UNITED STATES | ||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||
WASHINGTON, D.C. 20549 |
(Mark One) | Form |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
For the quarterly period ended | ||||||||||||||
or | ||||||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
For the transition period from __________________________________to __________________________________ | ||||||||||||||
Commission file number |
| ||||||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
, | , | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
N/A | ||||||||||||||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
☑ | Smaller reporting company | ||||||||||||||||
Emerging growth company |
TABLE OF CONTENTS | ||||||||
PAGE | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(Dollars and shares in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues: | |||||||||||||||||
Services | $ | $ | $ | $ | |||||||||||||
Products | |||||||||||||||||
Total Revenues | |||||||||||||||||
Costs and Expenses: | |||||||||||||||||
Cost of Services | |||||||||||||||||
Cost of Products | |||||||||||||||||
Research and Development | |||||||||||||||||
Selling, General and Administrative | |||||||||||||||||
Restructuring Charges | |||||||||||||||||
Other Charges (Credits) | ( | ( | ( | ||||||||||||||
Total Costs and Expenses | |||||||||||||||||
Operating Income | |||||||||||||||||
Interest Expense, Net | ( | ( | ( | ( | |||||||||||||
Other Expense, Net | ( | ( | ( | ( | |||||||||||||
Income (Loss) Before Income Taxes | ( | ( | ( | ||||||||||||||
Income Tax Provision | ( | ( | ( | ( | |||||||||||||
Net Income (Loss) | ( | ( | ( | ||||||||||||||
Net Income Attributable to Noncontrolling Interests | |||||||||||||||||
Net Income (Loss) Attributable to Weatherford | $ | $ | ( | $ | ( | $ | ( | ||||||||||
Basic and Diluted Income (Loss) per Share | $ | $ | ( | $ | ( | $ | ( | ||||||||||
Basic Weighted Average Shares Outstanding | |||||||||||||||||
Diluted Weighted Average Shares Outstanding |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Income (Loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||
Foreign Currency Translation Adjustments | |||||||||||||||||
Comprehensive Income (Loss) | ( | ( | ( | ||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interests | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Weatherford | $ | $ | ( | $ | ( | $ | ( |
(Dollars and shares in millions, except par value) | June 30, 2022 | December 31, 2021 | ||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Cash and Cash Equivalents | $ | $ | ||||||
Restricted Cash | ||||||||
Accounts Receivable, Net of Allowance for Credit Losses of $ | ||||||||
Inventories, Net | ||||||||
Other Current Assets | ||||||||
Total Current Assets | ||||||||
Property, Plant and Equipment, Net of Accumulated Depreciation of $ | ||||||||
Intangible Assets, Net of Accumulated Amortization of $ | ||||||||
Operating Lease Right-of-Use Assets | ||||||||
Other Non-Current Assets | ||||||||
Total Assets | $ | $ | ||||||
Liabilities: | ||||||||
Current Portion of Long-term Debt | $ | $ | ||||||
Accounts Payable | ||||||||
Accrued Salaries and Benefits | ||||||||
Income Taxes Payable | ||||||||
Current Portion of Operating Lease Liabilities | ||||||||
Other Current Liabilities | ||||||||
Total Current Liabilities | ||||||||
Long-term Debt | ||||||||
Operating Lease Liabilities | ||||||||
Non-current Taxes Payable | ||||||||
Other Non-Current Liabilities | ||||||||
Total Liabilities | $ | $ | ||||||
Shareholders’ Equity: | ||||||||
Ordinary Shares - Par Value $ | $ | $ | ||||||
Capital in Excess of Par Value | ||||||||
Retained Deficit | ( | ( | ||||||
Accumulated Other Comprehensive Income (Loss) | ( | |||||||
Weatherford Shareholders’ Equity | ||||||||
Noncontrolling Interests | ||||||||
Total Shareholders’ Equity | ||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Six Months Ended June 30, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
Cash Flows From Operating Activities: | ||||||||
Net Loss | $ | ( | $ | ( | ||||
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities: | ||||||||
Depreciation and Amortization | ||||||||
Asset Write-downs and Other Charges | ||||||||
Inventory Charges | ||||||||
Gain on Disposition of Assets | ( | ( | ||||||
Deferred Income Tax Provision | ||||||||
Share-Based Compensation | ||||||||
Changes in Operating Assets and Liabilities, Net: | ||||||||
Accounts Receivable | ( | |||||||
Inventories | ( | |||||||
Accounts Payable | ||||||||
Other Assets and Liabilities, Net | ( | ( | ||||||
Net Cash (Used in) Provided by Operating Activities | ( | |||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures for Property, Plant and Equipment | ( | ( | ||||||
Proceeds from Disposition of Assets | ||||||||
Other Investing Activities | ||||||||
Net Cash Provided by (Used in) Investing Activities | ( | |||||||
Cash Flows From Financing Activities: | ||||||||
