Weatherford International (WFRD) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2022	Apr. 21, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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
Title of 12(b) Security	Ordinary shares, $0.001 par value per share
Trading Symbol	WFRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
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		70,522,700
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Mar. 31, 2021
Revenues:
Total Revenues	$ 938	$ 832
Costs and Expenses:
Research and Development	21	21
Selling, General and Administrative	178	188
Restructuring Charges	20	0
Other Nonrecurring (Income) Expense	19	0
Total Costs and Expenses	920	845
Operating Income (Loss)	18	(13)
Interest Income (Expense), Net	(48)	(70)
Other Nonoperating Income (Expense)	(16)	(4)
Loss Before Income Taxes	(46)	(87)
Income Tax Provision	(28)	(23)
Net Loss	(74)	(110)
Net Income Attributable to Noncontrolling Interests	6	6
Net Loss Attributable to Weatherford	$ (80)	$ (116)
Earnings Per Share, Basic and Diluted [Abstract]
Earnings Per Share, Basic	$ (1.14)	$ (1.66)
Earnings Per Share, Diluted	$ (1.14)	$ (1.66)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted Average Number of Shares Outstanding, Basic	70	70
Weighted Average Number of Shares Outstanding, Diluted	70	70
Product [Member]
Revenues:
Total Revenues	$ 345	$ 309
Costs and Expenses:
Cost of Goods and Services Sold	297	280
Service [Member]
Revenues:
Total Revenues	593	523
Costs and Expenses:
Cost of Goods and Services Sold	$ 385	$ 356

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Loss	$ (74)	$ (110)
Foreign Currency Translation Adjustments	0	(4)
Comprehensive Loss	(74)	(114)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	6	6
Comprehensive Loss Attributable to Weatherford	$ (80)	$ (120)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 841	$ 951
Restricted Cash	215	162
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	868	825
Inventory, Net	684	670
Other Assets, Current	281	303
Total Current Assets	2,889	2,911
Property, Plant and Equipment, Net of Accumulated Depreciation of $661 at March 31, 2022 and $623 at December 31, 2021	964	996
Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021	619	657
Operating Lease, Right-of-Use Asset	119	113
Other Assets, Noncurrent	93	97
Total Assets	4,684	4,774
Liabilities:
Short-term Debt	13	12
Accounts Payable, Current	385	380
Employee-related Liabilities, Current	261	343
Taxes Payable, Current	140	140
Operating Lease, Liability, Current	56	59
Other Current Liabilities	445	398
Total Current Liabilities	1,300	1,332
Long-term Debt and Lease Obligation	2,416	2,416
Operating Lease, Liability, Noncurrent	130	128
Accrued Income Taxes, Noncurrent	272	264
Other Liabilities, Noncurrent	140	138
Total Liabilities	4,258	4,278
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 70 shares at March 31, 2022 and December 31, 2021	0	0
Additional Paid in Capital, Common Stock	2,908	2,904
Retained Earnings (Accumulated Deficit)	(2,477)	(2,397)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(35)	(35)
Weatherford Shareholders’ Equity	396	472
Noncontrolling Interests	30	24
Total Shareholders’ Equity	426	496
Total Liabilities and Shareholders’ Equity	$ 4,684	$ 4,774

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 35	$ 31
Noncurrent Assets:
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	661	623
Finite-Lived Intangible Assets, Accumulated Amortization	$ 367	$ 328
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	1,356	1,356
Common Stock, Shares, Issued	70	70
Common Stock, Shares, Outstanding	70	70

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net Loss	$ (74)	$ (110)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Depreciation and Amortization	87	111
Impairment, Long-Lived Asset, Held-for-Use	12	0
Inventory Write-down	15	17
Gain (Loss) on Disposition of Other Assets	(5)	0
Deferred Income Tax Expense (Benefit)	3	2
Employee Benefits and Share-based Compensation	7	4
Changes in Operating Assets and Liabilities, Net:
Accounts Receivable	(51)	33
Inventories	(31)	20
Accounts Payable	7	7
Other Assets and Liabilities, Net	(34)	(10)
Net Cash Provided by (Used in) Operating Activities	(64)	74
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(20)	(15)
Proceeds from Disposition of Assets	20	11
Other Investing Activities	(9)	(1)
Net Cash Provided by (Used in) Investing Activities	9	(3)
Cash Flows From Financing Activities:
Repayments of Long-term Debt	(4)	(3)
Repayments of Short-term Debt, Net	0	(4)
Other Financing Activities	(1)	(2)
Net Cash Provided by (Used in) Financing Activities, Total	(5)	(9)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	3	(4)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(57)	58
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,113	1,285
Cash, Cash Equivalents and Restricted Cash at End of Period	1,056	1,343
Supplemental Cash Flow Information:
Interest Paid	17	24
Income Taxes Paid, Net of Refunds	$ 19	$ 15

