructuring Charges $ — $ 26
Schedule of Restructuring Reserve by Type of Cost	The following table presents total restructuring accrual activity for the three months ended March 31, 2021. (Dollars in millions) Accrued Balance at December 31, 2020 Charges Cash Payments Other Accrued Balance at March 31, 2021 Restructuring Reserve $ 53 $ — $ (12) $ (1) $ 40

Borrowings and Other Obligati_2

Borrowings and Other Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Short-term Debt and Other Debt Obligations	(Dollars in millions) 3/31/2021 12/31/2020 Finance Lease Current Portion $ 11 $ 9 Other Short-term Financing Arrangements — 4 Short-term Borrowings $ 11 $ 13 11.00% Exit Notes due 2024 $ 2,098 $ 2,098 8.75% Senior Secured Notes due 2024 457 455 Finance Lease Long-term Portion 47 48 Long-term Debt $ 2,602 $ 2,601
Fair Value,of Short and Long-term Borrowings	3/31/2021 12/31/2020 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 2,098 $ 2,018 $ 2,098 $ 1,628 8.75% Senior Secured Notes due 2024 457 524 455 507 Total $ 2,555 $ 2,542 $ 2,553 $ 2,135

Shareholders' Equity (Deficie_2

Shareholders' Equity (Deficiency) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Stockholders' Equity	The following summarizes our shareholders’ equity activity for the three months ended March 31, 2021 and 2020. (Dollars in Millions) Capital in Excess of Par Value Retained Accumulated Non-controlling Interests Total Shareholders’ Equity Balance at December 31, 2020 $ 2,897 $ (1,947) $ (43) $ 30 $ 937 Net Income (Loss) — (116) — 6 (110) Other — — — (2) (2) Other Comprehensive Loss — — (4) — (4) Balance at March 31, 2021 $ 2,897 $ (2,063) $ (47) $ 34 $ 821 Balance at December 31, 2019 $ 2,897 $ (26) $ 9 $ 36 $ 2,916 Net Income (Loss) — (966) — 8 (958) Other Comprehensive Loss — — (95) — (95) Balance at March 31, 2020 $ 2,897 $ (992) $ (86) $ 44 $ 1,863
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in our accumulated other comprehensive income (loss) by component for the three months ended March 31, 2021 and 2020: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive Loss $ (4) $ — $ (4) Balance at March 31, 2021 $ (35) $ (12) $ (47) Balance at December 31, 2019 $ 7 $ 2 $ 9 Other Comprehensive Loss (95) — (95) Balance at March 31, 2020 $ (88) $ 2 $ (86)

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2021 2020 Net Loss Attributable to Weatherford $ (116) $ (966) Basic and Diluted Weighted Average Shares Outstanding 70 70 Basic and Diluted Loss Per Share Attributable to Weatherford $ (1.66) (13.80)

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 and includes equipment revenues recognized under lease accounting standards of $28 million for the three months ended March 31, 2021, and $57 million for the three months ended March 31, 2020. Three Months Ended March 31, (Dollars in millions) 2021 2020 Product Line Revenue for Western Hemisphere Completion and Production $ 225 $ 297 Drilling, Evaluation and Intervention 165 291 Total Western Hemisphere Revenue 390 588 Product Line Revenue for Eastern Hemisphere Completion and Production 198 302 Drilling, Evaluation and Intervention 244 325 Total Eastern Hemisphere Revenue 442 627 Total Revenues $ 832 $ 1,215 Three Months Ended March 31, (Dollars in millions) 2021 2020 Revenue by Geographic Areas: North America $ 214 $ 341 Latin America 176 247 Western Hemisphere 390 588 Middle East & North Africa and Asia 267 403 Europe/Sub-Sahara Africa/Russia 175 224 Eastern Hemisphere 442 627 Total Revenues $ 832 $ 1,215
Schedule of Contract with Customer, Asset and Liability
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of March 31, 2021. (Dollars in millions) 2021 2022 2023 2024 Thereafter Total Service Revenue $ 38 $ 41 $ 39 $ 40 $ 54 $ 212

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 Annual Report. Three Months Ended March 31, (Dollars in millions) 2021 2020 Revenue: Western Hemisphere $ 390 $ 588 Eastern Hemisphere 442 627 Total Revenue 832 1,215 Operating Income (Loss): Western Hemisphere 24 29 Eastern Hemisphere (19) 18 Total Segment Operating Income 5 47 Corporate (a) (18) (26) Total Operating Income (Loss) Before Impairments, Restructuring and Other Charges (13) 21 Impairments and Other Charges (b) — (817) Restructuring Charges — (26) Total Operating Loss (13) (822) Interest Expense, Net (70) (58) Reorganization Items — (9) Other Expense, Net (4) (25) Loss Before Income Taxes $ (87) $ (914) (a) Corporate also includes eliminations of intercompany margins associated with transfers of assets and inventory that were nil in the three months ended March 31, 2021 and $8 million in the three months ended March 31, 2020. (b) In the three months ended March 31, 2020, primarily includes the impairment of goodwill, property, plant and equipment, intangibles and right of use assets and other charges. See “Note 4 – Long-Lived Asset Impairments” and “Note 5 – Goodwill and Intangible Assets” for additional information.