Repayments of Long-term Debt | ( | ( | ||||||
Repayments of Short-term Debt, Net | ( | |||||||
Other Financing Activities | ( | ( | ||||||
Net Cash Used in Financing Activities | ( | ( | ||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | ( | ( | ||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | ( | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | ||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ | ||||||
Supplemental Cash Flow Information: | ||||||||
Interest Paid | $ | $ | ||||||
Income Taxes Paid, Net of Refunds | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Drilling and Evaluation | $ | $ | $ | $ | ||||||||||||||||
Well Construction and Completions | ||||||||||||||||||||
Production and Intervention | ||||||||||||||||||||
Segment Revenues | ||||||||||||||||||||
All Other | ||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | ||||||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||
Drilling and Evaluation | $ | $ | $ | $ | ||||||||||||||||
Well Construction and Completions | ||||||||||||||||||||
Production and Intervention | ||||||||||||||||||||
Segment Adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||
Corporate and Other | ( | ( | ( | ( | ||||||||||||||||
Depreciation and Amortization | ( | ( | ( | ( | ||||||||||||||||
Share-based Compensation Expense | ( | ( | ( | ( | ||||||||||||||||
Other Adjustments (a) | ( | |||||||||||||||||||
Operating Income | $ | $ | $ | $ | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues by Geographic Areas: | |||||||||||||||||
Middle East/North Africa/Asia | $ | $ | $ | $ | |||||||||||||
North America | |||||||||||||||||
Latin America | |||||||||||||||||
Europe/Sub-Sahara Africa/Russia | |||||||||||||||||
Total Revenues | $ | $ | $ | $ | |||||||||||||
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||
Total Accounts Receivables | $ | $ | ||||||
Receivables for Product and Services in Accounts Receivable, Net | $ | $ | ||||||
Receivables for Equipment Rentals in Account Receivable, Net | $ | $ | ||||||
Short-Term Contract Assets in Other Current Assets | $ | $ | ||||||
Long-term Contract Assets in Other Non-Current Assets | $ | $ | ||||||
Contract Liabilities in Other Current Liabilities (a) | $ | $ |
(Dollars in millions) | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||
Service Revenue | $ | $ | $ | $ | $ | $ | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Drilling and Evaluation | $ | $ | $ | $ | |||||||||||||
Well Construction and Completions | |||||||||||||||||
Production and Intervention | |||||||||||||||||
All Other | |||||||||||||||||
Total Restructuring Charges | $ | $ | $ | $ | |||||||||||||
(Dollars in millions) | December 31, 2021 | Charges | Cash Payments | (Credits)/Other | June 30, 2022 | ||||||||||||||||||||||||
Restructuring Reserve | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
(Dollars in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Finished Goods | $ | $ | |||||||||
Work in Process and Raw Materials, Components and Supplies | |||||||||||
Inventories, Net | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Inventory Charges in “Cost of Products” | $ | $ | $ | $ | ||||||||||
Inventory Charges in “Other Charges (Credits)” | ||||||||||||||
Total Inventory Charges | $ | $ | $ | $ |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Developed and Acquired Technology, Net of Accumulated Amortization of $ | $ | $ | |||||||||
Trade Names, Net of Accumulated Amortization of $ | |||||||||||
Intangible Assets, Net of Accumulated Amortization of $ | $ | $ |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | |||||||||
Current Portion of Finance Leases | $ | $ | |||||||||
Current Portion of Exit Notes | |||||||||||
Current Portion of Long-term Debt | $ | $ | |||||||||
$ | $ | ||||||||||
Long-term Portion Finance Leases | |||||||||||
Long-term Debt | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(Dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Current and Long-Term Debt (excluding Finance Leases) | $ | $ | $ | $ | |||||||||||||
(Dollars in millions) | Capital in Excess of Par Value | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests “NCI” | Total Shareholders’ Equity | ||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Net Income (Loss) | — | ( | — | ( | |||||||||||||||||||||||||
Equity Awards, Granted, Vested and Exercised | — | — | — | ||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Net Income | — | — | |||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | ||||||||||||||||||||||||||
Dividends to NCI | — | — | — | ( | ( | ||||||||||||||||||||||||
Equity Awards Granted, Vested and Exercised | — | — | — | ||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Net Income (Loss) | — | ( | — | ( | |||||||||||||||||||||||||
Dividends to NCI | — | — | — | ( | ( | ||||||||||||||||||||||||
