I had a rant the other day on a TomsHardware article about the 2TB Western Digital drive and the fact it's about 185 GB shy of 2,048 GB because of marketing.
1TB according to any hard drive box is measured in 10^6 bytes. Meaning 1TB = 1,000,000,000 KB. Reality is 1TB is actually measured in 2^20 which = 1,073,741,824 KB
So if you convert 1,000,000,000 KB measured 10^6 to 2^20 bytes, you get 976,562,500 KB or 976.6GB.
Once the drive is formatted, the free/available space will also drop due to the data structures created and reserved space. That's why you're seeing an additional drop after format.
So blame the marketing of hard drives on the space differential. They would rather list the drive as a 2TB (ideal) drive instead of 1.82TB (actual). There have been several lawsuits over this kind of marketing however every last vendor continues to do it nevertheless.