Item 9A. Controls and Procedures
Item 9A. Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. This information is collected and communicated to management, including our Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosures. Our management, under the supervision of and with the participation of our CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures at December 31, 2020. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of December 31, 2020.
Management’s Annual Report on Internal Control Over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rules 13a-15(f) of the Exchange Act. The Company’s internal controls are designed to provide reasonable, but not absolute, assurance as to the reliability of its financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.
Our management, including our CEO and CFO, does not expect that our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a system of internal control over financial reporting, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control system is also based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2020 using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – An Integrated Framework (2013). As a result of this assessment, management concluded that as of December 31, 2020, our internal control over financial reporting was effective based on these criteria.
KPMG LLP has issued an attestation report dated February 19, 2021, on our internal control over financial reporting, which is contained in this Annual Report on Form 10-K.
Remediation of Material Weakness
We identified a material weakness over the review of the net book values by long-lived asset group and reporting segment used in the long-lived assets impairment assessment as of June 30, 2020. Management’s remediation involved enhancing the design of certain existing controls and designing and implementing new controls. These internal controls ensure the net book values by long-lived asset group and reporting segment used in our long-lived asset impairment assessment are reviewed and validated. We completed these remediation measures in the quarter ended December 31, 2020, including testing of the design, and concluding on the operating effectiveness of the related controls. Based on these procedures, the previously reported material weakness has been remediated.
Changes in Internal Controls
Other than described above in this Item 9A, our management identified no change in our internal control over financial reporting, that occurred during the fourth quarter ended December 31, 2020, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Table of Contents
Item 9B. Other Information
Executive Officer Departures
Chief Operating Officer - Retirement of Mr. Karl Blanchard
On February 12, 2021 Mr. Karl Blanchard, Executive Vice President and Chief Operating Officer (“COO”), announced his retirement from the Company effective February 26, 2021. To create a more efficient operating structure, the Company, upon Mr. Blanchard’s retirement, is eliminating the COO position. As part of the leadership transition, responsibilities currently under the COO role will be assumed by other employees.
There is no dispute or disagreement between Mr. Blanchard and the Company on any matter relating to the Company’s accounting practices or financial condition.
Chief Accounting Officer - Separation of Mr. Stuart Fraser
On February 12, 2021 Mr. Stuart Fraser, Vice President and Chief Accounting Officer, advised he will be departing the Company effective March 31, 2021. In connection with Mr. Fraser’s departure and in furtherance of Company policies, Mr. Fraser has executed a general release in favor of the Company and has also entered into an agreement with us setting forth agreed benefits and compensation to be paid to him upon his departure, including to the extent relevant under the Company’s pre-existing compensation plans and applicable policies and related agreements.
There is no dispute or disagreement between Mr. Fraser and the Company on any matter relating to the Company’s accounting practices or financial condition.
Appointment of Interim Chief Accounting Officer
While the Company is conducting a search for Mr. Fraser’s replacement, on February 12, 2021 the Board determined that effective upon Mr. Fraser’s departure, Mr. Keith Jennings, Executive Vice President and Chief Financial Officer, will assume the role of Chief Accounting Officer on an interim basis. There are no new compensatory arrangements or modifications to the existing arrangements between the Company and Mr. Jennings in connection with these interim responsibilities. Additional information regarding Mr. Jennings has been previously reported on Form 8-K filed with the SEC on August 10, 2020.
