Weatherford International (WFRD) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36504
Entity Registrant Name	Weatherford International plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-0606750
Entity Address, Address Line One	2000 St. James Place
Entity Address, City or Town	Houston
Entity Address, Country	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	836.4000
Title of 12(b) Security	Ordinary shares, $0.001 par value per share
Trading Symbol	WFRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		73,154,140
Entity Central Index Key	0001603923
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total Revenue	$ 1,358	$ 1,186
Costs and Expenses:
Research and Development	31	26
Selling, General and Administrative	205	190
Other Charges (Credits)	5	(5)
Total Costs and Expenses	1,125	1,001
Operating Income	233	185
Interest Expense, Net of Interest Income of $14 and $16	(29)	(31)
Other Expense, Net	(22)	(35)
Income Before Income Taxes	182	119
Income Tax Provision	(59)	(38)
Net Income	123	81
Net Income Attributable to Noncontrolling Interests	11	9
Net Income Attributable to Weatherford	$ 112	$ 72
Basic Income per Share (in dollars per share)	$ 1.54	$ 1
Basic Weighted Average Shares Outstanding (in shares)	72.9	71.5
Diluted Income per Share (in dollars per share)	$ 1.50	$ 0.97
Diluted Weighted Average Shares Outstanding (in shares)	74.7	73.5
Services
Revenue:
Total Revenue	$ 865	$ 741
Costs and Expenses:
Cost of Services and Products	527	450
Products
Revenue:
Total Revenue	493	445
Costs and Expenses:
Cost of Services and Products	$ 357	$ 340

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Parenthetical - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Interest Income	$ 14	$ 16

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 123	$ 81
Foreign Currency Translation Adjustments	(24)	3
Comprehensive Income	99	84
Net Income Attributable to Noncontrolling Interests	11	9
Comprehensive Income Attributable to Weatherford	$ 88	$ 75

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and Cash Equivalents	$ 824	$ 958
Restricted Cash	113	105
Accounts Receivable, Net of Allowance for Credit Losses of $16 at March 31, 2024 and $16 at December 31, 2023	1,251	1,216
Inventories, Net	850	788
Other Current Assets	274	278
Total Current Assets	3,312	3,345
Property, Plant and Equipment, Net of Accumulated Depreciation of $900 at March 31, 2024 and $883 at December 31, 2023	988	957
Intangibles, Net of Accumulated Amortization of $678 at March 31, 2024 and $639 at December 31, 2023	417	370
Operating Lease Assets	135	138
Other Non-Current Assets	238	258
Total Assets	5,090	5,068
Liabilities:
Current Portion of Long-term Debt	101	168
Accounts Payable	716	679
Accrued Salaries and Benefits	298	387
Income Taxes Payable	147	138
Current Portion of Operating Lease Liabilities	47	46
Other Current Liabilities	491	448
Total Current Liabilities	1,800	1,866
Long-term Debt	1,629	1,715
Operating Lease Liabilities	124	131
Non-current Taxes Payable	286	282
Other Non-Current Liabilities	151	152
Total Liabilities	3,990	4,146
Shareholders’ Equity:
Ordinary Shares - Par Value $0.001; Authorized 1,356 shares, Issued and Outstanding 73.2 shares at March 31, 2024 and 72.1 at December 31, 2023	0	0
Capital in Excess of Par Value	2,985	2,906
Retained Deficit	(1,842)	(1,954)
Accumulated Other Comprehensive Loss	(52)	(28)
Weatherford Shareholders’ Equity	1,091	924
Noncontrolling Interests	9	(2)
Total Shareholders’ Equity	1,100	922
Total Liabilities and Shareholders’ Equity	$ 5,090	$ 5,068

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Losses	$ 16	$ 16
Property, Plant and Equipment, Accumulated Depreciation	900	883
Intangibles, Accumulated Amortization	$ 678	$ 639
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)	73.2	72.1
Ordinary Shares, Outstanding (in shares)	73.2	72.1

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net Income	$ 123	$ 81
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	85	80
Foreign Exchange Losses	15	29
Inventory Charges	6	11
Gain on Disposition of Assets	(7)	(5)
Deferred Income Tax Provision	14	18
Share-Based Compensation	13	9
Changes in Accounts Receivable, Inventory, and Accounts Payable:
Accounts Receivable	(112)	(96)
Inventories	(53)	(45)
Accounts Payable	99	64
Other Changes, Net	(52)	(62)
Net Cash Provided by Operating Activities	131	84
Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment	(59)	(64)
Proceeds from Disposition of Assets	10	7
Business Acquisitions, Net of Cash Acquired	(36)	(4)
Proceeds from Sale of Investments	41	0
Other Investing Activities	(10)	(3)
Net Cash Used in Investing Activities	(54)	(64)
Cash Flows From Financing Activities:
Repayments of Long-term Debt	(172)	(66)
Distributions to Noncontrolling Interests	0	(6)
Tax Remittance on Equity Awards Vested	(8)	(52)
Other Financing Activities	(7)	(3)
Net Cash Used in Financing Activities	(187)	(127)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(16)	(22)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(126)	(129)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	1,063	1,112
Cash, Cash Equivalents and Restricted Cash at End of Period	937	983
Supplemental Cash Flow Information:
Interest Paid	8	18
Income Taxes Paid, Net of Refunds	35	29
844,702 Shares of Common Stock Issued for Acquisitions	$ 75	$ 0

