Quarterly Financial And Market Information

12 Months Ended

Mar. 31, 2019

Quarterly Financial Data [Abstract]

Quarterly Financial And Market Information

(19)  QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

	Quarter Ended												Year Ended
(In millions, except per share data)	June 30		September 30			December 31				March 31
Fiscal 2019 Consolidated(a)
Net revenue	$	1,137	$	1,286		$	1,289			$	1,238		$	4,950
Gross profit	922		868			876				962			3,628
Operating income	300		258			242				196			996
Net income	293		255			262				209			1,019
Common Stock
Earnings per share — Basic	$	0.96	$	0.84		$	0.87			$	0.70		$	3.36
Earnings per share — Diluted	$	0.95	$	0.83		$	0.86			$	0.69		$	3.33
Fiscal 2018 Consolidated
Net revenue	$	1,449	$	959		$	1,160			$	1,582		$	5,150
Gross profit	1,295		570			659				1,349			3,873
Operating income (loss)	743		(41		)	(21		)		753			1,434
Net income (loss)	644		(22		)	(186		)	(b)	607		(b)	1,043
Common Stock
Earnings (loss) per share — Basic	$	2.08	$	(0.07	)	$	(0.60	)		$	1.98		$	3.39
Earnings (loss) per share — Diluted	$	2.06	$	(0.07	)	$	(0.60	)		$	1.95		$	3.34

(a) On April 1, 2018, at the beginning of fiscal year 2019, we adopted the New Revenue Standard, which significantly changes how we recognize and report net revenue. Financial data for periods prior to April 1, 2018 has not been restated. For more information on the New Revenue Standard, see Note 1 under the heading “Recently Adopted Accounting Standards”.

(b) During the quarters ended December 31, 2017 and March 31, 2018, we recognized tax expense of $176 million and $59 million, respectively, due to the application of the U.S. Tax Act, enacted on December 22, 2017.