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Quarterly Financial Information (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information

The following table presents selected unaudited financial information for the eight quarters in the period ended December 31, 2018. The results for any quarter are not necessarily indicative of future quarterly results and, accordingly, period to period comparisons should not be relied upon as an indication of future performance.

 

 

 

Three Months Ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(in millions, except per share data)

 

Year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

378

 

 

$

433

 

 

$

458

 

 

$

346

 

Operating income

 

 

23

 

 

 

49

 

 

 

89

 

 

 

23

 

Net income

 

 

5

 

 

 

32

 

 

 

69

 

 

 

7

 

Basic earnings per share (1)

 

$

0.04

 

 

$

0.23

 

 

$

0.50

 

 

$

0.05

 

Diluted earnings per share (1)

 

$

0.04

 

 

$

0.23

 

 

$

0.49

 

 

$

0.05

 

Year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

372

 

 

$

424

 

 

$

439

 

 

$

321

 

Operating income

 

 

27

 

 

 

46

 

 

 

42

 

 

 

9

 

Net income (loss) (2)

 

 

13

 

 

 

27

 

 

 

25

 

 

 

(84

)

Basic earnings (loss) per share (1)

 

$

0.09

 

 

$

0.19

 

 

$

0.18

 

 

$

(0.60

)

Diluted earnings (loss) per share (1)

 

$

0.09

 

 

$

0.19

 

 

$

0.18

 

 

$

(0.60

)

 

(1)

 

(2)

 

Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share may not equal the total computed for the year.

During the fourth quarter of 2017, we recognized $67 million of Transition Tax and $6 million of tax expense recorded for the remeasurement of our net deferred tax assets related to the 2017 Tax Act enacted on December 22, 2017. Refer to “Note 11: Income Taxes” for further information.