Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 01, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-36504 | ||
Entity Registrant Name | Weatherford International plc | ||
Entity Incorporation, State or Country Code | L2 | ||
Entity Tax Identification Number | 98-0606750 | ||
Entity Address, Address Line One | 2000 St. James Place, | ||
Entity Address, City or Town | Houston, | ||
Entity Address, Country | TX | ||
Entity Address, Postal Zip Code | 77056 | ||
City Area Code | 713 | ||
Local Phone Number | 836.4000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Public Float | $ 1,500 | ||
Entity Common Stock, Shares Outstanding | 70,890,321 | ||
Entity Central Index Key | 0001603923 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Houston, TX |
Auditor Firm ID | 185 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 4,331 | $ 3,645 | $ 3,685 |
Revenues: | |||
Total Revenues | 4,331 | 3,645 | 3,685 |
Costs and Expenses: | |||
Research and Development | 90 | 85 | 97 |
Selling, General and Administrative | 778 | 738 | 837 |
Goodwill and Long-Lived Assets Impairment | 0 | 0 | 1,053 |
Restructuring Charges | 22 | 0 | 206 |
Total Other Charges (Credits) | 9 | (10) | 171 |
Total Costs and Expenses | 3,919 | 3,529 | 5,171 |
Operating Income (Loss), Total | 412 | 116 | (1,486) |
Other Income (Expense): | |||
Interest Expense, Net | (179) | (260) | (251) |
Gain (loss) on extinguishment of debt | (5) | (170) | 0 |
Loss on Termination of ABL Credit Agreement | 0 | 0 | (15) |
Other Expense, Net | (90) | (29) | (62) |
Income (Loss) Before Income Taxes | 138 | (343) | (1,814) |
Income Tax Provision | (87) | (86) | (85) |
Net Income (Loss) | 51 | (429) | (1,899) |
Net Income Attributable to Noncontrolling Interests | 25 | 21 | 22 |
Net Income (Loss) Attributable to Weatherford | $ 26 | $ (450) | $ (1,921) |
Basic Income (Loss) Per Share Attributable to Weatherford (in dollars per share) | $ 0.37 | $ (6.43) | $ (27.44) |
Basic Weighted Average Shares Outstanding (in shares) | 71 | 70 | 70 |
Diluted Income (Loss) Per Share Attributable to Weatherford (in dollars per share) | $ 0.36 | $ (6.43) | $ (27.44) |
Diluted Weighted Average Shares Outstanding (in shares) | 72 | 70 | 70 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 25 | $ 21 | $ 22 |
Noncontrolling Interest | |||
Other Income (Expense): | |||
Net Income (Loss) | 21 | 22 | |
Product | |||
Revenues | 1,633 | 1,292 | 1,435 |
Revenues: | |||
Cost of Goods and Services Sold | 1,332 | 1,169 | 1,257 |
Service | |||
Revenues | 2,698 | 2,353 | 2,250 |
Revenues: | |||
Cost of Goods and Services Sold | $ 1,688 | $ 1,547 | $ 1,550 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 51 | $ (429) | $ (1,899) |
Foreign Currency Translation | (5) | (5) | (38) |
Defined Benefit Pension | 18 | 13 | (14) |
Other Comprehensive Income (Loss) | 13 | 8 | (52) |
Comprehensive Income (Loss) | 64 | (421) | (1,951) |
Net Income Attributable to Noncontrolling Interests | (25) | (21) | (22) |
Comprehensive Income (Loss) Attributable to Weatherford | $ 39 | $ (442) | $ (1,973) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and Cash Equivalents | $ 910 | $ 951 |
Restricted Cash | 202 | 162 |
Accounts Receivable, Net of Allowance for Credit Losses of $26 at December 31, 2022 and $31 at December 31, 2021 | 989 | 825 |
Inventories, Net | 689 | 670 |
Other Current Assets | 253 | 303 |
Total Current Assets | 3,043 | 2,911 |
Property, Plant and Equipment, Net of Accumulated Depreciation of $773 at December 31, 2022 and $623 at December 31, 2021 | 918 | 996 |
Intangible Assets, Net of Accumulated Amortization of $480 at December 31, 2022 and $328 at December 31, 2021 | 506 | 657 |
Operating Lease Assets | 115 | 113 |
Other Non-current Assets | 138 | 97 |
Total Assets | 4,720 | 4,774 |
Liabilities: | ||
Short-term Borrowings and Current Portion of Long-term Debt | 45 | 12 |
Accounts Payable | 460 | 380 |
Accrued Salaries and Benefits | 367 | 343 |
Income Taxes Payable | 141 | 140 |
Current Portion of Operating Lease Liabilities | 44 | 59 |
Other Current Liabilities | 413 | 398 |
Total Current Liabilities | 1,470 | 1,332 |
Long-term Debt | 2,203 | 2,416 |
Operating Lease Liabilities | 117 | 128 |
Other Non-current Liabilities | 379 | 402 |
Total Liabilities | 4,169 | 4,278 |
Shareholders’ Equity: | ||
Ordinary Shares - Par value $0.001; Authorized 1,356, Issued and Outstanding 71 at December 31, 2022 and 70 at December 31, 2021 | 0 | 0 |
Capital in Excess of Par Value | 2,928 | 2,904 |
Retained Deficit | (2,371) | (2,397) |
Accumulated Other Comprehensive Loss | (22) | (35) |
Weatherford Shareholders’ Equity | 535 | 472 |
Noncontrolling Interests | 16 | 24 |
Total Shareholders’ Equity | 551 | 496 |
Total Liabilities and Shareholders’ Equity | $ 4,720 | $ 4,774 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Losses | $ 26 | $ 31 |
Accumulated Depreciation | 773 | 623 |
Intangible Assets, Accumulated Amortization | $ 480 | $ 328 |
Ordinary Shares, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Ordinary Shares, Authorized (in shares) | 1,356 | 1,356 |
Ordinary Shares, Issued (in shares) | 71 | 70 |
Ordinary Shares, Outstanding (in shares) | 71 | 70 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Balance, beginning balance at Dec. 31, 2019 | $ 2,916 | $ 0 | $ 2,897 | $ (26) | $ 9 | $ 36 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | (1,899) | (1,921) | 22 | |||
Other Comprehensive Loss | (52) | (52) | ||||
Dividends Paid to Noncontrolling Interests | (28) | (28) | ||||
Balance, ending balance at Dec. 31, 2020 | 937 | 0 | 2,897 | (1,947) | (43) | 30 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Weatherford | (1,921) | |||||
Net Income (Loss) | (429) | (450) | 21 | |||
Other Comprehensive Loss | 8 | 8 | ||||
Dividends Paid to Noncontrolling Interests | (27) | (27) | ||||
Equity Awards, Granted, Vested and Exercised | 7 | 7 | ||||
Balance, ending balance at Dec. 31, 2021 | 496 | 0 | 2,904 | (2,397) | (35) | 24 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Weatherford | (450) | |||||
Net Income (Loss) | 51 | |||||
Other Comprehensive Loss | 13 | |||||
Dividends Paid to Noncontrolling Interests | (30) | (30) | ||||
Equity Awards, Granted, Vested and Exercised | 18 | 18 | ||||
Other | 3 | 6 | (3) | |||
Balance, ending balance at Dec. 31, 2022 | 551 | $ 0 | $ 2,928 | $ (2,371) | $ (22) | $ 16 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Attributable to Weatherford | $ 26 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities: | |||
Net Income (Loss) | $ 51 | $ (429) | $ (1,899) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 349 | 440 | 503 |
Bond Redemption Premium and Loss on Extinguishment of Debt and Termination of ABL Credit Agreement | 5 | 170 | 15 |
Goodwill and Long-Lived Assets Impairment | 0 | 0 | 1,053 |
Inventory Charges | 36 | 62 | 210 |
Asset Write-Downs and Other Charges | 5 | 0 | 60 |
Employee Share-Based Compensation Expense | 25 | 25 | 0 |
Loss (Gain) on Disposition of Assets | (41) | (22) | 2 |
Deferred Income Tax Provision (Benefit) | 4 | (10) | (5) |
Change in Operating Assets and Liabilities, Net: | |||
Accounts Receivable | (193) | (6) | 378 |
Inventories | (56) | (18) | 64 |
Accounts Payable | 84 | 56 | (250) |
Other Assets and Liabilities, Net | 80 | 54 | 79 |
Net Cash Provided by Operating Activities | 349 | 322 | 210 |
Cash Flows From Investing Activities: | |||
Capital Expenditures for Property, Plant and Equipment | (132) | (85) | (154) |
Proceeds from Divestiture of Businesses and Investments | 0 | 0 | 11 |
Proceeds from Disposition of Assets | 82 | 41 | 22 |
Proceeds from Bond Maturities | 0 | 0 | 50 |
Other Investing Activities | (4) | (39) | (4) |
Net Cash Used in Investing Activities | (54) | (83) | (75) |
Cash Flows From Financing Activities: | |||
Borrowings of Long-term Debt | 0 | 2,073 | 453 |
Repayments of Long-term Debt | (198) | (2,313) | (9) |
Bond Redemption Premium | (5) | (131) | 0 |
Repayments of Short-term Debt, Net | 0 | (4) | (27) |
Deferred Consideration Payment | 0 | 0 | (24) |
Dividends to Noncontrolling Interests | (30) | (21) | (28) |
Other Financing Activities | (15) | (7) | (17) |
Net Cash Provided by (Used in) Financing Activities, Total | (248) | (403) | 348 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (48) | (8) | 2 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (1) | (172) | 485 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,113 | 1,285 | 800 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 1,112 | 1,113 | 1,285 |
Supplemental Cash Flow Information | |||
Interest Paid | 220 | 269 | 232 |
Income Taxes Paid, Net of Refunds | $ 86 | $ 62 | $ 79 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1 – Summary of Significant Accounting Policies Organization and Nature of Operations Weatherford International plc (“Weatherford Ireland”), an Irish public limited company, together with its subsidiaries (“Weatherford,” the “Company,” “we,” “us” and “our”), is a multinational energy services company. Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil, geothermal and natural gas wells. We operate in approximately 75 countries and have service and sales locations in oil and natural gas producing regions globally. Many of our businesses, have been operating for more than 50 years. The authorized share capital of Weatherford includes 1.356 billion ordinary shares with a par value of $0.001 per share. On June 1, 2021, The Nasdaq Stock Market LLC stock exchange (“NASDAQ”) approved our application for the listing of our ordinary shares. In connection with the listing, we became subject to the reporting requirements of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”). Our ordinary shares began trading on The Nasdaq Global Select Market on June 2, 2021 under the ticker symbol “WFRD”. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Exchange Act for annual financial information. We consolidate all wholly owned subsidiaries and controlled joint ventures and eliminate intercompany balances in consolidation. Certain reclassifications have been made to the financial statements and accompanying footnotes to conform to the Company’s current period presentation. Emergence from Bankruptcy On July 1, 2019, we filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. On December 13, 2019 (“Effective Date”), after all conditions to effectiveness were satisfied, we emerged from bankruptcy after successfully completing the reorganization. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to allowance for credit losses, inventory valuation reserves, recoverability of long-lived assets, useful lives used in depreciation and amortization, income taxes and related valuation allowance, accruals for contingencies, actuarial assumptions to determine costs and liabilities related to employee benefit plans, and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. Restricted Cash Our restricted cash balance of $202 million at December 31, 2022 and $162 million at December 31, 2021 primarily includes cash collateral for certain of our letters of credit facilities. Allowance for Credit Losses on Accounts Receivables We establish an allowance for credit losses based on various factors, including historical experience, current conditions and environments in which our customers operate, the aging status and reasonable and supportable forecasts. The determination of the collectability requires us to use estimates and make judgments regarding future events and trends, including monitoring our customers’ payment history and current creditworthiness, as well as consideration of the overall business and political climate in which our customers operate. Our customer base has generally similar collectability risk characteristics, although risk profiles can vary between larger independent customers and state-owned customers, which may have a lower risk than smaller independent customers. Past due balances over 365 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Major Customers and Credit Risk Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform periodic credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for credit losses. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of cash, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales may result in a concentration of receivables from such companies. As of December 31, 2022, accounts receivable in Mexico and the U.S. accounted for 21% and 12%, respectively, of our total net outstanding account receivables. Consistent with prior periods, although we have experienced delay of payments in Mexico, the balances due are not in dispute and we do not expect to have any material write-offs of receivables in the country. No other country accounted for more than 10% of our net outstanding accounts receivables balance. For the years ended December 31, 2022, 2021 and 2020, no individual customer accounted for more than 10% of our consolidated revenues. Inventories We state our inventories at the lower of cost or net realizable value using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. To maintain a carrying value that is the lower of cost or net realizable value, we regularly review inventory quantities on hand and compare to estimates of future product demand, market conditions, our production requirements, and technological developments. We maintain reserves for excess, slow moving and obsolete inventory and we may periodically recognize additional charges for inventory in which we determine there is no forecasted demand. Property, Plant and Equipment (“PP&E”) PP&E is both owned and under finance leases. Owned PP&E are initially stated at cost and finance leases are initially stated at the present value of lease payments. Both are depreciated on straight-line basis over its estimated useful life. Subsequently, PP&E is measured at cost less accumulated depreciation and adjusted for impairment, when applicable. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred and capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. The estimated useful lives of our major classes of PP&E are as follows: Major Classes of Property, Plant and Equipment PP&E Estimated Useful Lives Buildings and leasehold improvements 10 – 40 years or lease term Rental and service equipment 3 – 10 years Machinery and other 2 – 12 years Intangible Assets Our identifiable intangible assets include developed and acquired technologies and our trade names, amortized on a straight-line basis over their estimated economic lives, generally ranging from 5 years (developed and acquired technologies) to 10 years (trade names). As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable. Leases We are committed under various operating lease agreements primarily related to office space and equipment. Generally, these leases include renewal provisions and rental payments, which may be adjusted for taxes, insurance and maintenance related to the property. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date and include related options to extend or terminate lease terms that are reasonably certain of being exercise. We determine if an arrangement is classified as a lease at its inception. As most of our leases do not provide an implicit rate of return, on a quarterly basis, we use our incremental borrowing rate, together with the lease term information available at commencement date of the lease, in determining the present value of lease payments. Long-Lived Assets Impairment Long-lived assets, consisting of PP&E, operating lease assets and intangible assets, to be held and used are reviewed to determine whether any events or changes in circumstances, known as triggering events, indicate that we may not be able to recover the carrying amount of the asset or asset group. Triggering events include, but are not limited to, reduced or expected sustained decreases in cash flows generated by an asset group, negative changes in industry conditions (such as global rig count, commodity prices, and the global economy), a significant change in the long-lived asset’s use or physical condition, the introduction of competing technologies, and legal and regulatory challenges. The Company groups individual assets at the lowest level of identifiable cash flows and, if impairment triggers are present, performs an undiscounted cash flow analysis to identify assets or asset groups that may not be recoverable. If the undiscounted cash flows do not exceed the carrying value of the long-lived asset group, impairment is recognized to the extent the carrying amount exceeds the estimated fair value of the asset group, as determined by a discounted cash flow analysis Research and Development Expenditures Research and development expenditures are expensed as incurred. Derivative Financial Instruments We enter into foreign currency forward contracts to mitigate the risk of future cash flows denominated in a foreign currency. The amounts will fluctuate, depending on exchange rate volatility, the volume of our foreign currency transactions, and our decisions to hedge. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates. Our foreign currency derivatives are not designated as hedging instruments under Accounting Standards Codification “ASC” 815 Derivatives and Hedging, and the changes in fair value of the contracts are recorded in each period in “Other Expense, Net” on the accompanying Consolidated Statements of Operations. We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. See “Note 12 – Derivative Instruments” for additional information. We monitor the creditworthiness of our counterparties, which are multinational commercial banks. The fair values of all our outstanding derivative instruments are determined using a model with Level 2 inputs including quoted market prices for contracts with similar terms and maturity dates. Foreign Currency Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities translated using the exchange rates in effect at the balance sheet dates are included in “Accumulated Other Comprehensive Loss” on the accompanying Consolidated Statements of Shareholders' Equity. For our subsidiaries with a functional currency that differs from the currency of their balances and transactions, inventories, PP&E and other non-monetary assets and liabilities, together with their related elements of expense or income, are remeasured into the functional currency using historical exchange rates. All monetary assets and liabilities are remeasured into the functional currency at current exchange rates. Remeasurement gains and losses are recognized during the period incurred and recognized in “Other Expense, Net” on the accompanying Consolidated Statements of Operations. Share-Based Compensation We account for equity-classified share-based payment awards, including restricted share unit and performance unit awards by recognizing the grant date fair value as an expense, net of forfeitures, over the service period, which is usually the vesting period. For those share-based awards that are settled in cash and recorded as a liability, such as phantom restricted share units, the fair value and associated expense is adjusted when the published price of our stock changes. We record shared-based compensation in “Selling, General and Administrative” on the accompanying Consolidated Statements of Operations. Income Taxes We account for taxes under the asset and liability method. Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority. Disputes, Litigation and Contingencies We accrue an estimate of costs to resolve certain disputes, legal matters and contingencies when a loss on these matters is deemed probable and reasonably estimable. For matters not deemed probable or not reasonably estimable, we have not accrued any amounts. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of possible litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues. Revenue Recognition We account for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and all of the related amendments, collectively referred to as “Topic 606”. 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. If the terms of a service contract give us the right to invoice the customer for an amount that corresponds directly with the value of our performance completed to date, revenues are recognized over time at the amount to which we have the right to invoice. For certain long-term contracts, our revenue is recognized for services over time as the services are rendered and we utilize an output method such as time elapsed or footage drilled, which coincides with how customers receive the benefit. 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 rental revenues are recognized under ASU No. 2016-02, Leases (Topic 842) and are recorded within “Services Revenue” on the accompanying Consolidated Statements of Operations. Contract Balances The timing of revenue recognition, billings and cash collections results in billed and unbilled accounts receivable (included in “Accounts Receivable, Net”), contract assets (included in “Other Current Assets” and “Other Non-Current Assets”), and contract liabilities (included in “Other Current Liabilities”) on our Consolidated Balance Sheets. We recognize receivables for work completed on service contracts but not billed in which the rights to consideration are conditional as contract assets. We recognize contract liabilities when consideration is received in advance of the recognition of revenue. 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. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We generally bill our sales of products and services upon completion of the performance obligation. Product sales are billed and recognized when control passes to the customer. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Our payment terms vary by the type and location of our customer and the products or services offered. For certain products or services and customer types, we require payment before the products or services are delivered to the customer and record as a contract liability. We defer revenue recognition on such payments until the products or services are delivered to the customer. Revenue is occasionally generated from contracts that include multiple performance obligations. We account for individual products and services separately if they are distinct and the product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration, including any discounts, is allocated between separate products and services based on their standalone selling prices. The standalone selling prices are determined based on the prices at which we separately sell our products and services. For items not sold separately (e.g. term software licenses in our Completion and Production product line), we estimate standalone selling prices using the adjusted market assessment approach. Costs of relocating equipment without contracts are expensed as incurred. We provide certain assurance warranties on product sales which range from one We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Income (Loss) per Share Basic income (loss) per share for all periods presented equals net income (loss) divided by the weighted average shares outstanding during the period including participating securities. Diluted income (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including participating securities and any potential dilutive shares, when applicable. Accounting Standards Issued Not Yet Adopted Evaluations of all other new accounting pronouncements that have been issued, but not yet effective are on-going, and at this time are not expected to have a material impact on our Consolidated Financial Statements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 2 – Segment Information The Company's chief operating decision maker (“CODM”), our chief executive officer, regularly reviews information to make operating decisions, allocate resources and assess performance of the business. The CODM regularly reviews information aligned with how we offer our services and technologies in relation to the well life cycle as reflected in our reportable segments. All of our segments are enabled by a suite of digital monitoring, control and optimization solutions using advanced analytics to provide safe, reliable and efficient solutions throughout the well life cycle, including responsible abandonment. We have three reportable segments: (1) Drilling and Evaluation (2) Well Construction and Completions, and (3) Production and Intervention. Drilling and Evaluation (“DRE”) offers a suite of services including managed pressure drilling, drilling services, wireline and drilling fluids. DRE offerings range from early well planning to reservoir management through innovative tools and expert engineering to optimize reservoir access and productivity. Well Construction and Completions (“WCC”) offers products and services for well integrity assurance across the full life cycle of the well. The primary offerings are tubular running services, cementation products, completions, liner hangers and well services. WCC deploys conventional to advanced technologies, providing safe and efficient services in any environment during the well construction phase. Production and Intervention (“PRI”) offers a suite of reservoir stimulation designs, and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs. The primary offerings are intervention services & drilling tools, artificial lift, digital solutions (previously production automation & software), sub-sea intervention and pressure pumping services in select markets. Total revenues are from external customers and segment revenues are specific to our three reportable segments and all other revenues are specific to our non-operating segment revenues. Revenues are further described in “Note 3 – Revenues.” 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 (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. Year Ended December 31, (Dollars in millions) 2022 2021 2020 Revenues: Drilling and Evaluation $ 1,328 $ 1,066 $ 1,044 Well Construction and Completions 1,521 1,353 1,414 Production and Intervention 1,395 1,127 1,106 Segment Revenues 4,244 3,546 3,564 All Other 87 99 121 Total Revenues $ 4,331 $ 3,645 $ 3,685 Segment Adjusted EBITDA: Drilling and Evaluation $ 324 $ 186 $ 132 Well Construction and Completions 299 256 273 Production and Intervention 261 191 154 Segment Adjusted EBITDA $ 884 $ 633 $ 559 Corporate and Other (67) (62) (100) Depreciation and Amortization (349) (440) (503) Share-based Compensation Expense (a) (25) (25) — Other Adjustments (b) : Long-Lived and Other Asset Impairment $ — $ — $ (1,053) Restructuring Charges (22) — (206) Other (Charges) Credits (9) 10 (183) Other Adjustments $ (31) $ 10 $ (1,442) Operating Income (Loss) $ 412 $ 116 $ (1,486) (a) See “Note 15 – Share-Based Compensation” for additional information. (b) See “Note 4 – Goodwill and Long-Lived Assets Impairment” and “Note 5 – Restructuring Charges” for additional information. During 2020, segment adjusted EBITDA for Well Construction and Completions included a $12 million gain on sale of operational assets otherwise shown as part of “Other Charges (Credits)” on the accompanying Consolidated Statements of Operations. Year Ended December 31, (Dollars in millions) 2022 2021 2020 Depreciation and Amortization: Drilling and Evaluation $ 112 $ 164 $ 183 Well Construction and Completions 99 123 151 Production and Intervention 86 102 112 Corporate and Other 52 51 57 Total Depreciation and Amortization $ 349 $ 440 $ 503 Capital Expenditures: Drilling and Evaluation $ 54 $ 18 $ 27 Well Construction and Completions 35 18 23 Production and Intervention 32 36 73 Corporate and Other 11 13 31 Total Capital Expenditures $ 132 $ 85 $ 154 December 31, (Dollars in millions) 2022 2021 Total Assets: Drilling and Evaluation $ 713 $ 783 Well Construction and Completions 993 974 Production and Intervention 729 686 Total Reportable Segment Assets 2,435 2,443 Corporate and Other (a) 2,285 2,331 Total $ 4,720 $ 4,774 (a) Corporate and other assets primarily include cash and cash equivalents, certain intangible assets, and centrally managed or shared facilities. PP&E, Net and Operating Lease Assets by Geographic Area As of December 31, 2022 and 2021 the U.S. accounted for 22% and 23%, respectively, of our PP&E, Net and operating lease assets identifiable by geography. No other country accounted for more than 10% of our PP&E, Net and operating lease assets identifiable by geography as of December 31, 2022 and 2021. We had no PP&E, Net and operating lease assets in our country of domicile (Ireland) as of December 31, 2022 and 2021. December 31, (Dollars in millions) 2022 2021 North America (a) $ 246 $ 269 Latin America 176 163 Middle East/North Africa/Asia 354 385 Europe/Sub-Sahara Africa/Russia 239 267 PP&E, Net and Operating Lease Assets by Geography (b) $ 1,015 $ 1,084 (a) North America consists of the U.S. and Canada. (b) Corporate assets not allocated by geography are excluded from this total. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 3 – Revenues Disaggregated Revenues For additional details on our revenue recognition policies see “Note 1 – Summary of Significant Accounting Policies”. The following tables disaggregate our revenues from contracts with customers by geographic region and includes equipment rental revenues. Equipment rental revenues were $146 million, $131 million and $150 million in 2022, 2021 and 2020, respectively. The U.S. accounted for 20%, 19% and 20% of revenues in 2022, 2021 and 2020, respectively. No other country accounted for more than 10% of our revenue in 2022, 2021 and 2020. We had no revenue in our country of domicile (Ireland) in 2022, 2021 and 2020. Year Ended December 31, (Dollars in millions) 2022 2021 2020 Revenues by Geographic Areas: North America (a) $ 1,104 $ 896 $ 889 Latin America 1,062 814 697 Europe/Sub-Sahara Africa/Russia 764 737 747 Middle East/North Africa/Asia 1,401 1,198 1,352 Total Revenues $ 4,331 $ 3,645 $ 3,685 (a) North America consists of the U.S. and Canada. 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 December 31, 2022 and December 31, 2021: December 31, (Dollars in millions) 2022 2021 Receivables for Product and Services in Accounts Receivable, Net $ 954 $ 795 Receivables for Equipment Rentals in Account Receivable, Net $ 35 $ 30 Accounts Receivable, Net of Allowance for Credit Losses of $26 at December 31, 2022 and $31 at December 31, 2021 (a) $ 989 $ 825 Contract Assets in Other Current Assets $ 39 $ 47 Contract Assets in Other Non-Current Assets $ 21 $ 14 Contract Liabilities in Other Current Liabilities (b) $ 54 $ 45 (a) The change in allowance for credit losses includes charges offset primarily by recoveries and write-offs. The credit loss charges were $10 million, $30 million and $32 million during 2022, 2021 and 2020, respectively. Offsets to allowance for credit losses were primarily recoveries and write-offs of $15 million, $31 million and nil during 2022, 2021 and 2020, respectively. (b) Revenues recognized during the year ended December 31, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were approximately $39 million and $35 million, respectively. |
Long-Lived Asset Impairments (N
Long-Lived Asset Impairments (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Long-lived and Other Asset Impairments | 4 – Goodwill and Long-Lived Assets Impairment Goodwill and Long-Lived Assets Impairment We recorded the following in “Goodwill and Long-Lived Assets Impairment” on the accompanying Consolidated Statements of Operations: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Long-lived Assets Impairment $ — $ — $ 814 Goodwill Impairment — — 239 Total Goodwill and Long-lived Assets Impairment $ — $ — $ 1,053 Goodwill Impairment As of December 31, 2020, we no longer carry goodwill on the Consolidated Balance Sheets. During 2020, based on our interim goodwill impairment assessments, we determined the fair value of our reporting units were less than their carrying values, and recognized goodwill impairment charges to fully impair our goodwill of $239 million (also the cumulative impairment loss). We identified impairment indicators that triggered quantitative goodwill assessments. The fair values of our reporting units were determined using a combination of the income approach and the market approach for comparable companies in our industry, a Level 3 fair value analysis. Determining the fair value of the reporting units required management to develop significant judgments, including estimating and discounting future cash flows by reporting unit, specifically forecasted revenue, forecasted operating margins and discount rates. Long-Lived Assets Impairment We did not recognize long-lived assets impairments during 2022 or 2021. During 2020, the global economic and industry conditions resulting from the decline in demand and impact from the COVID-19 pandemic were identified as impairment indicators. As a result, we performed interim impairment assessments of our property, plant and equipment, definite-lived intangible assets, and operating lease assets with the assistance of a third-party valuation advisor. We determined the carrying amount of certain long-lived assets exceeded their respective fair values and recognized $814 million of long-lived asset impairments as summarized by asset class and segment in the table below, which was included in “Goodwill and Long-Lived Assets Impairment” on the Consolidated Statements of Operations. The fair values of our long-lived assets were determined using discounted cash flows under the income approach, a Level 3 fair value analysis. The income approach required significant assumptions to determine the fair value of an asset or asset group including the estimated discounted future cash flows, forecasted revenues and operating margins and the discount rate. Long-Lived Assets Impairment by Asset Class and Segment Year Ended December 31, 2020 (Dollars in millions) DRE WCC PRI All Other Total Property, Plant and Equipment $ 195 $ 126 $ 232 $ 18 $ 571 Intangible Assets 76 39 40 — 155 Operating Lease Assets 14 20 54 — 88 Long-lived Assets Impairment $ 285 $ 185 $ 326 $ 18 $ 814 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 5 – Restructuring Charges During 2022, “Restructuring Charges” on the accompanying Consolidated Statements of Operations were primarily related to the launch of a multi-year footprint consolidation and workforce efficiency initiative aimed at improving fulfillment operations. No restructuring charges were recognized in 2021. During 2020, our restructuring charges included workforce reductions, organization restructurings, facility consolidations and other cost reduction measures and efficiency initiatives targeted to better align with activity levels at the time. Restructuring liabilities were $25 million and $17 million as of December 31, 2022 and 2021, respectively, of which $16 million and $12 million are recorded in “Other Current Liabilities” and $9 million and $5 million in “Other Non-current Liabilities” as of December 31, 2022 and 2021, respectively, on the accompanying Consolidated Balance Sheets. The change in liabilities include restructuring charges, primarily offset by cash payments. The following table presents restructuring charges by type (including asset related charges) and by segment (and corporate and other) for following periods: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Severance Charges $ 14 $ — $ 132 Facility Exit Charges 8 — 10 Inventory Charges (a) — — 15 Property, Plant and Equipment (a) — — 40 Operating Lease and Other Assets (a) — — 9 Total Restructuring Charges $ 22 $ — $ 206 (a) Asset write-downs included in restructuring charges. Year Ended December 31, (Dollars in millions) 2022 2021 2020 Drilling and Evaluation $ 5 $ — $ 35 Well Construction and Completions 7 — 60 Production and Intervention 5 — 52 Corporate and Other 5 — 59 Total Restructuring Charges $ 22 $ — $ 206 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 6 – Inventories, Net Inventories, net of reserves of $129 million and $159 million as of December 31, 2022 and December 31, 2021, respectively, by category were as follows: December 31, (Dollars in millions) 2022 2021 Finished Goods $ 601 $ 595 Work in Process and Raw Materials, Components and Supplies 88 75 Inventories, Net $ 689 $ 670 The change in inventory reserves includes the inventory charges below, primarily offset by the disposal of inventory previously reserved. Inventory charges were recognized in the following captions on our Consolidated Statements of Operations: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Inventory Charges in “Cost of Products” $ 32 $ 55 $ 57 Inventory Charges in “Restructuring Charges” — — 15 Inventory Charges in “Other Charges (Credits)” 4 7 138 Total Inventory Charges (a) $ 36 $ 62 $ 210 (a) Inventory charges in 2020 |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7 – Property, Plant and Equipment, Net Property, plant and equipment, net was composed of the following: December 31, (Dollars in millions) 2022 2021 Land, Buildings and Leasehold Improvements $ 476 $ 484 Rental and Service Equipment 983 902 Machinery and Other 232 233 Property, Plant and Equipment, Gross 1,691 1,619 Less: Accumulated Depreciation 773 623 Property, Plant and Equipment, Net $ 918 $ 996 Depreciation expense was $194 million, $284 million and $340 million in 2022, 2021 and 2020. See discussion at “Note 4 – Goodwill and Long-Lived Assets Impairment” for impairment recognized in 2020. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8 – Intangible Assets, Net The components of intangible assets, net were as follows: December 31, 2022 Gross Net Carrying Accumulated Intangible (Dollars in millions) Amount Amortization Assets Developed and Acquired Technology $ 591 $ (359) $ 232 Trade Names 395 (121) 274 Intangible Assets, Net $ 986 $ (480) $ 506 December 31, 2021 Gross Net Carrying Accumulated Intangible (Dollars in millions) Amount Amortization Assets Developed and Acquired Technology $ 590 $ (247) $ 343 Trade Names 395 (81) 314 Intangible Assets, Net $ 985 $ (328) $ 657 Amortization expense was $155 million, $156 million and $163 million in 2022, 2021, and 2020, respectively. Based on the carrying value of intangible assets at December 31, 2022, amortization expense for the subsequent five years is estimated as follows (dollars in millions): Period Amount 2023 $ 157 2024 146 2025 42 2026 41 2027 41 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 9 – Leases The following table presents our lease expense components: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Lease Expense Components: Operating Lease Expense $ 57 $ 61 $ 76 Short-term and Variable Lease Expense 90 65 63 Subtotal of Operating Lease Expense $ 147 $ 126 $ 139 Finance Lease Expense: Amortization of Assets and Interest on Lease Liabilities 18 16 15 Sublease Income (3) (4) (6) Total Lease Expense $ 162 $ 138 $ 148 Future commitments under operating and finance leases are as follows: Operating Finance (Dollars in millions) Leases Leases Maturity of Lease Liabilities as of December 31, 2022: 2023 $ 55 $ 18 2024 38 16 2025 31 14 2026 24 13 2027 16 3 After 2027 91 1 Total Lease Payments 255 65 Less: Interest (94) (10) Present Value of Lease Liabilities $ 161 $ 55 Years Ended (Dollars in millions except years and percentages) 12/31/2022 12/31/2021 12/31/2020 Other Supplemental Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 80 $ 89 $ 101 Operating cash outflows from finance leases $ 5 $ 5 $ 5 Financing cash outflows from finance leases $ 16 $ 13 $ 9 Assets obtained in exchange for: Operating leases $ 50 $ 23 $ 37 Finance leases $ 18 $ 6 $ 4 Weighted-average remaining lease term (years) Operating leases 8.8 8.9 8.1 Finance leases 3.9 4.8 5.9 Weighted-average discount rate (percentages) Operating leases 9.1 % 9.6 % 9.6 % Finance leases 8.5 % 8.9 % 9.1 % |
Leases | 9 – Leases The following table presents our lease expense components: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Lease Expense Components: Operating Lease Expense $ 57 $ 61 $ 76 Short-term and Variable Lease Expense 90 65 63 Subtotal of Operating Lease Expense $ 147 $ 126 $ 139 Finance Lease Expense: Amortization of Assets and Interest on Lease Liabilities 18 16 15 Sublease Income (3) (4) (6) Total Lease Expense $ 162 $ 138 $ 148 Future commitments under operating and finance leases are as follows: Operating Finance (Dollars in millions) Leases Leases Maturity of Lease Liabilities as of December 31, 2022: 2023 $ 55 $ 18 2024 38 16 2025 31 14 2026 24 13 2027 16 3 After 2027 91 1 Total Lease Payments 255 65 Less: Interest (94) (10) Present Value of Lease Liabilities $ 161 $ 55 Years Ended (Dollars in millions except years and percentages) 12/31/2022 12/31/2021 12/31/2020 Other Supplemental Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 80 $ 89 $ 101 Operating cash outflows from finance leases $ 5 $ 5 $ 5 Financing cash outflows from finance leases $ 16 $ 13 $ 9 Assets obtained in exchange for: Operating leases $ 50 $ 23 $ 37 Finance leases $ 18 $ 6 $ 4 Weighted-average remaining lease term (years) Operating leases 8.8 8.9 8.1 Finance leases 3.9 4.8 5.9 Weighted-average discount rate (percentages) Operating leases 9.1 % 9.6 % 9.6 % Finance leases 8.5 % 8.9 % 9.1 % |
Borrowings and Other Debt Oblig
Borrowings and Other Debt Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Debt Obligations | 10 – Borrowings and Other Debt Obligations Total debt carrying values consisted of the following: December 31, (Dollars in millions) 2022 2021 Current portion of 6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes” $ 11 $ — Current portion of 11.00% Exit Notes due 2024 “Exit Notes” 20 — Finance Lease Current Portion 14 12 Short-term Borrowings and Current Portion of Long-term Debt $ 45 $ 12 8.625% Senior Notes due 2030 “2030 Senior Notes” $ 1,586 $ 1,584 6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes” 471 488 11.00% Exit Notes due 2024 “Exit Notes” 105 300 Finance Lease Long-term Portion 41 44 Long-term Debt $ 2,203 $ 2,416 Our Exit Notes and 2028 Senior Secured Notes were issued by Weatherford International Ltd., a Bermuda exempted company (“Weatherford Bermuda”), and guaranteed by the Company and Weatherford International, LLC, a Delaware limited liability company (“Weatherford Delaware”) and other subsidiary guarantors party thereto. Our 2030 Senior Notes were originally issued by Weatherford Bermuda and guaranteed by the Company and Weatherford Delaware and other subsidiary guarantors party thereto. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford Delaware as co-issuer and co-obligor, and concurrently releases the guarantee of Weatherford Delaware. The bond redemption premiums and noncash loss on extinguishment of debt related to the unamortized debt issuance costs described in the following paragraphs are presented as “Loss on Extinguishment of Debt and Bond Redemption Premium” on the Consolidated Statements of Operations. Additionally, debt issuance costs described in the following paragraphs reduce the carrying amount of the debt liability and are recognized using the effective interest rate method over the term of the debt in “Interest Expense, Net” on our Consolidated Financial Statements. Exit Notes On December 13, 2019, we issued unsecured 11.00% 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. Proceeds from the issuance were reduced by debt issuance costs. On October 20, 2021, we redeemed $200 million in principal amount and paid related accrued interest of $8 million along with a bond redemption premium of $6 million. On October 27, 2021, we redeemed $1.6 billion in principal and paid related accrued interest of $71 million along with a bond redemption premium of $103 million and recognized a $2 million noncash loss on extinguishment of debt related to the unamortized debt issuance costs. This redemption used net proceeds from our issuance of $1.6 billion of 2030 Senior Notes (defined below) and cash on hand. On August 10, 2022 and November 17, 2022, we redeemed $50 million and $125 million, respectively, in principal amount and paid the related accrued interest along with a bond redemption premium of $5 million. During the fourth quarter of 2022, we elected to redeem an additional $20 million and present this amount as “Short-term Borrowings and Current Portion of Long-term Debt” on the Consolidated Financial Statements as of December 31, 2022. At December 31, 2022, the carrying value of $125 million represents the total remaining unpaid principal. Subsequent to year-end, in January 2023, we redeemed the $20 million in principal in short-term and paid related accrued interest along with a bond redemption premium. 2024 Senior Secured Notes On August 28, 2020, we entered into an indenture and issued the 8.75% Senior Secured Notes for an aggregate principal amount of $500 million maturing September 1, 2024 (the “2024 Senior Secured Notes”). Interest accrued at the rate of 8.75% per annum and was payable semiannually on March 1 and September 1, and commenced March 1, 2021. Proceeds from the issuance were reduced by debt issuance costs, and include a purchase commitment discount of $25 million and a commitment fee of $15 million. On September 30, 2021, we repaid the principal amount outstanding on our 2024 Senior Secured Notes and accrued interest with proceeds from the issuance of the 2028 Senior Secured Notes described below and cash on hand. In addition, we paid and recognized a $22 million bond redemption premium and recognized a $37 million noncash loss on extinguishment of debt related to the unamortized debt issuance costs and discount. 2028 Senior Secured Notes On September 30, 2021, we issued 6.5% 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 6.5% per annum and is payable semiannually on September 15 and March 15 of each year, and commenced March 15, 2022. Proceeds from the issuance were reduced by debt issuance costs. The 2028 Senior Secured Notes and the related guarantees are secured by substantially all of the assets and properties of the Company and the other guarantors (on an effectively first-priority basis with respect to the priority collateral for the 2028 Senior Secured Notes, and on an effectively second-priority basis with respect to the priority collateral for the senior secured letter of credit agreement (now the “Credit Agreement”), in each case, subject to permitted liens). During the fourth quarter of 2022, we elected to repurchase $8 million in principal amount of our 2028 Senior Secured Notes. Subsequent to year-end, in January 2023, we repurchased an additional $11 million in principal amount of our 2028 Senior Secured Notes. 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, and commenced June 1, 2022. On December 1, 2022, we modified our 2030 Senior Notes, as described earlier. Credit Agreement We had a senior secured letter of credit agreement dated as of December 13, 2019 (the “LC 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. On October 17, 2022, we amended our LC Agreement (as amended and restated, the “Credit Agreement”) to assign the administrative agent role to Wells Fargo Bank National Association and 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 current 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. On November 22, 2022, we amended our Credit Agreement to include (i) Weatherford Canada Ltd. as a borrower, and (ii) increased the total commitment to $400 million. On January 6, 2023, we further amended the Credit Agreement to clarify certain definitions related to fees associated with certain letters of credit. The material terms of the Credit Agreement are otherwise unchanged. At December 31, 2022, we had approximately $195 million in outstanding letters of credit under the Credit Agreement and availability of $160 million. As of December 31, 2022, we had $395 million of letters of credit outstanding, consisting of the $195 million mentioned above under the Credit Agreement and another $200 million under various uncommitted bi-lateral facilities (of which there was $199 million in cash collateral held and recorded in “Restricted Cash” on the Consolidated Balance Sheets). ABL Credit Agreement On the Effective Date, the Company entered into a senior secured asset-based lending agreement (the “ABL Credit Agreement”) in an aggregate amount of $450 million with the lenders party thereto and Wells Fargo Bank, N.A. as administrative agent. On August 28, 2020, we terminated the ABL Credit Agreement and recorded $15 million of unamortized deferred debt issuance costs in “Loss on Termination of ABL Credit Agreement” on our Consolidated Statements of Operations. Covenants for the Exit Notes, 2028 Senior Secured Notes, 2030 Senior Notes and Credit Agreement The indentures governing the Exit Notes, 2028 Senior Secured Notes and 2030 Senior Notes contain covenants that limit, among other things, our ability and the ability of certain of our subsidiaries, to: incur, assume or guarantee additional indebtedness; pay dividends or distributions on capital stock or redeem or repurchase capital stock; make investments; sell stock of our subsidiaries; transfer or sell assets; create liens; enter into transactions with affiliates; and enter into mergers or consolidations. The Company is subject to a $250 million minimum liquidity covenant and minimum interest coverage ratio and maximum ratio of funded debt as noted above under our latest amended Credit Agreement as defined in the applicable documents. In the event (1) the Exit Notes have an investment grade rating from both of Moody’s Investors Service (“Moody’s”), and Standard and Poor’s (“S&P’) and (2) no default has occurred and is continuing under the indenture, certain of these and other covenants will be suspended and cease to be in effect so long as the rating assigned by either Moody’s or S&P has not subsequently declined to below Baa3 or BBB- (or equivalent). The indentures also provide for certain customary events of default, including, among others, nonpayment of principal or interest, failure to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, bankruptcy and insolvency events, and cross acceleration, which would permit the principal, premium, if any, interest and other monetary obligations on all the then outstanding Exit Notes and 2028 Senior Secured Notes to be declared due and payable immediately. The following is a summary of scheduled debt maturities by year: (Dollars in millions) 2023 $ 45 2024 118 2025 13 2026 12 2027 3 Thereafter 2,081 Total Debt Maturities $ 2,272 Unamortized Debt Issuance and Discount $ (24) Total Debt Carrying Value $ 2,248 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 11 – Fair Value of Financial Instruments, Assets and Other Assets We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation techniques require inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are quoted prices or other market data for similar assets and liabilities in active markets, or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based upon our own judgment and assumptions used to measure assets and liabilities at fair value. Classification of a financial asset or liability within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. The fair values of our derivative instruments (see “Note 12 – Derivative Instruments”) and warrants (see “Note 16 – Shareholders’ Equity”), are both Level 2 valuations. Our other financial instruments include cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings and long-term debt. The carrying values of these financial instruments (excluding long-term debt) approximate 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 current market interest rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt (excluding Finance Leases) in the following table is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. December 31, 2022 December 31, 2021 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 125 $ 128 $ 300 $ 311 6.5% Senior Secured Notes due 2028 482 482 488 528 8.625% Senior Notes due 2030 1,586 1,544 1,584 1,660 Long-Term Debt (excluding Finance Leases) $ 2,193 $ 2,154 $ 2,372 $ 2,499 Non-recurring Fair Value Measurements See discussion at “Note 4 – Goodwill and Long-Lived Assets Impairment” and “Note 6 – Inventories, Net”. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 12 – Derivative Instruments We enter into contracts to hedge our exposure to currency fluctuations in various foreign currencies. At December 31, 2022 and December 31, 2021, we had outstanding foreign currency forward contracts with notional amounts aggregating to $147 million and $349 million, respectively. The changes in fair value of the contracts are recorded in each period in “Other Expense, Net” on the accompanying Consolidated Statements of Operations. |
