$WFRD
Weatherford International plc

2019 Q3 Form 10-Q Financial Statement

#000160392319000084 Filed on August 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $1.314B $1.309B $1.346B
YoY Change -9.0% -9.6% -9.66%
Cost Of Revenue $1.007B $1.019B $1.121B
YoY Change -8.87% 39.78% -13.7%
Gross Profit $307.0M $290.0M $308.0M
YoY Change -9.44% -4.92% 60.42%
Gross Profit Margin 23.36% 22.15% 22.88%
Selling, General & Admin $232.0M $247.0M $202.0M
YoY Change 20.83% 24.12% -24.91%
% of Gross Profit 75.57% 85.17% 65.58%
Research & Development $35.00M $36.00M $33.00M
YoY Change 12.9% -2.7% -19.51%
% of Gross Profit 11.4% 12.41% 10.71%
Depreciation & Amortization $118.0M $116.0M $137.0M
YoY Change -7.81% -19.44% -27.89%
% of Gross Profit 38.44% 40.0% 44.48%
Operating Expenses $267.0M $283.0M $235.0M
YoY Change 19.73% 19.92% -24.19%
Operating Profit -$447.0M -$118.0M $73.00M
YoY Change 3338.46% 61.64% -161.86%
Interest Expense -$26.00M -$160.0M -$168.0M
YoY Change -83.33% 5.26% 16.67%
% of Operating Profit -230.14%
Other Income/Expense, Net -$8.000M -$1.000M -$15.00M
YoY Change 33.33% -85.71% -215.38%
Pretax Income -$784.0M -$279.0M -$2.142B
YoY Change 355.81% 19.74% 14.42%
Income Tax $31.00M $33.00M -$46.00M
% Of Pretax Income
Net Earnings -$821.0M -$316.0M -$2.103B
YoY Change 312.56% 19.7% 8.51%
Net Earnings / Revenue -62.48% -24.14% -156.24%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.82 -$0.31 -$2.10
COMMON SHARES
Basic Shares Outstanding 1.004B shares 1.004B shares 1.001B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $676.0M $618.0M $602.0M
YoY Change 72.01% 48.92% -1.79%
Cash & Equivalents $676.0M $618.0M $602.0M
Short-Term Investments
Other Short-Term Assets $466.0M $476.0M $693.0M
YoY Change 39.52% 39.18% 21.79%
Inventory $1.126B $1.081B $1.025B
Prepaid Expenses
Receivables $1.195B $1.114B $1.051B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.924B $3.406B $3.450B
YoY Change 5.2% -7.77% -11.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.881B $1.984B $2.086B
YoY Change -12.8% -12.71% -22.97%
Goodwill $0.00 $403.0M $713.0M
YoY Change -100.0% -84.62% -73.85%
Intangibles $213.0M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $519.0M $588.0M $139.0M
YoY Change 308.66% 234.09% -67.97%
Total Long-Term Assets $2.400B $2.975B $3.151B
YoY Change -53.01% -43.72% -46.31%
TOTAL ASSETS
Total Short-Term Assets $3.924B $3.406B $3.450B
Total Long-Term Assets $2.400B $2.975B $3.151B
Total Assets $6.324B $6.381B $6.601B
YoY Change -28.45% -28.93% -32.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $627.0M $735.0M $732.0M
YoY Change -13.87% -2.52% -14.49%
Accrued Expenses $340.0M $358.0M $249.0M
YoY Change 41.08% 31.62% -19.16%
Deferred Revenue
YoY Change
Short-Term Debt $1.696B $622.0M $326.0M
YoY Change 406.27% 168.1% 2863.64%
Long-Term Debt Due $10.00M $308.0M $57.00M
YoY Change -83.61% 388.89% -58.39%
Total Short-Term Liabilities $3.380B $2.889B $2.300B
YoY Change 47.02% 31.32% 3.14%
LONG-TERM LIABILITIES
Long-Term Debt $59.00M $7.366B $7.605B
YoY Change -99.23% -3.51% 0.85%
Other Long-Term Liabilities $475.0M $515.0M $362.0M
YoY Change 12.83% 12.69% -33.82%
Total Long-Term Liabilities $475.0M $515.0M $362.0M
YoY Change 12.83% 12.69% -33.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.380B $2.889B $2.300B
Total Long-Term Liabilities $475.0M $515.0M $362.0M
Total Liabilities $3.914B $10.77B $10.27B
YoY Change -62.17% 4.65% -0.49%
SHAREHOLDERS EQUITY
Retained Earnings -$10.29B -$9.468B -$8.671B
YoY Change 56.65% 48.66% 50.46%
Common Stock $6.730B $6.725B $1.000M
YoY Change 0.4% 0.54% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity -$5.262B -$4.426B -$3.705B
YoY Change
Total Liabilities & Shareholders Equity $6.324B $6.381B $6.601B
YoY Change -28.45% -28.93% -32.28%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$821.0M -$316.0M -$2.103B
YoY Change 312.56% 19.7% 8.51%
Depreciation, Depletion And Amortization $118.0M $116.0M $137.0M
YoY Change -7.81% -19.44% -27.89%
Cash From Operating Activities -$201.0M -$229.0M $105.0M
YoY Change 528.13% 76.15% 9.38%
INVESTING ACTIVITIES
Capital Expenditures $66.00M $59.00M $93.00M
YoY Change 11.86% 13.46% 16.25%
Acquisitions
YoY Change
Other Investing Activities $53.00M $246.0M $256.0M
YoY Change 65.63% 547.37% -38.9%
Cash From Investing Activities -$13.00M $187.0M $163.0M
YoY Change -51.85% -1435.71% -51.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 648.0M 61.00M -55.00M
YoY Change 1170.59% -48.31% -79.4%
NET CHANGE
Cash From Operating Activities -201.0M -229.0M 105.0M
Cash From Investing Activities -13.00M 187.0M 163.0M
Cash From Financing Activities 648.0M 61.00M -55.00M
Net Change In Cash 434.0M 19.00M 213.0M
YoY Change -5525.0% -173.08% 26.79%
FREE CASH FLOW
Cash From Operating Activities -$201.0M -$229.0M $105.0M
Capital Expenditures $66.00M $59.00M $93.00M
Free Cash Flow -$267.0M -$288.0M $12.00M
YoY Change 193.41% 58.24% -25.0%

Facts In Submission

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OtherAssetsNoncurrent
588000000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
352000000 USD
CY2019Q2 us-gaap Assets
Assets
6381000000 USD
CY2018Q4 us-gaap Assets
Assets
6601000000 USD
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
249000000 USD
CY2019Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
186000000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
214000000 USD
CY2019Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
775000000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
722000000 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2889000000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2300000000 USD
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
7366000000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
7605000000 USD
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
515000000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
362000000 USD
CY2019Q2 us-gaap Liabilities
Liabilities
10770000000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
10267000000 USD
CY2019Q2 us-gaap Common Stock Value
CommonStockValue
1000000 USD
CY2018Q4 us-gaap Common Stock Value
CommonStockValue
1000000 USD
CY2019Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
6724000000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-28000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27000000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
20000000 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
92000000 USD
us-gaap Inventory Write Down
InventoryWriteDown
18000000 USD
us-gaap Inventory Write Down
InventoryWriteDown
64000000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
40000000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
17000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8671000000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1683000000 USD
