Weatherford International (WFRD) 10-Q 26 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - $ / shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		70,608,639
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	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total Revenues	$ 1,120	$ 945	$ 3,122	$ 2,680
Costs and Expenses:
Research and Development	23	21	66	63
Selling, General and Administrative	201	175	575	551
Restructuring Charges	2	0	22	0
Other Nonrecurring (Income) Expense	(2)	(8)	3	(16)
Total Costs and Expenses	999	874	2,879	2,597
Operating Income	121	71	243	83
Interest Income (Expense), Net	(44)	(69)	(140)	(211)
Gain (loss) on extinguishment of debt and bond redemption charges	(2)	(59)	(2)	(59)
Other Nonoperating Income (Expense)	(12)	(4)	(60)	(19)
Income (Loss) Before Income Taxes	63	(61)	41	(206)
Income Tax Provision	(26)	(28)	(66)	(66)
Net Income (Loss)	37	(89)	(25)	(272)
Net Income Attributable to Noncontrolling Interests	9	6	21	17
Net Income (Loss) Attributable to Weatherford	$ 28	$ (95)	$ (46)	$ (289)
Earnings Per Share, Basic	$ 0.39	$ (1.36)	$ (0.65)	$ (4.13)
Earnings Per Share, Diluted	$ 0.39	$ (1.36)	$ (0.65)	$ (4.13)
Weighted Average Number of Shares Outstanding, Basic	71	70	71	70
Weighted Average Number of Shares Outstanding, Diluted	72	70	71	70
Product [Member]
Revenues:
Total Revenues	$ 422	$ 322	$ 1,175	$ 946
Costs and Expenses:
Cost of Goods and Services Sold	335	279	970	844
Service [Member]
Revenues:
Total Revenues	698	623	1,947	1,734
Costs and Expenses:
Cost of Goods and Services Sold	$ 440	$ 407	$ 1,243	$ 1,155

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 37	$ (89)	$ (25)	$ (272)
Foreign Currency Translation Adjustments	(51)	(11)	8	0
Comprehensive Loss	(14)	(100)	(17)	(272)
Comprehensive Income Attributable to Noncontrolling Interests	9	6	21	17
Comprehensive Loss Attributable to Weatherford	$ (23)	$ (106)	$ (38)	$ (289)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 933	$ 951
Restricted Cash	210	162
Accounts Receivable, Net of Allowance for Credit Losses of $30 at June 30, 2022 and $31 at December 31, 2021	927	825
Inventory, Net	723	670
Other Assets, Current	270	303
Total Current Assets	3,063	2,911
Property, Plant and Equipment, Net of Accumulated Depreciation of $718 at June 30, 2022 and $623 at December 31, 2021	908	996
Intangible Assets, Net of Accumulated Amortization of $403 at June 30, 2022 and $328 at December 31, 2021	540	657
Operating Lease, Right-of-Use Asset	111	113
Other Assets, Noncurrent	85	97
Total Assets	4,707	4,774
Liabilities:
Short-term Debt	14	12
Accounts Payable, Current	425	380
Employee-related Liabilities, Current	337	343
Taxes Payable, Current	138	140
Operating Lease, Liability, Current	46	59
Other Current Liabilities	424	398
Total Current Liabilities	1,384	1,332
Long-term Debt and Lease Obligation	2,366	2,416
Operating Lease, Liability, Noncurrent	114	128
Accrued Income Taxes, Noncurrent	228	264
Other Liabilities, Noncurrent	143	138
Total Liabilities	4,235	4,278
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 71 shares at September 30, 2022 and 70 at December 31, 2021	0	0
Additional Paid in Capital, Common Stock	2,923	2,904
Retained Earnings (Accumulated Deficit)	(2,443)	(2,397)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(27)	(35)
Weatherford Shareholders’ Equity	453	472
Noncontrolling Interests	19	24
Total Shareholders’ Equity	472	496
Total Liabilities and Shareholders’ Equity	$ 4,707	$ 4,774
Common Stock, Shares, Issued	71	70
Common Stock, Shares, Outstanding	71	70

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 29	$ 31
Noncurrent Assets:
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	753	623
Finite-Lived Intangible Assets, Accumulated Amortization	$ 439	$ 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	71	70
Common Stock, Shares, Outstanding	71	70

