XML 51 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the years ended December 31, 2015 and 2014 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.
 
2015 Quarters
 
 
(Dollars in millions, except per share amounts)
First
 
Second
 
Third
 
Fourth
 
Total
Revenues
$
2,794

 
$
2,390

 
$
2,237

 
$
2,012

 
$
9,433

Gross Profit
592

 
374

 
368

 
78

 
1,412

Net Loss Attributable to Weatherford (e)
(118
)
(a) 
(489
)
(b) 
(170
)
(c) 
(1,208
)
(d) 
(1,985
)
 
 
 
 
 
 
 
 
 
 
Basic Loss Per Share
(0.15
)
 
(0.63
)
 
(0.22
)
 
(1.54
)
 
(2.55
)
Diluted Loss Per Share
(0.15
)
 
(0.63
)
 
(0.22
)
 
(1.54
)
 
(2.55
)
(a)
Includes charges of $59 million primarily related to severance and restructuring charges.
(b)
Includes charges of $395 million primarily related to long-lived asset impairments, litigation, and severance and restructuring.
(c)
Includes charges of $77 million primarily related to severance and restructuring and supply contracts.
(d)
Includes $668 million primarily related to long-lived asset impairments, severance and restructuring and supply contracts, a $265 million charge for a non-cash tax expense on distribution of subsidiary earnings and $217 million of inventory write-downs.
(e)
Includes estimated project income of $42 million, for the first quarter of 2015, estimated project loss of $69 million, $44 million and $82 million for the second, third and fourth quarter of 2015, respectively, from our long-term early production facility construction contracts.
 
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 (j)
(41
)
(f) 
(145
)
(g) 
77

(h)  
(475
)
(i)  
(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
)

(f)
Includes charges of $96 million primarily related to severance and restructuring.
(g)
Includes charges of $345 million primarily related to long-lived asset and goodwill impairments, and severance and restructuring.
(h)
Includes net charges of $140 million primarily related to severance and restructuring and gain on sale of business.
(i)
Includes net charges of $169 million primarily related to long-lived asset impairments, severance and restructuring, gain on sale of business and equity investment of $311 million and $245 million of foreign currency related charges.
(j)
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, from our long-term early production facility construction contracts.