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CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Net sales (Note 2) $ 1,018 $ 923 $ 2,968 $ 2,875
Cost of sales 821 757 2,391 2,350
Gross profit 197 166 577 525
Operating expenses:        
Selling, general and administrative 216 132 610 413
Restructuring costs 0 0 0 8
Goodwill impairment (Note 5) 939 0 939 0
Operating (loss) income (958) 34 (972) 104
Other income (expense):        
Interest income 1 1 4 4
Interest expense (16) 0 (42) (2)
Other, net 4 0 18 1
(Loss) income before taxes and equity in earnings of affiliates (969) 35 (992) 107
Income tax benefit (expense) (Note 10) 60 (19) 60 (33)
Equity in earnings of affiliates 0 0 0 1
Net (loss) income (909) 16 (932) 75
Less: net loss (income) attributable to redeemable non-controlling interests 3 0 3 (8)
Net (loss) income attributable to Covetrus $ (906) [1] $ 16 $ (929) [1] $ 67
(Loss) earnings per share attributable to Covetrus: (Note 4)        
Basic (in usd per share) $ (8.09) $ 0.22 $ (8.76) $ 0.94
Diluted (in usd per share) $ (8.09) $ 0.22 $ (8.76) $ 0.94
Weighted average common shares outstanding:        
Basic (in shares) 112 71 106 71
Diluted (in shares) 112 72 106 72
[1] (a) Net income earned from January 1, 2019 through February 7, 2019 is attributed to the former parent as it was the sole shareholder prior to February 7, 2019 (b) See discussion in Note 3 - Business Acquisitions