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	3 Months Ended
	Mar. 31, 2024 shares
Acquisitions
Ordinary shares issued for acquisition (in shares)	844,702

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. Summary of Significant Accounting Policies Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on our significant accounting policies. Certain reclassifications have been made to these Condensed Consolidated Financial Statements and accompanying footnotes for the three months ended March 31, 2023 to conform to the presentation for the three months ended March 31, 2024. Accounting Standards Issued Not Yet Adopted Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. 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 Condensed Consolidated Financial Statements.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	2 – Segment Information Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2023 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE”, (2) Well Construction and Completions “WCC”, and (3) Production and Intervention “PRI”. 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. All other includes results from non-core business activities (including integrated services and projects), and corporate includes overhead support and centrally managed or shared facilities costs. All other and corporate do not individually meet the criteria for segment reporting. Three Months Ended March 31, (Dollars in millions) 2024 2023 Revenues: DRE Revenues $ 422 $ 372 WCC Revenues 458 421 PRI Revenues 348 349 All Other 130 44 Total Revenues $ 1,358 $ 1,186 Operating Income: DRE Segment Adjusted EBITDA $ 130 $ 108 WCC Segment Adjusted EBITDA 120 96 PRI Segment Adjusted EBITDA 73 68 All Other 27 9 Corporate (14) (12) Depreciation and Amortization (85) (80) Share-based Compensation (13) (9) Other Credits (Charges) (5) 5 Operating Income $ 233 $ 185

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	3 – Revenue Disaggregated Revenue The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenue was $34 million in the three months ended March 31, 2024 and $33 million for the three months ended March 31, 2023. During the three months ended March 31, 2024, the U.S. and the Kingdom of Saudi Arabia accounted for 15% and 10%, respectively, of total revenue. In addition, Mexico accounted for 14% of total revenue, driven by our largest customer, which accounted for 12% of our total revenue. During the three months ended March 31, 2023, the U.S. and Mexico accounted for 18% and 12%, respectively, of total revenue. No other country accounted for more than 10% of our revenue in the periods presented. Three Months Ended March 31, (Dollars in millions) 2024 2023 Revenue by Geographic Areas: North America (a) $ 267 $ 286 International 1,091 900 Middle East/North Africa/Asia 497 376 Latin America 370 317 Europe/Sub-Sahara Africa/Russia 224 207 Total Revenue $ 1,358 $ 1,186 (a) North America consists of the U.S. and Canada. Contract Balances The timing of our revenue recognition, billings, and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of March 31, 2024 and December 31, 2023: (Dollars in millions) March 31, 2024 December 31, 2023 Receivables for Product and Services in Accounts Receivable, Net $ 1,221 $ 1,182 Receivables for Equipment Rentals in Account Receivable, Net $ 30 $ 34 Accounts Receivable, Net $ 1,251 $ 1,216 Contract Assets in Other Current Assets $ 52 $ 61 Contract Assets in Other Non-Current Assets $ 26 $ 24 Contract Liabilities in Other Current Liabilities $ 66 $ 58 Contract Liabilities in Other Non-Current Liabilities $ 4 $ 5

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories, Net	4 – Inventories, Net Inventories, net of reserves of $119 million and $121 million as of March 31, 2024 and December 31, 2023, respectively, are presented by category in the table below: (Dollars in millions) March 31, 2024 December 31, 2023 Finished Goods $ 725 $ 688 Work in Process and Raw Materials, Components and Supplies 125 100 Inventories, Net $ 850 $ 788 The change in inventory reserves includes the inventory charges primarily offset by the disposal of inventory previously reserved. The net charges are recorded in “Cost of Products” on our Condensed Consolidated Statements of Operations in the amount of $6 million and $11 million during the three months ended March 31, 2024 and March 31, 2023, respectively.

Intangibles, Net

Intangibles, Net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles, Net	5 – Intangibles, Net The components of intangible assets, net were as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Developed and Acquired Technology, Net of Accumulated Amortization of $508 at March 31, 2024 and $479 at December 31, 2023 $ 192 $ 135 Trade Names, Net of Accumulated Amortization of $170 at March 31, 2024 and $160 at December 31, 2023 225 235 Intangibles, Net of Accumulated Amortization of $678 at March 31, 2024 and $639 at December 31, 2023 $ 417 $ 370 Amortization expense was $41 million and $40 million for the three months ended March 31, 2024 and March 31, 2023, respectively, and is reported in “Selling, General and Administrative” on our Condensed Consolidated Statements of Operations. The increase was primarily related to intangibles acquired in connection with acquisitions during the three months ended March 31, 2024. Please refer to “Note 12 – Acquisitions”.