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1746000000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
-4426000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-3705000000 USD
CY2019Q2 us-gaap Minority Interest
MinorityInterest
37000000 USD
CY2018Q4 us-gaap Minority Interest
MinorityInterest
39000000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4389000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-3666000000 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6381000000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6601000000 USD
us-gaap Profit Loss
ProfitLoss
-789000000 USD
us-gaap Profit Loss
ProfitLoss
-501000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
239000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
291000000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
331000000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
112000000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
wft Bond Tender Premium Net
BondTenderPremiumNet
0 USD
wft Bond Tender Premium Net
BondTenderPremiumNet
-34000000 USD
wft Foreign Currency Devaluation Lossbefore Tax
ForeignCurrencyDevaluationLossbeforeTax
0 USD
wft Foreign Currency Devaluation Lossbefore Tax
ForeignCurrencyDevaluationLossbeforeTax
37000000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-56000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-28000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
45000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
84000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
78000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
87000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7000000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
93000000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
35000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-81000000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.136
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
298000000 USD
wft Increase Decreasein Accrued Litigationand Settlements
IncreaseDecreaseinAccruedLitigationandSettlements
-9000000 USD
wft Increase Decreasein Accrued Litigationand Settlements
IncreaseDecreaseinAccruedLitigationandSettlements
-23000000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
415000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-34000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
23000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-478000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-315000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
114000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
86000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-4000000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
9000000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
45000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
50000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
301000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
25000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
223000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
588000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
17000000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
455000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
87000000 USD
wft Paymentsfor Bond Tender Premium
PaymentsforBondTenderPremium
0 USD
wft Paymentsfor Bond Tender Premium
PaymentsforBondTenderPremium
34000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-14000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
269000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
172000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-41000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
16000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-198000000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
602000000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
613000000 USD
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
618000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
17000000 USD
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.057
wft Goodwill Reclassificationto Assets Heldfor Sale
GoodwillReclassificationtoAssetsHeldforSale
4000000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
17000000 USD
us-gaap Interest Paid
InterestPaid
224000000 USD
us-gaap Interest Paid
InterestPaid
273000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
51000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
66000000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. </span></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or net realizable value of inventories, assets and liabilities held for sale, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (“PP&amp;E”), right-of-use (“ROU”) lease assets, income taxes, accounting for long-term contracts, self-insurance, foreign currency exchange rates, lease liabilities, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience, adjusted for current conditions if necessary, and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</span></div>
CY2019Q2 us-gaap Goodwill
Goodwill
403000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Reclassifications</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">Certain reclassifications of the financial statements and accompanying footnotes for the </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">three and six</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;"> months ended </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">June 30, 2018</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;"> have been made to conform to the presentation for the </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">three and six</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;"> months ended </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">June 30, 2019</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">. See “</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">Note 3 – New Accounting Pronouncements</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">” for additional details regarding accounting changes impacting the </span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">Condensed Consolidated Financial Statements</span><span style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:Times New Roman;font-size:10pt;"><br/></span></div>
CY2019Q2 us-gaap Debtor Reorganization Items Discharge Of Claims And Liabilities
DebtorReorganizationItemsDischargeOfClaimsAndLiabilities
5850000000 USD
CY2019Q2 wft Existing Unsecured Notes Cancelledand Exchangedforstockofthereorganizedcompanypercentage
ExistingUnsecuredNotesCancelledandExchangedforstockofthereorganizedcompanypercentage
0.99
CY2019Q2 us-gaap Unsecured Debt
UnsecuredDebt
1250000000 USD
CY2019Q2 wft Existingequitywillbecancelledandexchangedfor New Equitypercentage