Impairments and Other Charges_2

Impairments and Other Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Asset Impairment Charges	$ 0	$ 640
Goodwill Impairment	0	167
Other Asset Impairment Charges	0	10
Total Impairment and Other Charges	$ 0	$ 817

Inventories, Net (Schedule of I

Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished Goods	$ 604	$ 655
Work in Process and Raw Materials, Components and Supplies	72	62
Inventories, Net	$ 676	$ 717

Inventories, Net Inventory Narr

Inventories, Net Inventory Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 137		$ 119
Inventory charges	17	$ 2
Inventory [Line Items]
Inventory Charges	17	2
Cost of Sales
Inventory Disclosure [Abstract]
Inventory charges	17	2
Inventory [Line Items]
Inventory Charges	$ 17	$ 2

Long-Lived Asset Impairments _3

Long-Lived Asset Impairments and Other - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Asset Impairment Charges	$ 0	$ 640
Long-lived asset impairment	0	817
Total Impairment and Other Charges	$ 0	$ 817

Long-Lived Asset Impairments _4

Long-Lived Asset Impairments and Other - Impairment of Long Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment		$ 430
Intangible Assets		137
Right of Use Assets		73
Total Impairment Charges	$ 0	640
Western Hemisphere
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment		222
Intangible Assets		31
Right of Use Assets		49
Total Impairment Charges		302
Eastern Hemisphere
Impaired Long-Lived Assets Held and Used [Line Items]
Property, Plant and Equipment		208
Intangible Assets		106
Right of Use Assets		24
Total Impairment Charges		$ 338

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill [Line Items]
Goodwill Impairment	$ 0	$ 167
Goodwill, Impaired, Accumulated Impairment Loss	$ 239
Eastern Hemisphere
Goodwill [Line Items]
Goodwill Impairment		$ (167)

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Totals	$ 771	$ 810
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	427	456
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 344	$ 354

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets Intangible Asset Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Totals	$ 771		$ 810
Amortization of intangible assets	39	$ 46
Accumulated amortization	212		173
Intangible Assets		$ 137
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	161		132
Trade Names
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 51		$ 41

Restructuring, Facility Conso_3

Restructuring, Facility Consolidation and Severance Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 0	$ 26
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 0	$ 26

Restructuring, Facility Conso_4

Restructuring, Facility Consolidation and Severance Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 0	$ 26
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	26
Restructuring Charges | Western Hemisphere
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	15
Restructuring Charges | Eastern Hemisphere
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	6
Restructuring Charges | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	5
Restructuring Charges | Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs	0	23
Restructuring Charges | Facility Exit Charges
Restructuring Cost and Reserve [Line Items]
Other restructuring costs	$ 0	$ 3

Restructuring, Facility Conso_5

Restructuring, Facility Consolidation and Severance Charges (Restructuring Liability) (Details) - Severance and Other Restructuring Liabilities $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	$ 53
Restructuring Charges	0
Cash Payments	(12)
Other	(1)
Accrued balance at end of period	$ 40

Borrowings and Other Obligati_3

Borrowings and Other Obligations (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Other Short-term Financing Arrangements	$ 11	$ 13
Short-term Borrowings	11	13
Long-term Debt and Lease Obligation	2,602	2,601
Senior Notes
Short-term Debt [Line Items]
Long-term Debt	2,098	2,098
Other short-term bank loans
Short-term Debt [Line Items]
Finance Lease, Liability, Noncurrent	47	48
Secured Debt
Short-term Debt [Line Items]
Long-term Debt	457	455
Other short-term bank loans
Short-term Debt [Line Items]
Finance Lease Current Portion	11	9
Other Short-term Financing Arrangements	$ 0	$ 4

Borrowings and Other Obligati_4

Borrowings and Other Obligations (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Aug. 04, 2020	Mar. 31, 2020	Dec. 12, 2019
Short-term Debt [Line Items]
Debt instrument, unused borrowing capacity, amount	$ 55
Short-term Debt	11	$ 13
Minimum Liquidity Covenant	175
Interest Payable	80	34
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	160
Other short-term bank loans
Short-term Debt [Line Items]
Short-term Debt	0	$ 4
Committed Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount				$ 328
Letters of credit outstanding, cash collateral	163
Committed letters of credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	168
LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity					$ 195
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) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 2,098	$ 2,098
Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	457	455
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	2,018	1,628
Fair Value, Inputs, Level 2 | Secured Debt | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	524	507
Fair Value, Inputs, Level 2 | Secured and Senior Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	2,542	2,135
Fair Value, Inputs, Level 2 | Secured and Senior Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 2,555	$ 2,553

Disputes, Litigation and Cont_2

Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Estimated litigation liability	$ 44	$ 43