Borrowings and Other Debt Oblig

Borrowings and Other Debt Obligations	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings and Other Debt Obligations	6 – Borrowings and Other Debt Obligations (Dollars in millions) March 31, 2024 December 31, 2023 Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” $ 80 $ 151 Current Portion of Finance Leases 21 17 Current Portion of Long-term Debt $ 101 $ 168 8.625% Senior Notes due 2030 “2030 Senior Notes” $ 1,588 $ 1,587 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” — 92 Finance Leases 41 36 Long-term Debt $ 1,629 $ 1,715 2028 Senior Secured Notes On September 30, 2021, Weatherford International Ltd. (“Weatherford Bermuda”) issued 6.50% senior secured notes in aggregate principal amount of $500 million maturing September 15, 2028 (the “2028 Senior Secured Notes”). Interest is payable semiannually on September 15 and March 15 of each year, and commenced on March 15, 2022. Proceeds from the issuance were reduced by debt issuance costs. In the first quarter of 2024 we repurchased $167 million in principal of our 2028 Senior Secured Notes. At March 31, 2024, the carrying value was reclassified as short-term and represents the remaining unpaid principal of $82 million offset by unamortized deferred issuance cost of $2 million. At December 31, 2023, the carrying value represented unpaid principal of $248 million offset by unamortized deferred issuance cost of $5 million. 2030 Senior Notes On October 27, 2021, Weatherford Bermuda issued 8.625% senior notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the “2030 Senior Notes”). Interest is payable semiannually on June 1 and December 1 of each year, and commenced on June 1, 2022. On December 1, 2022, the indenture related to our 2030 Senior Notes was amended and supplemented to add Weatherford International, LLC (“Weatherford Delaware”) as co-issuer and co-obligor, and concurrently releases the guarantee of Weatherford Delaware. At March 31, 2024 and December 31, 2023, the carrying value represents the remaining unpaid principal of $1.6 billion at each date, offset by unamortized deferred issuance cost of $12 million and $13 million, respectively. Credit Agreement Weatherford Bermuda, Weatherford Delaware, Weatherford Canada Ltd. (“Weatherford Canada”) and WOFS International Finance GmbH (“Weatherford Switzerland”), together as borrowers, and the Company as parent, have an amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement is guaranteed by the Company and certain of our subsidiaries and secured by substantially all of the personal property of the Company and those subsidiaries. At March 31, 2024 and December 31, 2023, the Credit Agreement allowed for a total commitment amount of $550 million, maturing on the earlier of October 24, 2028 and 91 days prior to the maturity of the 2028 Senior Secured Notes. Financial covenants in the Credit Agreement include a $250 million minimum liquidity covenant (which may increase up to $400 million dependent on the nature of transactions we may decide to enter into), a minimum interest coverage ratio of 2.50 to 1.00, a maximum total net leverage ratio of 3.50 to 1.00, and a maximum secured net leverage ratio of 1.50 to 1.00. On March 24, 2023, we amended the Credit Agreement to permit unlimited prepayments and other redemptions of indebtedness subject to (i) the ratio of funded debt (net of unrestricted cash in excess of $400 million to consolidated adjusted EBITDA as defined in the Credit Agreement, not exceeding 2.50 to 1.00, (ii) no default or event of default existing and (iii) aggregate proforma liquidity in the event of a debt reduction equaling or exceeding $300 million. On October 24, 2023, we amended the Credit Agreement to, among other things, (i) allow for an increase in total commitment amount from $400 million to $550 million ($250 million for performance letters of credit and $300 million for either borrowings or additional performance or financial letters of credit), (ii) extend maturity to October 24, 2028, subject to certain conditions, (iii) allow for dividends, share buybacks, and acquisitions which combined with other permitted transactions, are not to exceed a total net leverage ratio of 2.00 to 1.00 and an aggregate liquidity not less than $400 million, (iv) remove the minimum book value of assets requirement, (v) add Weatherford Switzerland as a borrower, and (vi) modify certain pricing provisions and eliminate secured overnight financing rate exposure to certain letters of credit. The amendment also gives the ability to request an increase in total commitments by up to $200 million, upon satisfaction of certain conditions. We further amended the Credit Agreement on December 20, 2023, to permit a certain specified swap transaction. As of March 31, 2024, we had zero borrowings outstanding under the Credit Agreement, and $374 million of letters of credit outstanding, consisting of the $273 million ($223 million for performance letters of credit and $50 million for financial letters of credit) under the Credit Agreement and another $101 million under various uncommitted bi-lateral facilities (of which there was $100 million in cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). As of December 31, 2023, we had zero borrowings outstanding under the Credit Agreement, and $376 million of letters of credit outstanding, consisting of the $270 million ($218 million for performance letters of credit and $52 million for financial letters of credit) under the Credit Agreement and another $106 million under various uncommitted bi-lateral facilities (of which there was $101 million in cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). Fair Value The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The table below presents the fair value and carrying value of our long-term debt (excluding finance leases). March 31, 2024 December 31, 2023 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 6.50% Senior Secured Notes due 2028 $ 80 $ 84 $ 243 $ 258 8.625% Senior Notes due 2030 1,588 1,672 1,587 1,673 Long-Term Debt (excluding Finance Leases) $ 1,668 $ 1,756 $ 1,830 $ 1,931

