UNAUDITED QUARTERLY DATA (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

The quarterly financial data is as follows:

(Dollars in millions, except per share amounts)	First			Second			Third			Fourth			First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter
	2018			2018			2018			2018			2019			2019			2019			2019
Summary Statement of Operations Data:
Net sales	$	639		$	644		$	704		$	695		$	639		$	602		$	616		$	587
Cost of products sold (exclusive of depreciation and amortization)	581			581			580			579			549			540			536			513
Depreciation and amortization	27			28			28			28			28			104			25			26
Selling, general and administrative expenses	25			28			25			24			24			29			23			28
Restructuring charges	1			1			—			(1		)	—			40			4			8
Other operating (income) expense(1)	—			2			(9		)	2			1			1			—			2
Interest expense	11			6			15			1			1			1			—			—
Other (income) expense(2)	(4		)	(3		)	(21		)	(24		)	(1		)	(1		)	(1		)	(15		)
Income tax expense (benefit)(3)	—			—			—			—			1			—			(1		)	(117		)
Net income (loss)	(2		)	1			86			86			36			(112		)	30			142
Share Data:
Income (loss) per common share:
Basic(4)	$	(0.06	)	$	0.03		$	2.49		$	2.49		$	1.05		$	(3.23	)	$	0.86		$	4.10
Diluted(4)	(0.06		)	0.03			2.45			2.44			1.03			(3.23		)	0.85			4.04
Weighted average shares of common stock outstanding (thousands):
Basic	34,465			34,506			34,562			34,553			34,484			34,626			34,686			34,702
Diluted	34,465			34,829			35,051			35,288			35,225			34,626			35,137			35,232
Closing price per share:
High	$	17.94		$	21.77		$	33.67		$	33.57		$	25.80		$	23.22		$	19.23		$	18.93
Low	14.46			15.92			20.36			21.02			18.47			16.67			9.90			12.15
Period-end	16.84			21.76			33.67			22.40			21.42			19.05			12.38			18.03

(1) Third quarter 2018 other operating income primarily associated with the realized gain on the sale of the Wickliffe Mill.

(2) Third and fourth quarters 2018 other income primarily associated with countervailing duty settlement gains pursuant to the Settlement Agreement. Fourth quarter 2019 other income primarily associated with the pension settlement gain.

(3) Fourth quarter 2019 income tax benefit primarily associated with a release of the income tax valuation allowances on all federal deferred tax assets and certain state tax credits.     

(4)

Earnings per share calculations for each fiscal quarter are based on the applicable weighted-average shares outstanding for each period, and the sum of the earnings per share for the four fiscal quarters may not necessarily be equal to the full year earnings per share amount.