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford”, “we”, “us”, or “our”) 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, 2021 (“2021 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 2021 Annual Report for the discussion on our significant accounting policies. Certain reclassifications have been made to the financial statements and accompanying footnotes for the three months ended March 31, 2021 to conform to the presentation for the three months ended March 31, 2022, including the change in reportable segments made during the fourth quarter of 2021. New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	2 – 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 2021 Annual Report. During the fourth quarter of 2021, our chief operating decision maker changed the information regularly reviewed to be aligned with how we offer our services and technologies in relation to the life cycle of a well and we have realigned our reportable segments to reflect the change. All of our segments are enabled by a full suite of digital, monitoring, optimization and artificial intelligence solutions providing services throughout the well life cycle, including responsible abandonment. We now have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention. Previously we had two geographic based reportable segments, Western Hemisphere and Eastern Hemisphere. Our primary measure of segment profitability is now segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting. Three Months Ended March 31, (Dollars in millions) 2022 2021 Revenues: Drilling and Evaluation $ 292 $ 236 Well Construction and Completions 344 323 Production and Intervention 286 259 Segment Revenues 922 818 All Other 16 14 Total Revenues $ 938 $ 832 Segment Adjusted EBITDA: Drilling and Evaluation $ 59 $ 29 Well Construction and Completions 67 50 Production and Intervention 39 41 Segment Adjusted EBITDA $ 165 $ 120 Corporate and Other (14) (18) Depreciation and Amortization (87) (111) Share-based Compensation Expense (7) (4) Other Adjustments (a) (39) — Operating Income (Loss) $ 18 $ (13) (a) Other adjustments include $20 million of restructuring charges in the three months ended March 31, 2022 (see “Note 4 - Restructuring Charges” for additional information) and $19 million of other charges, net, of which $17 million were related to Ukraine ($16 million in the write-down of receivables, inventory and property, plant and equipment, and $1 million in operating support costs). There were no other adjustments in the three months ended March 31, 2021.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	3 – Revenues Disaggregated Revenue Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The majority of our revenue is derived from short term contracts. Our products and services are generally sold based upon purchase orders, contracts or other legally enforceable arrangements with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. Our Production and Intervention segment leases drilling tools, artificial lift pumping equipment and other unmanned equipment to customers as operating leases. 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 revenues recognized under ASU No. 2016-02, Leases (Topic 842) were $31 million for the three months ended March 31, 2022 and $28 million for the three months ended March 31, 2021. The following tables disaggregate our revenues from contracts with customers by geographic region and includes equipment rental revenues. North America in the table below consists of the U.S. and Canada. Three Months Ended March 31, (Dollars in millions) 2022 2021 Revenues by Geographic Areas: Middle East/North Africa/Asia $ 310 $ 267 North America 238 214 Latin America 227 176 Europe/Sub-Sahara Africa/Russia 163 175 Total Revenues $ 938 $ 832 Contract Balances The timing of our revenue recognition, billings and cash collections results in the recording of billed and unbilled accounts receivable, contract assets, customer advances and deposits (contract liabilities classified as deferred revenues). Receivables with customers are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Condensed Consolidated Balance Sheets. Contract assets are immaterial as of March 31, 2022 and December 31, 2021. Revenues recognized during the three months ended March 31, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were $10 million and $18 million, respectively. The following table summarizes these balances as of March 31, 2022 and December 31, 2021: (Dollars in millions) March 31, 2022 December 31, 2021 Total Accounts Receivables $ 868 $ 825 Receivables for Product and Services in Accounts Receivable, Net $ 835 $ 795 Receivables for Equipment Rentals in Account Receivable, Net $ 33 $ 30 Contract Liabilities in Other Current Liabilities $ 35 $ 26 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASU 2014-09, Revenues from Contracts with Customers (Topic 606). A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. 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, 2022. (Dollars in millions) 2022 2023 2024 2025 Thereafter Total Service Revenue $ 52 $ 58 $ 59 $ 46 $ 20 $ 235