ExistingequitywillbecancelledandexchangedforNewEquitypercentage
0.01
CY2019Q2 wft Existingequitywillbecancelledandexchangedfor Warrantspercentage
ExistingequitywillbecancelledandexchangedforWarrantspercentage
0.10
CY2019Q2 us-gaap Preconfirmation Debtor In Possession Financing
PreconfirmationDebtorInPossessionFinancing
1250000000 USD
CY2019Q2 wft Prepetitioncharges
Prepetitioncharges
76000000 USD
wft Prepetitioncharges
Prepetitioncharges
86000000 USD
CY2019Q2 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
TransferofAccountsReceivableAccountedforasSalesCarryingValue
162000000 USD
CY2019Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
102000000 USD
us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
-1000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-242000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5000000 USD
wft Proceedsfrom Saleof Accounts Receivable
ProceedsfromSaleofAccountsReceivable
152000000 USD
CY2018Q2 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
TransferofAccountsReceivableAccountedforasSalesCarryingValue
188000000 USD
us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
-1000000 USD
wft Proceedsfrom Saleof Accounts Receivable
ProceedsfromSaleofAccountsReceivable
181000000 USD
CY2019Q2 wft A Rfactoringlimitationinfutureperiodsunderforbearanceandcreditagreements
ARfactoringlimitationinfutureperiodsunderforbearanceandcreditagreements
75000000 USD
CY2019Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
146000000 USD
CY2018Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
131000000 USD
CY2019Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
64000000 USD
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
47000000 USD
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
871000000 USD
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
847000000 USD
CY2019Q2 us-gaap Inventory Net
InventoryNet
1081000000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
1025000000 USD
CY2018Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
265000000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
331000000 USD
CY2019Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
102000000 USD
CY2019Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
229000000 USD
CY2019Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
3000000000.0 USD
CY2018Q4 us-gaap Goodwill
Goodwill
713000000 USD
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
12000000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M18D
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
90000000 USD
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2019Q2 wft Lease Rightof Use Assets
LeaseRightofUseAssets
338000000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
95000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
187000000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
280000000 USD
CY2019Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
58000000 USD
CY2019Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
10000000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
209000000 USD
CY2019Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
64000000 USD
CY2019Q2 wft Lease Liabilities
LeaseLiabilities
378000000 USD
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
29000000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
59000000 USD
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
28000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
48000000 USD
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3000000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
6000000 USD
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
1000000 USD
us-gaap Sublease Income
SubleaseIncome
3000000 USD
CY2019Q2 us-gaap Lease Cost
LeaseCost
59000000 USD
us-gaap Lease Cost
LeaseCost
110000000 USD
CY2019Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
16000000 USD
CY2018Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Cumulative Effect Of Change On Equity Or Net Assets1
NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1
-97000000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
6000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-898000000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-259000000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
50000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
11000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
38000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
491000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
77000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
95000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
13000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
74000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
48000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
11000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
27000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
11000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
170000000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
304000000 USD
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
74000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
57000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
35000000 USD
us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
36000000 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1519000000 USD
wft Bond Tender Premium Net
BondTenderPremiumNet
-34000000 USD
CY2019Q2 us-gaap Collateralized Agreements
CollateralizedAgreements
113000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-161000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1000000 USD
CY2019Q2 us-gaap Debt Current
DebtCurrent
930000000 USD
CY2018Q4 us-gaap Debt Current
DebtCurrent
383000000 USD
CY2019Q1 wft Debt Instrument Covenant Senior Leverage Ratio Period Two
DebtInstrumentCovenantSeniorLeverageRatioPeriodTwo
2.5
wft Debt Instrument Covenant Specified Leverageand Letterof Credit Ratio Period Two
DebtInstrumentCovenantSpecifiedLeverageandLetterofCreditRatioPeriodTwo
3.5
wft Debt Instrument Covenant Asset Coverage Ratio
DebtInstrumentCovenantAssetCoverageRatio
4.0
wft Debt Instrument Covenant Initial Current Asset Coverage Ratio
DebtInstrumentCovenantInitialCurrentAssetCoverageRatio
2.1
CY2019Q2 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
50000000 USD
CY2017Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
84500000 shares
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.43
CY2019Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 USD
CY2018Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-10000000 USD
us-gaap Fair Value Adjustment Of Warrants
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wftq2201910-q063019.htm Edgar Link pending
wftq2201910-q063019_htm.xml Edgar Link completed