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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
21.
Selected Quarterly Financial Data—(unaudited)
Provided below are selected unaudited quarterly financial data for 2017 and 2016.
The earnings per share information is calculated independently for each quarter based on the weighted average number of common stock and common stock equivalents outstanding, which may fluctuate, based on quarterly income levels and market prices. Therefore and due to the seasonality of the Company’s earnings, the sum of the quarters’ per share information may not equal the annual amount presented on the Consolidated Statements of Operations.
 
 
 
2017
 
 
 
First 
 
Second
 
Third
 
Fourth (a)
Net revenues
$
1,839

 
$
2,238

 
$
2,752

 
$
2,019

Net income (loss)
(107
)
 
3

 
245

 
220

 
 
 
 
 
 
 
 
 
 
Per share information:
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(1.25
)
 
$
0.04

 
$
2.96

 
$
2.70

 
 
Weighted average shares
85.7

 
84.0

 
82.6

 
81.3

 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(1.25
)
 
$
0.04

 
$
2.91

 
$
2.65

 
 
Weighted average shares
85.7

 
85.2

 
84.0

 
82.7

 
 
 
 
2016
 
 
 
First
 
Second
 
Third
 
Fourth
Net revenues
$
1,881

 
$
2,243

 
$
2,656

 
$
1,879

Net income (loss)
(51
)
 
36

 
209

 
(31
)
 
 
 
 
 
 
 
 
 
 
Per share information:
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(0.53
)
 
$
0.39

 
$
2.32

 
$
(0.35
)
 
 
Weighted average shares
96.3

 
93.9

 
90.4

 
87.4

 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(0.53
)
 
$
0.38

 
$
2.28

 
$
(0.35
)
 
 
Weighted average shares
96.3

 
95.1

 
91.8

 
87.4


__________
(a) 
Net income for fourth quarter 2017 includes provisional amounts for the Tax Act of (i) a tax benefit of $317 million resulting from the remeasurement of net deferred income tax liabilities as a result of the reduced corporate tax rate and (ii) a tax provision of $104 million for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings. This estimate will be finalized in a subsequent measurement period during 2018.