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net Loss	$ (25)	$ (272)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Depreciation and Amortization	265	337
Loss on Extinguishment of Debt and Bond Redemption Premium	2	59
Asset Write-downs and Other Charges	6	0
Inventory Write-down	30	50
Gain (Loss) on Disposition of Other Assets	(22)	(22)
Deferred Income Tax Expense (Benefit)	24	15
Employee Benefits and Share-based Compensation	18	13
Changes in Operating Assets and Liabilities, Net:
Accounts Receivable	(103)	5
Inventories	(99)	(14)
Accounts Payable	49	27
Other Assets and Liabilities, Net	11	36
Net Cash Provided by Operating Activities	156	234
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(83)	(44)
Proceeds from Disposition of Assets	55	39
Other Investing Activities	(6)	(3)
Net Cash Used in Investing Activities	(22)	(2)
Cash Flows From Financing Activities:
Proceeds from Issuance of Secured Debt	0	491
Repayments of Long-term Debt	(62)	(510)
Proceeds from (Repayments of) Short-term Debt	0	(4)
Payment for debt extinguishment	(2)	(22)
Other Financing Activities	(25)	(20)
Net Cash Provided by (Used in) Financing Activities, Total	(89)	(65)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(15)	(6)
Net Increase in Cash, Cash Equivalents and Restricted Cash	30	161
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,113	1,285
Cash, Cash Equivalents and Restricted Cash at End of Period	1,143	1,446
Supplemental Cash Flow Information:
Interest Paid	136	171
Income Taxes Paid, Net of Refunds	$ 58	$ 44

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 these Condensed Consolidated Financial Statements and accompanying footnotes for the three and nine months ended September 30, 2021 to conform to the presentation for the three and nine months ended September 30, 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
	Sep. 30, 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. We 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 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 September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Revenues: Drilling and Evaluation $ 348 $ 278 $ 957 $ 779 Well Construction and Completions 391 345 1,118 1,005 Production and Intervention 357 292 988 829 Segment Revenues 1,096 915 3,063 2,613 All Other 24 30 59 67 Total Revenues $ 1,120 $ 945 $ 3,122 $ 2,680 Segment Adjusted EBITDA: Drilling and Evaluation $ 85 $ 56 $ 213 $ 131 Well Construction and Completions 78 79 212 184 Production and Intervention 66 57 173 144 Segment Adjusted EBITDA $ 229 $ 192 $ 598 $ 459 Corporate and Other (15) (13) (47) (42) Depreciation and Amortization (88) (112) (265) (337) Share-based Compensation Expense (5) (4) (18) (13) Other Adjustments (a) — 8 (25) 16 Operating Income $ 121 $ 71 $ 243 $ 83

Revenues

Revenues	9 Months Ended
	Sep. 30, 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 receive, 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. We lease 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 $43 million and $109 million in the three and nine months ended September 30, 2022, respectively, and $34 million and $97 million for the three and nine months ended September 30, 2021, respectively. The following table disaggregates 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 September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Revenues by Geographic Areas: Middle East/North Africa/Asia $ 354 $ 312 $ 1,014 $ 868 North America 297 224 803 658 Latin America 280 217 772 598 Europe/Sub-Sahara Africa/Russia 189 192 533 556 Total Revenues $ 1,120 $ 945 $ 3,122 $ 2,680 Contract Balances The timing of our revenue recognition, billings and cash collections result in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of September 30, 2022 and December 31, 2021: (Dollars in millions) September 30, 2022 December 31, 2021 Receivables for Product and Services in Accounts Receivable, Net $ 893 $ 795 Receivables for Equipment Rentals in Account Receivable, Net $ 34 $ 30 Accounts Receivable, Net $ 927 $ 825 Contract Assets in Other Current Assets $ 31 $ 47 Contract Assets in Other Non-Current Assets $ 19 $ 14 Contract Liabilities in Other Current Liabilities (a) $ 43 $ 45 (a) Revenues recognized during the nine months ended September 30, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were approximately $35 million and $28 million, respectively.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges	4 – Restructuring Charges We had $2 million and $22 million in restructuring charges for the three and nine months ended September 30, 2022, respectively, presented as “Restructuring Charges” on the accompanying Condensed Consolidated Statements of Operations. The 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 $8 million in asset retirement obligations. No restructuring charges were recognized in the three and nine months ended September 30, 2021. The following table presents total restructuring charges by segment and All Other in the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Drilling and Evaluation $ — $ — $ 5 $ — Well Construction and Completions — — 7 — Production and Intervention — — 5 — All Other 2 — 5 — Total Restructuring Charges $ 2 $ — $ 22 $ — The following table presents total restructuring reserve activity in the nine months ended September 30, 2022: (Dollars in millions) December 31, 2021 Charges Cash Payments (Credits)/Other September 30, 2022 Restructuring Reserve $ 17 $ 22 $ (13) $ — $ 26

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories, Net	5 – Inventories, Net Inventories, net of reserves of $129 million and $159 million as of September 30, 2022 and December 31, 2021, respectively, are presented by category in the table below: (Dollars in millions) September 30, 2022 December 31, 2021 Finished Goods $ 642 $ 595 Work in Process and Raw Materials, Components and Supplies 81 75 Inventories, Net $ 723 $ 670 In the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Inventory Charges in “Cost of Products” $ 6 $ 11 $ 26 $ 43 Inventory Charges in “Other Charges (Credits)” — — 4 7 Total Inventory Charges $ 6 $ 11 $ 30 $ 50

