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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
25. Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the years ended December 31, 2018 and 2017 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.
 
2018 Quarters
 
 
(Dollars in millions, except per share amounts)
First
 
Second
 
Third
 
Fourth
 
Total
Revenues
$
1,423

 
$
1,448

 
$
1,444

 
$
1,429

 
$
5,744

Gross Profit
278

 
305

 
339

 
308

 
1,230

Net Loss Attributable to Weatherford
(245
)
(a) 
(264
)
(b) 
(199
)
(c) 
(2,103
)
(d) 
(2,811
)
 
 
 
 
 
 
 
 
 
 
Basic and Diluted Loss Per Share
(0.25
)
 
(0.26
)
 
(0.20
)
 
(2.10
)
 
(2.82
)
(a)
Includes charges of $57 million primarily related to a bond tender and call premium, restructuring and transformation charges, currency devaluation charges, asset write-downs and inventory charges, offset by gains on purchase of the remaining interest in a joint venture and a warrant fair value adjustment.
(b)
Includes charges of $109 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments, other asset write-downs, offset by gains on property sales and a reduction of a contingency reserve on a legacy contract and a warrant fair value adjustment.
(c)
Includes charges of $95 million primarily related to restructuring and transformation charges, currency devaluation charges, long-lived asset impairments and deferred mobilization costs and other assets of the land drilling rigs business, offset by a gain on a warrant fair value adjustment.
(d)
Includes charges of $2.0 billion primarily related to goodwill impairment of $1.9 billion.
 
2017 Quarters
 
 
(Dollars in millions, except per share amounts)
First
 
Second
 
Third
 
Fourth
 
Total
Revenues
$
1,386

 
$
1,363

 
$
1,460

 
$
1,490

 
$
5,699

Gross Profit
180

 
174

 
264

 
192

 
810

Net Loss Attributable to Weatherford
(448
)
(e) 
(171
)
(f) 
(256
)
(g)  
(1,938
)
(h)  
(2,813
)
 
 
 
 
 
 
 
 
 
 
Basic and Diluted Loss Per Share
(0.45
)
 
(0.17
)
 
(0.26
)
 
(1.95
)
 
(2.84
)

(e)
Includes charges of $134 million primarily related to severance and restructuring charges, asset write-downs and a warrant fair value adjustment, partially offset by defined benefit pension plan reclassifications.
(f)
Includes credits of $108 million primarily related to gains on a warrant fair value and defined benefit pension plan reclassifications, partially offset by severance and restructuring charges and asset write-downs.
(g)
Includes charges of $35 million primarily related to severance and restructuring charges and a warrant fair value adjustment.
(h)
Includes charges of $1.6 billion primarily related to long-lived asset impairments (including the write-down to the lower of carrying amount or fair value less cost to sell of our land drilling rigs assets classified as held for sale), inventory write-downs, the write-down of Venezuelan receivables, severance and restructuring charges, partially offset by a gain on sale of assets and a warrant fair value adjustment.