Other Comprehensive Loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Net Income (Loss) | — | ( | — | ( | |||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | ||||||||||||||||||||||||||
Dividends to NCI | — | — | — | ( | ( | ||||||||||||||||||||||||
Equity Awards Granted, Vested and Exercised | — | — | — | ||||||||||||||||||||||||||
Other | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | ( | $ | $ |
(Dollars in millions) | Currency Translation Adjustment | Defined Benefit Pension | Total | ||||||||
Balance at December 31, 2021 | $ | ( | $ | $ | ( | ||||||
Other Comprehensive Income | |||||||||||
Balance at June 30, 2022 | $ | $ | $ | ||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | |||||
Other Comprehensive Income | |||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(Dollars and shares in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Income (Loss) Attributable to Weatherford | $ | $ | ( | $ | ( | $ | ( | ||||||||||
Basic Weighted Average Shares Outstanding | |||||||||||||||||
Dilutive Effect of Awards Granted in Stock Incentive Plans | |||||||||||||||||
Diluted Weighted Average Shares Outstanding | |||||||||||||||||
Antidilutive Shares | |||||||||||||||||
Basic and Diluted Income (Loss) Per Share Attributable to Weatherford | $ | $ | ( | $ | ( | $ | ( | ||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | |||||||||||||||||
Oil price - WTI (1) | $108.72 | $66.09 | $101.59 | $61.94 | ||||||||||||||||
Oil price - Brent (1) | $113.54 | $68.83 | $106.92 | $64.83 | ||||||||||||||||
Natural gas price - Henry Hub (2) | $7.48 | $2.94 | $6.07 | $3.25 | ||||||||||||||||
(1) Oil price measured in dollars per barrel (rounded to the nearest $0.01) | ||||||||||||||||||||
(2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu (rounded to the nearest $0.01) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | ||||||||||||||
North America | 827 | 522 | 829 | 529 | |||||||||||||
International | 816 | 734 | 819 | 716 | |||||||||||||
Worldwide | 1,643 | 1,256 | 1,648 | 1,245 | |||||||||||||
Favorable | ||||||||||||||||||||
(Unfavorable) | ||||||||||||||||||||
Three Months Ended | $ | % or bps | ||||||||||||||||||
(Dollars in millions) | 6/30/2022 | 6/30/2021 | Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Drilling and Evaluation | $ | 317 | $ | 265 | $ | 52 | 20 | % | ||||||||||||
Well Construction and Completions | 383 | 337 | 46 | 14 | % | |||||||||||||||
Production and Intervention | 345 | 278 | 67 | 24 | % | |||||||||||||||
Segment Revenues | 1,045 | 880 | 165 | 19 | % | |||||||||||||||
All Other | 19 | 23 | (4) | (17) | % | |||||||||||||||
Total Revenues | $ | 1,064 | $ | 903 | $ | 161 | 18 | % | ||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||
Drilling and Evaluation | $ | 69 | $ | 46 | $ | 23 | 50 | % | ||||||||||||
Well Construction and Completions | 67 | 55 | 12 | 22 | % | |||||||||||||||
Production and Intervention | 68 | 46 | 22 | 48 | % | |||||||||||||||
Segment Adjusted EBITDA | $ | 204 | $ | 147 | $ | 57 | 39 | % | ||||||||||||
Corporate and Other | (18) | (11) | (7) | (64) | % | |||||||||||||||
Depreciation and Amortization | (90) | (114) | 24 | 21 | % | |||||||||||||||
Share-based Compensation Expense | (6) | (5) | (1) | (20) | % | |||||||||||||||
Other Adjustments | 14 | 8 | 6 | 75 | % | |||||||||||||||
Operating Income | $ | 104 | $ | 25 | $ | 79 | 316 | % | ||||||||||||
Segment Adjusted EBITDA Margins: | ||||||||||||||||||||
Drilling and Evaluation | 21.8 | % | 17.4 | % | n/m | 440 | bps | |||||||||||||
Well Construction and Completions | 17.5 | % | 16.3 | % | n/m | 120 | bps | |||||||||||||
Production and Intervention | 19.7 | % | 16.5 | % | n/m | 320 | bps | |||||||||||||
Segment Adjusted EBITDA | 19.5 | % | 16.7 | % | n/m | 280 | bps | |||||||||||||
Favorable | ||||||||||||||||||||
(Unfavorable) | ||||||||||||||||||||
Six Months Ended | $ | % or bps | ||||||||||||||||||
(Dollars in millions) | 6/30/2022 | 6/30/2021 | Change | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Drilling and Evaluation | $ | 609 | $ | 501 | $ | 108 | 22 | % | ||||||||||||
Well Construction and Completions | 727 | 660 | 67 | 10 | % | |||||||||||||||
Production and Intervention | 631 | 537 | 94 | 18 | % | |||||||||||||||
Segment Revenues | 1,967 | 1,698 | 269 | 16 | % | |||||||||||||||
All Other | 35 | 37 | (2) | (5) | % | |||||||||||||||
Total Revenues | $ | 2,002 | $ | 1,735 | $ | 267 | 15 | % | ||||||||||||
Segment Adjusted EBITDA: | ||||||||||||||||||||
Drilling and Evaluation | $ | 128 | $ | 75 | $ | 53 | 71 | % | ||||||||||||
Well Construction and Completions | 134 | 105 | 29 | 28 | % | |||||||||||||||
Production and Intervention | 107 | 87 | 20 | 23 | % | |||||||||||||||
Segment Adjusted EBITDA | $ | 369 | $ | 267 | $ | 102 | 38 | % | ||||||||||||
Corporate and Other | (32) | (29) | (3) | (10) | % | |||||||||||||||
Depreciation and Amortization | (177) | (225) | 48 | 21 | % | |||||||||||||||
Share-based Compensation Expense | (13) | (9) | (4) | (44) | % | |||||||||||||||