Disputes, Litigation and Legal

Disputes, Litigation and Legal Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Disputes, Litigation and Legal Contingencies	7 – 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, which 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	8 – Shareholders’ Equity The change in shares issued and outstanding on our Condensed Consolidated Balance Sheets from 72.1 million as of December 31, 2023 to 73.2 million as of March 31, 2024, was due to equity awards granted, vested, and exercised, net of shares withheld for taxes. The change in shares also included the issuance of 844,702 of our ordinary shares in connection with acquisitions during the quarter. See “Note 12 – Acquisitions” in our Notes to Condensed Consolidated Financial Statements for further details. The following summarizes our shareholders’ equity activity for the three months ended March 31, 2024 and 2023: (Dollars in millions) Capital in Excess of Par Value Retained Income (Deficit) Accumulated Other Comprehensive Loss Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2023 $ 2,906 $ (1,954) $ (28) $ (2) $ 922 Net Income — 112 — 11 123 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 4 — — — 4 Other Comprehensive Loss — — (24) — (24) Equity Issued for Acquisitions 75 — — — 75 Balance at March 31, 2024 $ 2,985 $ (1,842) $ (52) $ 9 $ 1,100 (Dollars in millions) Capital in Excess of Par Value Retained Income (Deficit) Accumulated Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2022 $ 2,928 $ (2,371) $ (22) $ 16 $ 551 Net Income — 72 — 9 81 Distributions to Noncontrolling Interests — — — (6) (6) Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes (43) — — — (43) Other Comprehensive Income — — 3 — 3 Balance at March 31, 2023 $ 2,885 $ (2,299) $ (19) $ 19 $ 586 The following table presents the changes in our accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2023 $ (43) $ 15 $ (28) Other Comprehensive Loss (24) — (24) Balance at March 31, 2024 $ (67) $ 15 $ (52) Balance at December 31, 2022 $ (41) $ 19 $ (22) Other Comprehensive Income 3 — 3 Balance at March 31, 2023 $ (38) $ 19 $ (19)

Income per Share

Income per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Income per Share	9 – Income per Share A reconciliation of the number of shares used for the basic and diluted income per share calculation was as follows: Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2024 2023 Net Income Attributable to Weatherford $ 112 $ 72 Basic Weighted Average Shares Outstanding 72.9 71.5 Dilutive Effect of Awards Granted in Stock Incentive Plan 1.8 2.0 Diluted Weighted Average Shares Outstanding 74.7 73.5 Basic Income per Share $ 1.54 $ 1.00 Diluted Income per Share $ 1.50 $ 0.97 Antidilutive Weighted Average Shares: Warrants — 7.8 Equity Awards 0.5 0.8 Total Antidilutive Weighted Average Shares 0.5 8.6 Basic income per share for all periods presented equals net income divided by our weighted average shares outstanding during the period. Diluted income per share is computed by dividing net income by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Antidilutive weighted average shares represent securities that could potentially dilute income per share in the future, which are excluded from the computation as their impact was antidilutive. Warrants to purchase 7.8 million ordinary shares at $99.96 per share were issued on December 13, 2019 and expired on December 13, 2023. For the three months ended March 31, 2023 warrants were excluded from the diluted weighted average shares outstanding as the exercise price of the warrants was greater than the average market price of the Company’s ordinary shares.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10 – Income Taxes We recognized a tax expense of $59 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 where we recognized tax expense of $38 million. During the three months ended March 31, 2024, income tax expense was higher primarily due to increased earnings before taxes. We calculate income tax provision using the estimated annual effective tax rate method in accordance with Accounting Standards Codification “ASC” 740 - Income Taxes. The relationship between our pre-tax income or loss and our income tax provision or benefit varies from period to period due to various factors which include changes in total pre-tax income or loss, the jurisdictions in which our income is earned, the tax laws in those jurisdictions and in our operating structure. We provide for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries are considered residents for income tax purposes. Our income tax provisions are primarily driven by income in certain jurisdictions 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. This is partially offset by the utilization of previously unbenefited deferred tax assets, such as net operating loss carryforwards. In December 2023, Ireland enacted tax legislation that models the Organization of Economic Cooperation and Development reform plans focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as “Pillar Two.” This is not expected to materially increase the taxes we owe. We routinely undergo tax examination in various jurisdictions. We cannot predict the timing or outcome regarding resolution of these tax examinations or if they will have a material impact on our financial statements. As of March 31, 2024, we anticipate that it is reasonably possible that our uncertain tax positions of $286 million, including interest and penalties offset by net operating losses and other tax attributes if settled, may decrease by up to $12 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.