Retirement and Employee Benefit
Retirement and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement and Employee Benefit Plans | 13 – Retirement and Employee Benefit Plans We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $18 million, $16 million and $13 million for the years ended December 31, 2022, 2021 and 2020, respectively. We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees. Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit cost related to these plans totaled $4 million, $4 million, and $2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The projected benefit obligations on a consolidated basis were $121 million and $207 million as of December 31, 2022 and December 31, 2021, respectively. The decrease year over year is due primarily to actuarial gains as a result of increased discount rates. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $97 million and $160 million as of December 31, 2022 and December 31, 2021, respectively. The decrease year over year is due primarily to investment losses. As of December 31, 2022, the net underfunded obligation consisted of $15 million of funded obligations recorded to “Other Non-current Assets” and $39 million of underfunded obligations substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. As of December 31, 2021, the net underfunded obligation consisted of $16 million of funded obligations recorded to “Other Non-current Assets” and $63 million of underfunded obligations substantially all recorded to “Other Non-current Liabilities” on our Consolidated Balance Sheets. Additionally, the consolidated pre-tax amount in accumulated other comprehensive income (loss) as of December 31, 2022 and 2021, that has not yet been recognized as a component of net periodic benefit cost was a net gain of $19 million and net gain of $1 million, respectively. As mentioned above, increased discount rates were the primary driver of the overall gain in 2022. The weighted average assumption rates used for benefit obligations were as follows: Year Ended December 31, 2022 2021 Discount rate: United States Plans 4.75% - 5.00% 2.00% - 2.75% International Plans 2.84% - 13.62% 0.85% - 8.47% Rate of Compensation Increase: United States Plans — — International Plans 2.00% - 7.22% 2.00% - 4.77% |
Disputes, Litigation and Contin
Disputes, Litigation and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Disputes, Litigation and Contingencies | 14 – 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 Consolidated Balance Sheets as of December 31, 2022 and December 31, 2021 were $41 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 awaiting a decision. We cannot reliably predict the outcome of the claims, including the amount of any possible loss. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 15 – Share-Based Compensation Share-Based Plan The Weatherford International plc Third Amended and Restated 2019 Equity Incentive Plan, (“2019 Equity Plan”) authorizes the issuance of 8.6 million shares of common stock by the Compensation and Human Resources Committee of our Board of Directors in the form of options, share appreciation rights, restricted share awards, restricted share units (“RSUs”), performance-based restricted share units (“PSUs”), Phantom restricted share units (“Phantom RSUs”) and other share-based and performance-based awards to any employee, consultant, or non-employee director (“Grantees”). The provisions of each award vary based on the type of award granted. Awards made under the 2019 Equity Plan vest and settle in shares of newly issued common stock or cash. As of December 31, 2022, there were 3.3 million shares available for future grants. Share-Based Compensation Expense Share-based compensation expense was $25 million each for the years ended December 31, 2022 and 2021 and immaterial for 2020. Due to valuation allowances in the taxing jurisdictions of our Grantees, there is no related tax impact for each of the periods presented. Share-Based Award The Company has granted RSUs, PSUs, and Phantom RSUs under the 2019 Equity Plan. All awards require continued employment and generally vest over a one RSUs vest based on continued employment. The fair value of RSUs is determined based on the closing price of our shares on the date of grant. The total fair value, less forfeitures, is expensed over the vesting period. The weighted-average grant date fair value per unit (“WAGD FV”) of RSUs granted during 2022, 2021 and 2020 was $30.90, $6.54 and $3.37, respectively. The fair value of RSUs vested during 2022, 2021 and 2020 was $18 million, $2 million and immaterial, respectively. Cash used to settle RSUs in 2022 was $2 million. Cash was not used for 2021 or 2020. As of December 31, 2022, there was $12 million of unrecognized compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of two years. PSUs vest based on continued employment and achievement of an established target. The actual number of PSU’s earned is subject to increase or decrease based on the performance goal multiplier and may range from 0% to 200%. The total fair value, less forfeitures, is expensed over the vesting period. Fair value of PSU’s depends on whether the established target is a performance or market condition. The fair value of PSUs subject to performance conditions defined solely by reference to the Company’s own operations is determined based on the closing price of our shares on the date of grant. Compensation cost is recognized only when the Company concludes it is probable the performance condition will be achieved and can increase, or decrease based on fluctuations in the Company’s forecasts. The fair value of PSUs subject to the market performance of the Company’s shares is determined by utilizing an advanced option-pricing model. All compensation cost is recognized if the employment condition is fulfilled even if the market condition is never satisfied, as the likelihood of achieving the market condition is incorporated into the fair value of the award. The weighted average of assumptions used in the models were as follows: Year Ended December 31, 2022 2021 2020 Risk-Free rate 3.2 % 0.8 % n/a Dividend Yield n/a n/a n/a Expected Volatility 63.0 % 55.0 % n/a Expected Life (in years) 2.5 3.2 n/a The risk-free rate is obtained as of the grant date with terms matching the performance period. The dividend yield is based on historical dividend payments and expectations of management. The expected volatility is based on comparable companies’ volatility, and the expected life in years is based on the performance measurement period. The WAGD FV per unit of PSUs granted during 2022, 2021 and 2020 was $23.14, $12.62 and $2.46, respectively. The fair value of PSUs vested during 2021 was $2 million and nil for 2020 and 2022. As of December 31, 2022, there was $19 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of two years. Phantom RSUs were only granted in 2021. Phantom RSUs vest, based on continued employment, over two years and can be settled in either cash or shares. The Company intends to settle all Phantom RSUs in cash, therefore they are recorded as a liability and remeasured based on current market value over the vesting period until settlement. Cash payout is calculated using the volume weighted price of the Company’s shares averaged for the 30 trading days immediately preceding the applicable vesting date, and was capped at certain predetermined amounts. During 2021, Phantoms RSUs were granted with a WAGD FV of $6.38 and the liability as of December 31, 2021 was $14 million, which was settled in cash in 2022. As of December 31, 2022, there was an immaterial amount of unrecognized compensation expense related to Phantom RSUs, due to achievement of the predetermined capped amounts in year one, which is expected to be settled in cash in 2023. A summary of activity for non-vested RSUs, PSUs, and Phantom RSUs outstanding (units in thousands) and their respective WAGD FV during 2022 is presented below. The table reflects the performance multiplier for PSUs at 100%. RSU WAGD FV PSU WAGD FV Phantom RSU WAGD FV Non-Vested at December 31, 2021 1,065 6.19 1,924 12.74 1,239 6.53 Granted 609 30.90 618 23.14 — — Vested (679) 6.37 — — (465) 6.55 Cancelled or Forfeited (77) 22.86 (241) 18.02 (757) 6.34 Non-Vested at December 31, 2022 918 21.05 2,301 14.98 17 14.50 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | 16 – Shareholders’ Equity There were no material changes in our ordinary shares issued as of December 31, 2022 and 2021. On the Effective Date, the Company issued warrants allowing the holders to purchase up to an aggregate of 7,777,779 ordinary shares in the Company, par value $0.001, at an exercise price of $99.96 per ordinary share. The warrants are equity classified and, upon issuance, had a value of $31 million, which was recorded in “Capital in Excess of Par Value.” The warrant fair value was a Level 2 valuation and was estimated using the Black Scholes valuation model. Inputs to the model included Weatherford’s share price, volatility of our share price, and the risk-free interest rate. The warrants are exercisable until the “Expiration Date” of which is the earlier of (i) December 13, 2023 and (ii) the date of consummation of any liquidity event resulting in the sale or exchange or a liquidation, dissolution or winding down of all or substantially all of the equity interests of the Company to one or more third parties. All unexercised warrants will expire, and the rights of the warrant holders to purchase ordinary shares will terminate, on the Expiration Date. During 2022 and 2021, an immaterial number of warrants were exercised. Accumulated Other Comprehensive Loss The following table presents the changes in our accumulated other comprehensive loss by component: (Dollars in millions) Foreign Currency Translation Defined Benefit Pension Total Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive (Loss) Income (5) 13 8 Balance at December 31, 2021 (36) 1 (35) Other Comprehensive (Loss) Income (5) 18 13 Balance at December 31, 2022 $ (41) $ 19 $ (22) |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 17 – 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 potential dilutive securities is antidilutive. A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows: Year Ended December 31, (Shares in millions) 2022 2021 2020 Net Income (Loss) Attributable to Weatherford $ 26 $ (450) $ (1,921) Basic Weighted Average Shares Outstanding 71 70 70 Dilutive Effect of Awards Granted in Stock Incentive Plans 1 — — Diluted Weighted Average Shares Outstanding 72 70 70 Antidilutive Shares 8 10 8 Basic Income (Loss) Per Share Attributable to Weatherford $ 0.37 $ (6.43) $ (27.44) Diluted Income (Loss) Per Share Attributable to Weatherford $ 0.36 $ (6.43) $ (27.44) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 18 – Income Taxes We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered resident for income tax purposes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period as a result of various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. Our income tax provision consisted of the following: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Total Current Provision $ (83) $ (96) $ (90) Total Deferred (Provision) Benefit (4) 10 5 Income Tax Provision $ (87) $ (86) $ (85) The difference between the Irish income tax provision and the consolidated income tax provision is analyzed below: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Irish Income Tax (Provision) Benefit Tax Rate of 25% $ (35) $ 86 $ 454 Tax Provision on Operating Earnings/Losses Subject to Rates Different than the Irish Income Tax Rate (155) (189) (361) Tax (Provision) Benefit on Swiss Loss from internal liquidation of subsidiary (141) 124 179 Decrease (Increase) in Valuation Allowance attributed to Swiss Loss 141 (124) (179) Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses 64 52 (151) Change in Uncertain Tax Positions 39 (35) (27) Income Tax Provision $ (87) $ (86) $ (85) Our income tax provisions generally do not correlate to our consolidated income (loss) before tax. Our income taxes provisions are primarily driven by profits in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third-party transactions that do not directly correlate to ordinary income or loss. Certain charges and impairments recognized do not result in significant tax benefit as a result of being attributed to a non-income tax jurisdiction or our inability to forecast realization of the tax benefit of such losses. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations. The components of the net deferred tax asset were as follows: December 31, December 31, (Dollars in millions) 2022 2021 Deferred Tax Assets: Net Operating Losses Carryforwards $ 751 $ 929 Unused Recognized Built in Losses 43 50 Accrued Liabilities and Reserves 143 186 Tax Credit Carryforwards 11 9 Employee Benefits 29 30 Property, Plant and Equipment 158 118 Inventory 38 52 U.S. Interest Deferral 57 13 State Deferred 50 50 Other Differences between Financial and Tax Basis 89 139 Valuation Allowance (1,300) (1,527) Total Deferred Tax Assets 69 49 Deferred Tax Liabilities: Intangible Assets (28) (35) Other Differences between Financial and Tax Basis — (3) Total Deferred Tax Liabilities (28) (38) Net Deferred Tax Asset $ 41 $ 11 We record deferred tax assets for net operating losses and temporary differences between the book and tax basis of assets and liabilities that are expected to produce tax deductions in future periods. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income in the appropriate tax jurisdiction during the periods in which those deferred tax assets would be deductible. The Company assesses the realizability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) when determining whether a valuation allowance is required, with emphasis on our past operating results, the existence of cumulative losses in the most recent years and our forecast of near- term taxable income. The Company evaluates possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies, in making this assessment. The valuation allowance increased (decreased) by $(227) million, $28 million and $333 million in 2022, 2021, and 2020, respectively. Tax expense (benefit) related to the increase (decrease) in the valuation allowance was $(205) million, $72 million, and $330 million in 2022, 2021 and 2020, respectively. The tax expense (benefit) in the valuation allowance is primarily attributable to the release of valuation allowance of $35 million and $7 million for 2022 and 2021, respectively, where deferred tax assets are now considered more likely than not to be realized in the future, and the Switzerland liquidation transaction discussed below. The remaining relates to the utilization of net operating losses previously not expected to be realized against operating earnings, $(29) million and $(45) million in 2022 and 2021, respectively. The 2020 expense is primarily attributable to net operating losses not expected to be realized and the Switzerland transaction. Other increase (decreases) to the valuation allowance also includes foreign currency transactions of $(22) million, $(44) million, and $3 million in 2022, 2021 and 2020, respectively. Deferred income taxes generally have not been recognized on the cumulative undistributed earnings of our non-Irish subsidiaries because they are considered to be indefinitely reinvested. Distribution of these earnings in the form of dividends or otherwise may result in a combination of income and withholding taxes payable in various countries. As of December 31, 2022, the pool of positive undistributed earnings of our non-Irish subsidiaries that are considered indefinitely reinvested and may be subject to tax if distributed amounts to approximately $1.3 billion. Due to complexities in the tax laws and the manner of repatriation, it is not practicable to estimate the unrecognized amount of deferred income taxes and the related dividend withholding taxes associated with these undistributed earnings. At December 31, 2022, we had approximately $3.8 billion of net operating losses (“NOLs”) in various jurisdictions. Our non-indefinite loss carryforwards, if not utilized, will mostly expire for U.S. subsidiaries from 2030 through 2037 and at various dates from 2023 through 2042 for non-U.S. subsidiaries. Upon emergence from bankruptcy in December 2019, our U.S. subsidiaries experienced an ownership change as the Company’s emergence was considered an “ownership change” for purposes of Internal Revenue Code section 382. The Internal Revenue Code sections 382 and 383 impose limitations on the ability of a company to utilize tax attributes after experiencing an “ownership change.” As a result, we estimated our annual limitation is approximately $23 million against the utilization of our U.S. loss carryforwards and other tax attributes, including unused recognized built-in losses and U.S. interest deferral. Upon emergence, we estimated that the maximum U.S. NOLs available for utilization in the future was $713 million as of December 31, 2019. In 2021, we executed a liquidation transaction of