Intangibles, Net

Intangibles, Net	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles, Net	6 – Intangibles, Net The components of intangible assets, net were as follows: (Dollars in millions) September 30, 2022 December 31, 2021 Developed and Acquired Technology, Net of Accumulated Amortization of $328 at September 30, 2022 and $247 at December 31, 2021 $ 256 $ 343 Trade Names, Net of Accumulated Amortization of $111 at September 30, 2022 and $81 at December 31, 2021 284 314 Intangible Assets, Net of Accumulated Amortization of $439 at September 30, 2022 and $328 at December 31, 2021 $ 540 $ 657

Borrowings and Other Obligation

Borrowings and Other Obligations	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Borrowings and Other Obligations	7 – Borrowings and Other Debt Obligations (Dollars in millions) September 30, 2022 December 31, 2021 Current Portion of Finance Leases $ 14 $ 12 Current Portion of Exit Notes — — Current Portion of Long-term Debt $ 14 $ 12 11.00% Exit Notes due 2024 $ 250 $ 300 6.50% Senior Secured Notes due 2028 490 488 8.625% Senior Notes due 2030 1,585 1,584 Long-term Portion Finance Leases 41 44 Long-term Debt $ 2,366 $ 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 We have an outstanding aggregate principal amount of $250 million maturing December 1, 2024 on our 11.00% senior unsecured notes (“Exit Notes”) with interest payable semiannually on June 1 and December 1, and commenced on June 1, 2020. On August 10, 2022, we redeemed $50 million in principal plus related unpaid interest of our Exit Notes. At September 30, 2022, the carrying value of $250 million represents the remaining unpaid principal. On October 18, 2022, we issued a notice to redeem $125 million in principal amount of our Exit Notes on November 17, 2022. The Exit Notes will be redeemed at 103% of the principal amount, plus accrued and unpaid interest. 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 is payable semiannually on September 15 and March 15 of each year, and commenced on March 15, 2022. Proceeds from this debt issuance were used to fully repay a previous senior secured note with an aggregate principal amount of $500 million with a stated interest rate of 8.75% per annum due 2024, resulting in $59 million in charges from the bond redemption premium and noncash loss on extinguishment of debt related to the unamortized debt issuance costs and discount. 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 is payable semiannually on June 1 and December 1 of each year, and commenced on June 1, 2022. The proceeds from this debt issuance were used to redeem $1.6 billion of the above Exit Notes. LC Agreement We had a senior secured letter of credit agreement (the “LC Agreement”) in an aggregate amount of $215 million maturing on May 29, 2024, which was used by the Company and certain of its subsidiaries for the issuance of bid and performance letters of credit. At September 30, 2022, we had approximately $163 million in outstanding letters of credit under the LC Agreement and availability of $52 million. As of September 30, 2022, we had $357 million of letters of credit outstanding, consisting of the $163 million under the LC Agreement and another $194 million under various uncommitted bi-lateral facilities (of which there was $194 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. On October 17, 2022, we amended the LC Agreement, the details of which are found in “Note 12 – Subsequent Events”. Accrued Interest As of September 30, 2022 and December 31, 2021, we had accrued interest of approximately $57 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 The carrying value of our short-term borrowings, when applicable, approximates their fair value due to their short maturities. 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). September 30, 2022 December 31, 2021 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 250 $ 255 $ 300 $ 311 6.50% Senior Secured Notes due 2028 490 456 488 528 8.625% Senior Notes due 2030 1,585 1,403 1,584 1,660 Long-Term Debt (excluding Finance Leases) $ 2,325 $ 2,114 $ 2,372 $ 2,499

Disputes, Litigation and Contin

Disputes, Litigation and Contingencies	9 Months Ended
	Sep. 30, 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. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 were $39 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
	Sep. 30, 2022
Equity [Abstract]
Shareholders' Equity	9 – Shareholders’ Equity The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2022 and 2021: (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Non-controlling Interests 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 Balance at March 31, 2022 $ 2,908 $ (2,477) $ (35) $ 30 $ 426 Net Income — 6 — 6 12 Other Comprehensive Income — — 59 — 59 Dividends to Noncontrolling Interests — — — (11) (11) Equity Awards Granted, Vested and Exercised 5 — — — 5 Balance at June 30, 2022 $ 2,913 $ (2,471) $ 24 $ 25 $ 491 Net Income — 28 — 9 37 Other Comprehensive Loss — — (51) — (51) Dividends to Noncontrolling Interests — — — (9) (9) Equity Awards Granted, Vested and Exercised 4 — — — 4 Other 6 — — (6) — Balance at September 30, 2022 $ 2,923 $ (2,443) $ (27) $ 19 $ 472 Balance at December 31, 2020 $ 2,897 $ (1,947) $ (43) $ 30 $ 937 Net Income (Loss) — (116) — 6 (110) Dividends to Noncontrolling Interests — — — (2) (2) Other Comprehensive Loss — — (4) — (4) Balance at March 31, 2021 $ 2,897 $ (2,063) $ (47) $ 34 $ 821 Net Income (Loss) — (78) — 5 (73) Other Comprehensive Income — — 15 — 15 Dividends to Noncontrolling Interests — — — (4) (4) Equity Awards Granted, Vested and Exercised 2 — — — 2 Other — — — (2) (2) Balance at June 30, 2021 $ 2,899 $ (2,141) $ (32) $ 33 $ 759 Net Income (Loss) — (95) — 6 (89) Other Comprehensive Loss — — (11) — (11) Dividends to Noncontrolling Interests — — — (11) (11) Equity Awards Granted, Vested and Exercised 1 — — — 1 Other — — — (2) (2) Balance at September 30, 2021 $ 2,900 $ (2,236) $ (43) $ 26 $ 647 The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2021 $ (36) $ 1 $ (35) Other Comprehensive Income 8 — 8 Balance at September 30, 2022 $ (28) $ 1 $ (27) Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive Income — — — Balance at September 30, 2021 $ (31) $ (12) $ (43)