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges	4 – Restructuring Charges We had $20 million restructuring charges for the three months ended March 31, 2022, presented as “Restructuring Charges” on the accompanying Condensed Consolidated Statements of Operations. These charges were primarily related to the launch of a multi-year footprint consolidation and workforce efficiency initiative aimed at improving fulfillment operations and included $14 million in severance and $6 million in asset retirement obligations. No restructuring charges were recognized in the three months ended March 31, 2021. The following table presents total restructuring charges by segment and All Other in the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (Dollars in millions) 2022 2021 Drilling and Evaluation $ 5 $ — Well Construction and Completions 7 — Production and Intervention 5 — All Other 3 — Total Restructuring Charges $ 20 $ — The following table presents total restructuring reserve activity in the three months ended March 31, 2022: (Dollars in millions) Reserve at December 31, 2021 Charges Cash Payments (Credits)/Other Reserve at March 31, 2022 Restructuring Reserve $ 17 $ 20 $ (5) $ — $ 32

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories, Net	5 – Inventories, Net Inventories, net of reserves of $165 million and $159 million as of March 31, 2022 and December 31, 2021, respectively, are presented by category in the table below: (Dollars in millions) March 31, 2022 December 31, 2021 Finished Goods $ 595 $ 595 Work in Process and Raw Materials, Components and Supplies 89 75 Inventories, Net $ 684 $ 670 In the three months ended March 31, 2022 and 2021, we recognized inventory charges, including excess and obsolete inventory charges, in the following captions on our Condensed Consolidated Statements of Operations: Three Months Ended March 31, (Dollars in millions) 2022 2021 Inventory Charges in “Cost of Products” $ 11 $ 17 Inventory Charges in “Other Charges, Net” 4 — Total Inventory Charges $ 15 $ 17

Intangibles, Net

Intangibles, Net	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles, Net	6 – Intangibles, Net The components of intangible assets, net were as follows: (Dollars in millions) March 31, 2022 December 31, 2021 Developed and Acquired Technology, Net of Accumulated Amortization of $276 at March 31, 2022 and $247 at December 31, 2021 $ 315 $ 343 Trade Names, Net of Accumulated Amortization of $91 at March 31, 2022 and $81 at December 31, 2021 304 314 Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021 $ 619 $ 657