one of our Swiss holding companies which resulted in the forfeiture of impairment losses of $1.3 billion generated in 2020. In addition, the liquidation transaction resulted in approximately $6.2 billion of tax losses (NOLs) in Switzerland of which $4 billion was deemed worthless and excluded from the deferred tax table, and $2.2 billion was recorded as an NOL and included in the table as management expects to utilize those NOLs on our future tax returns. However, in addition to recording a deferred tax asset of $303 million related to the $2.2 billion tax losses, we recorded a valuation allowance against the full $303 million because it will offset future income that is otherwise exempt from tax. A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Balance at Beginning of Year $ 235 $ 222 $ 214 Additions as a Result of Tax Positions Taken During a Prior Period 14 23 9 Reductions as a Result of Tax Positions Taken During a Prior Period (15) (8) (4) Additions as a Result of Tax Positions Taken During the Current Period 11 12 21 Reductions Relating to Settlements with Taxing Authorities (36) (5) (2) Reductions as a Result of a Lapse of the Applicable Statute of Limitations (11) (2) (7) Foreign Exchange Effects (7) (7) (9) Balance at End of Year $ 191 $ 235 $ 222 Substantially all of the uncertain tax positions, if released in future periods, would impact our effective tax rate. Within the total balance is $38 million and $76 million as of December 31, 2022 and 2021, respectively, that would be offset by net operating losses and other tax attributes if settled. Our income tax provision includes penalties and interest expense (benefit) on uncertain tax positions of $(2) million, $17 million and $11 million for years ended December 31, 2022, 2021, and 2020, respectively. The benefit of $(2) million in 2022 includes $(19) million of interest and penalty release related to benefit from previously uncertain tax positions. The amounts in the table above exclude cumulative accrued interest and penalties of $98 million and $104 million at December 31, 2022 and 2021 respectively, which are included in other non-current liabilities. We are subject to income tax in many of the approximately 75 countries where we operate. As of December 31, 2022, the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: Tax Jurisdiction Tax Years under Examination Argentina 2012 - 2022 Canada 2014 - 2022 Mexico 2012 - 2022 Russia 2019 - 2022 Saudi Arabia 2018 - 2022 Switzerland 2014 - 2022 United States (Federal) 2019 - 2022 We are continuously under tax examination in various jurisdictions and cannot predict the timing or outcome regarding the resolutions or if they will have a material impact on our financial statements. As of December 31, 2022, we anticipate that it is reasonably possible that the amount of uncertain tax positions may decrease by up to $4 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Exchange Act for annual financial information. We consolidate all wholly owned subsidiaries and controlled joint ventures and eliminate intercompany balances in consolidation. Certain reclassifications have been made to the financial statements and accompanying footnotes to conform to the Company’s current period presentation. |
Fresh Start Accounting Policy | Emergence from BankruptcyOn July 1, 2019, we filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. On December 13, 2019 (“Effective Date”), after all conditions to effectiveness were satisfied, we emerged from bankruptcy after successfully completing the reorganization. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including those related to allowance for credit losses, inventory valuation reserves, recoverability of long-lived assets, useful lives used in depreciation and amortization, income taxes and related valuation allowance, accruals for contingencies, actuarial assumptions to determine costs and liabilities related to employee benefit plans, and share-based compensation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less to be cash equivalents. Restricted Cash Our restricted cash balance of $202 million at December 31, 2022 and $162 million at December 31, 2021 primarily includes cash collateral for certain of our letters of credit facilities. |
Allowance for Doubtful Accounts | Allowance for Credit Losses on Accounts ReceivablesWe establish an allowance for credit losses based on various factors, including historical experience, current conditions and environments in which our customers operate, the aging status and reasonable and supportable forecasts. The determination of the collectability requires us to use estimates and make judgments regarding future events and trends, including monitoring our customers’ payment history and current creditworthiness, as well as consideration of the overall business and political climate in which our customers operate. Our customer base has generally similar collectability risk characteristics, although risk profiles can vary between larger independent customers and state-owned customers, which may have a lower risk than smaller independent customers. Past due balances over 365 days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Major Customers and Credit Risk | Major Customers and Credit Risk Substantially all of our customers are engaged in the energy industry. This concentration of customers may impact our overall exposure to credit risk, either positively or negatively, in that customers may be similarly affected by changes in economic and industry conditions. We perform periodic credit evaluations of our customers and do not generally require collateral in support of our trade receivables. We maintain allowances for credit losses. International sales also present various risks, including risks of war, civil disturbances and governmental activities that may limit or disrupt markets, restrict the movement of cash, or result in the deprivation of contract rights or the taking of property without fair consideration. Most of our international sales are to large international or national oil companies and these sales may result in a concentration of receivables from such companies. As of December 31, 2022, accounts receivable in Mexico and the U.S. accounted for 21% and 12%, respectively, of our total net outstanding account receivables. Consistent with prior periods, although we have experienced delay of payments in Mexico, the balances due are not in dispute and we do not expect to have any material write-offs of receivables in the country. No other country accounted for more than 10% of our net outstanding accounts receivables balance. For the years ended December 31, 2022, 2021 and 2020, no individual customer accounted for more than 10% of our consolidated revenues. |
Inventories | InventoriesWe state our inventories at the lower of cost or net realizable value using either the first-in, first-out (“FIFO”) or average cost method. Cost represents third-party invoice or production cost. Production cost includes material, labor and manufacturing overhead. To maintain a carrying value that is the lower of cost or net realizable value, we regularly review inventory quantities on hand and compare to estimates of future product demand, market conditions, our production requirements, and technological developments. We maintain reserves for excess, slow moving and obsolete inventory and we may periodically recognize additional charges for inventory in which we determine there is no forecasted demand. |
Property, Plant and Equipment | Property, Plant and Equipment (“PP&E”) PP&E is both owned and under finance leases. Owned PP&E are initially stated at cost and finance leases are initially stated at the present value of lease payments. Both are depreciated on straight-line basis over its estimated useful life. Subsequently, PP&E is measured at cost less accumulated depreciation and adjusted for impairment, when applicable. The carrying values are based on our estimates and judgments relative to capitalized costs, useful lives and salvage value, where applicable. We expense maintenance and repairs as incurred and capitalize expenditures for improvements as well as renewals and replacements that extend the useful life of the asset. The estimated useful lives of our major classes of PP&E are as follows: Major Classes of Property, Plant and Equipment PP&E Estimated Useful Lives Buildings and leasehold improvements 10 – 40 years or lease term Rental and service equipment 3 – 10 years Machinery and other 2 – 12 years |
Intangible Assets | Intangible Assets Our identifiable intangible assets include developed and acquired technologies and our trade names, amortized on a straight-line basis over their estimated economic lives, generally ranging from 5 years (developed and acquired technologies) to 10 years (trade names). As many areas of our business rely on patents and proprietary technology, we seek patent protection both inside and outside the U.S. for products and methods that appear to have commercial significance. We capitalize patent defense costs when we determine that a successful defense is probable. |
Leases | Leases We are committed under various operating lease agreements primarily related to office space and equipment. Generally, these leases include renewal provisions and rental payments, which may be adjusted for taxes, insurance and maintenance related to the property. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. |
Impairment or Disposal of Long-Lived Assets | Long-Lived Assets Impairment Long-lived assets, consisting of PP&E, operating lease assets and intangible assets, to be held and used are reviewed to determine whether any events or changes in circumstances, known as triggering events, indicate that we may not be able to recover the carrying amount of the asset or asset group. Triggering events include, but are not limited to, reduced or expected sustained decreases in cash flows generated by an asset group, negative changes in industry conditions (such as global rig count, commodity prices, and the global economy), a significant change in the long-lived asset’s use or physical condition, the introduction of competing technologies, and legal and regulatory challenges. The Company groups individual assets at the lowest level of identifiable cash flows and, if impairment triggers are present, performs an undiscounted cash flow analysis to identify assets or asset groups that may not be recoverable. If the undiscounted cash flows do not exceed the carrying value of the long-lived asset group, impairment is recognized to the extent the carrying amount exceeds the estimated fair value of the asset group, as determined by a discounted cash flow analysis |
Research and Development Expenditures | Research and Development Expenditures Research and development expenditures are expensed as incurred. |
Derivatives Financial Instruments | Derivative Financial Instruments We enter into foreign currency forward contracts to mitigate the risk of future cash flows denominated in a foreign currency. The amounts will fluctuate, depending on exchange rate volatility, the volume of our foreign currency transactions, and our decisions to hedge. The notional amounts of our foreign currency forward contracts do not generally represent amounts exchanged by the parties and thus are not a measure of the cash requirements related to these contracts or of any possible loss exposure. The amounts actually exchanged at maturity are calculated by reference to the notional amounts and by other terms of the derivative contracts, such as exchange rates. Our foreign currency derivatives are not designated as hedging instruments under Accounting Standards Codification “ASC” 815 Derivatives and Hedging, and the changes in fair value of the contracts are recorded in each period in “Other Expense, Net” on the accompanying Consolidated Statements of Operations. We record derivative instruments on the balance sheet at their fair value as either assets or liabilities. See “Note 12 – Derivative Instruments” for additional information. |
Foreign Currency | Foreign Currency Results of operations for our foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities translated using the exchange rates in effect at the balance sheet dates are included in “Accumulated Other Comprehensive Loss” on the accompanying Consolidated Statements of Shareholders' Equity. |
Share-Based Compensation | Share-Based CompensationWe account for equity-classified share-based payment awards, including restricted share unit and performance unit awards by recognizing the grant date fair value as an expense, net of forfeitures, over the service period, which is usually the vesting period. For those share-based awards that are settled in cash and recorded as a liability, such as phantom restricted share units, the fair value and associated expense is adjusted when the published price of our stock changes. We record shared-based compensation in “Selling, General and Administrative” on the accompanying Consolidated Statements of Operations. |
Income Taxes | Income Taxes We account for taxes under the asset and liability method. Income taxes have been provided based upon the tax laws and rates in the countries in which our operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The impact of an uncertain tax position taken or expected to be taken on an income tax return is recognized in the financial statements at the largest amount that is more likely than not to be sustained upon examination by the relevant taxing authority. |
Disputes, Litigation and Contingencies | Disputes, Litigation and Contingencies We accrue an estimate of costs to resolve certain disputes, legal matters and contingencies when a loss on these matters is deemed probable and reasonably estimable. For matters not deemed probable or not reasonably estimable, we have not accrued any amounts. Our contingent loss estimates are based upon an analysis of potential results, assuming a combination of possible litigation and settlement strategies. The accuracy of these estimates is impacted by the complexity of the associated issues. |
Revenue | Revenue Recognition We account for revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , and all of the related amendments, collectively referred to as “Topic 606”. 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. If the terms of a service contract give us the right to invoice the customer for an amount that corresponds directly with the value of our performance completed to date, revenues are recognized over time at the amount to which we have the right to invoice. For certain long-term contracts, our revenue is recognized for services over time as the services are rendered and we utilize an output method such as time elapsed or footage drilled, which coincides with how customers receive the benefit. 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 rental revenues are recognized under ASU No. 2016-02, Leases (Topic 842) and are recorded within “Services Revenue” on the accompanying Consolidated Statements of Operations. Contract Balances The timing of revenue recognition, billings and cash collections results in billed and unbilled accounts receivable (included in “Accounts Receivable, Net”), contract assets (included in “Other Current Assets” and “Other Non-Current Assets”), and contract liabilities (included in “Other Current Liabilities”) on our Consolidated Balance Sheets. We recognize receivables for work completed on service contracts but not billed in which the rights to consideration are conditional as contract assets. We recognize contract liabilities when consideration is received in advance of the recognition of revenue. 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. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We generally bill our sales of products and services upon completion of the performance obligation. Product sales are billed and recognized when control passes to the customer. Our products are produced in a standard manufacturing operation, even if produced to our customer’s specifications. Our payment terms vary by the type and location of our customer and the products or services offered. For certain products or services and customer types, we require payment before the products or services are delivered to the customer and record as a contract liability. We defer revenue recognition on such payments until the products or services are delivered to the customer. Revenue is occasionally generated from contracts that include multiple performance obligations. We account for individual products and services separately if they are distinct and the product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The consideration, including any discounts, is allocated between separate products and services based on their standalone selling prices. The standalone selling prices are determined based on the prices at which we separately sell our products and services. For items not sold separately (e.g. term software licenses in our Completion and Production product line), we estimate standalone selling prices using the adjusted market assessment approach. Costs of relocating equipment without contracts are expensed as incurred. We provide certain assurance warranties on product sales which range from one We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Earnings per Share | Income (Loss) per ShareBasic income (loss) per share for all periods presented equals net income (loss) divided by the weighted average shares outstanding during the period including participating securities. Diluted income (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including participating securities and any potential dilutive shares, when applicable. |