There are no arrangements or understandings between Mr. Jennings and any other persons pursuant to which Mr. Jennings was selected to act on an interim basis as the Chief Accounting Officer of the Company. Mr. Jennings does not have any family relationships subject to disclosure under Item 401(d) of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
PSU Award Agreement Restatement
On February 12, 2021, the Board of Directors of the Company approved a clarification to the performance restricted share unit (PSU) award agreement for Mr. Saligram, which was granted on November 17, 2020 with respect to a target number of 169,491 ordinary shares of the Company, to conform the terms of the award agreement with the PSU grant terms in his offer letter with the Company, which provides that one-third of the PSUs would vest upon achievement of each of the $3.45, $3.95 and $4.45 Company ordinary share price levels for any 60 consecutive trading days during the three-year performance period, running from October 12, 2020 to October 12, 2023. Consistent with his offer letter, the restated PSU award agreement clarifies that the cliff vesting for the award is immediate upon the achievement of those levels and not on the completion of the three-year performance period, with no prorated vesting for achievement between those levels.
Weatherford International plc – 2020 Form 10-K | 98
Table of Contents Item 10 | Directors, Executive Officers and Corporate Governance
PART III
Item 10. Directors, Executive Officers and Corporate Governance
See “Item 1. – Business – Executive Officers of Weatherford” of this report for Item 10 information regarding executive officers of Weatherford. Pursuant to General Instructions G(3), information on our directors and corporate governance matters will be filed in a Form 10-K/A within 120 days after the registrant’s fiscal year ended December 31, 2020.
We have adopted a code of ethics entitled “Code of Business Conduct,” which applies to all our employees, officers and directors and our board of directors has also adopted a separate “Supplemental Code of Business Conduct” for our senior officers. Copies of these codes can also be found at www.weatherford.com.
We intend to satisfy the requirement under Item 5.05 of Form 8-K to disclose any amendments to our Code of Business Conduct and any waiver from any provision of our Code of Business Conduct by posting such information on our web site at www.weatherford.com.
Item 11. Executive Compensation
Pursuant to General Instructions G(3), information on executive compensation will be filed in a Form 10-K/A within 120 days after the registrant’s fiscal year ended December 31, 2020.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Pursuant to General Instructions G(3), information on security ownership of certain beneficial owners and management and related shareholder matters will be filed in a Form 10-K/A within 120 days after the registrant’s fiscal year ended December 31, 2020.
Item 12(d). Securities Authorized for Issuance under Equity Compensation Plan Information
The following table provides information as of December 31, 2020, about the number of shares to be issued upon vesting or exercise of equity awards as well as the number of shares remaining available for issuance under our equity compensation plans.
Equity Compensation Plan Information
Plan Category
(Shares in thousands, except share prices)
Numbers of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights Weighted Average Exercise Price of Outstanding Options, Warrants and Rights Number of Securities Available for Future Issuance Under Equity Compensation Plans (a)
Equity compensation plans approved by shareholders (b)
339 $ — 8,238
(a) Excluding shares reflected in the first column of this table.
(b) Includes our 2019 Plan, which was approved in connection with our emergence from bankruptcy in December 2019. The 2019 Plan was amended and restated in 2020.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Pursuant to General Instruction G(3), information on certain relationships and related transactions and director independence will be filed in a Form 10-K/A within 120 days after the registrant’s fiscal year ended December 31, 2020.
Item 14. Principal Accounting Fees and Services
Pursuant to General Instruction G(3), information on principal accounting fees and services will be filed in a Form 10-K/A within 120 days after the registrant’s fiscal year ended December 31, 2020.
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PART IV
Item 15. Exhibits, Financial Statement Schedules
(a) The following documents are filed as part of this report or incorporated by reference:
1. The Consolidated Financial Statements of the Company listed on page 42 of this report.
2. The financial statement schedule on page 106 of this report.
3. The exhibits of the Company listed below under Item 15(b); all exhibits are incorporated herein by reference to a prior filing as indicated, unless designated by a dagger (†) or double dagger (††).
(b) Exhibits:
Exhibit Number Description Original Filed Exhibit File Number
3.1 Amended and Restated Memorandum and Articles of Association of Weatherford International public limited company.
Exhibit 3.1 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
† 4.1 Description of the Securities.
4.2 Indenture, dated December 13, 2019, by and among Weatherford International Ltd., as issuer, the guarantors thereto and Deutsche Bank Trust Company Americas, as trustee.