Borrowings and Other Obligation

Borrowings and Other Obligations	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings and Other Obligations	7 – Borrowings and Other Debt Obligations (Dollars in millions) March 31, 2022 December 31, 2021 Finance Leases Current Portion $ 13 $ 12 Short-term Borrowings and Current Portion of Finance Leases $ 13 $ 12 11.00% Exit Notes due 2024 $ 300 $ 300 6.50% Senior Secured Notes due 2028 489 488 8.625% Senior Notes due 2030 1,584 1,584 Finance Leases Long-term Portion 43 44 Long-term Debt $ 2,416 $ 2,416 Our Exit Notes, 2028 Senior Secured Notes and 2030 Senior Notes (described below) were issued by Weatherford Bermuda and guaranteed by Weatherford International plc and Weatherford Delaware and other subsidiary guarantors party thereto. Exit Notes On December 13, 2019, we issued 11.00% senior unsecured notes (“Exit Notes”) due in 2024 for an aggregate principal amount of $2.1 billion. Interest on the Exit Notes accrues at the rate of 11.00% per annum and is payable semiannually on June 1 and December 1 and commenced June 1, 2020. On October 20, 2021, we redeemed $200 million of our Exit Notes. On October 27, 2021, we issued $1.6 billion of 2030 Senior Notes (defined below) and used the net proceeds and cash on hand to redeem $1.6 billion in principal amount of our Exit Notes at applicable prices. At March 31, 2022, the carrying value of $300 million represents the remaining unpaid principal. 2028 Senior Secured Notes On September 30, 2021, we issued 6.50% Senior Secured Notes in aggregate principal amount of $500 million maturing September 15, 2028 (the “2028 Senior Secured Notes”). Interest accrues at the rate of 6.50% per annum and is payable semiannually on September 15 and March 15 of each year, commencing on March 15, 2022. Proceeds from this debt issuance were used to fully repay a senior secured note with an aggregate principal amount of $500 million with a stated interest rate of 8.75% per annum due 2024. 2030 Senior Notes On October 27, 2021, we issued 8.625% Senior Notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the “2030 Senior Notes”). Interest accrues at the rate of 8.625% per annum and is payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2022. As described above under Exit Notes, proceeds from this debt issuance were used to redeem $1.6 billion of its principal. LC Credit Agreement We have a senior secured letter of credit agreement (the “LC Credit Agreement”) in an aggregate amount of $215 million maturing on May 29, 2024, which is used by the Company and certain of its subsidiaries for the issuance of bid and performance letters of credit. At March 31, 2022, we had approximately $169 million in outstanding letters of credit under the LC Credit Agreement (“LC Credit Agreement letters of credit”) and availability of $46 million. As of March 31, 2022, we had $382 million of letters of credit outstanding, consisting of the $169 million under the LC Credit Agreement and another $213 million under various uncommitted bi-lateral facilities (of which there was $212 million in cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). Our letters of credit under various uncommitted bi-lateral facilities increased “Restricted Cash” since December 31, 2021 due to a requirement from a new multi-year contract. Accrued Interest As of March 31, 2022 and December 31, 2021, we had accrued interest of approximately $71 million and $35 million, respectively in “Other Current Liabilities” primarily related to the Exit Notes, 2028 Senior Secured Notes and 2030 Senior 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 our long-term debt (excluding finance leases). March 31, 2022 December 31, 2021 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 300 $ 311 $ 300 $ 311 6.50% Senior Secured Notes due 2028 489 516 488 528 8.625% Senior Notes due 2030 1,584 1,628 1,584 1,660 Long-Term Debt (excluding Finance Leases) $ 2,373 $ 2,455 $ 2,372 $ 2,499

Disputes, Litigation and Contin

Disputes, Litigation and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Contingencies	8 – 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. The COVID-19 pandemic temporarily closed courts in many jurisdictions around the world. Although many courts have reopened, we continue to experience delays in certain jurisdictions. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 were $45 million and $40 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 the Court granted the motion on May 14, 2021. URS appealed the Court’s Opinion on Dismissal to the Court of Appeals for the Fifth Circuit, and the parties are continuing to await a decision. We cannot reliably predict the outcome of the claims, including the amount of any possible loss.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Shareholders' Equity	9 – Shareholders’ Equity The following summarizes our shareholders’ equity activity for the three months ended March 31, 2022 and 2021: (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Non-controlling Interests “NCI” Total Shareholders’ Equity Balance at December 31, 2021 $ 2,904 $ (2,397) $ (35) $ 24 $ 496 Net Income (Loss) — (80) — 6 (74) Equity Awards, Granted, Vested and Exercised 4 — — — 4 Other Comprehensive Loss — — — — — Balance at March 31, 2022 $ 2,908 $ (2,477) $ (35) $ 30 $ 426 Balance at December 31, 2020 $ 2,897 $ (1,947) $ (43) $ 30 $ 937 Net Income (Loss) — (116) — 6 (110) Dividends to NCI — — — (2) (2) Other Comprehensive Loss — — (4) — (4) Balance at March 31, 2021 $ 2,897 $ (2,063) $ (47) $ 34 $ 821 The following table presents the changes in our accumulated other comprehensive loss by component for the three months ended March 31, 2022 and 2021: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2021 $ (36) $ 1 $ (35) Other Comprehensive Loss — — — Balance at March 31, 2022 $ (36) $ 1 $ (35) Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive Loss (4) — (4) Balance at March 31, 2021 $ (35) $ (12) $ (47)