Shareholders' Equity (Deficie_3

Shareholders' Equity (Deficiency) (Shareholders' Equity Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 937	$ 2,916
Net Income (Loss)	(110)	(958)
Noncontrolling Interest, Change in Redemption Value	(2)
Other Comprehensive Income (Loss), Net of Tax	(4)	(95)
Balance, ending balance	821	1,863
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance		2,897
Balance, ending balance	2,897	2,897
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance		(26)
Net Income (Loss)	(116)	(966)
Balance, ending balance	(2,063)	(992)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance		9
Other Comprehensive Income (Loss), Net of Tax	(4)	(95)
Balance, ending balance	(47)	(86)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance		36
Net Income (Loss)	6	8
Noncontrolling Interest, Change in Redemption Value	(2)
Balance, ending balance	$ 34	$ 44

Shareholders' Equity (Deficie_4

Shareholders' Equity (Deficiency) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (43)	$ 9
Other Comprehensive Loss	(4)	(95)
Other Comprehensive Income (Loss), Net of Tax	(4)	(95)
Ending balance	(47)	(86)
Foreign Currency Translation Adjustments	(4)	(95)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(31)	7
Ending balance	(35)	(88)
Foreign Currency Translation Adjustments	(4)	(95)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(12)	2
Ending balance	(12)	2
Foreign Currency Translation Adjustments	$ 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
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss Attributable to Weatherford	$ (116)	$ (966)
Weighted Average Shares Outstanding, Basic and Diluted (in shares)	70	70
Loss Per Share, Basic & Diluted (in dollars per share)	$ (1.66)	$ (13.80)

Loss per Share (Antidilutive Sh

Loss per Share (Antidilutive Shares) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9	8

Revenues - Major Product Line (

Revenues - Major Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Operating Leases, Income Statement, Lease Revenue	$ 28	$ 57
Disaggregation of Revenue [Line Items]
Revenue	832	1,215
Western Hemisphere
Disaggregation of Revenue [Line Items]
Revenue	390	588
Western Hemisphere | Production and Completions [Member]
Disaggregation of Revenue [Line Items]
Revenue	225	297
Western Hemisphere | Drilling Evaluation and Intervention [Member]
Disaggregation of Revenue [Line Items]
Revenue	165	291
Eastern Hemisphere
Disaggregation of Revenue [Line Items]
Revenue	442	627
Eastern Hemisphere | Production and Completions [Member]
Disaggregation of Revenue [Line Items]
Revenue	198	302
Eastern Hemisphere | Drilling Evaluation and Intervention [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 244	$ 325

Revenues - Geographic Areas (De

Revenues - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 832	$ 1,215
Western Hemisphere
Disaggregation of Revenue [Line Items]
Revenue	390	588
Western Hemisphere | North America
Disaggregation of Revenue [Line Items]
Revenue	214	341
Western Hemisphere | Latin America
Disaggregation of Revenue [Line Items]
Revenue	176	247
Eastern Hemisphere
Disaggregation of Revenue [Line Items]
Revenue	442	627
Eastern Hemisphere | Middle East & North Africa and Asia
Disaggregation of Revenue [Line Items]
Revenue	267	403
Eastern Hemisphere | Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Revenue	$ 175	$ 224

Revenues - Receivables (Details

Revenues - Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables for Product and Services in Accounts Receivable, Net	$ 758	$ 792
Contract Liabilities	43	37
Contract with Customer, Liability, Revenue Recognized	18
Accounts Receivable, Net of Allowance for Credit Losses of $32 at March 31, 2021 and $32 at December 31, 2020	$ 793	$ 826

Revenues - Expected to be Recog

Revenues - Expected to be Recognized in Future (Details) $ in Millions	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
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	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
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	$ 212
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service Revenue	38
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	41
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	39
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	40
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service Revenue	$ 54

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 832	$ 1,215
Operating Income (Loss)	(13)	(822)
Operating income (loss) before impairment and other charges	(13)	21
Long-lived asset impairment	0	(817)
Restructuring Charges	0	(26)
Interest Expense	(70)	(58)
Reorganization Items	0	(9)
Other Expense, Net	(4)	(25)
Loss Before Income Taxes	(87)	(914)
Assets	5,295		$ 5,434
Elimination of Intercompany margins associated with transfers of assets and inventory	0	8
Operating Segments
Segment Reporting Information [Line Items]
Revenue	832	1,215
Operating Income (Loss)	5	47
Operating Segments | Western Hemisphere
Segment Reporting Information [Line Items]
Revenue	390	588
Operating Income (Loss)	24	29
Operating Segments | Eastern Hemisphere
Segment Reporting Information [Line Items]
Revenue	442	627
Operating Income (Loss)	(19)	18
Corporate, Non-Segment
Segment Reporting Information [Line Items]
General and Administrative Expense	$ (18)	$ (26)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 23	$ 44
Loss before income taxes	87	914
Tax Credit Carryforward, Valuation Allowance		$ 20
Unrecognized Tax Benefits	233
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 3