Income (Loss) per Share

Income (Loss) per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Income (Loss) per Share	10 – Income (Loss) per Share Basic income (loss) per share for all periods presented equals net income (loss) divided by our weighted average shares outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Antidilutive shares represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. These include potential ordinary shares for restricted share units, performance share units, phantom restricted share units, and outstanding warrants. Our basic and diluted weighted average shares outstanding for periods presented with net loss are equivalent as the impact of the inclusion of potential dilutive securities are antidilutive. A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars and shares in millions, except per share amounts) 2022 2021 2022 2021 Net Income (Loss) Attributable to Weatherford $ 28 $ (95) $ (46) $ (289) Basic Weighted Average Shares Outstanding 71 70 71 70 Dilutive Effect of Awards Granted in Stock Incentive Plans 1 — — — Diluted Weighted Average Shares Outstanding 72 70 71 70 Antidilutive Shares 8 10 9 10 Basic and Diluted Income (Loss) Per Share Attributable to Weatherford $ 0.39 $ (1.36) $ (0.65) $ (4.13)

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11 – Income Taxes We determine our quarterly tax provision using the year-to-date effective tax rate because the estimated annual approach is not reliable given that 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. In the three and nine months ended September 30, 2022, we recognized tax expense of $26 million and $66 million, respectively, compared to the three and nine months ended September 30, 2021 where we recognized tax expense of $28 million and $66 million, respectively. 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. 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 residents for income tax purposes. 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 may not result in significant tax benefit due to our inability to forecast realization of the tax benefit of such losses. The Inflation Reduction Act (“IRA”) was signed into law during the third quarter of 2022 which instituted new tax provisions, including a Minimum Business Tax. Given our current tax position, it should not have a significant impact on our financial statements. We will continue to evaluate our position, and potential impact of the IRA. 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. The expense in the nine months ended September 30, 2022 included a $27 million recognition of a benefit from previously uncertain tax positions. As of September 30, 2022, we anticipate that it is reasonably possible that our uncertain tax positions of $228 million may decrease by up to $14 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	12 – Subsequent Events On October 17, 2022, we amended our LC Agreement (as amended and restated, the “Credit Agreement”) to provide for a $370 million revolving credit agreement, comprised of $280 million for bid and performance letters of credit, and $90 million for revolving loans and bid, performance and financial letters of credit. The revolving loan capacity is $45 million. The maturity date under the Credit Agreement is October 17, 2026; provided, that if more than $50 million of our Exit Notes are outstanding on such date the maturity date will be August 30, 2024. The Credit Agreement also has (i) a minimum liquidity covenant of $250 million, (ii) a minimum interest coverage ratio of 2.00 to 1.00 for the testing period ended September 30, 2022 and 2.50 to 1.00 for each testing period thereafter and (iii) a maximum ratio of funded debt (net of unrestricted cash in excess of $400 million) to consolidated adjusted EBITDA of 4.00 to 1.00 for each testing period ending prior to June 30, 2023 and 3.50 to 1.00 for each testing period thereafter. The obligations under the Credit Agreement, as with our prior LC Agreement, are guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and these subsidiaries. For additional information on the terms of the Credit Agreement, please refer to the Form 8-K filed with the Securities and Exchange Commission on October 18, 2022.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Financial information by segment	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. We 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 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 September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Revenues: Drilling and Evaluation $ 348 $ 278 $ 957 $ 779 Well Construction and Completions 391 345 1,118 1,005 Production and Intervention 357 292 988 829 Segment Revenues 1,096 915 3,063 2,613 All Other 24 30 59 67 Total Revenues $ 1,120 $ 945 $ 3,122 $ 2,680 Segment Adjusted EBITDA: Drilling and Evaluation $ 85 $ 56 $ 213 $ 131 Well Construction and Completions 78 79 212 184 Production and Intervention 66 57 173 144 Segment Adjusted EBITDA $ 229 $ 192 $ 598 $ 459 Corporate and Other (15) (13) (47) (42) Depreciation and Amortization (88) (112) (265) (337) Share-based Compensation Expense (5) (4) (18) (13) Other Adjustments (a) — 8 (25) 16 Operating Income $ 121 $ 71 $ 243 $ 83

