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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the years ended December 31, 2014 and 2013 are presented in the following tables. In the following tables, the sum of basic and diluted “Earnings (Loss) Per Share” for the four quarters may differ from the annual amounts due to the required method of computing weighted average number of shares in the respective periods. Additionally, due to the effect of rounding, the sum of the individual quarterly earnings per share amounts may not equal the calculated year earnings per share amount.
 
2014 Quarters
 
 
(Dollars in millions, except per share amounts)
First
 
Second
 
Third
 
Fourth
 
Total
Revenues
$
3,596

 
$
3,711

 
$
3,877

 
$
3,727

 
$
14,911

Gross Profit
757

 
882

 
992

 
819

 
3,450

Net Income (Loss) Attributable to Weatherford (e)
(41
)
(a) 
(145
)
(b) 
77

(c) 
(475
)
(d) 
(584
)
 
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) Per Share
(0.05
)
 
(0.19
)
 
0.10

 
(0.61
)
 
(0.75
)
Diluted Earnings (Loss) Per Share
(0.05
)
 
(0.19
)
 
0.10

 
(0.61
)
 
(0.75
)
(a)
Includes restructuring charges of $70 million.
(b)
Includes restructuring charges of $59 million, and long-lived assets and goodwill impairment charges of $143 million and $125 million, respectively.
(c)
Includes restructuring charges of $154 million and a gain of $38 million primarily related to the sale of our pipeline and specialty services business and land drilling and workover rigs in Russia and Venezuela.
(d)
Includes a long-lived asset impairment charge of $352 million, a goodwill impairment charge of $40 million, a $245 million charge related to adopting the SICAD II exchange rate, a gain of $311 million primarily related to the sale of our engineered chemistry and Integrity drilling fluids businesses and the disposal of all of our shares in Proserv. This also includes restructuring charges of $58 million associated with our 2015 plan.
(e)
Includes estimated project losses of $26 million, $2 million, $10 million and $34 million for the first, second, third and fourth quarter of 2014, respectively. These charges were related to our long-term early production facility construction contracts in Iraq accounted for under the percentage of completion method.
 
2013 Quarters
 
 
(Dollars in millions, except per share amounts)
First
 
Second
 
Third
 
Fourth
 
Total
Revenues
$
3,837

 
$
3,868

 
$
3,820

 
$
3,738

 
$
15,263

Gross Profit
831

 
742

 
784

 
604

 
2,961

Net Income (Loss) Attributable to Weatherford (i)
22

(f) 
(118
)
(g) 
22

 
(271
)
(h)  
(345
)
 
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) Per Share
0.03

 
(0.15
)
 
0.03

 
(0.35
)
 
(0.45
)
Diluted Earnings (Loss) Per Share
0.03

 
(0.15
)
 
0.03

 
(0.35
)
 
(0.45
)

(f)
Effective February 13, 2013, the Venezuelan government devalued its currency and the official exchange rate moved from 4.30 per dollar to 6.30 per dollar for all goods and services. We recognized a charge of approximately $100 million for the remeasurement of our net monetary assets denominated in the Venezuelan bolivar at the date of the devaluation.
(g)
Includes a $153 million accrual related to the U.S. government investigations.
(h)
Includes our recognition of a $58 million loss upon settlement of $127 million in outstanding receivables due from PDVSA.
(i)
Includes estimated project gain of $7 million for the first quarter, estimated project loss of $6 million, $85 million and $148 million for the second, third and fourth quarter of 2013, respectively. These charges were related to our long-term early production facility construction contracts in Iraq accounted for under the percentage of completion method.