Credit Default Swap

Credit Default Swap	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Credit Default Swap	11 – Credit Default Swap During the fourth quarter of 2023, we entered into a credit default swap (“CDS”) with a third-party financial institution terminating in February of 2026 related to a secured loan between that third-party financial institution and our largest customer in Mexico. The secured loan was utilized by this customer to pay certain of our outstanding receivables and accordingly, in the fourth quarter of 2023 and January of 2024, we received $140 million and $142 million, respectively. Under the CDS terms, within five As of the date of this report, we are not aware of any events of default under the loan agreement between that third-party financial institution and our largest customer in Mexico.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	12 – Acquisitions During the three months ended March 31, 2024, we closed on acquisitions with total consideration of $136 million, which includes $36 million in cash net of cash acquired and 844,702 of our ordinary shares valued at $75 million on the closing dates. The purchases were accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification “ASC” 805 Business Combinations and the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values measured in accordance with the guidance under ASC 820 Fair Value Measurement.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	13 – Subsequent Events Our Credit Agreement gives us the right, subject to certain terms and conditions, to effectuate from time to time an increase in total commitments by up to $200 million. As such, on April 22, 2024, additional lenders joined the Credit Agreement, providing an increase in total commitments from $550 million to $680 million (performance letters of credit increased from $250 million to $309 million and borrowings or additional performance or financial letters of credit increased from $300 million to $371 million). On April 23, 2024, we issued a notice to redeem the remainder of our 6.5% Senior Secured Notes due 2028 on May 23, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income Attributable to Weatherford	$ 112	$ 72

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates.
Principles of Consolidation	In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated.
Accounting Standards Issued Not Yet Adopted	Accounting Standards Issued Not Yet Adopted Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2023 Form 10-K for the discussion on accounting pronouncements that have been issued but not yet effective for the interim periods presented that are not expected to have a material impact on our financial position or results of operations. 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 Condensed Consolidated Financial Statements.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Financial information by segment	Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2023 Form 10-K. We have three reportable segments: (1) Drilling and Evaluation “DRE”, (2) Well Construction and Completions “WCC”, and (3) Production and Intervention “PRI”. 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. All other includes results from non-core business activities (including integrated services and projects), and corporate includes overhead support and centrally managed or shared facilities costs. All other and corporate do not individually meet the criteria for segment reporting. Three Months Ended March 31, (Dollars in millions) 2024 2023 Revenues: DRE Revenues $ 422 $ 372 WCC Revenues 458 421 PRI Revenues 348 349 All Other 130 44 Total Revenues $ 1,358 $ 1,186 Operating Income: DRE Segment Adjusted EBITDA $ 130 $ 108 WCC Segment Adjusted EBITDA 120 96 PRI Segment Adjusted EBITDA 73 68 All Other 27 9 Corporate (14) (12) Depreciation and Amortization (85) (80) Share-based Compensation (13) (9) Other Credits (Charges) (5) 5 Operating Income $ 233 $ 185

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates our revenue from contracts with customers by geographic area and includes equipment rental revenue. Equipment rental revenue was $34 million in the three months ended March 31, 2024 and $33 million for the three months ended March 31, 2023. During the three months ended March 31, 2024, the U.S. and the Kingdom of Saudi Arabia accounted for 15% and 10%, respectively, of total revenue. In addition, Mexico accounted for 14% of total revenue, driven by our largest customer, which accounted for 12% of our total revenue. During the three months ended March 31, 2023, the U.S. and Mexico accounted for 18% and 12%, respectively, of total revenue. No other country accounted for more than 10% of our revenue in the periods presented. Three Months Ended March 31, (Dollars in millions) 2024 2023 Revenue by Geographic Areas: North America (a) $ 267 $ 286 International 1,091 900 Middle East/North Africa/Asia 497 376 Latin America 370 317 Europe/Sub-Sahara Africa/Russia 224 207 Total Revenue $ 1,358 $ 1,186 (a) North America consists of the U.S. and Canada.
Schedule of Contract Balances	Contract Balances The timing of our revenue recognition, billings, and cash collections results in the recording of accounts receivable, contract assets, and contract liabilities. The following table summarizes these balances as of March 31, 2024 and December 31, 2023: (Dollars in millions) March 31, 2024 December 31, 2023 Receivables for Product and Services in Accounts Receivable, Net $ 1,221 $ 1,182 Receivables for Equipment Rentals in Account Receivable, Net $ 30 $ 34 Accounts Receivable, Net $ 1,251 $ 1,216 Contract Assets in Other Current Assets $ 52 $ 61 Contract Assets in Other Non-Current Assets $ 26 $ 24 Contract Liabilities in Other Current Liabilities $ 66 $ 58 Contract Liabilities in Other Non-Current Liabilities $ 4 $ 5

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Components of Inventory	Inventories, net of reserves of $119 million and $121 million as of March 31, 2024 and December 31, 2023, respectively, are presented by category in the table below: (Dollars in millions) March 31, 2024 December 31, 2023 Finished Goods $ 725 $ 688 Work in Process and Raw Materials, Components and Supplies 125 100 Inventories, Net $ 850 $ 788

Intangibles, Net (Tables)

