Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data

Provided below are selected unaudited quarterly financial data for 2019 and 2018.

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.

			2019
			First			Second		Third		Fourth
Revenues			$	1,920		$	2,337	$	2,753	$	2,162
Net income (loss)			(91		)	62		189		142
Per share information:
	Basic
		Net income (loss)	$	(1.20	)	$	0.81	$	2.52	$	1.92
		Weighted average shares	75.8			76.0		75.2		73.9
	Diluted
		Net income (loss)	$	(1.20	)	$	0.81	$	2.50	$	1.90
		Weighted average shares	75.8			76.4		75.7		74.4

			2018
			First			Second		Third (a)		Fourth
Revenues			$	1,968		$	2,328	$	2,778	$	2,050
Net income (loss)			(87		)	26		213		13
Per share information:
	Basic
		Net income (loss)	$	(1.08	)	$	0.33	$	2.71	$	0.16
		Weighted average shares	81.0			80.7		78.8		76.9
	Diluted
		Net income (loss)	$	(1.08	)	$	0.32	$	2.68	$	0.16
		Weighted average shares	81.0			81.5		79.5		77.6

__________

^(a) 

Net income for the third quarter 2018 included additional tax expense of $30 million resulting from the completion of the accounting for the effects of the Tax Act for the one-time transition tax on the deemed repatriation of cumulative foreign subsidiary earnings.