Other Adjustments | (25) | 8 | (33) | (413) | % | |||||||||||||||
Operating Income | $ | 122 | $ | 12 | $ | 110 | 917 | % | ||||||||||||
Segment Adjusted EBITDA Margins: | ||||||||||||||||||||
Drilling and Evaluation | 21.0 | % | 15.0 | % | n/m | 600 | bps | |||||||||||||
Well Construction and Completions | 18.4 | % | 15.9 | % | n/m | 250 | bps | |||||||||||||
Production and Intervention | 17.0 | % | 16.2 | % | n/m | 80 | bps | |||||||||||||
Segment Adjusted EBITDA | 18.8 | % | 15.7 | % | n/m | 310 | bps | |||||||||||||
Six Months Ended June 30, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
Net Cash (Used in) Provided by Operating Activities | $ | (4) | $ | 120 | ||||
Net Cash Provided by (Used in) Investing Activities | $ | 7 | $ | (2) | ||||
Net Cash Used in Financing Activities | $ | (25) | $ | (15) | ||||
Exhibit Number | Description | Original Filed Exhibit | File Number | |||||||||||
†31.1 | File No. 1-36504 | |||||||||||||
†31.2 | File No. 1-36504 | |||||||||||||
††32.1 | File No. 1-36504 | |||||||||||||
††32.2 | File No. 1-36504 | |||||||||||||
†101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document | |||||||||||||
†101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||||||
†101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||
†101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||
†101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||
†101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Weatherford International plc | |||||||||||
Date: | July 28, 2022 | By: | /s/ H. Keith Jennings | ||||||||
H. Keith Jennings | |||||||||||
Executive Vice President and | |||||||||||
Chief Financial Officer | |||||||||||
Date: | July 28, 2022 | By: | /s/ Desmond J. Mills | ||||||||
Desmond J. Mills | |||||||||||
Senior Vice President and | |||||||||||
Chief Accounting Officer | |||||||||||
Date: | July 28, 2022 | |||||||
/s/ Girishchandra K. Saligram | ||||||||
Girishchandra K. Saligram | ||||||||
President and Chief Executive Officer |
Date: | July 28, 2022 | |||||||
/s/ H. Keith Jennings | ||||||||
H. Keith Jennings | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |
/s/ Girishchandra K. Saligram | |||||||||||
Name: | Girishchandra K. Saligram | ||||||||||
Title: | President and Chief Executive Officer | ||||||||||
Date: | July 28, 2022 | ||||||||||
/s/ H. Keith Jennings | |||||||||||
Name: | H. Keith Jennings | ||||||||||
Title: | Executive Vice President and Chief Financial Officer | ||||||||||
Date: | July 28, 2022 | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ 12 | $ (73) | $ (62) | $ (183) |
Foreign Currency Translation Adjustments | 59 | 15 | 59 | 11 |
Comprehensive Income (Loss) | 71 | (58) | (3) | (172) |
Comprehensive Income Attributable to Noncontrolling Interests | 6 | 5 | 12 | 11 |
Comprehensive Income (Loss) Attributable to Weatherford | $ 65 | $ (63) | $ (15) | $ (183) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets, Current [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 30 | $ 31 |
Noncurrent Assets: | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 718 | 623 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 403 | $ 328 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 1,356 | 1,356 |
Common Stock, Shares, Issued | 70 | 70 |
Common Stock, Shares, Outstanding | 70 | 70 |
Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 1 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. Summary of Significant Accounting Policies Please refer to “Note 1 – Summary of Significant Accounting Policies” of our Consolidated Financial Statements from our 2021 Annual Report for the discussion on our significant accounting policies. Certain reclassifications have been made to the financial statements and accompanying footnotes for the three and six months ended June 30, 2021 to conform to the presentation for the three and six months ended June 30, 2022, including the change in reportable segments made during the fourth quarter of 2021. New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | 2 – Segment Information Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2021 Annual Report. During the fourth quarter of 2021, our chief operating decision maker changed the information regularly reviewed to be aligned with how we offer our services and technologies in relation to the life cycle of a well and we have realigned our reportable segments to reflect the change. All of our segments are enabled by a full suite of digital, monitoring, optimization and artificial intelligence solutions providing services throughout the well life cycle, including responsible abandonment. We have three reportable segments: (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention. Previously we had two geographic based reportable segments, Western Hemisphere and Eastern Hemisphere. Our primary measure of segment profitability is segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.