Exhibit 4.1 of the Company’s Current
Report on Form 8-K
filed December 18, 2019 File No. 1-36504
4.3 Form of Senior Note (included in Exhibit 4.2).
Included in Exhibit 4.1 of the Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
4.4 Form of Warrant Certificate (included in Exhibit 10.3 4 ).
Included in Exhibit 10.4 of the Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
4.5 Indenture, dated August 28, 2020, by and among Weatherford International Ltd., as issuer, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent.
Exhibit 4.1 of the
Company’s Current
Report on Form 8-K
filed August 28, 2020
File No. 1-36504
4.6 Form of Senior Note (included in Exhibit 4.5).
Included in Exhibit 4.1 of
the Company’s Current
Report on Form 8-K
filed August 28, 2020
File No. 1-36504
*10.1 Employment Letter, dated March 3, 2017, between Weatherford International plc and Mark A. McCollum
Exhibit 10.3 to the
Company's Quarterly
Report on Form 10-Q
for the quarter ended
March 31, 2017 filed
April 28, 2017 File No. 1-36504
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Table of Contents
Exhibit Number Description Original Filed Exhibit File Number
*10.2 Offer Letter between Weatherford International Ltd. and Christian A. Garcia.
Exhibit 10.3 of the
Company’s Annual
Report on Form 10-K
for the year ended
December 31, 2019
filed March 16, 2020
File No. 1-36504
*10.3 Letter Agreement with Karl Blanchard dated June 10, 2020.
Exhibit 10.6 of the
Company’s Quarterly
Report on Form 10-Q
for the quarter ended
June 30, 2020
filed August 14, 2020
File No. 1-36504
*10.4 Offer Letter to H. Keith Jennings dated August 6, 2020.
Exhibit 10.4 of the
Company’s Quarterly
Report on Form 10-Q
for the quarter ended
September 30, 2020
filed November 4, 2020
File No. 1-36504
*10.5 Offer Letter to Girishchandra K. Saligram dated September 9, 2020.
Exhibit 10.5 of the
Company’s Quarterly
Report on Form 10-Q
for the third quarter ended
September 30, 2020
filed November 4, 2020
File No. 1-36504
*10.6 Form of Deed of Indemnity of Weatherford International plc entered into by each director of Weatherford International plc and each of the following executive officers of Weatherford International plc: Karl Blanchard (August 21, 2017), Scott C. Weatherholt (July 23, 2020), H. Keith Jennings (September 18, 2020) and Girish K. Saligram (October 12, 2020).
Exhibit 10.11 of the
Company’s Current
Report on Form 8-K12B
filed June 17, 2014 File No. 1-36504
*10.7 Form of Deed of Indemnity of Weatherford International Ltd entered into by each director of Weatherford International plc and each of the following executive officers of Weatherford International plc: Scott C. Weatherholt (July 23, 2020), H. Keith Jennings (September 18, 2020) and Girishchandra K. Saligram (October 12, 2020).
Exhibit 10.12 of the
Company’s Current
Report on Form 8-K12B
filed June 17, 2014 File No. 1-36504
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Table of Contents
Exhibit Number Description Original Filed Exhibit File Number
*10.8 Deed of Indemnity of Weatherford International Ltd. entered into by Karl Blanchard (August 21, 2017)
Exhibit 10.4 of the
Company’s Quarterly
Report on Form 10-Q
for the quarter ended
September 30, 2017 File No. 1-36504
*10.9 Form of Change in Control Agreement entered into by each of the following executive officers of Weatherford International plc: Karl Blanchard (August 21, 2017) and Stuart Fraser (April 15, 2018)
Exhibit 10.1 of the Company’s Current Report on Form 8-K filed December 15, 2016 File No. 1-36504
*10.10 Form of Amendment to Change in Control Agreement entered into by each of the following executive officers of Weatherford International plc: Karl Blanchard and Stuart Fraser, each such amendment effective as of December 13, 2019.
