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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
25. Quarterly Financial Data (Unaudited)

Summarized quarterly financial data for the Successor and Predecessor Periods and for the year ended December 31, 2018 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.
 
Predecessor
 
Successor
 
 
 
 
 
 
 
Period From
 
Period From
 
Period From
 
2019
 
2019
 
2019
 
10/01/19
 
01/01/19
 
12/14/19
(Dollars in millions, except
First
 
Second
 
Third
 
through
 
through
 
through
per share amounts)
Quarter
 
Quarter
 
Quarter
 
12/13/19
 
12/13/19
 
12/31/19
Revenues
$
1,346

 
$
1,309

 
$
1,314

 
$
985

 
$
4,954

 
$
261

Gross Profit
264

 
290

 
307

 
240

 
1,101

 
53

Net Income (Loss) Attributable to Weatherford
(481
)
(a) 
(316
)
(b) 
(821
)
(c) 
5,279

(d) 
3,661

 
(26
)
 
 
 
 
 
 
 
 
 
 
 
 
Basic and Diluted Income (Loss) Per Share
(0.48
)
 
(0.31
)
 
(0.82
)
 
5.26

 
3.65

 
(0.37
)
(a)
Includes charges of $298 million primarily related to goodwill impairment of $229 million, as well as $69 million primarily related to long-lived asset impairments, asset write-downs and inventory charges, restructuring and transformation charges and prepetition charges.
(b)
Includes charges of $125 million primarily related to goodwill impairment of $102 million and prepetition charges of $76 million, as well as $61 million primarily related to restructuring, transformation and asset write-downs charges, partially offset by gains on sales of businesses of $114 million.
(c)
Includes charges of $487 million primarily related to goodwill impairment of $399 million, restructuring and transformation charges and asset write-downs and inventory charges. We also incurred reorganization charges of $303 million related to our bankruptcy Plan.
(d)
Includes reorganization gains of $5.7 billion related to our emergence from bankruptcy and Fresh Start Accounting. Includes charges of $342 million primarily related to restructuring and transformation charges and asset write-downs and inventory charges.
 
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
)
(e) 
(264
)
(f) 
(199
)
(g)  
(2,103
)
(h)  
(2,811
)
 
 
 
 
 
 
 
 
 
 
Basic and Diluted Loss Per Share
(0.25
)
 
(0.26
)
 
(0.20
)
 
(2.10
)
 
(2.82
)

(e)
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.
(f)
Includes credits 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.
(g)
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.
(h)
Includes charges of $2.0 billion primarily related to goodwill impairment of $1.9 billion.