(a)Other adjustments in six months ended June 30, 2022 primarily include a net credit from the gain on asset sales related to our fulfillment initiatives and collections of previously impaired receivables in the three months ended June 30, 2022 offset by net charges in the three months ended March 31, 2022 that include a $20 million restructuring charge and a $17 million charge related to Ukraine. See “Note 4 – Restructuring Charges” for additional information on restructuring around our fulfillment initiatives.
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Revenues |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 3 – Revenues Disaggregated Revenue Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to receive, in exchange for those goods or services. The majority of our revenue is derived from short term contracts. Our products and services are generally sold based upon purchase orders, contracts or other legally enforceable arrangements with our customers that include fixed or determinable prices but do not generally include right of return provisions or other significant post-delivery obligations. We lease drilling tools, artificial lift pumping equipment and other unmanned equipment to customers as operating leases. These equipment rental revenues are generally provided based on call-out work orders that include fixed per unit prices and are derived from short-term contracts. Equipment revenues recognized under ASU No. 2016-02, Leases (Topic 842) were $35 million and $66 million in the three and six months ended June 30, 2022, respectively, and $35 million and $63 million for the three and six months ended June 30, 2021, respectively. The following table disaggregates our revenues from contracts with customers by geographic region and includes equipment rental revenues. North America in the table below consists of the U.S. and Canada.
Contract Balances The timing of our revenue recognition, billings and cash collections results in the recording of billed and unbilled accounts receivable, contract assets, customer advances and deposits (contract liabilities classified as deferred revenues). Receivables with customers are included in “Accounts Receivable, Net,” short-term contract assets are included in “Other Current Assets,” long-term contract assets are included in “Other Non-Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Condensed Consolidated Balance Sheets. The following table summarizes these balances as of June 30, 2022 and December 31, 2021:
(a)Revenues recognized during the six months ended June 30, 2022 and 2021 that were included in the contract liabilities balance at the beginning of each year were $18 million and $25 million, respectively. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASU 2014-09, Revenues from Contracts with Customers (Topic 606). A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of June 30, 2022.
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Restructuring Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | 4 – Restructuring Charges We had nil and $20 million in restructuring charges for the three and six months ended June 30, 2022, respectively, presented as “Restructuring Charges” on the accompanying Condensed Consolidated Statements of Operations. The charges were primarily related to the launch of a multi-year footprint consolidation and workforce efficiency initiative aimed at improving fulfillment operations and included $14 million in severance and $6 million in asset retirement obligations. No restructuring charges were recognized in the three and six months ended June 30, 2021. The following table presents total restructuring charges by segment and All Other in the three and six months ended June 30, 2022 and 2021:
The following table presents total restructuring reserve activity in the six months ended June 30, 2022:
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Inventories, Net |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, Net | 5 – Inventories, Net Inventories, net of reserves of $139 million and $159 million as of June 30, 2022 and December 31, 2021, respectively, are presented by category in the table below:
In the three and six months ended June 30, 2022 and 2021, we recognized inventory charges, including excess and obsolete inventory charges, in the following captions on our Condensed Consolidated Statements of Operations:
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Intangibles, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles, Net | 6 – Intangibles, Net The components of intangible assets, net were as follows:
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Borrowings and Other Obligations |
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Borrowings and Other Obligations | 7 – Borrowings and Other Debt Obligations
Our Exit Notes, 2028 Senior Secured Notes and 2030 Senior Notes (described below) were issued by Weatherford Bermuda and guaranteed by Weatherford International plc and Weatherford Delaware and other subsidiary guarantors party thereto. Exit Notes We have an outstanding aggregate principal amount of $300 million due in 2024 on our 11.00% senior unsecured notes (“Exit Notes”) with interest payable semiannually on June 1 and December 1. At June 30, 2022, the carrying value of $300 million represents the remaining unpaid principal. On July 11, 2022, we issued a notice of election to redeem $50 million in principal plus related unpaid interest by August 10, 2022 of our Exit Notes. 2028 Senior Secured Notes On September 30, 2021, we issued 6.50% Senior Secured Notes in aggregate principal amount of $500 million maturing September 15, 2028 (the “2028 Senior Secured Notes”). Interest accrues at the rate of 6.50% per annum and is payable semiannually on September 15 and March 15 of each year, commencing on March 15, 2022. Proceeds from this debt issuance were used to fully repay a senior secured note with an aggregate principal amount of $500 million with a stated interest rate of 8.75% per annum due 2024. 