Exhibit 10.7 of the
Company’s Quarterly
Report on Form 10-Q
for the quarter ended
June 30, 2020 filed
filed August 14, 2020
File No. 1-36504
*10.11 Weatherford International Change in Control Severance Plan .
Exhibit 10.1 of the
Company’s Current
Report on Form 8-K
filed November 20, 2020
File No. 1-36504
*10.12 2019 Executive Bonus Plan.
Exhibit 99.1 of the
Company’s Current
Report on Form 8-K
filed April 2, 2019
File No. 1-36504
*10.13 Form of Retention Award.
Exhibit 99.2 of the Company’s Form 8-K filed April 2, 2019
File No. 1-36504
*10.14 Executive Non-Equity Incentive Compensation Plan (as Amended and Restated)
Exhibit 10.2 of the
Company’s Current
Report on Form 8-K
filed April 15, 2020
File No. 1-36504
*10.15 Weatherford International plc 2019 Equity Incentive Plan .
Exhibit 10.8 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
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Table of Contents
Exhibit Number Description Original Filed Exhibit File Number
*10.16 Weatherford International plc Amended and Restated 2019 Equity Incentive Plan.
Exhibit 10.1 of the
Company’s Quarterly
Report on Form 10-Q
for the quarter ended
June 30, 2020 filed
August 14, 2020
File No. 1-36504
*10.17 Weatherford International plc Second Amended and Restated 2019 Equity Incentive Plan.
Exhibit 10.6 of the
Company’s Quarterly
Report on Form 10-Q
for the quarter ended
September 30, 2020 filed
November 4, 2020
File No. 1-36504
*10.18 Form of Christian A. Garcia Award Agreement
Exhibit 10.3 of the
Company’s Current
Report on Form 8-K
filed April 15, 2020
File No. 1-36504
*10.19 Form of Restricted Share Unit Award Agreement .
Exhibit 10.3 of the
Company’s Current
Report on Form 8-K
filed November 20, 2020
File No. 1-36504
*10.20 Form of Performance Share Unit Award Agreement .
Exhibit 10.4 of the
Company’s Current
Report on Form 8-K
filed November 20, 2020
File No. 1-36504
*10.21 Form of Restricted Share Unit Award Agreement .
Exhibit 10.2 of the
Company’s Current
Report on Form 8-K
filed January 8, 2021
File No. 1-36504
*10.22 Form of Performance Share Unit Award Agreement .
Exhibit 10.3 of the
Company’s Current
Report on Form 8-K
filed January 8, 2021
File No. 1-36504
*10.23 Form of Phantom Share Unit Award Agreement .
Exhibit 10.4 of the
Company’s Current
Report on Form 8-K
filed January 8, 2021
File No. 1-36504
†*10.24 Amended and Restated Performance Share Unit Award Agreement - Girish K. Saligram (February 17, 2021)
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Table of Contents
Exhibit Number Description Original Filed Exhibit File Number
*10.25 Weatherford International plc Short-Term Incentive Plan .
Exhibit 10.1 of the
Company’s Current
Report on Form 8-K
filed January 8, 2021
File No. 1-36504
*10.26 Weatherford International plc 2020 Long-Term Cash Incentive Plan .
Exhibit 10.1 of the
Company’s Current
Report on Form 8-K
filed April 24, 2020
File No. 1-36504
*10.27 Form of Long-Term Cash Incentive Plan Award Agreement.
Exhibit 10.2 of the
Company’s Current
Report on Form 8-K
filed April 24, 2020
File No. 1-36504
*10.28 Form of Long-Term Cash Incentive Plan Award Agreement .