Intangibles, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of intangible assets, net were as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Developed and Acquired Technology, Net of Accumulated Amortization of $508 at March 31, 2024 and $479 at December 31, 2023 $ 192 $ 135 Trade Names, Net of Accumulated Amortization of $170 at March 31, 2024 and $160 at December 31, 2023 225 235 Intangibles, Net of Accumulated Amortization of $678 at March 31, 2024 and $639 at December 31, 2023 $ 417 $ 370

Borrowings and Other Debt Obl_2

Borrowings and Other Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Dollars in millions) March 31, 2024 December 31, 2023 Current Portion of 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” $ 80 $ 151 Current Portion of Finance Leases 21 17 Current Portion of Long-term Debt $ 101 $ 168 8.625% Senior Notes due 2030 “2030 Senior Notes” $ 1,588 $ 1,587 6.50% Senior Secured Notes due 2028 “2028 Senior Secured Notes” — 92 Finance Leases 41 36 Long-term Debt $ 1,629 $ 1,715
Fair Value and Carrying Value of Long-Term Debt	The table below presents the fair value and carrying value of our long-term debt (excluding finance leases). March 31, 2024 December 31, 2023 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value 6.50% Senior Secured Notes due 2028 $ 80 $ 84 $ 243 $ 258 8.625% Senior Notes due 2030 1,588 1,672 1,587 1,673 Long-Term Debt (excluding Finance Leases) $ 1,668 $ 1,756 $ 1,830 $ 1,931

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Stockholders' Equity	The following summarizes our shareholders’ equity activity for the three months ended March 31, 2024 and 2023: (Dollars in millions) Capital in Excess of Par Value Retained Income (Deficit) Accumulated Other Comprehensive Loss Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2023 $ 2,906 $ (1,954) $ (28) $ (2) $ 922 Net Income — 112 — 11 123 Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes 4 — — — 4 Other Comprehensive Loss — — (24) — (24) Equity Issued for Acquisitions 75 — — — 75 Balance at March 31, 2024 $ 2,985 $ (1,842) $ (52) $ 9 $ 1,100 (Dollars in millions) Capital in Excess of Par Value Retained Income (Deficit) Accumulated Noncontrolling Interests Total Shareholders’ Equity Balance at December 31, 2022 $ 2,928 $ (2,371) $ (22) $ 16 $ 551 Net Income — 72 — 9 81 Distributions to Noncontrolling Interests — — — (6) (6) Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes (43) — — — (43) Other Comprehensive Income — — 3 — 3 Balance at March 31, 2023 $ 2,885 $ (2,299) $ (19) $ 19 $ 586
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in our accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023: (Dollars in millions) Currency Translation Adjustment Defined Benefit Pension Total Balance at December 31, 2023 $ (43) $ 15 $ (28) Other Comprehensive Loss (24) — (24) Balance at March 31, 2024 $ (67) $ 15 $ (52) Balance at December 31, 2022 $ (41) $ 19 $ (22) Other Comprehensive Income 3 — 3 Balance at March 31, 2023 $ (38) $ 19 $ (19)

Income per Share (Tables)

Income per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	A reconciliation of the number of shares used for the basic and diluted income per share calculation was as follows: Three Months Ended March 31, (Dollars and shares in millions, except per share amounts) 2024 2023 Net Income Attributable to Weatherford $ 112 $ 72 Basic Weighted Average Shares Outstanding 72.9 71.5 Dilutive Effect of Awards Granted in Stock Incentive Plan 1.8 2.0 Diluted Weighted Average Shares Outstanding 74.7 73.5 Basic Income per Share $ 1.54 $ 1.00 Diluted Income per Share $ 1.50 $ 0.97 Antidilutive Weighted Average Shares: Warrants — 7.8 Equity Awards 0.5 0.8 Total Antidilutive Weighted Average Shares 0.5 8.6

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Segment Reporting Information [Line Items]
Revenue	$ 1,358	$ 1,186
Total Revenue	1,358	1,186
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	182	119
Depreciation and Amortization	(85)	(80)
Share-based Compensation	(13)	(9)
Other Credits (Charges)	(5)	5
Operating Income	233	185
Operating Segments | Drilling and Evaluation
Segment Reporting Information [Line Items]
Revenue	422	372
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	130	108
Operating Segments | Well Construction And Completion
Segment Reporting Information [Line Items]
Revenue	458	421
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	120	96
Operating Segments | Production and Intervention
Segment Reporting Information [Line Items]
Revenue	348	349
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	73	68
All Other
Segment Reporting Information [Line Items]
Revenue	130	44
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	27	9
Corporate
Segment Reporting Information [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (14)	$ (12)

Revenue - Narrative Section (De

Revenue - Narrative Section (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Equipment rental revenue	$ 34	$ 33
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | United States
Concentration Risk [Line Items]
Concentration risk, percentage	15%	18%
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Saudi Arabia
Concentration Risk [Line Items]
Concentration risk, percentage	10%
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Mexico
Concentration Risk [Line Items]
Concentration risk, percentage	14%	12%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Largest customer
Concentration Risk [Line Items]
Concentration risk, percentage	12%