2030 Senior Notes On October 27, 2021, we issued 8.625% Senior Notes in aggregate principal amount of $1.6 billion maturing April 30, 2030 (the “2030 Senior Notes”). Interest accrues at the rate of 8.625% per annum and is payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2022. The proceeds from this debt issuance were used to redeem $1.6 billion of the above Exit Notes. LC Agreement We have a senior secured letter of credit agreement (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. At June 30, 2022, we had approximately $173 million in outstanding letters of credit under the LC Agreement and availability of $42 million. As of June 30, 2022, we had $378 million of letters of credit outstanding, consisting of the $173 million under the LC Agreement and another $205 million under various uncommitted bi-lateral facilities (of which there was $205 million in cash collateral held and recorded in “Restricted Cash” on the Condensed Consolidated Balance Sheets). Our letters of credit under various uncommitted bi-lateral facilities increased “Restricted Cash” since December 31, 2021 due to a requirement from a new multi-year contract. Accrued Interest As of June 30, 2022 and December 31, 2021, we had accrued interest of approximately $24 million and $35 million, respectively in “Other Current Liabilities” primarily related to the Exit Notes, 2028 Senior Secured Notes and 2030 Senior Notes. Fair Value of Short and Long-term Borrowings The carrying value of our short-term borrowings approximates their fair value due to their short maturities. These short-term borrowings are classified as Level 2 in the fair value hierarchy. The fair value of our long-term debt fluctuates with changes in applicable interest rates among other factors. Fair value will exceed carrying value when the current market interest rate is lower than the interest rate at which the debt was originally issued and will be less than the carrying value when the market rate is greater than the interest rate at which the debt was originally issued. The fair value of our long-term debt is classified as Level 2 in the fair value hierarchy and is established based on observable inputs in less active markets. The table below presents the fair value and carrying value of our long-term debt (including the current portion of long-term debt and excluding finance leases).
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Disputes, Litigation and Contingencies |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Disputes, Litigation and Contingencies | 8 – Disputes, Litigation and Legal Contingencies We are subject to lawsuits and claims arising out of the nature of our business. We have certain claims, disputes and pending litigation for which we do not believe a negative outcome is probable or for which we can only estimate a range of liability. It is possible, however, that an unexpected judgment could be rendered against us, or we could decide to resolve a case or cases, that would result in a liability that could be uninsured and beyond the amounts we currently have reserved and in some cases those losses could be material. If one or more negative outcomes were to occur relative to these cases, the aggregate impact to our financial condition could be material. Accrued litigation and settlements recorded in “Other Current Liabilities” on the accompanying Condensed Consolidated Balance Sheets as of June 30, 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 continuing to await a decision. We cannot reliably predict the outcome of the claims, including the amount of any possible loss.
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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 9 – Shareholders’ Equity The following summarizes our shareholders’ equity activity for the three and six months ended June 30, 2022 and 2021:
The following table presents the changes in our accumulated other comprehensive income (loss) by component for the six months ended June 30, 2022 and 2021:
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Income (Loss) per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) per Share | 10 – Income (Loss) per Share Basic income (loss) per share for all periods presented equals net income (loss) divided by our weighted average shares outstanding during the period. Diluted income (loss) per share is computed by dividing net income (loss) by our weighted average shares outstanding during the period including potential dilutive ordinary shares. Antidilutive shares represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. These include potential ordinary shares for restricted share units, performance share units, phantom restricted share units, and outstanding warrants. Our basic and diluted weighted average shares outstanding for periods presented with net loss are equivalent as the impact of the inclusion of potential dilutive securities are antidilutive. A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows:
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Income Taxes |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11 – Income Taxes We determine our quarterly tax provision using the year-to-date effective tax rate because the estimated annual approach is not reliable given that small changes in estimated ordinary annual income result in significant changes in our estimated annual effective tax rate. The year-to-date effective tax rate treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. 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. 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. In the three and six months ended June 30, 2022, we recognized tax expense of $12 million and $40 million, respectively, on an income before income taxes of $24 million and loss before taxes of $22 million, respectively, compared to the three and six months ended June 30, 2021 where we recognized tax expense of $15 million and $38 million, respectively, on a loss before income taxes of $58 million and $145 million, respectively. The expense in the three and six months ended June 30, 2022 included a $27 million recognition of a benefit from previously uncertain tax positions. Our income tax provisions are primarily driven by income in certain jurisdictions, deemed profit countries and withholding taxes on intercompany and third-party transactions that do not directly correlate to ordinary income or loss and other adjustments. Impairments and other charges recognized may not result in significant tax benefit due to our inability to forecast realization of the tax benefit of such losses. 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 June 30, 2022, we anticipate that it is reasonably possible that our uncertain tax positions of $239 million may decrease by up to $13 million in the next twelve months due to expiration of statutes of limitations, settlements and/or conclusions of tax examinations.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Weatherford International plc (the “Company,” “Weatherford,” “we,” “us,” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, certain information and disclosures normally included in our annual consolidated financial statements have been condensed or omitted. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates.