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss per Share	10 – 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, 2022 and 2021: Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2022 2021 Net Loss Attributable to Weatherford $ (80) $ (116) Basic and Diluted Weighted Average Shares Outstanding 70 70 Basic and Diluted Loss Per Share Attributable to Weatherford $ (1.14) $ (1.66)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11 – 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. We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period due to various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. For the three months ended March 31, 2022, we recognized tax expense of $28 million on a loss before income taxes of $46 million compared to the three months ended March 31, 2021 where we recognized tax expense of $23 million on a loss before income taxes of $87 million. Our income tax provisions are primarily driven by income 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 and other adjustments. Impairments and other charges recognized do not result in significant tax benefit due to our inability to forecast realization of the tax benefit of such losses. 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, 2022, we anticipate that it is reasonably possible that our uncertain tax positions of $272 million may decrease by up to $11 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford”, “we”, “us”, or “our”) 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, 2021 (“2021 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.
New Accounting Standards	New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
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 2021 Annual Report. During the fourth quarter of 2021, our chief operating decision maker changed the information regularly reviewed to be aligned with how we offer our services and technologies in relation to the life cycle of a well and we have realigned our reportable segments to reflect the change. All of our segments are enabled by a full suite of digital, monitoring, optimization and artificial intelligence solutions providing services throughout the well life cycle, including responsible abandonment. We now have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention. Previously we had two geographic based reportable segments, Western Hemisphere and Eastern Hemisphere. Our primary measure of segment profitability is now segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting. Three Months Ended March 31, (Dollars in millions) 2022 2021 Revenues: Drilling and Evaluation $ 292 $ 236 Well Construction and Completions 344 323 Production and Intervention 286 259 Segment Revenues 922 818 All Other 16 14 Total Revenues $ 938 $ 832 Segment Adjusted EBITDA: Drilling and Evaluation $ 59 $ 29 Well Construction and Completions 67 50 Production and Intervention 39 41 Segment Adjusted EBITDA $ 165 $ 120 Corporate and Other (14) (18) Depreciation and Amortization (87) (111) Share-based Compensation Expense (7) (4) Other Adjustments (a) (39) — Operating Income (Loss) $ 18 $ (13) (a) Other adjustments include $20 million of restructuring charges in the three months ended March 31, 2022 (see “Note 4 - Restructuring Charges” for additional information) and $19 million of other charges, net, of which $17 million were related to Ukraine ($16 million in the write-down of receivables, inventory and property, plant and equipment, and $1 million in operating support costs). There were no other adjustments in the three months ended March 31, 2021.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate our revenues from contracts with customers by geographic region and includes equipment rental revenues. North America in the table below consists of the U.S. and Canada. Three Months Ended March 31, (Dollars in millions) 2022 2021 Revenues by Geographic Areas: Middle East/North Africa/Asia $ 310 $ 267 North America 238 214 Latin America 227 176 Europe/Sub-Sahara Africa/Russia 163 175 Total Revenues $ 938 $ 832
Schedule of Contract with Customer, Asset and Liability	Contract Balances The timing of our revenue recognition, billings and cash collections results in the recording of billed and unbilled accounts receivable, contract assets, customer advances and deposits (contract liabilities classified as deferred revenues). Receivables with customers are included in “Accounts Receivable, Net,” contract assets are included in “Other Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Condensed Consolidated Balance Sheets. Contract assets are immaterial as of March 31, 2022 and December 31, 2021. Revenues recognized during the three months ended March 31, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were $10 million and $18 million, respectively. The following table summarizes these balances as of March 31, 2022 and December 31, 2021: (Dollars in millions) March 31, 2022 December 31, 2021 Total Accounts Receivables $ 868 $ 825 Receivables for Product and Services in Accounts Receivable, Net $ 835 $ 795 Receivables for Equipment Rentals in Account Receivable, Net $ 33 $ 30 Contract Liabilities in Other Current Liabilities $ 35 $ 26
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASU 2014-09, Revenues from Contracts with Customers (Topic 606). A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. 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, 2022. (Dollars in millions) 2022 2023 2024 2025 Thereafter Total Service Revenue $ 52 $ 58 $ 59 $ 46 $ 20 $ 235

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table presents total restructuring charges by segment and All Other in the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (Dollars in millions) 2022 2021 Drilling and Evaluation $ 5 $ — Well Construction and Completions 7 — Production and Intervention 5 — All Other 3 — Total Restructuring Charges $ 20 $ —
Schedule of Restructuring Reserve by Type of Cost	The following table presents total restructuring reserve activity in the three months ended March 31, 2022: (Dollars in millions) Reserve at December 31, 2021 Charges Cash Payments (Credits)/Other Reserve at March 31, 2022 Restructuring Reserve $ 17 $ 20 $ (5) $ — $ 32

