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SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Operating Results Of Company
The following table presents supplementary quarterly financial information for the year ended December 31, 2015:
 
 
2015
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Net sales
 
$
1,835

 
$
1,962

 
$
1,824

 
$
1,798

Gross profit
 
$
251

 
$
290

 
$
263

 
$
270

 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
(10
)
 
$
17

 
$
(62
)
 
$
(56
)
Discontinued operations
 
$
—

 
$
7

 
$
—

 
$
—

Net income (loss)
 
$
(10
)
 
$
24

 
$
(62
)
 
$
(56
)
Net income (loss) attributable to Federal-Mogul
 
$
(11
)
 
$
22

 
$
(63
)
 
$
(58
)
 
 
 
 
 
 
 
 
 
Basic and diluted net income (loss) per common share attributable to Federal-Mogul:
 
 
 
 
 
 
 
 
Continuing operations
 
$
(0.07
)
 
$
0.09

 
$
(0.37
)
 
$
(0.36
)
Discontinued operations
 
$
—

 
$
0.04

 
$
—

 
$
—

Net income (loss)
 
$
(0.07
)
 
$
0.13

 
$
(0.37
)
 
$
(0.36
)

The following table represents items that affect the comparability of the amounts shown above for the interim periods in 2015:
 
 
2015
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Loss on sale of equity method investment
 
$
(11
)
 
$
—

 
$
—

 
$
—

Restructuring charges and asset impairments, net
 
$
(13
)
 
$
(30
)
 
$
(23
)
 
$
(54
)
Goodwill and intangible impairment expense, net
 
$
6

 
$
—

 
$
(56
)
 
$
(44
)
 
 
 
 
 
 
 
 
 

The following table presents supplementary quarterly financial information for the year ended December 31, 2014:
 
 
2014
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Net sales
 
$
1,779

 
$
1,872

 
$
1,871

 
$
1,795

Gross profit
 
$
273

 
$
297

 
$
262

 
$
225

 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
41

 
$
(3
)
 
$
(17
)
 
(182
)
Net income (loss)
 
$
41

 
$
(3
)
 
$
(17
)
 
(182
)
Net income (loss) attributable to Federal-Mogul
 
$
40

 
$
(5
)
 
$
(18
)
 
(185
)
 
 
 
 
 
 
 
 
 
Basic and diluted net income (loss) per common share attributable to Federal-Mogul:
 


 


 


 


Continuing operations
 
$
0.27

 
$
(0.03
)
 
$
(0.12
)
 
$
(1.24
)
Net income (loss)
 
$
0.27

 
$
(0.03
)
 
$
(0.12
)
 
$
(1.24
)


The following table represents items that affect the comparability of the amounts shown above for the interim periods in 2014:
 
 
2014
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Loss on extinguishment of debt
 
$
—

 
$
(24
)
 
$
—

 
$
—

Restructuring charges and asset impairments, net
 
$
(9
)
 
$
(31
)
 
$
(26
)
 
$
(44
)
Goodwill and intangible impairment expense, net
 
$
—

 
$
—

 
$
—

 
$
(120
)
Acquisition related costs
 
$
(2
)
 
$
(3
)
 
$
(9
)
 
$
(2
)