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates 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 September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Revenues by Geographic Areas: Middle East/North Africa/Asia $ 354 $ 312 $ 1,014 $ 868 North America 297 224 803 658 Latin America 280 217 772 598 Europe/Sub-Sahara Africa/Russia 189 192 533 556 Total Revenues $ 1,120 $ 945 $ 3,122 $ 2,680
Schedule of Contract with Customer, Asset and Liability	Contract Balances The timing of our revenue recognition, billings and cash collections result in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of September 30, 2022 and December 31, 2021: (Dollars in millions) September 30, 2022 December 31, 2021 Receivables for Product and Services in Accounts Receivable, Net $ 893 $ 795 Receivables for Equipment Rentals in Account Receivable, Net $ 34 $ 30 Accounts Receivable, Net $ 927 $ 825 Contract Assets in Other Current Assets $ 31 $ 47 Contract Assets in Other Non-Current Assets $ 19 $ 14 Contract Liabilities in Other Current Liabilities (a) $ 43 $ 45 (a) Revenues recognized during the nine months ended September 30, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were approximately $35 million and $28 million, respectively.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Drilling and Evaluation $ — $ — $ 5 $ — Well Construction and Completions — — 7 — Production and Intervention — — 5 — All Other 2 — 5 — Total Restructuring Charges $ 2 $ — $ 22 $ —
Schedule of Restructuring Reserve by Type of Cost	The following table presents total restructuring reserve activity in the nine months ended September 30, 2022: (Dollars in millions) December 31, 2021 Charges Cash Payments (Credits)/Other September 30, 2022 Restructuring Reserve $ 17 $ 22 $ (13) $ — $ 26

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Components of Inventory	Inventories, net of reserves of $129 million and $159 million as of September 30, 2022 and December 31, 2021, respectively, are presented by category in the table below: (Dollars in millions) September 30, 2022 December 31, 2021 Finished Goods $ 642 $ 595 Work in Process and Raw Materials, Components and Supplies 81 75 Inventories, Net $ 723 $ 670
Schedule of Inventory Charges	In the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, (Dollars in millions) 2022 2021 2022 2021 Inventory Charges in “Cost of Products” $ 6 $ 11 $ 26 $ 43 Inventory Charges in “Other Charges (Credits)” — — 4 7 Total Inventory Charges $ 6 $ 11 $ 30 $ 50

Intangibles, Net (Tables)

Intangibles, Net (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2022 December 31, 2021 Developed and Acquired Technology, Net of Accumulated Amortization of $328 at September 30, 2022 and $247 at December 31, 2021 $ 256 $ 343 Trade Names, Net of Accumulated Amortization of $111 at September 30, 2022 and $81 at December 31, 2021 284 314 Intangible Assets, Net of Accumulated Amortization of $439 at September 30, 2022 and $328 at December 31, 2021 $ 540 $ 657

Borrowings and Other Obligati_2

Borrowings and Other Obligations (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Short-term Debt and Other Debt Obligations	(Dollars in millions) September 30, 2022 December 31, 2021 Current Portion of Finance Leases $ 14 $ 12 Current Portion of Exit Notes — — Current Portion of Long-term Debt $ 14 $ 12 11.00% Exit Notes due 2024 $ 250 $ 300 6.50% Senior Secured Notes due 2028 490 488 8.625% Senior Notes due 2030 1,585 1,584 Long-term Portion Finance Leases 41 44 Long-term Debt $ 2,366 $ 2,416
Fair Value,of Short and Long-term Borrowings	September 30, 2022 December 31, 2021 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 250 $ 255 $ 300 $ 311 6.50% Senior Secured Notes due 2028 490 456 488 528 8.625% Senior Notes due 2030 1,585 1,403 1,584 1,660 Long-Term Debt (excluding Finance Leases) $ 2,325 $ 2,114 $ 2,372 $ 2,499