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Components of Inventory	Inventories, net of reserves of $165 million and $159 million as of March 31, 2022 and December 31, 2021, respectively, are presented by category in the table below: (Dollars in millions) March 31, 2022 December 31, 2021 Finished Goods $ 595 $ 595 Work in Process and Raw Materials, Components and Supplies 89 75 Inventories, Net $ 684 $ 670
Schedule of Inventory Charges	In the three months ended March 31, 2022 and 2021, we recognized inventory charges, including excess and obsolete inventory charges, in the following captions on our Condensed Consolidated Statements of Operations: Three Months Ended March 31, (Dollars in millions) 2022 2021 Inventory Charges in “Cost of Products” $ 11 $ 17 Inventory Charges in “Other Charges, Net” 4 — Total Inventory Charges $ 15 $ 17

Intangibles, Net (Tables)

Intangibles, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of intangible assets, net were as follows: (Dollars in millions) March 31, 2022 December 31, 2021 Developed and Acquired Technology, Net of Accumulated Amortization of $276 at March 31, 2022 and $247 at December 31, 2021 $ 315 $ 343 Trade Names, Net of Accumulated Amortization of $91 at March 31, 2022 and $81 at December 31, 2021 304 314 Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021 $ 619 $ 657

Borrowings and Other Obligati_2

Borrowings and Other Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Short-term Debt and Other Debt Obligations	(Dollars in millions) March 31, 2022 December 31, 2021 Finance Leases Current Portion $ 13 $ 12 Short-term Borrowings and Current Portion of Finance Leases $ 13 $ 12 11.00% Exit Notes due 2024 $ 300 $ 300 6.50% Senior Secured Notes due 2028 489 488 8.625% Senior Notes due 2030 1,584 1,584 Finance Leases Long-term Portion 43 44 Long-term Debt $ 2,416 $ 2,416
Fair Value,of Short and Long-term Borrowings	March 31, 2022 December 31, 2021 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 300 $ 311 $ 300 $ 311 6.50% Senior Secured Notes due 2028 489 516 488 528 8.625% Senior Notes due 2030 1,584 1,628 1,584 1,660 Long-Term Debt (excluding Finance Leases) $ 2,373 $ 2,455 $ 2,372 $ 2,499

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Stockholders' Equity	The following summarizes our shareholders’ equity activity for the three months ended March 31, 2022 and 2021: (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Non-controlling Interests “NCI” Total Shareholders’ Equity Balance at December 31, 2021 $ 2,904 $ (2,397) $ (35) $ 24 $ 496 Net Income (Loss) — (80) — 6 (74) Equity Awards, Granted, Vested and Exercised 4 — — — 4 Other Comprehensive Loss — — — — — Balance at March 31, 2022 $ 2,908 $ (2,477) $ (35) $ 30 $ 426 Balance at December 31, 2020 $ 2,897 $ (1,947) $ (43) $ 30 $ 937 Net Income (Loss) — (116) — 6 (110) Dividends to NCI — — — (2) (2) Other Comprehensive Loss — — (4) — (4) Balance at March 31, 2021 $ 2,897 $ (2,063) $ (47) $ 34 $ 821
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in our accumulated other comprehensive loss by component for the three months ended March 31, 2022 and 2021: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2021 $ (36) $ 1 $ (35) Other Comprehensive Loss — — — Balance at March 31, 2022 $ (36) $ 1 $ (35) Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive Loss (4) — (4) Balance at March 31, 2021 $ (35) $ (12) $ (47)

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021: Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2022 2021 Net Loss Attributable to Weatherford $ (80) $ (116) Basic and Diluted Weighted Average Shares Outstanding 70 70 Basic and Diluted Loss Per Share Attributable to Weatherford $ (1.14) $ (1.66)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - 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
Face amount of debt	$ 0.5

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 938	$ 832
Total Revenues	938	832
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(46)	(87)
Other Cost and Expense, Operating	39	0
Restructuring Charges	(20)	0
Share-based Payment Arrangement, Expense	(7)	(4)
Other Nonrecurring (Income) Expense	19	0
Operating Income (Loss)	18	(13)
Operating Segments
Segment Reporting Information [Line Items]
Revenue	922	818
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	165	120
Operating Segments | Drilling and Evaluation [Member]
Segment Reporting Information [Line Items]
Revenue	292	236
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	59	29
Operating Segments | Well Construction And Completion
Segment Reporting Information [Line Items]
Revenue	344	323
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	67	50
Operating Segments | Production And Intervention
Segment Reporting Information [Line Items]
Revenue	286	259
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	39	41
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenue	16	14
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (14)	$ (18)

