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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the years ended December 31, 2016 and 2015 are presented in the following tables. In the following tables, the sum of basic and diluted “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.
 
2016 Quarters
 
 
(Dollars in millions, except per share amounts)
First
 
Second
 
Third
 
Fourth
 
Total
Revenues
$
1,585

 
$
1,402

 
$
1,356

 
$
1,406

 
$
5,749

Gross Profit
111

 
164

 
126

 
159

 
560

Net Loss Attributable to Weatherford
(498
)
(a) 
(565
)
(b) 
(1,780
)
(c) 
(549
)
(d) 
(3,392
)
 
 
 
 
 
 
 
 
 
 
Basic & Diluted Loss Per Share
(0.61
)
 
(0.63
)
 
(1.98
)
 
(0.59
)
 
(3.82
)
(a)
Includes charges of $285 million primarily related to severance and restructuring, litigation charges, pressure pumping related charges and an estimated project loss on our long-term early production facility construction contract.
(b)
Includes charges of $347 million primarily related to litigation charges, an adjustment to a note from PDVSA to fair value, a bond tender premium incurred from a tender offer and severance and restructuring charges partially offset by an estimated project income on our long-term early production facility construction contract.
(c)
Includes charges of $771 million primarily related to long-lived asset impairments, inventory write-downs and severance and restructuring.
(d)
Includes charges of $245 million primarily related to severance and restructuring, litigation charges and pressure pumping related charges.

 
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 (i)
(118
)
(e) 
(489
)
(f) 
(170
)
(g)  
(1,208
)
(h)  
(1,985
)
 
 
 
 
 
 
 
 
 
 
Basic & Diluted Loss Per Share
(0.15
)
 
(0.63
)
 
(0.22
)
 
(1.54
)
 
(2.55
)

(e)
Includes charges of $59 million primarily related to severance and restructuring.
(f)
Includes charges of $395 million primarily related to long-lived asset impairments, litigation and severance and restructuring.
(g)
Includes charges of $77 million primarily related to severance and restructuring and supply contracts.
(h)
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 and adjustments.
(i)
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.