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stockholders' Equity	9 – Shareholders’ Equity The following summarizes our shareholders’ equity activity for the three and nine months ended September 30, 2022 and 2021: (Dollars in millions) Capital in Excess of Par Value Retained Accumulated Non-controlling Interests 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 Balance at March 31, 2022 $ 2,908 $ (2,477) $ (35) $ 30 $ 426 Net Income — 6 — 6 12 Other Comprehensive Income — — 59 — 59 Dividends to Noncontrolling Interests — — — (11) (11) Equity Awards Granted, Vested and Exercised 5 — — — 5 Balance at June 30, 2022 $ 2,913 $ (2,471) $ 24 $ 25 $ 491 Net Income — 28 — 9 37 Other Comprehensive Loss — — (51) — (51) Dividends to Noncontrolling Interests — — — (9) (9) Equity Awards Granted, Vested and Exercised 4 — — — 4 Other 6 — — (6) — Balance at September 30, 2022 $ 2,923 $ (2,443) $ (27) $ 19 $ 472 Balance at December 31, 2020 $ 2,897 $ (1,947) $ (43) $ 30 $ 937 Net Income (Loss) — (116) — 6 (110) Dividends to Noncontrolling Interests — — — (2) (2) Other Comprehensive Loss — — (4) — (4) Balance at March 31, 2021 $ 2,897 $ (2,063) $ (47) $ 34 $ 821 Net Income (Loss) — (78) — 5 (73) Other Comprehensive Income — — 15 — 15 Dividends to Noncontrolling Interests — — — (4) (4) Equity Awards Granted, Vested and Exercised 2 — — — 2 Other — — — (2) (2) Balance at June 30, 2021 $ 2,899 $ (2,141) $ (32) $ 33 $ 759 Net Income (Loss) — (95) — 6 (89) Other Comprehensive Loss — — (11) — (11) Dividends to Noncontrolling Interests — — — (11) (11) Equity Awards Granted, Vested and Exercised 1 — — — 1 Other — — — (2) (2) Balance at September 30, 2021 $ 2,900 $ (2,236) $ (43) $ 26 $ 647
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in our accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2022 and 2021: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2021 $ (36) $ 1 $ (35) Other Comprehensive Income 8 — 8 Balance at September 30, 2022 $ (28) $ 1 $ (27) Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive Income — — — Balance at September 30, 2021 $ (31) $ (12) $ (43)

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars and shares in millions, except per share amounts) 2022 2021 2022 2021 Net Income (Loss) Attributable to Weatherford $ 28 $ (95) $ (46) $ (289) Basic Weighted Average Shares Outstanding 71 70 71 70 Dilutive Effect of Awards Granted in Stock Incentive Plans 1 — — — Diluted Weighted Average Shares Outstanding 72 70 71 70 Antidilutive Shares 8 10 9 10 Basic and Diluted Income (Loss) Per Share Attributable to Weatherford $ 0.39 $ (1.36) $ (0.65) $ (4.13)

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - General Liquidity Concerns (Details) - Senior Notes	Sep. 30, 2021	Dec. 12, 2019
Exit Notes, 11.00 Percent Due 2024
Stated interest rate on debt		11%
Senior Notes 8.75 Percent Due 2024
Stated interest rate on debt	8.75%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,120	$ 945	$ 3,122	$ 2,680
Total Revenues	1,120	945	3,122	2,680
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	63	(61)	41	(206)
Depreciation, Depletion and Amortization	(88)	(112)	(265)	(337)
Share-based Payment Arrangement, Expense	(5)	(4)	(18)	(13)
Other Cost and Expense, Operating	0	8	(25)	16
Operating Income (Loss)	121	71	243	83
Restructuring Charges	(2)	0	(22)	0
Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,096	915	3,063	2,613
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	229	192	598	459
Operating Segments | Drilling and Evaluation [Member]
Segment Reporting Information [Line Items]
Revenue	348	278	957	779
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	85	56	213	131
Operating Segments | Well Construction And Completion
Segment Reporting Information [Line Items]
Revenue	391	345	1,118	1,005
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	78	79	212	184
Operating Segments | Production And Intervention
Segment Reporting Information [Line Items]
Revenue	357	292	988	829
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	66	57	173	144
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenue	24	30	59	67
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (15)	$ (13)	$ (47)	$ (42)

Revenues - Narrative Section (D

Revenues - Narrative Section (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Lease income	$ 43	$ 34	$ 109	$ 97
Revenue	$ 1,120	$ 945	$ 3,122	$ 2,680

Revenues - Geographic Areas (De

Revenues - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,120	$ 945	$ 3,122	$ 2,680
Middle East and North Africa [Member]
Disaggregation of Revenue [Line Items]
Revenue	354	312	1,014	868
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue	297	224	803	658
Latin America [Member]
Disaggregation of Revenue [Line Items]
Revenue	280	217	772	598
Europe, Sub-Sahara Africa, Russia [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 189	$ 192	$ 533	$ 556

Revenues - Receivables (Details

Revenues - Receivables (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 927		$ 825
Accounts Receivable, after Allowance for Credit Loss, Current	927		825
Contract with Customer, Asset, after Allowance for Credit Loss, Current	31		47
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	19		14
Contract Liabilities in Other Current Liabilities (a)	43		45
Contract with Customer, Liability, Revenue Recognized	35	$ 28
Product and Service, Other
Disaggregation of Revenue [Line Items]
Receivables, Net	893		795
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 34		$ 30

Revenues - Expected to be Recog

Revenues - Expected to be Recognized in Future (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 35
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 months
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, Amount	$ 63
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, Amount	$ 65
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, Amount	$ 52
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 22
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 2	$ 0	$ 22	$ 0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance costs			14
Facility Closing
Restructuring Cost and Reserve [Line Items]
Other restructuring costs			$ 8
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges		$ 0