Revenues - Narrative Section (D

Revenues - Narrative Section (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	$ 938	$ 832

Revenues - Geographic Areas (De

Revenues - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 938	$ 832
Product and Service, Other
Disaggregation of Revenue [Line Items]
Revenue	31	28
Middle East and North Africa [Member]
Disaggregation of Revenue [Line Items]
Revenue	310	267
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	238	214
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	227	176
Europe, Sub-Sahara Africa, Russia [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 163	$ 175

Revenues - Receivables (Details

Revenues - Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 868		$ 825
Contract Liabilities in Other Current Liabilities	35		26
Contract with Customer, Liability, Revenue Recognized	10	$ 18
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	868		825
Disaggregation of Revenue [Line Items]
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	868		825
Equipment Rentals
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	33		30
Disaggregation of Revenue [Line Items]
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	33		30
Product and Service, Other
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	835		795
Disaggregation of Revenue [Line Items]
Accounts Receivable, Net of Allowance for Credit Losses of $35 at March 31, 2022 and $31 at December 31, 2021	$ 835		$ 795

Revenues - Expected to be Recog

Revenues - Expected to be Recognized in Future (Details) $ in Millions	Mar. 31, 2022USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-09-30
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	1 year
Service Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service Revenue	$ 235
Service Revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-09-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Service Revenue	52
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	58
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	59
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	46
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	$ 20

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 20	$ 0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs	14
Facility Closing
Restructuring Cost and Reserve [Line Items]
Other restructuring costs	$ 6

Restructuring Charges (Restruct

Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 20	$ 0
Restructuring Charges | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	3	0
Restructuring Charges | Drilling and Evaluation [Member] | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	5	0
Restructuring Charges | Well Construction And Completion | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	7	0
Restructuring Charges | Production And Intervention | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 5	$ 0

Restructuring Charges (Restru_2

Restructuring Charges (Restructuring Liability) (Details) - Severance and Other Restructuring Liabilities $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	$ 17
Cash Payments	(5)
(Credits)/Other	0
Accrued balance at end of period	$ 32

Inventories, Net (Schedule of I

Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished Goods	$ 595	$ 595
Work in Process and Raw Materials, Components and Supplies	89	75
Inventories, Net	$ 684	$ 670

Inventories, Net Inventory Char

Inventories, Net Inventory Charges Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Inventory [Line Items]
Inventory Write-down	$ 15	$ 17
Inventory valuation reserves	165		$ 159
Cost of Sales
Inventory [Line Items]
Inventory Write-down	11	17
Restructuring Charges
Inventory [Line Items]
Inventory Write-down	$ 4	$ 0

Intangibles, Net - Narrative (D

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Line Items]
Amortization of intangible assets	$ 39	$ 39

Intangibles, Net (Schedule of I

Intangibles, Net (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021	$ 619	$ 657
Finite-Lived Intangible Assets, Accumulated Amortization	367	328
Developed and Acquired Technology, Net of Accumulated Amortization of $276 at March 31, 2022 and $247 at December 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	315	343
Finite-Lived Intangible Assets, Accumulated Amortization	276	247
Trade Names, Net of Accumulated Amortization of $91 at March 31, 2022 and $81 at December 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	304	314
Finite-Lived Intangible Assets, Accumulated Amortization	$ 91	$ 81

Intangibles, Net (Narrative) (D

Intangibles, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net of Accumulated Amortization of $367 at March 31, 2022 and $328 at December 31, 2021	$ 619		$ 657
Amortization of intangible assets	39	$ 39
Accumulated amortization	367		328
Developed and Acquired Technology, Net of Accumulated Amortization of $276 at March 31, 2022 and $247 at December 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	276		247
Trade Names, Net of Accumulated Amortization of $91 at March 31, 2022 and $81 at December 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 91		$ 81