Revenue - Geographic Areas (Det

Revenue - Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,358	$ 1,186
North America
Disaggregation of Revenue [Line Items]
Total Revenue	267	286
Non-US
Disaggregation of Revenue [Line Items]
Total Revenue	1,091	900
Middle East/North Africa/Asia
Disaggregation of Revenue [Line Items]
Total Revenue	497	376
Latin America
Disaggregation of Revenue [Line Items]
Total Revenue	370	317
Europe/Sub-Sahara Africa/Russia
Disaggregation of Revenue [Line Items]
Total Revenue	$ 224	$ 207

Revenue - Contract Balances (De

Revenue - Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 1,251	$ 1,216
Accounts Receivable, Net	1,251	1,216
Contract Assets in Other Current Assets	52	61
Contract Assets in Other Non-Current Assets	26	24
Contract Liabilities in Other Current Liabilities	66	58
Contract Liabilities in Other Non-Current Liabilities	4	5
Product and Services
Disaggregation of Revenue [Line Items]
Receivables, Net	1,221	1,182
Equipment Rentals
Disaggregation of Revenue [Line Items]
Receivables, Net	$ 30	$ 34

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 119		$ 121
Finished Goods	725		688
Work in Process and Raw Materials, Components and Supplies	125		100
Inventories, Net	850		$ 788
Inventory [Line Items]
Inventory Charges	6	$ 11
Cost of Products
Inventory [Line Items]
Inventory Charges	$ 6	$ 11

Intangibles, Net - Schedule of

Intangibles, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangibles, Net of Accumulated Amortization of $678 at March 31, 2024 and $639 at December 31, 2023	$ 417	$ 370
Intangibles, Accumulated Amortization	678	639
Developed and Acquired Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	192	135
Intangibles, Accumulated Amortization	508	479
Trade Names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	225	235
Intangibles, Accumulated Amortization	$ 170	$ 160

Intangibles, Net - Narrative (D

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 41	$ 40

Borrowings and Other Debt Obl_3

Borrowings and Other Debt Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Oct. 27, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Current Portion of Finance Leases	$ 21	$ 17
Current Portion of Long-term Debt	101	168
Finance Leases	41	36
Long-term Debt	1,629	1,715
Senior Notes | Senior Notes 8.625 Percent Due 2030
Debt Instrument [Line Items]
Long-term debt	1,588	1,587
Interest rate			8.625%
Senior Notes | Senior Notes 6.5 Percent Due 2028
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	80	151
Long-term debt	$ 0	$ 92
Interest rate				6.50%

Borrowings and Other Debt Obl_4

Borrowings and Other Debt Obligations - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 24, 2023 USD ($)	Mar. 24, 2023 USD ($)	Oct. 27, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 12, 2019 USD ($)
Short-term Debt [Line Items]
Debt Instrument, Covenant, Maximum Net Leverage Ratio			2
Minimum liquidity amount			$ 400
Letters of credit outstanding, amount	$ 374	$ 376
Performance Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	223	218
Performance Letters of Credit Or Other Borrowings
Short-term Debt [Line Items]
Letters of credit outstanding, amount	50	52
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	273	270
Uncommitted Letters of Credit
Short-term Debt [Line Items]
Letters of credit outstanding, amount	101	106
Letters of credit outstanding, cash collateral	100	101
Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity			550				$ 400
Amended LC Credit Agreement | Performance Letters of Credit
Short-term Debt [Line Items]
Credit agreement, maximum capacity			250
Amended LC Credit Agreement | Performance Letters of Credit Or Other Borrowings
Short-term Debt [Line Items]
Credit agreement, maximum capacity			300
Senior Notes | Senior Notes 6.5 Percent Due 2028
Short-term Debt [Line Items]
Stated interest rate on debt						6.50%
Face amount of debt						$ 500
Repayments of Senior Debt	167
Long-Term Debt, Gross	82	248
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	2	5
Senior Notes | Senior Notes 8.625 Percent Due 2030
Short-term Debt [Line Items]
Stated interest rate on debt					8.625%
Face amount of debt					$ 1,600
Long-Term Debt, Gross	1,600	1,600
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	12	13
Line of Credit | Amended LC Credit Agreement
Short-term Debt [Line Items]
Credit agreement, maximum capacity	550	550	$ 200	$ 400
Credit Agreement Minimum Liquidity Requirement	250
Credit Agreement Minimum Liquidity Requirement, Increase Limit	$ 400
Debt instrument, covenant, minimum interest coverage ratio	2.50			2.50
Debt Instrument, Covenant, Maximum Net Leverage Ratio	3.50
Debt Instrument, Covenant, Maximum Secured Net Leverage Ratio	1.50
Minimum liquidity amount				$ 300
LC Credit Agreement Letters of Credit
Short-term Debt [Line Items]
Face amount of debt	$ 0	$ 0

Borrowings and Other Debt Obl_5

Borrowings and Other Debt Obligations - Fair and Carrying Value of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Oct. 27, 2021	Sep. 30, 2021
Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 80	$ 243
Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,588	1,587
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	1,668	1,830
Senior Notes | Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate				6.50%
Senior Notes | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate			8.625%
Fair Value, Inputs, Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	1,756	1,931
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value | Senior Notes 6.5 Percent Due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	84	258
Fair Value, Inputs, Level 2 | Senior Notes | Fair Value | Senior Notes 8.625 Percent Due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 1,672	$ 1,673