Restructuring Charges (Restruct

Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 2	$ 0	$ 22	$ 0
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges		0
Restructuring Charges | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges			5	0
Restructuring Charges | Drilling and Evaluation [Member] | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	0	5	0
Restructuring Charges | Well Construction And Completion | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	0	7	0
Restructuring Charges | Production And Intervention | Operating Segments
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	0	0	$ 5	$ 0
Restructuring Charges | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Severance, asset impairment and other restructuring charges	$ 2	$ 0

Restructuring Charges (Restru_2

Restructuring Charges (Restructuring Liability) (Details) - Severance and Other Restructuring Liabilities $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Accrued balance at beginning of period	$ 17
Cash Payments	(13)
(Credits)/Other	0
Accrued balance at end of period	$ 26

Inventories, Net (Schedule of I

Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished Goods	$ 642	$ 595
Work in Process and Raw Materials, Components and Supplies	81	75
Inventories, Net	723	670
Inventory valuation reserves	$ 129	$ 159

Inventories, Net Inventory Char

Inventories, Net Inventory Charges Table (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Inventory [Line Items]
Inventory Write-down	$ 6	$ 11	$ 30	$ 50
Cost of Sales
Inventory [Line Items]
Inventory Write-down	6	11	26	43
Restructuring Charges
Inventory [Line Items]
Inventory Write-down	$ 0	$ 0	$ 4	$ 7

Intangibles, Net - Narrative (D

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Goodwill [Line Items]
Amortization of intangible assets	$ 39	$ 117

Intangibles, Net (Schedule of I

Intangibles, Net (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 540	$ 657
Finite-Lived Intangible Assets, Accumulated Amortization	439	328
Developed And Acquired Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	256	343
Finite-Lived Intangible Assets, Accumulated Amortization	328	247
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	284	314
Finite-Lived Intangible Assets, Accumulated Amortization	$ 111	$ 81

Intangibles, Net (Narrative) (D

Intangibles, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 540	$ 540	$ 657
Amortization of intangible assets	39	117
Accumulated amortization	439	439	328
Developed And Acquired Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	328	328	247
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 111	$ 111	$ 81

Borrowings and Other Obligati_3

Borrowings and Other Obligations (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Aug. 04, 2020	Dec. 12, 2019
Debt Instrument [Line Items]
Finance Lease, Liability, Current	$ 14	$ 12
Current portion of long-term debt and term loan agreement	14	12
Finance Lease, Liability, Noncurrent	41	44
Long-term Debt and Lease Obligation	2,366	2,416
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	0	0
Senior Notes | Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	1,585	1,584
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Senior Notes | Exit Notes, 11.00 Percent Due 2024
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	250	300
Debt Instrument, Interest Rate, Stated Percentage				11%
Secured Debt
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	$ 490	$ 488

Borrowings and Other Obligati_4

Borrowings and Other Obligations (Narrative) (Details) - USD ($) $ in Millions				3 Months Ended		9 Months Ended
	Nov. 17, 2022	Aug. 10, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 27, 2021	Aug. 04, 2020	Dec. 12, 2019
Short-term Debt [Line Items]
Gain (loss) on extinguishment of debt and bond redemption charges				$ 2	$ 59	$ 2	$ 59
Debt instrument, unused borrowing capacity, amount				52		52
Interest Payable, Current				57		57		$ 35
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount				163		163
Uncommitted Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount				194		194
Exit Notes
Short-term Debt [Line Items]
Debt Tender Redemption									$ 1,600
Committed Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount				357		357
Amended LC Credit Agreement
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				250		250
Repayments of Senior Debt		$ 50
Senior Notes | Senior Notes 8.75 Percent Due 2024
Short-term Debt [Line Items]
Stated interest rate on debt			8.75%		8.75%		8.75%
Repayments of Senior Debt			$ 500
Gain (loss) on extinguishment of debt and bond redemption charges			$ 59
Senior Notes | Exit Notes, 11.00 Percent Due 2024
Short-term Debt [Line Items]
Stated interest rate on debt											11%
Senior Notes | Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Long-term debt				1,585		1,585		1,584
Stated interest rate on debt										8.625%
Senior Notes | Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Stated interest rate on debt										6.50%
Face amount of debt										$ 500
Senior Notes | Exit Notes | Subsequent Event
Short-term Debt [Line Items]
Long-term debt	$ 125
Debt instrument, redemption price, percentage of principal amount redeemed	103%
Secured Debt
Short-term Debt [Line Items]
Long-term debt				$ 490		$ 490		$ 488

Borrowings and Other Obligati_5

Borrowings and Other Obligations Fair and carrying value of long-term debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Aug. 04, 2020	Dec. 12, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,325	$ 2,372
Exit Notes, 11.00 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	250	300
Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	490	488
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	250
Senior Notes | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,585	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%
Senior Notes | Senior Notes 8.75 Percent Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.75%
Fair Value, Inputs, Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	2,114	2,499
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	255	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	456	528
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 1,403	$ 1,660

