XML 110 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue      
Revenue $ 1,727 $ 1,761 $ 1,669
Costs and expenses      
Selling, general and administrative 334 327 306
Fees to Manager-related party 32 45 71
Goodwill impairment 0 3 0
Depreciation 195 193 178
Amortization of intangibles 59 68 64
Total operating expenses 1,438 1,527 1,387
Operating income 289 234 282
Other income (expense)      
Interest income 7 1 0
Interest expense [1] (154) (113) (87)
Other (expense) income, net (2) (7) 9
Net income from continuing operations before income taxes 140 115 204
(Provision) benefit for income taxes (39) (50) 230
Net income from continuing operations 101 65 434
Discontinued Operations      
Net income from discontinued operations before income taxes [2] 85 32 18
(Provision) benefit for income taxes [2] (33) (2) 4
Net income from discontinued operations [2] 52 30 22
Net income 153 95 456
Less: net loss attributable to noncontrolling interests 0 (3) 0
Net income from continuing operations attributable to MIC 101 68 434
Less: net (loss) income attributable to noncontrolling interests (3) (39) 5
Net income from discontinued operations attributable to MIC 55 69 17
Net income attributable to MIC $ 156 $ 137 $ 451
Basic income per share from continuing operations attributable to MIC (in dollars per share) $ 1.17 $ 0.80 $ 5.22
Basic income per share from discontinued operations attributable to MIC (in dollars per share) 0.65 0.80 0.20
Basic income per share attributable to MIC (in dollars per share) $ 1.82 $ 1.60 $ 5.42
Weighted average number of shares outstanding: basic (in shares) 86,178,212 85,233,989 83,204,404
Diluted income per share from continuing operations attributable to MIC (in dollars per share) $ 1.17 $ 0.80 $ 4.94
Diluted income per share from discontinued operations attributable to MIC (in dollars per share) 0.65 0.80 0.19
Diluted income per share attributable to MIC (in dollars per share) $ 1.82 $ 1.60 $ 5.13
Weighted average number of shares outstanding: diluted (in shares) 86,204,301 85,249,865 91,073,362
Cash dividends declared per share (in dollars per share) $ 4.00 $ 4.00 $ 5.56
Service revenue      
Revenue      
Revenue $ 1,484 $ 1,515 $ 1,446
Costs and expenses      
Cost of goods and services sold 653 712 624
Product revenue      
Revenue      
Revenue 243 246 223
Costs and expenses      
Cost of goods and services sold $ 165 $ 179 $ 144
[1]
Interest expense includes losses on derivative instruments of $13 million and gains on derivative instruments of $8 million and $2 million in 2019, 2018 and 2017, respectively.
[2]
See Note 5, “Discontinued Operations and Dispositions”, for discussions on businesses classified as held for sale.