Accounting Standards Issued Not Yet Adopted | Accounting Standards Issued Not Yet Adopted Evaluations of all other new accounting pronouncements that have been issued, but not yet effective are on-going, and at this time are not expected to have a material impact on our Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Useful Lives | The estimated useful lives of our major classes of PP&E are as follows: Major Classes of Property, Plant and Equipment PP&E Estimated Useful Lives Buildings and leasehold improvements 10 – 40 years or lease term Rental and service equipment 3 – 10 years Machinery and other 2 – 12 years |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial information by segment | Year Ended December 31, (Dollars in millions) 2022 2021 2020 Revenues: Drilling and Evaluation $ 1,328 $ 1,066 $ 1,044 Well Construction and Completions 1,521 1,353 1,414 Production and Intervention 1,395 1,127 1,106 Segment Revenues 4,244 3,546 3,564 All Other 87 99 121 Total Revenues $ 4,331 $ 3,645 $ 3,685 Segment Adjusted EBITDA: Drilling and Evaluation $ 324 $ 186 $ 132 Well Construction and Completions 299 256 273 Production and Intervention 261 191 154 Segment Adjusted EBITDA $ 884 $ 633 $ 559 Corporate and Other (67) (62) (100) Depreciation and Amortization (349) (440) (503) Share-based Compensation Expense (a) (25) (25) — Other Adjustments (b) : Long-Lived and Other Asset Impairment $ — $ — $ (1,053) Restructuring Charges (22) — (206) Other (Charges) Credits (9) 10 (183) Other Adjustments $ (31) $ 10 $ (1,442) Operating Income (Loss) $ 412 $ 116 $ (1,486) (a) See “Note 15 – Share-Based Compensation” for additional information. (b) See “Note 4 – Goodwill and Long-Lived Assets Impairment” and “Note 5 – Restructuring Charges” for additional information. During 2020, segment adjusted EBITDA for Well Construction and Completions included a $12 million gain on sale of operational assets otherwise shown as part of “Other Charges (Credits)” on the accompanying Consolidated Statements of Operations. Year Ended December 31, (Dollars in millions) 2022 2021 2020 Depreciation and Amortization: Drilling and Evaluation $ 112 $ 164 $ 183 Well Construction and Completions 99 123 151 Production and Intervention 86 102 112 Corporate and Other 52 51 57 Total Depreciation and Amortization $ 349 $ 440 $ 503 Capital Expenditures: Drilling and Evaluation $ 54 $ 18 $ 27 Well Construction and Completions 35 18 23 Production and Intervention 32 36 73 Corporate and Other 11 13 31 Total Capital Expenditures $ 132 $ 85 $ 154 December 31, (Dollars in millions) 2022 2021 Total Assets: Drilling and Evaluation $ 713 $ 783 Well Construction and Completions 993 974 Production and Intervention 729 686 Total Reportable Segment Assets 2,435 2,443 Corporate and Other (a) 2,285 2,331 Total $ 4,720 $ 4,774 (a) Corporate and other assets primarily include cash and cash equivalents, certain intangible assets, and centrally managed or shared facilities. |
Long-lived Assets by Geographic Areas | As of December 31, 2022 and 2021 the U.S. accounted for 22% and 23%, respectively, of our PP&E, Net and operating lease assets identifiable by geography. No other country accounted for more than 10% of our PP&E, Net and operating lease assets identifiable by geography as of December 31, 2022 and 2021. We had no PP&E, Net and operating lease assets in our country of domicile (Ireland) as of December 31, 2022 and 2021. December 31, (Dollars in millions) 2022 2021 North America (a) $ 246 $ 269 Latin America 176 163 Middle East/North Africa/Asia 354 385 Europe/Sub-Sahara Africa/Russia 239 267 PP&E, Net and Operating Lease Assets by Geography (b) $ 1,015 $ 1,084 (a) North America consists of the U.S. and Canada. (b) Corporate assets not allocated by geography are excluded from this total. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Year Ended December 31, (Dollars in millions) 2022 2021 2020 Revenues by Geographic Areas: North America (a) $ 1,104 $ 896 $ 889 Latin America 1,062 814 697 Europe/Sub-Sahara Africa/Russia 764 737 747 Middle East/North Africa/Asia 1,401 1,198 1,352 Total Revenues $ 4,331 $ 3,645 $ 3,685 |
Schedule of Contract with Customer, Asset and Liability | The following table summarizes these balances as of December 31, 2022 and December 31, 2021: December 31, (Dollars in millions) 2022 2021 Receivables for Product and Services in Accounts Receivable, Net $ 954 $ 795 Receivables for Equipment Rentals in Account Receivable, Net $ 35 $ 30 Accounts Receivable, Net of Allowance for Credit Losses of $26 at December 31, 2022 and $31 at December 31, 2021 (a) $ 989 $ 825 Contract Assets in Other Current Assets $ 39 $ 47 Contract Assets in Other Non-Current Assets $ 21 $ 14 Contract Liabilities in Other Current Liabilities (b) $ 54 $ 45 (a) The change in allowance for credit losses includes charges offset primarily by recoveries and write-offs. The credit loss charges were $10 million, $30 million and $32 million during 2022, 2021 and 2020, respectively. Offsets to allowance for credit losses were primarily recoveries and write-offs of $15 million, $31 million and nil during 2022, 2021 and 2020, respectively. (b) Revenues recognized during the year ended December 31, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were approximately $39 million and $35 million, respectively. |
Long-Lived Asset Impairments (T
Long-Lived Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | We recorded the following in “Goodwill and Long-Lived Assets Impairment” on the accompanying Consolidated Statements of Operations: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Long-lived Assets Impairment $ — $ — $ 814 Goodwill Impairment — — 239 Total Goodwill and Long-lived Assets Impairment $ — $ — $ 1,053 Long-Lived Assets Impairment by Asset Class and Segment Year Ended December 31, 2020 (Dollars in millions) DRE WCC PRI All Other Total Property, Plant and Equipment $ 195 $ 126 $ 232 $ 18 $ 571 Intangible Assets 76 39 40 — 155 Operating Lease Assets 14 20 54 — 88 Long-lived Assets Impairment $ 285 $ 185 $ 326 $ 18 $ 814 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The following table presents restructuring charges by type (including asset related charges) and by segment (and corporate and other) for following periods: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Severance Charges $ 14 $ — $ 132 Facility Exit Charges 8 — 10 Inventory Charges (a) — — 15 Property, Plant and Equipment (a) — — 40 Operating Lease and Other Assets (a) — — 9 Total Restructuring Charges $ 22 $ — $ 206 (a) Asset write-downs included in restructuring charges. Year Ended December 31, (Dollars in millions) 2022 2021 2020 Drilling and Evaluation $ 5 $ — $ 35 Well Construction and Completions 7 — 60 Production and Intervention 5 — 52 Corporate and Other 5 — 59 Total Restructuring Charges $ 22 $ — $ 206 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | Inventories, net of reserves of $129 million and $159 million as of December 31, 2022 and December 31, 2021, respectively, by category were as follows: December 31, (Dollars in millions) 2022 2021 Finished Goods $ 601 $ 595 Work in Process and Raw Materials, Components and Supplies 88 75 Inventories, Net $ 689 $ 670 Inventory charges were recognized in the following captions on our Consolidated Statements of Operations: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Inventory Charges in “Cost of Products” $ 32 $ 55 $ 57 Inventory Charges in “Restructuring Charges” — — 15 Inventory Charges in “Other Charges (Credits)” 4 7 138 Total Inventory Charges (a) $ 36 $ 62 $ 210 (a) Inventory charges in 2020 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net was composed of the following: December 31, (Dollars in millions) 2022 2021 Land, Buildings and Leasehold Improvements $ 476 $ 484 Rental and Service Equipment 983 902 Machinery and Other 232 233 Property, Plant and Equipment, Gross 1,691 1,619 Less: Accumulated Depreciation 773 623 Property, Plant and Equipment, Net $ 918 $ 996 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The components of intangible assets, net were as follows: December 31, 2022 Gross Net Carrying Accumulated Intangible (Dollars in millions) Amount Amortization Assets Developed and Acquired Technology $ 591 $ (359) $ 232 Trade Names 395 (121) 274 Intangible Assets, Net $ 986 $ (480) $ 506 December 31, 2021 Gross Net Carrying Accumulated Intangible (Dollars in millions) Amount Amortization Assets Developed and Acquired Technology $ 590 $ (247) $ 343 Trade Names 395 (81) 314 Intangible Assets, Net $ 985 $ (328) $ 657 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the carrying value of intangible assets at December 31, 2022, amortization expense for the subsequent five years is estimated as follows (dollars in millions): Period Amount 2023 $ 157 2024 146 2025 42 2026 41 2027 41 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Year Ended December 31, (Dollars in millions) 2022 2021 2020 Lease Expense Components: Operating Lease Expense $ 57 $ 61 $ 76 Short-term and Variable Lease Expense 90 65 63 Subtotal of Operating Lease Expense $ 147 $ 126 $ 139 Finance Lease Expense: Amortization of Assets and Interest on Lease Liabilities 18 16 15 Sublease Income (3) (4) (6) Total Lease Expense $ 162 $ 138 $ 148 |
Operating and Finance Lease Maturities [Table Text Block] | Operating Finance (Dollars in millions) Leases Leases Maturity of Lease Liabilities as of December 31, 2022: 2023 $ 55 $ 18 2024 38 16 2025 31 14 2026 24 13 2027 16 3 After 2027 91 1 Total Lease Payments 255 65 Less: Interest (94) (10) Present Value of Lease Liabilities $ 161 $ 55 |
Supplemental Lease Disclosures [Table Text Block] | Years Ended (Dollars in millions except years and percentages) 12/31/2022 12/31/2021 12/31/2020 Other Supplemental Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 80 $ 89 $ 101 Operating cash outflows from finance leases $ 5 $ 5 $ 5 Financing cash outflows from finance leases $ 16 $ 13 $ 9 Assets obtained in exchange for: Operating leases $ 50 $ 23 $ 37 Finance leases $ 18 $ 6 $ 4 Weighted-average remaining lease term (years) Operating leases 8.8 8.9 8.1 Finance leases 3.9 4.8 5.9 Weighted-average discount rate (percentages) Operating leases 9.1 % 9.6 % 9.6 % Finance leases 8.5 % 8.9 % 9.1 % |
Borrowings and Other Debt Obl_2
Borrowings and Other Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Total debt carrying values consisted of the following: December 31, (Dollars in millions) 2022 2021 Current portion of 6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes” $ 11 $ — Current portion of 11.00% Exit Notes due 2024 “Exit Notes” 20 — Finance Lease Current Portion 14 12 Short-term Borrowings and Current Portion of Long-term Debt $ 45 $ 12 8.625% Senior Notes due 2030 “2030 Senior Notes” $ 1,586 $ 1,584 6.5% Senior Secured Notes due 2028 “2028 Senior Secured Notes” 471 488 11.00% Exit Notes due 2024 “Exit Notes” 105 300 Finance Lease Long-term Portion 41 44 Long-term Debt $ 2,203 $ 2,416 |
Schedule of maturities of long-term debt | The following is a summary of scheduled debt maturities by year: (Dollars in millions) 2023 $ 45 2024 118 2025 13 2026 12 2027 3 Thereafter 2,081 Total Debt Maturities $ 2,272 Unamortized Debt Issuance and Discount $ (24) Total Debt Carrying Value $ 2,248 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments, Assets and Equity Investements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value and carrying value of Long-term Debt | The fair value of our long-term debt (excluding Finance Leases) in the following table is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. December 31, 2022 December 31, 2021 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 11.00% Exit Notes due 2024 $ 125 $ 128 $ 300 $ 311 6.5% Senior Secured Notes due 2028 482 482 488 528 8.625% Senior Notes due 2030 1,586 1,544 1,584 1,660 Long-Term Debt (excluding Finance Leases) $ 2,193 $ 2,154 $ 2,372 $ 2,499 |
Retirement and Employee Benef_2
Retirement and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of weighted average assumption rates | The weighted average assumption rates used for benefit obligations were as follows: Year Ended December 31, 2022 2021 Discount rate: United States Plans 4.75% - 5.00% 2.00% - 2.75% International Plans 2.84% - 13.62% 0.85% - 8.47% Rate of Compensation Increase: United States Plans — — International Plans 2.00% - 7.22% 2.00% - 4.77% |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | Year Ended December 31, 2022 2021 2020 Risk-Free rate 3.2 % 0.8 % n/a Dividend Yield n/a n/a n/a Expected Volatility 63.0 % 55.0 % n/a Expected Life (in years) 2.5 3.2 n/a |
Nonvested Restricted Stock Shares Activity | A summary of activity for non-vested RSUs, PSUs, and Phantom RSUs outstanding (units in thousands) and their respective WAGD FV during 2022 is presented below. The table reflects the performance multiplier for PSUs at 100%. RSU WAGD FV PSU WAGD FV Phantom RSU WAGD FV Non-Vested at December 31, 2021 1,065 6.19 1,924 12.74 1,239 6.53 Granted 609 30.90 618 23.14 — — Vested (679) 6.37 — — (465) 6.55 Cancelled or Forfeited (77) 22.86 (241) 18.02 (757) 6.34 Non-Vested at December 31, 2022 918 21.05 2,301 14.98 17 14.50 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in our accumulated other comprehensive loss by component: (Dollars in millions) Foreign Currency Translation Defined Benefit Pension Total Balance at December 31, 2020 $ (31) $ (12) $ (43) Other Comprehensive (Loss) Income (5) 13 8 Balance at December 31, 2021 (36) 1 (35) Other Comprehensive (Loss) Income (5) 18 13 Balance at December 31, 2022 $ (41) $ 19 $ (22) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Year Ended December 31, (Shares in millions) 2022 2021 2020 Net Income (Loss) Attributable to Weatherford $ 26 $ (450) $ (1,921) Basic Weighted Average Shares Outstanding 71 70 70 Dilutive Effect of Awards Granted in Stock Incentive Plans 1 — — Diluted Weighted Average Shares Outstanding 72 70 70 Antidilutive Shares 8 10 8 Basic Income (Loss) Per Share Attributable to Weatherford $ 0.37 $ (6.43) $ (27.44) Diluted Income (Loss) Per Share Attributable to Weatherford $ 0.36 $ (6.43) $ (27.44) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Year Ended December 31, (Dollars in millions) 2022 2021 2020 Total Current Provision $ (83) $ (96) $ (90) Total Deferred (Provision) Benefit (4) 10 5 Income Tax Provision $ (87) $ (86) $ (85) |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, (Dollars in millions) 2022 2021 2020 Irish Income Tax (Provision) Benefit Tax Rate of 25% $ (35) $ 86 $ 454 Tax Provision on Operating Earnings/Losses Subject to Rates Different than the Irish Income Tax Rate (155) (189) (361) Tax (Provision) Benefit on Swiss Loss from internal liquidation of subsidiary (141) 124 179 Decrease (Increase) in Valuation Allowance attributed to Swiss Loss 141 (124) (179) Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses 64 52 (151) Change in Uncertain Tax Positions 39 (35) (27) Income Tax Provision $ (87) $ (86) $ (85) |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset were as follows: December 31, December 31, (Dollars in millions) 2022 2021 Deferred Tax Assets: Net Operating Losses Carryforwards $ 751 $ 929 Unused Recognized Built in Losses 43 50 Accrued Liabilities and Reserves 143 186 Tax Credit Carryforwards 11 9 Employee Benefits 29 30 Property, Plant and Equipment 158 118 Inventory 38 52 U.S. Interest Deferral 57 13 State Deferred 50 50 Other Differences between Financial and Tax Basis 89 139 Valuation Allowance (1,300) (1,527) Total Deferred Tax Assets 69 49 Deferred Tax Liabilities: Intangible Assets (28) (35) Other Differences between Financial and Tax Basis — (3) Total Deferred Tax Liabilities (28) (38) Net Deferred Tax Asset $ 41 $ 11 |
Schedule of Unrecognized Tax Benefits Roll Forward | A tabular reconciliation of the total amounts of uncertain tax positions at the beginning and end of the period is as follows: Year Ended December 31, (Dollars in millions) 2022 2021 2020 Balance at Beginning of Year $ 235 $ 222 $ 214 Additions as a Result of Tax Positions Taken During a Prior Period 14 23 9 Reductions as a Result of Tax Positions Taken During a Prior Period (15) (8) (4) Additions as a Result of Tax Positions Taken During the Current Period 11 12 21 Reductions Relating to Settlements with Taxing Authorities (36) (5) (2) Reductions as a Result of a Lapse of the Applicable Statute of Limitations (11) (2) (7) Foreign Exchange Effects (7) (7) (9) Balance at End of Year $ 191 $ 235 $ 222 |
Summary of Income Tax Contingencies | We are subject to income tax in many of the approximately 75 countries where we operate. As of December 31, 2022, the following table summarizes the tax years that remain subject to examination for the major jurisdictions in which we operate: Tax Jurisdiction Tax Years under Examination Argentina 2012 - 2022 Canada 2014 - 2022 Mexico 2012 - 2022 Russia 2019 - 2022 Saudi Arabia 2018 - 2022 Switzerland 2014 - 2022 United States (Federal) 2019 - 2022 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Organization and Nature of Operations (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) country $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 13, 2019 $ / shares | |