Shareholders' Equity - Sharehol

Shareholders' Equity - Shareholders' Equity Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Issued and Treasury Shares [Line Items]
Ordinary Shares, Issued (in shares)	73,200,000		72,100,000
Ordinary Shares, Outstanding (in shares)	73,200,000		72,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 922	$ 551
Noncontrolling Interest Distributions		(6)
Net Income	123	81
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	(43)
Other Comprehensive Loss	(24)	3
Equity Issued for Acquisitions	75
Balance, ending balance	$ 1,100	586
Acquisitions
Schedule of Issued and Treasury Shares [Line Items]
Ordinary shares issued for acquisition (in shares)	844,702
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	$ 2,906	2,928
Equity Awards, Granted, Vested and Exercised, Net of Shares Withheld for Taxes	4	(43)
Equity Issued for Acquisitions	75
Balance, ending balance	2,985	2,885
Retained Income (Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(1,954)	(2,371)
Net Income	112	72
Balance, ending balance	(1,842)	(2,299)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(28)	(22)
Other Comprehensive Loss	(24)	3
Balance, ending balance	(52)	(19)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning balance	(2)	16
Noncontrolling Interest Distributions		(6)
Net Income	11	9
Balance, ending balance	$ 9	$ 19

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (28)
Other Comprehensive Income (Loss)	(24)	$ 3
Ending balance	(52)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(28)	(22)
Ending balance	(52)	(19)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(43)	(41)
Other Comprehensive Income (Loss)	(24)	3
Ending balance	(67)	(38)
Defined Benefit Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	15	19
Other Comprehensive Income (Loss)	0	0
Ending balance	$ 15	$ 19

Income per Share - Weighted Ave

Income per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income Attributable to Weatherford	$ 112	$ 72
Basic Weighted Average Shares Outstanding (in shares)	72.9	71.5
Dilutive Effect of Awards Granted in Stock Incentive Plan (in shares)	1.8	2
Weighted Average Number of Shares Outstanding, Diluted	74.7	73.5
Basic Income per Share (in dollars per share)	$ 1.54	$ 1
Diluted Income per Share (in dollars per share)	$ 1.50	$ 0.97
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Antidilutive Shares (in shares)	0.5	8.6
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Antidilutive Shares (in shares)	0	7.8
Equity Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total Antidilutive Shares (in shares)	0.5	0.8

Income per Share - Narrative (D

Income per Share - Narrative (Details) shares in Millions	Dec. 13, 2019 $ / shares shares
Earnings Per Share [Abstract]
Warrants outstanding (in shares) | shares	7.8
Warrants exercise price (in dollars per share) | $ / shares	$ 99.96

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 59	$ 38
Uncertain tax positions	286
Decrease in uncertain tax positions reasonably possible	$ 12

Credit Default Swap (Details)

Credit Default Swap (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Derivative [Line Items]
Proceeds from loans receivable	$ 142	$ 140
Credit default swap
Derivative [Line Items]
Period from notification of default that could be required to pay outstanding notional amount		5 days
Notional balance	$ 260	$ 130				$ 242
Credit default swap | Forecast
Derivative [Line Items]
Notional balance			$ 0	$ 54	$ 161

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Payments to acquired businesses, net of cash acquired	$ 36	$ 4
Acquisitions
Business Acquisition [Line Items]
Total consideration	136
Payments to acquired businesses, net of cash acquired	$ 36
Ordinary shares issued for acquisition (in shares)	844,702
Ordinary shares issued for acquisition	$ 75
Intangibles acquired	$ 85

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 23, 2024	Apr. 22, 2024	Oct. 24, 2023	Sep. 30, 2021	Dec. 12, 2019
Amended LC Credit Agreement
Subsequent Event [Line Items]
Credit agreement, increase limit			$ 200
Credit agreement, maximum capacity			550		$ 400
Amended LC Credit Agreement | Performance Letters of Credit
Subsequent Event [Line Items]
Credit agreement, maximum capacity			250
Amended LC Credit Agreement | Performance Letters of Credit Or Other Borrowings
Subsequent Event [Line Items]
Credit agreement, maximum capacity			$ 300
Senior Notes 6.5 Percent Due 2028 | Senior Notes
Subsequent Event [Line Items]
Interest rate				6.50%
Subsequent Event | Amended LC Credit Agreement
Subsequent Event [Line Items]
Credit agreement, maximum capacity		$ 680
Subsequent Event | Amended LC Credit Agreement | Performance Letters of Credit
Subsequent Event [Line Items]
Credit agreement, maximum capacity		309
Subsequent Event | Amended LC Credit Agreement | Performance Letters of Credit Or Other Borrowings
Subsequent Event [Line Items]
Credit agreement, maximum capacity		$ 371
Subsequent Event | Senior Notes 6.5 Percent Due 2028 | Senior Notes
Subsequent Event [Line Items]
Interest rate	6.50%