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Principles of Consolidation | In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of Weatherford and its subsidiaries for the periods presented and are not necessarily indicative of the results that may be expected for a full year. Our financial statements have been prepared on a consolidated basis. Under this basis, our financial statements consolidate all wholly owned subsidiaries and controlled joint ventures. All intercompany accounts and transactions have been eliminated. |
New Accounting Standards | New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information by segment | 2 – Segment Information Financial information by segment is summarized below. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as presented in our 2021 Annual Report. During the fourth quarter of 2021, our chief operating decision maker changed the information regularly reviewed to be aligned with how we offer our services and technologies in relation to the life cycle of a well and we have realigned our reportable segments to reflect the change. All of our segments are enabled by a full suite of digital, monitoring, optimization and artificial intelligence solutions providing services throughout the well life cycle, including responsible abandonment. We have three reportable segments: (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention. Previously we had two geographic based reportable segments, Western Hemisphere and Eastern Hemisphere. Our primary measure of segment profitability is segment adjusted EBITDA, which is based on segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA. Corporate and other includes business activities related to all other segments (profit and loss), corporate and other expenses (overhead support and centrally managed or shared facilities costs) that do not individually meet the criteria for segment reporting.
(a)Other adjustments in six months ended June 30, 2022 primarily include a net credit from the gain on asset sales related to our fulfillment initiatives and collections of previously impaired receivables in the three months ended June 30, 2022 offset by net charges in the three months ended March 31, 2022 that include a $20 million restructuring charge and a $17 million charge related to Ukraine. See “Note 4 – Restructuring Charges” for additional information on restructuring around our fulfillment initiatives.
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table disaggregates our revenues from contracts with customers by geographic region and includes equipment rental revenues. North America in the table below consists of the U.S. and Canada.
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Schedule of Contract with Customer, Asset and Liability | Contract Balances The timing of our revenue recognition, billings and cash collections results in the recording of billed and unbilled accounts receivable, contract assets, customer advances and deposits (contract liabilities classified as deferred revenues). Receivables with customers are included in “Accounts Receivable, Net,” short-term contract assets are included in “Other Current Assets,” long-term contract assets are included in “Other Non-Current Assets” and contract liabilities are included in “Other Current Liabilities” on our Condensed Consolidated Balance Sheets. The following table summarizes these balances as of June 30, 2022 and December 31, 2021:
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Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASU 2014-09, Revenues from Contracts with Customers (Topic 606). A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In the following table, estimated revenue for contracts with original performance obligations greater than twelve months are expected to be recognized in the future related to performance obligations that are either unsatisfied or partially unsatisfied as of June 30, 2022.
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Restructuring Charges (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Charges | The following table presents total restructuring charges by segment and All Other in the three and six months ended June 30, 2022 and 2021:
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Schedule of Restructuring Reserve by Type of Cost | The following table presents total restructuring reserve activity in the six months ended June 30, 2022:
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Inventories, Net (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventory | Inventories, net of reserves of $139 million and $159 million as of June 30, 2022 and December 31, 2021, respectively, are presented by category in the table below:
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Schedule of Inventory Charges | In the three and six months ended June 30, 2022 and 2021, we recognized inventory charges, including excess and obsolete inventory charges, in the following captions on our Condensed Consolidated Statements of Operations:
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Intangibles, Net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The components of intangible assets, net were as follows:
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Borrowings and Other Obligations (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt and Other Debt Obligations |
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Fair Value,of Short and Long-term Borrowings |
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders' Equity | 9 – Shareholders’ Equity The following summarizes our shareholders’ equity activity for the three and six months ended June 30, 2022 and 2021:
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Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in our accumulated other comprehensive income (loss) by component for the six months ended June 30, 2022 and 2021:
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Income (Loss) per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | A reconciliation of the number of shares used for the basic and diluted income (loss) per share calculation was as follows:
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Basis of Presentation and Summary of Significant Accounting Policies - General Liquidity Concerns (Details) - Senior Notes |