Exhibit 10.2 of the
Company’s Current
Report on Form 8-K
filed November 20, 2020
File No. 1-36504
10.29 ABL Credit Agreement by and among Weatherford International Ltd., Weatherford International plc, Weatherford International LLC, Wells Fargo Bank, N.A. and the lenders party thereto from time to time, dated December 13, 2019 .
Exhibit 10.1 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
10.30 LC Credit Agreement, dated December 13, 2019 (as amended by Amendment No.1, dated August 28, 2020), by and among Weatherford International Ltd., Weatherford International plc, Weatherford International LLC, Deutsche Bank Trust Company Americas and the lenders party thereto from time to time (included in Exhibit 10.29).
Exhibit 10.2 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019 File No. 1-36504
10.31 Amendment No. 1 to LC Credit Agreement and Amendment No. 1. To U.S. Security Agreement, dated August 28, 2020, by and among Weatherford International Ltd., Weatherford International plc, Weatherford International LLC, the other guarantors of the LC Credit Agreement, Deutsche Bank Trust Company Americas and the lenders under the LC Credit Agreement .
Exhibit 10.1 of the
Company’s Current
Report on Form 8-K
filed August 28, 2020
File No. 1-36504
10.32 Intercreditor Agreement by and between Wells Fargo Bank, N.A., Deutsche Bank Trust Company Americas, Weatherford International plc and the grantors party there to from time to time, dated December 13, 2019.
Exhibit 10.3 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
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Table of Contents
Exhibit Number Description Original Filed Exhibit File Number
10.33 Intercreditor Agreement, dated August 28, 2020, by and among Deutsche Bank Trust Company Americas, Wilmington Trust National Association, BTA Institutional Services Australia Limited, Weatherford International plc and the grantors parties there to from time to time .
Exhibit 10.3 of the
Company’s Current
Report on Form 8-K
filed August 28, 2020
File No. 1-36504
10.34 Warrant Agreement by and between Weatherford International plc and American Stock Transfer & Trust Company, LLC, dated December 13, 2019.
Exhibit 10.4 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
10.35 Registration Rights Agreement by and among Weatherford International plc and certain stockholders thereto, dated December 13, 2019.
Exhibit 10.5 of the
Company’s Current
Report on Form 8-K
filed December 18, 2019
File No. 1-36504
†21.1 Subsidiaries of Weatherford International plc
†31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
†31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
††32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
††32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
†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)
* Management contract or compensatory plan or arrangement.
** Submitted pursuant to Rule 405 and 406T of Regulation S-T.
† Filed herewith.
†† Furnished herewith.
As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized under any of such instruments does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. We will furnish a copy of any of such instruments to the Securities and Exchange Commission upon request. We will furnish to any requesting shareholder a copy of any of the above named exhibits upon the payment of our reasonable expenses of obtaining, duplicating and mailing the requested exhibits. All requests for copies of exhibits should be made in writing to our U.S. Investor Relations Department at 2000 St James Place, Houston, TX 77056.
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Table of Contents Valuation and Qualifying Accounts