Borrowings and Other Obligati_3

Borrowings and Other Obligations (Schedule of Short-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Aug. 04, 2020	Dec. 12, 2019
Short-term Debt [Line Items]
Other Short-term Financing Arrangements	$ 13	$ 12
Short-term Borrowings and Current Portion of Finance Leases	13	12
Long-term Debt and Lease Obligation	2,416	2,416
Senior Notes
Short-term Debt [Line Items]
Long-term Debt	300	300
Senior Notes | Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Long-term Debt	1,584	1,584
Senior Notes | Exit Notes, 11.00 Percent Due 2024
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				11.00%
Other short-term bank loans
Short-term Debt [Line Items]
Finance Lease, Liability, Noncurrent	43	44
Secured Debt
Short-term Debt [Line Items]
Long-term Debt	489	488
Other short-term bank loans
Short-term Debt [Line Items]
Finance Lease, Liability, Current	$ 13	$ 12

Borrowings and Other Obligati_4

Borrowings and Other Obligations (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Oct. 27, 2021	Oct. 20, 2021	Aug. 04, 2020	Dec. 12, 2019
Short-term Debt [Line Items]
Debt instrument, unused borrowing capacity, amount	$ 46
Short-term Debt	13	$ 12
Interest Payable, Current	71	35
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	169
Other short-term bank loans
Short-term Debt [Line Items]
Finance Lease, Liability, Current	13	12
Committed letters of credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	213
Exit Notes
Short-term Debt [Line Items]
Debt Instrument, Repurchased Face Amount				$ 200
Debt Tender Redemption			$ 1,600
Committed Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	382
Letters of credit outstanding, cash collateral	212
Amended LC Credit Agreement [Member]
Short-term Debt [Line Items]
Credit agreement, maximum capacity						$ 215
Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Face amount of debt			$ 1,600
Senior Notes
Short-term Debt [Line Items]
Long-term Debt	300	300
Senior Notes | Senior Notes 8.75 Percent Due 2024
Short-term Debt [Line Items]
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
Senior Notes | Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Stated interest rate on debt					8.625%
Long-term Debt	1,584	1,584
Senior Notes | Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Stated interest rate on debt					6.50%
Secured Debt
Short-term Debt [Line Items]
Long-term Debt	$ 489	$ 488

Borrowings and Other Obligati_5

Borrowings and Other Obligations Fair and carrying value of long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Aug. 04, 2020	Dec. 12, 2019
Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	$ 300	$ 300
Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	489	488
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	300	300
Senior Notes | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	1,584	1,584
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Senior Notes | Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				11.00%
Long-term Debt | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	2,373	2,372
Fair Value, Inputs, Level 2 | Exit Notes, 11.00 Percent Due 2024 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	311	311
Fair Value, Inputs, Level 2 | Secured Debt | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	516	528
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	1,628	1,660
Fair Value, Inputs, Level 2 | Long-term Debt | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 2,455	$ 2,499

Disputes, Litigation and Cont_2

Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 45	$ 40

Shareholders' Equity (Deficienc

Shareholders' Equity (Deficiency) (Shareholders' Equity Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 496		$ 937
Net Income (Loss)	(74)		(110)	$ (110)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	4
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			2
Other Comprehensive Income (Loss), Net of Tax		$ 0	(4)
Balance, ending balance	426	426	821
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	2,904		2,897
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	4
Balance, ending balance		2,908	2,897
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(2,397)		(1,947)
Net Income (Loss)	(80)		(116)
Balance, ending balance		(2,477)	(2,063)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(35)		(43)
Other Comprehensive Income (Loss), Net of Tax		0	(4)
Balance, ending balance		(35)	(47)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	24		30
Net Income (Loss)	$ 6		6
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			2
Balance, ending balance		$ 30	$ 34

Shareholders' Equity (Deficie_2

Shareholders' Equity (Deficiency) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (35)
Other Comprehensive Loss	0	$ (4)
Ending balance	(35)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(36)	(31)
Other Comprehensive Loss	0	(4)
Ending balance	(36)	(35)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	1	(12)
Other Comprehensive Loss	0	0
Ending balance	1	(12)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(35)	(43)
Ending balance	$ (35)	$ (47)

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, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ (80)	$ (116)
Weighted Average Number of Shares Outstanding, Basic	70	70
Weighted Average Number of Shares Outstanding, Diluted	70	70
Earnings Per Share, Basic	$ (1.14)	$ (1.66)
Earnings Per Share, Diluted	$ (1.14)	$ (1.66)

Loss per Share (Antidilutive Sh

Loss per Share (Antidilutive Shares) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11	9

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 28	$ 23
Loss before income taxes	46	$ 87
Unrecognized Tax Benefits	272
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 11