Accounting Policies [Abstract] | |||
Number of Countries in which Entity Operates | country | 75 | ||
Years in operation | 50 years | ||
Common Stock, Shares Authorized | shares | 1,356 | 1,356 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Restricted Cash | $ | $ 202 | $ 162 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Major Customers and Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Concentration Risk [Line Items] | |
Concentration risk threshold percentage | 1,000% |
Accounts Receivable | Mexico | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration percentage | 21% |
Accounts Receivable | United States | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration percentage | 12% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings and leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Rental and service equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Rental and service equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Machinery and other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Developed and Acquired Technology | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 5 years |
Trade Names | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Restricted Cash | $ 202 | $ 162 |
Other Non-current Assets | 138 | 97 |
Accounts receivable | $ 989 | $ 825 |
Minimum | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Product warranty period | 1 year | |
Maximum | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Product warranty period | 5 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Net Cash Provided by (Used in) Operating Activities | $ 349 | $ 322 | $ 210 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) reportable_segment | Dec. 31, 2022 USD ($) unit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||||
Number of Reportable Segments | 3 | 3 | |||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 4,331 | $ 3,645 | $ 3,685 | ||
Segment Adjusted EBITDA: | 138 | (343) | (1,814) | ||
Depreciation and Amortization | (349) | (440) | (503) | ||
Share-based Compensation Expense | (25) | (25) | 0 | ||
Long-Lived and Other Asset Impairment | 0 | 0 | (1,053) | ||
Restructuring Charges | (22) | 0 | (206) | ||
Other Charges (Credits) | (9) | 10 | (171) | ||
Other Charges (Credits) Including Segment Adjustment | (183) | ||||
Other Adjustments | (31) | 10 | (1,442) | ||
Operating Income (Loss), Total | 412 | 116 | (1,486) | ||
Total Capital Expenditures | 132 | 85 | 154 | ||
Assets | 4,720 | $ 4,720 | $ 4,720 | 4,774 | |
Gain on Sale of Operational Assets | 12 | ||||
Drilling and Evaluation | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring Charges | (5) | 0 | (35) | ||
Well Construction and Completions | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring Charges | (7) | 0 | (60) | ||
Production and Intervention | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring Charges | (5) | 0 | (52) | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,244 | 3,546 | 3,564 | ||
Segment Adjusted EBITDA: | 884 | 633 | 559 | ||
Assets | 2,435 | 2,435 | 2,435 | 2,443 | |
Operating Segments | Drilling and Evaluation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,328 | 1,066 | 1,044 | ||
Segment Adjusted EBITDA: | 324 | 186 | 132 | ||
Depreciation and Amortization | (112) | (164) | (183) | ||
Total Capital Expenditures | 54 | 18 | 27 | ||
Assets | 713 | 713 | 713 | 783 | |
Operating Segments | Well Construction and Completions | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,521 | 1,353 | 1,414 | ||
Segment Adjusted EBITDA: | 299 | 256 | 273 | ||
Depreciation and Amortization | (99) | (123) | (151) | ||
Total Capital Expenditures | 35 | 18 | 23 | ||
Assets | 993 | 993 | 993 | 974 | |
Operating Segments | Production and Intervention | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,395 | 1,127 | 1,106 | ||
Segment Adjusted EBITDA: | 261 | 191 | 154 | ||
Depreciation and Amortization | (86) | (102) | (112) | ||
Total Capital Expenditures | 32 | 36 | 73 | ||
Assets | 729 | 729 | 729 | 686 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 87 | 99 | 121 | ||
Segment Adjusted EBITDA: | (67) | (62) | (100) | ||
Depreciation and Amortization | (52) | (51) | (57) | ||
Total Capital Expenditures | 11 | 13 | $ 31 | ||
Assets | $ 2,285 | $ 2,285 | $ 2,285 | $ 2,331 |
Segment Information Geographic
Segment Information Geographic Areas (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 1,015 | $ 1,084 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net including ROU assets, percentage | 22% | 23% |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 246 | $ 269 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 176 | 163 |
Middle East/North Africa/Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 354 | 385 |
Europe/Sub-Sahara Africa/Russia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 239 | $ 267 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue From Contract with Customer, Equipment Rentals | $ 146 | $ 131 | $ 150 |
United States | Revenue Benchmark [Member] | Geographic Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Concentration percentage | 20% | 19% | 20% |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 4,331 | $ 3,645 | $ 3,685 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,104 | 896 | 889 |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,062 | 814 | 697 |
Europe/Sub-Sahara Africa/Russia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 764 | 737 | 747 |
Middle East/North Africa/Asia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,401 | $ 1,198 | $ 1,352 |
Revenues - Contract Balances (D
Revenues - Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Allowance for Credit Losses | $ 26 | $ 31 | |
Accounts receivable | 989 | 825 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 39 | 47 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | 21 | 14 | |
Contract Liabilities in Other Current Liabilities | 54 | 45 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 10 | 30 | $ 32 |
Accounts Receivable, Allowance for Credit Loss, Recovery | 15 | 31 | $ 0 |
Contract with Customer, Liability, Revenue Recognized | 39 | 35 | |
Product and Services | |||
Disaggregation of Revenue [Line Items] | |||
Receivables, Net, Current | 954 | 795 | |
Equipment Rentals | |||
Disaggregation of Revenue [Line Items] | |||
Receivables, Net, Current | $ 35 | $ 30 |
Long-Lived Asset Impairments (D
Long-Lived Asset Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Property, Plant and Equipment | $ 571 | ||
Intangible Assets | 155 | ||
Operating Lease Assets | 88 | ||
Long-lived Assets Impairment | $ 0 | $ 0 | 814 |
Goodwill Impairment | 0 | 0 | 239 |
Total Goodwill and Long-lived Assets Impairment | $ 0 | $ 0 | 1,053 |
Corporate and Other | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Property, Plant and Equipment | 18 | ||
Intangible Assets | 0 | ||
Operating Lease Assets | 0 | ||
Long-lived Assets Impairment | 18 | ||
Drilling and Evaluation | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Property, Plant and Equipment | 195 | ||
Intangible Assets | 76 | ||
Operating Lease Assets | 14 | ||
Long-lived Assets Impairment | 285 | ||
Well Construction and Completions | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Property, Plant and Equipment | 126 | ||
Intangible Assets | 39 | ||
Operating Lease Assets | 20 | ||
Long-lived Assets Impairment | 185 | ||
Production and Intervention | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Property, Plant and Equipment | 232 | ||
Intangible Assets | 40 | ||
Operating Lease Assets | 54 | ||
Long-lived Assets Impairment | $ 326 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - Severance and Other Restructuring Liabilities - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 25 | $ 17 |
Restructuring Reserve, Current | 16 | 12 |
Restructuring Reserve, Noncurrent | $ 9 | $ 5 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 22 | $ 0 | $ 206 |
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance Costs | 14 | 0 | 132 |
Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 8 | 0 | 10 |
Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 0 | 0 | 15 |
Property, Plant and Equipment, Restructuring Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | 0 | 0 | 40 |
Asset Retirement Obligation Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Restructuring Costs | $ 0 | $ 0 | $ 9 |
Restructuring Charges (Restru_2
Restructuring Charges (Restructuring Charges by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 22 | $ 0 | $ 206 |
Drilling and Evaluation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5 | 0 | 35 |
Well Construction and Completions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 7 | 0 | 60 |
Production and Intervention | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5 | 0 | 52 |
Corporate and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 5 | $ 0 | $ 59 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $ 129 | $ 159 |
Finished Goods | 601 | 595 |
Work in Process and Raw Materials, Components and Supplies | 88 | 75 |
Total Inventory | $ 689 | $ 670 |
Inventories, Net - Inventory Ch
Inventories, Net - Inventory Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Inventory Charges | $ 36 | $ 62 | $ 210 |
Cost of Sales | |||
Inventory [Line Items] | |||
Inventory Charges | 32 | 55 | 57 |
Restructuring Charges | |||
Inventory [Line Items] | |||
Inventory Charges | 0 | 0 | 15 |
Impairments and Other Charges | |||
Inventory [Line Items] | |||
Inventory Charges | $ 4 | $ 7 | $ 138 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Buildings and Improvements, Gross | $ 476 | $ 484 | |
Rental and Service Equipment, Gross | 983 | 902 | |
Machinery and Equipment, Gross | 232 | 233 | |
Property, Plant and Equipment, Gross | 1,691 | 1,619 | |
Less: Accumulated Depreciation | 773 | 623 | |
Property, Plant and Equipment, Net | 918 | 996 | |
Depreciation | $ 194 | $ 284 | $ 340 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ (155) | $ (156) | $ (163) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 986 | $ 985 |
Accumulated amortization | (480) | (328) |
Net intangible assets | 506 | 657 |
Developed and Acquired Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 591 | 590 |
Accumulated amortization | (359) | (247) |
Net intangible assets | 232 | 343 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 395 | 395 |
Accumulated amortization | (121) | (81) |
Net intangible assets | $ 274 | $ 314 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Amortization of Intangible Assets (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 157 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 146 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 42 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 41 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 41 |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Expense | $ 57 | $ 61 | $ 76 |
Short-term Lease, Cost | 90 | 65 | 63 |
Operating Lease, Cost | 147 | 126 | 139 |
Finance Lease, Right-of-Use Asset, Amortization | 18 | 16 | 15 |
Sublease Income | (3) | (4) | (6) |
Lease, Cost | $ 162 | $ 138 | $ 148 |
Leases Operating and Finance Le
Leases Operating and Finance Lease Maturities Table (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Year One | $ 55 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 38 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 31 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 24 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 16 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 91 |
Lessee, Operating Lease, Liability, Payments, Due | 255 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (94) |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Non-current Liabilities |
Operating Lease, Liability | $ 161 |
Finance Lease, Liability, Payment, Due [Abstract] | |
Finance Lease, Liability, Payments, Due Year One | 18 |
Finance Lease, Liability, Payments, Due Year Two | 16 |
Finance Lease, Liability, Payments, Due Year Three | 14 |
Finance Lease, Liability, Payments, Due Year Four | 13 |
Finance Lease, Liability, Payments, Due Year Five | 3 |
Finance Lease, Liability, Payments, Due after Year Five | 1 |
Finance Lease, Liability, Payment, Due | 65 |
Finance Lease, Liability, Undiscounted Excess Amount | (10) |
Finance Lease, Liability | $ 55 |
Leases Supplemental Lease Discl
Leases Supplemental Lease Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Payments | $ 80 | $ 89 | $ 101 |
Finance Lease, Interest Payment on Liability | 5 | 5 | 5 |
Finance Lease, Principal Payments | 16 | 13 | 9 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 50 | 23 | 37 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 18 | $ 6 | $ 4 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 9 months 18 days | 8 years 10 months 24 days | 8 years 1 month 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 3 years 10 months 24 days | 4 years 9 months 18 days | 5 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 9.10% | 9.60% | 9.60% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.50% | 8.90% | 9.10% |
Borrowings and Other Debt Obl_3
Borrowings and Other Debt Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Oct. 27, 2021 | Sep. 30, 2021 | Aug. 28, 2020 | Dec. 12, 2019 |
Debt Instrument [Line Items] | |||||||
Short-term Borrowings and Current Portion of Long-term Debt | $ 45 | $ 12 | |||||
Long-term Debt and Lease Obligation | 2,203 | 2,416 | |||||
Senior Notes 6.5 Percent Due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt | 6.50% | 6.50% | |||||
Senior Notes 8.625 Percent Due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt | 8.625% | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Borrowings and Current Portion of Long-term Debt | 20 | 0 | |||||
Senior Notes | Exit Notes, 11.00 Percent Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt | 11% | ||||||
Long-term debt | 105 | ||||||
Senior Notes | Senior Notes 8.75 Percent Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate on debt | 8.75% | ||||||
Senior Notes | Senior Notes 6.5 Percent Due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Borrowings and Current Portion of Long-term Debt | 11 | 0 | |||||
Long-term debt | 471 | 488 | |||||
Senior Notes | Senior Notes 8.625 Percent Due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 1,586 | 1,584 | |||||
Secured Debt | Exit Notes, 11.00 Percent Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 300 | ||||||
Other short-term bank loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Finance Lease, Liability, Noncurrent | 41 | 44 | |||||
Other short-term bank loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Finance Lease, Liability, Current | $ 14 | $ 12 |
Borrowings and Other Debt Obl_4
Borrowings and Other Debt Obligations - Schedule of Debt Maturity (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-Term Debt, Maturity, Year One | $ 45 |
Long-Term Debt, Maturity, Year Two | 118 |
Long-Term Debt, Maturity, Year Three | 13 |
Long-Term Debt, Maturity, Year Four | 12 |
Long-Term Debt, Maturity, Year Five | 3 |
Thereafter | 2,081 |
Total | 2,272 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (24) |
Debt, Long-term and Short-term, Combined Amount | $ 2,248 |
Borrowings and Other Debt Obl_5
Borrowings and Other Debt Obligations - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 17, 2022 | Aug. 10, 2022 | Oct. 20, 2021 | Aug. 28, 2020 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 17, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 22, 2022 | Oct. 17, 2022 | Sep. 30, 2022 | Oct. 27, 2021 | Dec. 12, 2019 | |
Debt Instrument [Line Items] | |||||||||||||||||
Interest paid on early redemption of debt | $ 71,000,000 | ||||||||||||||||
Bond Redemption Premium | $ 5,000,000 | $ 131,000,000 | $ 0 | ||||||||||||||
Gain (loss) on extinguishment of debt | $ (2,000,000) | (5,000,000) | (170,000,000) | $ 0 | |||||||||||||
Debt and lease obligation | $ 2,272,000,000 | 2,272,000,000 | |||||||||||||||
Debt related commitment fees and debt issuance costs | $ 15,000,000 | ||||||||||||||||
Letters of credit outstanding, cash collateral | 199,000,000 | 199,000,000 | |||||||||||||||
Letters of credit outstanding, amount | 395,000,000 | 395,000,000 | |||||||||||||||
Debt instrument, unused borrowing capacity, amount | 160,000,000 | 160,000,000 | |||||||||||||||
Minimum liquidity amount | $ 250,000,000 | ||||||||||||||||
ABL Credit Agreement | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 450,000,000 | ||||||||||||||||
Senior Notes 6.5 Percent Due 2028 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate on debt | 6.50% | 6.50% | |||||||||||||||
Face amount of debt | $ 500,000,000 | ||||||||||||||||
Bond Redemption Premium | 22,000,000 | ||||||||||||||||
Gain (loss) on extinguishment of debt, before write off of debt issuance cost | $ 37,000,000 | ||||||||||||||||
Repayments of Senior Debt | 8,000,000 | ||||||||||||||||
Senior Notes 6.5 Percent Due 2028 | Subsequent Event | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Senior Debt | $ 11,000,000 | ||||||||||||||||
Senior Notes 8.625 Percent Due 2030 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate on debt | 8.625% | ||||||||||||||||
Face amount of debt | 1,600,000,000 | 1,600,000,000 | $ 1,600,000,000 | ||||||||||||||
Debt tender redemption | $ 1,600,000,000 | ||||||||||||||||
Amended LC Credit Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 215,000,000 | ||||||||||||||||
Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 2,193,000,000 | 2,372,000,000 | 2,193,000,000 | 2,372,000,000 | |||||||||||||
Repayments of Senior Debt | $ 125,000,000 | $ 50,000,000 | |||||||||||||||
Additional Repayments Of Senior Debt | 20,000,000 | ||||||||||||||||
Senior Notes | Subsequent Event | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayments of Senior Debt | $ 20,000,000 | ||||||||||||||||
Senior Notes | Exit Notes, 11.00 Percent Due 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate on debt | 11% | ||||||||||||||||
Face amount of debt | $ 2,100,000,000 | ||||||||||||||||
Bond Redemption Premium | $ 5,000,000 | ||||||||||||||||
Senior Notes | Senior Notes 8.75 Percent Due 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate on debt | 8.75% | ||||||||||||||||
Face amount of debt | $ 500,000,000 | ||||||||||||||||
Debt issuance costs, gross | 25,000,000 | ||||||||||||||||
Debt related commitment fees and debt issuance costs | $ 15,000,000 | ||||||||||||||||
Senior Notes | Senior Notes 6.5 Percent Due 2028 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 482,000,000 | 488,000,000 | 482,000,000 | 488,000,000 | |||||||||||||
Senior Notes | Senior Notes 8.625 Percent Due 2030 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 1,586,000,000 | $ 1,584,000,000 | 1,586,000,000 | $ 1,584,000,000 | |||||||||||||
Line of Credit | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | 370,000,000 | |||||||||||||||
Debt Instrument, Covenant, Excess Of Net Of Unrestricted Cash Amount | 400,000,000 | ||||||||||||||||
Line of Credit | Tranche A | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 280,000,000 | ||||||||||||||||
Line of Credit | Tranche B | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 90,000,000 | ||||||||||||||||
Line of Credit | Tranche B, Revolving Loan | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 45,000,000 | ||||||||||||||||
Line of Credit | Exit Notes | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Covenant, Outstanding, Amount | 50,000,000 | ||||||||||||||||
Minimum liquidity amount | 250,000,000 | ||||||||||||||||
Line of Credit | Exit Notes | Revolving Credit Facility [Member] | Current Testing Period | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Covenant, Minimum Interest Coverage Ratio | 2 | ||||||||||||||||
Debt Instrument, Covenant, Maximum Interest Coverage Ratio | 4 | ||||||||||||||||
Line of Credit | Exit Notes | Revolving Credit Facility [Member] | Forecast Testing Period | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Covenant, Minimum Interest Coverage Ratio | 2.50 | ||||||||||||||||
Debt Instrument, Covenant, Maximum Interest Coverage Ratio | $ 3.50 | ||||||||||||||||
Senior Notes 8.625 Percent Due 2030 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Bond Redemption Premium | 103,000,000 | ||||||||||||||||
LC Credit Agreement Letters of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of credit outstanding, amount | 195,000,000 | 195,000,000 | |||||||||||||||
Uncommitted Letters of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of credit outstanding, amount | $ 200,000,000 | $ 200,000,000 | |||||||||||||||
Exit Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, repurchased face amount | 200,000,000 | ||||||||||||||||
Interest paid on early redemption of debt | 8,000,000 | ||||||||||||||||
Bond Redemption Premium | $ 6,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments, Assets and Equity Investements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Oct. 27, 2021 | Sep. 30, 2021 | Dec. 12, 2019 |
Senior Notes 6.5 Percent Due 2028 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate on debt | 6.50% | 6.50% | ||||
Senior Notes 8.625 Percent Due 2030 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate on debt | 8.625% | |||||
Senior Notes | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | $ 2,193 | $ 2,372 | ||||
Senior Notes | Exit Notes, 11.00 Percent Due 2024 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate on debt | 11% | |||||
Senior Notes | Senior Notes 6.5 Percent Due 2028 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | 482 | 488 | ||||
Senior Notes | Senior Notes 8.625 Percent Due 2030 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | 1,586 | 1,584 | ||||
Senior Notes | Level 2 [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair Value of Long-term debt | 2,154 | 2,499 | ||||
Secured Debt | Exit Notes, 11.00 Percent Due 2024 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term debt | 125 | |||||
Secured Debt | Level 2 [Member] | Exit Notes, 11.00 Percent Due 2024 | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair Value of Long-term debt | 128 | 311 | ||||
Senior Notes 6.5 Percent Due 2028 | Level 2 [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair Value of Long-term debt | 482 | 528 | ||||
Senior Notes 8.625 Percent Due 2030 | Level 2 [Member] | Fair Value [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair Value of Long-term debt | $ 1,544 | $ 1,660 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign currency forward contracts [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 147 | $ 349 |
Retirement and Employee Benef_3
Retirement and Employee Benefit Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost | $ 4 | $ 4 | $ 2 |
Projected benefit obligation | 121 | 207 | |
Defined benefit plan, funded (unfunded) status of plan | 15 | 16 | |
Non-current defined benefit plan funded status of plan | 39 | 63 | |
Accumulated benefit obligation for defined benefit pension plans | 19 | 1 | |
Employer contributions | 5 | 5 | 5 |
Estimated future employer contributions in next fiscal year, cash | 5 | ||
Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 97 | 160 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contribution expenses related to the defined contribution plans which cover certain employees | $ 18 | $ 16 | $ 13 |
Retirement and Employee Benef_4
Retirement and Employee Benefit Plans Assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
United States | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.75% | 2% |
United States | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5% | 2.75% |
International plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.84% | 0.85% |
Rate of compensation increase | 2% | 2% |
International plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 13.62% | 8.47% |
Rate of compensation increase | 7.22% | 4.77% |
Disputes, Litigation and Cont_2
Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated litigation liability | $ 41 | $ 40 |
Share-Based Compensation Narrat
Share-Based Compensation Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) trading_day $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant under Incentive Plans | shares | 8.6 | ||
Number of shares available for grant under Incentive Plans | shares | 3.3 | ||
Employee Share-Based Compensation Expense | $ 25 | $ 25 | $ 0 |
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | $ 0 | $ 0 |
Cash Used To Settle Restricted Stock Units Vested | $ 2 | ||
Share Based Compensation Arrangement By Share Based Payment Award, Performance Percentage | 100% | ||
Restricted share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value | $ / shares | $ 30.90 | $ 6.54 | $ 3.37 |
Total fair value of awards vested during the period | $ 18 | $ 2 | $ 0 |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 12 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Vested (in dollars per share) | $ / shares | $ 6.37 | ||
Performance units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value | $ / shares | $ 23.14 | $ 12.62 | $ 2.46 |
Total fair value of awards vested during the period | $ 2 | $ 0 | $ 0 |
Unrecognized Compensation Expense | $ 19 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Vested (in dollars per share) | $ / shares | $ 0 | ||
Phantom RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Weighted-average grant date fair value | $ / shares | $ 0 | $ 6.38 | |
Volume Weighted Share Price, Number Of Trading Days | trading_day | 30 | ||
Vested (in dollars per share) | $ / shares | $ 6.55 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid | $ 14 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Minimum | Performance units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award, Performance Target Percentage | 0% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Maximum | Performance units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award, Performance Target Percentage | 200% |
Share-Based Compensation Fair V
Share-Based Compensation Fair Value Assumptions (Details) - Performance units [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-Free rate | 3.20% | 0.80% |
Expected Volatility | 63% | 55% |
Expected Life (in years) | 2 years 6 months | 3 years 2 months 12 days |
Share-Based Compensation Award
Share-Based Compensation Award Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, beginning balance (in shares) | 1,065 | ||
Granted (in shares) | 609 | ||
Vested (in shares) | (679) | ||
Cancelled or Forfeit (in shares) | (77) | ||
Non-vested, ending balance (in shares) | 918 | 1,065 | |
Non-vested, beginning balance (in dollars per share) | $ 6.19 | ||
Granted (in dollars per share) | 30.90 | $ 6.54 | $ 3.37 |
Vested (in dollars per share) | 6.37 | ||
Cancelled or Forfeit (in dollars per share) | 22.86 | ||
Non-vested, ending balance (in dollars per share) | $ 21.05 | $ 6.19 | |
Performance units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, beginning balance (in shares) | 1,924 | ||
Granted (in shares) | 618 | ||
Vested (in shares) | 0 | ||
Cancelled or Forfeit (in shares) | (241) | ||
Non-vested, ending balance (in shares) | 2,301 | 1,924 | |
Non-vested, beginning balance (in dollars per share) | $ 12.74 | ||
Granted (in dollars per share) | 23.14 | $ 12.62 | $ 2.46 |
Vested (in dollars per share) | 0 | ||
Cancelled or Forfeit (in dollars per share) | 18.02 | ||
Non-vested, ending balance (in dollars per share) | $ 14.98 | $ 12.74 | |
Phantom RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, beginning balance (in shares) | 1,239 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (465) | ||
Cancelled or Forfeit (in shares) | (757) | ||
Non-vested, ending balance (in shares) | 17 | 1,239 | |
Non-vested, beginning balance (in dollars per share) | $ 6.53 | ||
Granted (in dollars per share) | 0 | $ 6.38 | |
Vested (in dollars per share) | 6.55 | ||
Cancelled or Forfeit (in dollars per share) | 6.34 | ||
Non-vested, ending balance (in dollars per share) | $ 14.50 | $ 6.53 |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (35) | $ (43) |
Other comprehensive (loss) income before reclassifications | 13 | 8 |
Ending balance | (22) | (35) |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (36) | (31) |
Other comprehensive (loss) income before reclassifications | (5) | (5) |
Ending balance | (41) | (36) |
Defined Benefit Pension [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1 | (12) |
Other comprehensive (loss) income before reclassifications | 18 | 13 |
Ending balance | $ 19 | $ 1 |
Shareholders' Equity Narrative
Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 13, 2019 |
Class of Warrant or Right [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 7,777,779 | ||
Ordinary Shares, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 99.96 | ||
Capital in Excess of Par Value | $ 2,928 | $ 2,904 | |
Warrant [Member] | |||
Class of Warrant or Right [Line Items] | |||
Capital in Excess of Par Value | $ 31 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net Income (Loss) Attributable to Weatherford | $ 26 | $ (450) | $ (1,921) |
Basic Weighted Average Shares Outstanding (in shares) | 71 | 70 | 70 |
Dilutive Effect of Awards Granted in Stock Incentive Plans (in shares) | 1 | 0 | 0 |
Diluted Weighted Average Shares Outstanding (in shares) | 72 | 70 | 70 |
Antidilutive Shares (in shares) | 8 | 10 | 8 |
Basic Income (Loss) Per Share Attributable to Weatherford (in dollars per share) | $ 0.37 | $ (6.43) | $ (27.44) |
Diluted Income (Loss) Per Share Attributable to Weatherford (in dollars per share) | $ 0.36 | $ (6.43) | $ (27.44) |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Total Current Provision | $ (83) | $ (96) | $ (90) |
Total Deferred (Provision) Benefit | (4) | 10 | 5 |
Income Tax Provision | $ (87) | $ (86) | $ (85) |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Irish Income Tax (Provision) Benefit Tax Rate of 25% | $ (35) | $ 86 | $ 454 |
Tax Provision on Operating Earnings/Losses Subject to Rates Different than the Irish Income Tax Rate | (155) | (189) | (361) |
Tax (Provision) Benefit on Swiss Loss from internal liquidation of subsidiary | 141 | (124) | (179) |
Decrease (Increase) in Valuation Allowance attributed to Swiss Loss | (141) | 124 | 179 |
Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses | 64 | 52 | (151) |
Change in Uncertain Tax Positions | 39 | (35) | (27) |
Income Tax Provision | $ (87) | $ (86) | $ (85) |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 751 | $ 929 |
Deferred Tax Assets, Other Loss Carryforwards | 43 | 50 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 143 | 186 |
Deferred Tax Assets, Tax Credit Carryforwards | 11 | 9 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 29 | 30 |
Deferred Tax Assets, Property, Plant and Equipment | 158 | 118 |
Deferred Tax Assets, Inventory | 38 | 52 |
Deferred Tax Asset, Interest Carryforward | 57 | 13 |
Deferred Tax Assets, State Taxes | 50 | 50 |
Deferred Tax Assets, Other | 89 | 139 |
Deferred Tax Assets, Valuation Allowance | (1,300) | (1,527) |
Deferred Tax Assets, Net of Valuation Allowance | 69 | 49 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | (28) | (35) |
Deferred Tax Liabilities, Other | 0 | (3) |
Deferred Tax Liabilities, Gross | (28) | (38) |
Net Deferred Tax Asset | $ 41 | $ 11 |
Income Taxes Schedule of Unreco
Income Taxes Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 191 | $ 235 | $ 222 | $ 214 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 14 | 23 | 9 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (15) | (8) | (4) | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 11 | 12 | 21 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (36) | (5) | (2) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (11) | (2) | (7) | |
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Foreign Currency Translation | $ (7) | $ (7) | $ (9) |
Income Taxes Summary of Income
Income Taxes Summary of Income Tax Contingencies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Earliest Tax Year [Member] | ARGENTINA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2012 |
Earliest Tax Year [Member] | CANADA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2014 |
Earliest Tax Year [Member] | Mexico | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2012 |
Earliest Tax Year [Member] | RUSSIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2019 |
Earliest Tax Year [Member] | SAUDI ARABIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2018 |
Earliest Tax Year [Member] | SWITZERLAND | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2014 |
Earliest Tax Year [Member] | United States | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2019 |
Latest Tax Year [Member] | ARGENTINA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Latest Tax Year [Member] | CANADA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Latest Tax Year [Member] | Mexico | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Latest Tax Year [Member] | RUSSIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Latest Tax Year [Member] | SAUDI ARABIA | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Latest Tax Year [Member] | SWITZERLAND | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Latest Tax Year [Member] | United States | |
Income Tax Contingency [Line Items] | |
Income Tax Examination, Year under Examination | 2022 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) country | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (227) | $ 28 | $ 333 | |
Income Tax Expense (Benefit) Related To Changes in Valuation Allowance | (205) | 72 | 330 | |
Valuation Allowance, Adjustments | 35 | 7 | ||
Operating Loss Carryforwards, Valuation Allowance | 29 | 45 | ||
Foreign Currency Transaction Gain (Loss), Unrealized, after Tax | (22) | (44) | 3 | |
Undistributed Earnings of Foreign Subsidiaries | 1,300 | |||
Operating Loss Carryforward Before Adjustment For Expected Expiration | 3,800 | |||
Annual Limitation Of Operating Loss Carryforwards | 23 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (2) | 17 | 11 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 98 | 104 | ||
Number of Countries in which Entity Operates | country | 75 | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 4 | |||
Operating Loss Carryforward Expected Utilization in the Future | $ 713 | |||
Operating Loss Carryforwards | 38 | 76 | ||
Decrease (Increase) in Valuation Allowance on Operating Earnings/Losses | (64) | (52) | 151 | |
Goodwill and Long-Lived Assets Impairment | 0 | 0 | 1,053 | |
Tax Loss Due To Liquidation Transaction | 6,200 | |||
Tax Loss Excluded From Deferred Tax Assets | 4,000 | |||
Net Operating Loss Carryforward From Forfeiture | 2,200 | |||
Deferred Tax Assets, Tax Deferred Expense, Other | $ 303 | |||
Impairment Loss Due to Liquidation Transaction | $ 1,300 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense From Previously Uncertain Tax Positions | $ (19) |