Sep. 30, 2021 |
Dec. 12, 2019 |
---|---|---|
Exit Notes, 11.00 Percent Due 2024 | ||
Stated interest rate on debt | 11.00% | |
Senior Notes 8.75 Percent Due 2024 | ||
Stated interest rate on debt | 8.75% |
Revenues - Narrative Section (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Revenue from Contract with Customer [Abstract] | ||||
Lease income | $ 35 | $ 35 | $ 66 | $ 63 |
Revenue | $ 1,064 | $ 903 | $ 2,002 | $ 1,735 |
Revenues - Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,064 | $ 903 | $ 2,002 | $ 1,735 |
Middle East and North Africa [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 350 | 289 | 660 | 556 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 268 | 220 | 506 | 434 |
Latin America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 265 | 205 | 492 | 381 |
Europe, Sub-Sahara Africa, Russia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 181 | $ 189 | $ 344 | $ 364 |
Revenues - Receivables (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 930 | $ 825 | |
Receivables, Net | 930 | 825 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | 41 | 47 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | 18 | 14 | |
Contract Liabilities in Other Current Liabilities (a) | 22 | 26 | |
Contract with Customer, Liability, Revenue Recognized | 18 | $ 25 | |
Equipment Rentals | |||
Disaggregation of Revenue [Line Items] | |||
Receivables, Net | 30 | 30 | |
Product and Service, Other | |||
Disaggregation of Revenue [Line Items] | |||
Receivables, Net | $ 900 | $ 795 |
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 0 | $ 0 | $ 20 | $ 0 |
Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance costs | 14 | |||
Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring costs | $ 6 | |||
Restructuring Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance, asset impairment and other restructuring charges | $ 0 |
Restructuring Charges (Restructuring Liability) (Details) - Severance and Other Restructuring Liabilities $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Accrued balance at beginning of period | $ 17 |
Cash Payments | (10) |
(Credits)/Other | 0 |
Accrued balance at end of period | $ 27 |
Inventories, Net (Schedule of Inventory) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 634 | $ 595 |
Work in Process and Raw Materials, Components and Supplies | 82 | 75 |
Inventories, Net | 716 | 670 |
Inventory valuation reserves | $ 139 | $ 159 |
Inventories, Net Inventory Charges Table (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Inventory [Line Items] | ||||
Inventory Write-down | $ 9 | $ 22 | $ 24 | $ 39 |
Cost of Sales | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 9 | 16 | 20 | 32 |
Restructuring Charges | ||||
Inventory [Line Items] | ||||
Inventory Write-down | $ 0 | $ 6 | $ 4 | $ 7 |
Intangibles, Net - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Goodwill [Line Items] | ||
Amortization of intangible assets | $ 39 | $ 78 |
Intangibles, Net (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 579 | $ 657 |
Finite-Lived Intangible Assets, Accumulated Amortization | 403 | 328 |
Developed And Acquired Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 285 | 343 |
Finite-Lived Intangible Assets, Accumulated Amortization | 302 | 247 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 294 | 314 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 101 | $ 81 |
Intangibles, Net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 579 | $ 579 | $ 657 |
Amortization of intangible assets | 39 | 78 | |
Accumulated amortization | 403 | 403 | 328 |
Developed And Acquired Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 302 | 302 | 247 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 101 | $ 101 | $ 81 |
Borrowings and Other Obligations (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Aug. 04, 2020 |
Dec. 12, 2019 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Finance Lease, Liability, Current | $ 14 | $ 12 | ||
Current portion of long-term debt and term loan agreement | 64 | 12 | ||
Finance Lease, Liability, Noncurrent | 42 | 44 | ||
Long-term Debt and Lease Obligation | 2,366 | 2,416 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | 50 | 0 | ||
Senior Notes | Senior Notes 8.625 Percent Due 2030 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Excluding Current Maturities | 1,585 | 1,584 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | |||
Senior Notes | Exit Notes, 11.00 Percent Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Excluding Current Maturities | 250 | 300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Excluding Current Maturities | $ 489 | $ 488 |
Disputes, Litigation and Contingencies (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Estimated litigation liability | $ 41 | $ 40 |
Shareholders' Equity (Deficiency) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (35) | |
Other Comprehensive Income | 59 | $ 11 |
Ending balance | 24 | |
Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (36) | (31) |
Other Comprehensive Income | 59 | 11 |
Ending balance | 23 | (20) |
Defined Benefit Pension | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 1 | (12) |
Other Comprehensive Income | 0 | 0 |
Ending balance | 1 | (12) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (35) | (43) |
Ending balance | $ 24 | $ (32) |
Income (Loss) per Share (Weighted Average Shares Outstanding) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ 6 | $ (78) | $ (74) | $ (194) |
Weighted Average Number of Shares Outstanding, Basic | 71 | 70 | 71 | 70 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2 | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 73 | 70 | 71 | 70 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8 | 10 | 11 | 10 |
Earnings Per Share, Basic | $ 0.08 | $ (1.11) | $ (1.04) | $ (2.77) |
Earnings Per Share, Diluted | $ 0.08 | $ (1.11) | $ (1.04) | $ (2.77) |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (12) | $ (15) | $ (40) | $ (38) |
Loss before income taxes | (24) | $ 58 | 22 | $ 145 |
Unrecognized Tax Benefits | 239 | 239 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 13 | 13 | ||
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | $ 27 | $ 27 |
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