Financial Statement Schedules
1. Valuation and qualifying accounts and allowances.
SCHEDULE II - WEATHERFORD INTERNATIONAL PLC AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS AND ALLOWANCES
FOR THE SUCCESSOR PERIOD ENDED DECEMBER 31, 2020 AND 2019
AND PREDECESSOR PERIOD ENDED DECEMBER 13, 2019, AND DECEMBER 31, 2018
Balance at Balance at
Beginning End of
(Dollars in millions)
of Period Expense Recoveries Other (c)
Period
Year Ended December 31, 2020 (Successor):
Allowance for Credit Losses on Accounts Receivable $ — $ 32 $ — $ — 32
Valuation Allowance on Deferred Tax Assets $ 1,166 $ 330 $ — $ 3 $ 1,499
Excess and Obsolete Inventory Reserve $ — $ 210 $ — $ ( 91 ) $ 119
Year Ended December 31, 2019 (Successor):
Allowance for Credit Losses on Accounts Receivable $ — $ — $ — $ — $ —
Valuation Allowance on Deferred Tax Assets $ 1,222 $ ( 56 ) $ — $ — $ 1,166
Excess and Obsolete Inventory Reserve $ — $ — $ — $ — $ —
Year Ended December 13, 2019 (Predecessor):
Current Allowance for Uncollectible Accounts Receivable $ 123 $ 4 $ ( 3 ) $ ( 124 ) $ —
Long-term Allowance for Uncollectible Accounts Receivable (a)
171 — ( 3 ) ( 168 ) —
Total Allowance for Uncollectible Accounts Receivable
$ 294 $ 4 $ ( 6 ) $ ( 292 ) $ —
Valuation Allowance on Deferred Tax Assets $ 1,702 $ ( 480 ) $ — $ — $ 1,222
Excess and Obsolete Inventory Reserve $ 305 $ 163 $ ( 4 ) $ ( 464 ) $ —
Year Ended December 31, 2018 (Predecessor):
Current Allowance for Uncollectible Accounts Receivable $ 156 $ 5 $ ( 15 ) $ ( 23 ) $ 123
Long-term Allowance for Uncollectible Accounts Receivable (a)
173 — ( 2 ) — 171
Total Allowance for Uncollectible Accounts Receivable (b)
$ 329 $ 5 $ ( 17 ) $ ( 23 ) $ 294
Valuation Allowance on Deferred Tax Assets $ 1,887 ( 166 ) — ( 19 ) $ 1,702
Excess and Obsolete Inventory Reserve $ 635 86 ( 6 ) ( 410 ) $ 305
(a) In 2017, we changed the accounting for revenue with substantially all of our customers in Venezuela due to the downgrade of the country’s bonds by certain credit agencies, continued economic turmoil and continued economic sanctions around certain financing transactions imposed by the U.S. government. The long-term allowance was related to our primary customer in Venezuela. Upon emergence from bankruptcy on December 13, 2019, the allowance for uncollectible accounts receivable related to our primary customer in Venezuela was nil.
(b) Of the total recoveries in 2018, we collected $ 16 million on previously fully reserved Venezuelan accounts receivable.
(c) Other in 2018 for valuation allowance on deferred taxes is primarily due to currency translation. Other in 2019 almost entirely represents our Fresh Start Accounting adjustments to record our reserves at fair value at December 31, 2019. Generally, other within the allowance for credit losses on accounts receivable includes reductions to allowance reserves for currency translation, reclassification to other accounts or the write-off of the related allowance. Other within the excess and obsolete inventory reserve also includes removal of scrapped inventory that had been previously reserved.
All other schedules are omitted because they are not required or because the information is included in the financial statements or the related notes.
Item 16. Form 10-K Summary
None.
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Table of Contents
SIGNATURES
KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Girishchandra K. Saligram and H. Keith Jennings and each of them, his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Weatherford International plc
/s/ Girishchandra K. Saligram
Girishchandra K. Saligram
President, Chief Executive Officer and Director
(Principal Executive Officer)
Date: February 19, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Signatures Title Date
/s/ Girishchandra K. Saligram President, Chief Executive Officer
and Director February 19, 2021
Girishchandra K. Saligram (Principal Executive Officer)
/s/ H. Keith Jennings Executive Vice President and February 19, 2021
H. Keith Jennings Chief Financial Officer
(Principal Financial Officer)
/s/ Stuart Fraser Vice President and February 19, 2021
Stuart Fraser Chief Accounting Officer
(Principal Accounting Officer)
/s/ Charles M. Sledge Chairman of the Board and Director February 19, 2021
Charles M. Sledge
/s/ Benjamin C. Duster IV Director February 19, 2021
Benjamin C. Duster IV
/s/ Neal P. Goldman Director February 19, 2021
Neal P. Goldman
/s/ Jacqueline Mutschler Director February 19, 2021
Jacqueline Mutschler
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