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Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

 

17. Quarterly Financial Data (Unaudited)

Summarized quarterly results, were as follows (in millions, except per share data):

 

 

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

Year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

631

 

 

$

651

 

 

$

697

 

 

$

669

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

517

 

 

 

527

 

 

 

562

 

 

 

541

 

Warehousing, selling and administrative

 

 

135

 

 

 

138

 

 

 

141

 

 

 

128

 

Operating profit (loss)

 

 

(21

)

 

 

(14

)

 

 

(6

)

 

 

 

Other expense

 

 

(2

)

 

 

(3

)

 

 

(3

)

 

 

(3

)

Loss before income taxes

 

 

(23

)

 

 

(17

)

 

 

(9

)

 

 

(3

)

Income tax provision (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23

)

 

$

(17

)

 

$

(9

)

 

$

(3

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

$

(0.21

)

 

$

(0.16

)

 

$

(0.08

)

 

$

(0.03

)

Diluted loss per common share

 

$

(0.21

)

 

$

(0.16

)

 

$

(0.08

)

 

$

(0.03

)

Weighted-average common shares outstanding, basic

 

 

108

 

 

 

108

 

 

 

108

 

 

 

108

 

Weighted-average common shares outstanding, diluted

 

 

108

 

 

 

108

 

 

 

108

 

 

 

108

 

Year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

548

 

 

$

501

 

 

$

520

 

 

$

538

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

461

 

 

 

418

 

 

 

433

 

 

 

450

 

Warehousing, selling and administrative

 

 

152

 

 

 

140

 

 

 

140

 

 

 

135

 

Operating loss

 

 

(65

)

 

 

(57

)

 

 

(53

)

 

 

(47

)

Other expense

 

 

(2

)

 

 

(2

)

 

 

(3

)

 

 

(1

)

Loss before income taxes

 

 

(67

)

 

 

(59

)

 

 

(56

)

 

 

(48

)

Income tax provision (benefit)

 

 

(4

)

 

 

(15

)

 

 

 

 

 

23

 

Net loss

 

$

(63

)

 

$

(44

)

 

$

(56

)

 

$

(71

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

$

(0.59

)

 

$

(0.40

)

 

$

(0.53

)

 

$

(0.66

)

Diluted loss per common share

 

$

(0.59

)

 

$

(0.40

)

 

$

(0.53

)

 

$

(0.66

)

Weighted-average common shares outstanding, basic

 

 

107

 

 

 

107

 

 

 

107

 

 

 

107

 

Weighted-average common shares outstanding, diluted

 

 

107

 

 

 

107

 

 

 

107

 

 

 

107