Disputes, Litigation and Cont_2

Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Estimated litigation liability	$ 39	$ 40

Shareholders' Equity (Deficienc

Shareholders' Equity (Deficiency) (Shareholders' Equity Activity) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 491	$ 426	$ 496	$ 759	$ 821	$ 937	$ 496	$ 937
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	37	12	(74)	(89)	(73)	(110)	(25)	(272)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	4	5	4	1	2
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	9	11		11	4	2
Other Comprehensive Income (Loss), Net of Tax	(51)	59		(11)	15	(4)
Balance, ending balance	472	491	426	647	759	821	472	647
Noncontrolling Interest, Change in Redemption Value	0			(2)	(2)
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	2,913	2,908	2,904	2,899	2,897	2,897	2,904	2,897
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	4	5	4	1	2
Balance, ending balance	2,923	2,913	2,908	2,900	2,899	2,897	2,923	2,900
Noncontrolling Interest, Change in Redemption Value	6
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(2,471)	(2,477)	(2,397)	(2,141)	(2,063)	(1,947)	(2,397)	(1,947)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		6	(80)	(95)	(78)	(116)
Balance, ending balance	(2,443)	(2,471)	(2,477)	(2,236)	(2,141)	(2,063)	(2,443)	(2,236)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	24	(35)	(35)	(32)	(47)	(43)	(35)	(43)
Other Comprehensive Income (Loss), Net of Tax	(51)	59		(11)	15	(4)
Balance, ending balance	(27)	24	(35)	(43)	(32)	(47)	(27)	(43)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	25	30	24	33	34	30	24	30
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	9	6	6	6	5	6
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	9	11		11	4	2
Balance, ending balance	19	$ 25	$ 30	26	33	$ 34	$ 19	$ 26
Noncontrolling Interest, Change in Redemption Value	$ (6)			$ (2)	$ (2)

Shareholders' Equity (Deficie_2

Shareholders' Equity (Deficiency) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (35)
Other Comprehensive Income	8	$ 0
Ending balance	(27)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(36)	(31)
Other Comprehensive Income	8	0
Ending balance	(28)	(31)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	1	(12)
Other Comprehensive Income	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	$ (27)	$ (43)

Income (Loss) per Share (Weight

Income (Loss) per Share (Weighted Average Shares Outstanding) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 28	$ (95)	$ (46)	$ (289)
Weighted Average Number of Shares Outstanding, Basic	71	70	71	70
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	1	0	0	0
Weighted Average Number of Shares Outstanding, Diluted	72	70	71	70
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	10	9	10
Earnings Per Share, Basic	$ 0.39	$ (1.36)	$ (0.65)	$ (4.13)
Earnings Per Share, Diluted	$ 0.39	$ (1.36)	$ (0.65)	$ (4.13)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ (26)	$ (28)	$ (66)	$ (66)
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount	27
Unrecognized Tax Benefits	228		228
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 14		$ 14

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Nov. 17, 2022	Oct. 17, 2022	Sep. 30, 2022
Senior Notes
Subsequent Event [Line Items]
Long-term debt			$ 250,000,000
Subsequent Event | Senior Notes | Exit Notes
Subsequent Event [Line Items]
Long-term debt	$ 125,000,000
Debt instrument, redemption price, percentage of principal amount redeemed	103%
Credit Facility [Domain] | Subsequent Event | Line of Credit
Subsequent Event [Line Items]
Credit agreement, maximum capacity		$ 370,000,000
Debt instrument, covenant, excess of net of unrestricted cash amount		400,000,000
Credit Facility [Domain] | Subsequent Event | Line of Credit | Tranche A
Subsequent Event [Line Items]
Credit agreement, maximum capacity		280,000,000
Credit Facility [Domain] | Subsequent Event | Line of Credit | Tranche B
Subsequent Event [Line Items]
Credit agreement, maximum capacity		90,000,000
Credit Facility [Domain] | Subsequent Event | Line of Credit | Tranche B, Revolving Loan
Subsequent Event [Line Items]
Credit agreement, maximum capacity		45,000,000
Credit Facility [Domain] | Subsequent Event | Line of Credit | Exit Notes
Subsequent Event [Line Items]
Debt instrument, covenant, outstanding, amount		50,000,000
Minimum liquidity amount		250,000,000
Credit Facility [Domain] | Subsequent Event | Line of Credit | Exit Notes | Current Testing Period
Subsequent Event [Line Items]
Debt instrument, covenant, minimum interest coverage ratio		2
Debt instrument, covenant, maximum interest coverage ratio		4
Credit Facility [Domain] | Subsequent Event | Line of Credit | Exit Notes | Forecast Testing Period
Subsequent Event [Line Items]
Debt instrument, covenant, minimum interest coverage ratio		2.50
Debt instrument, covenant, maximum interest coverage ratio		$ 3.50