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Restatement of Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Restatement of Quarterly Financial Information (Unaudited) | Restatement of Quarterly Financial Information (Unaudited) On August 6, 2019, Mattel was made aware of an anonymous whistleblower letter. An independent investigation was initiated in August 2019 on matters discussed in that letter. The investigation concluded there were material tax related misstatements in the previously issued unaudited consolidated financial statements as of and for the three and nine month periods ended September 30, 2017 and previously reported unaudited consolidated financial information for the three months ended December 31, 2017 and failures to properly consider and communicate such misstatements to Mattel’s then Chief Executive Officer and Audit Committee. The investigation did not find that management engaged in fraud. As it relates to the accounting misstatement, it was concluded that Mattel had failed to properly consider an indefinite-lived intangible asset in its tax valuation allowance calculation for the three months ended September 30, 2017, which caused the provision for income taxes to be understated by $109.0 million. In the fourth quarter of 2017, Mattel determined that the intangible asset was no longer indefinite-lived. This change resulted in an effective correction of the tax misstatement for the 2017 annual results. However, the provision for income taxes remained uncorrected for the three months ended September 30, 2017, which resulted in an overstatement of the tax expense for the three months ended December 31, 2017. In addition to the misstatement described above, there were certain other immaterial prior period misstatements, related to the improper capitalization of certain advertising costs, and the under-accrual of sales adjustments, freight and logistics costs, employee related costs, and the provision for income taxes. The provision for income taxes misstatement was unrelated to the restated income tax matter. Each of these misstatements which were determined to be immaterial, both individually and in the aggregate, have been corrected in the tables below. The following table represents a Summary of Restated and Revised Quarterly Financial Data for years ended December 31, 2018 and 2017:
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
|  |  | As Revised |  |  |  | As Revised
| (In thousands, except per share amounts)
Year Ended December 31, 2018 |  |  |  |  |  |  |
Net sales | $ | 708,372 |  |  | $ | 844,706 |  |  | $ | 1,437,451 |  |  | $ | 1,524,281 |
Cost of sales | 489,499 |  |  | 587,546 |  |  | 824,395 |  |  | 814,687 |
Gross profit | 218,873 |  |  | 257,160 |  |  | 613,056 |  |  | 709,594 |
Advertising and promotion expenses | 70,837 |  |  | 82,393 |  |  | 165,308 |  |  | 205,750 |
Other selling and administrative expenses | 424,617 |  |  | 360,000 |  |  | 325,874 |  |  | 398,253 |
Operating (loss) income | (276,581 | ) |  | (185,233 | ) |  | 121,874 |  |  | 105,591 |
(Loss) income before income taxes | (313,905 | ) |  | (230,064 | ) |  | 72,592 |  |  | 54,274 |
Net (loss) income (a) | (311,253 | ) |  | (237,963 | ) |  | 6,278 |  |  | 9,639 |
Net (loss) income (a) per common share - basic | $ | (0.90 | ) |  | $ | (0.69 | ) |  | $ | 0.02 |  |  | $ | 0.03 |
Weighted average number of common shares | 344,434 |  |  | 344,584 |  |  | 345,285 |  |  | 345,720 |
Net (loss) income per common share - diluted | $ | (0.90 | ) |  | $ | (0.69 | ) |  | $ | 0.02 |  |  | $ | 0.03 |
Weighted average number of common and potential common shares | 344,434 |  |  | 344,584 |  |  | 345,672 |  |  | 345,846 |
Dividends declared per common share | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| As Revised |  | As Revised |  | As Restated |  | As Restated
| (In thousands, except per share amounts)
Year Ended December 31, 2017 |
Net sales | $ | 737,418 |  |  | $ | 976,177 |  |  | $ | 1,560,983 |  |  | $ | 1,606,915 |
Cost of sales | 455,240 |  |  | 574,712 |  |  | 911,234 |  |  | 1,115,736 |
Gross profit | 282,178 |  |  | 401,465 |  |  | 649,749 |  |  | 491,179 |
Advertising and promotion expenses | 73,562 |  |  | 95,499 |  |  | 179,691 |  |  | 293,534 |
Other selling and administrative expenses (b) | 330,829 |  |  | 353,296 |  |  | 381,214 |  |  | 452,644 |
Operating (loss) income (b) | (122,213 | ) |  | (47,330 | ) |  | 88,844 |  |  | (254,999 | )
(Loss) income before income taxes | (142,271 | ) |  | (72,043 | ) |  | 63,863 |  |  | (350,794 | )
Net loss (a) | (110,956 | ) |  | (54,885 | ) |  | (713,445 | ) |  | (175,293 | )
Net loss (a) per common share - basic | $ | (0.32 | ) |  | $ | (0.16 | ) |  | $ | (2.07 | ) |  | $ | (0.51 | )
Weighted average number of common shares | 342,914 |  |  | 343,116 |  |  | 343,870 |  |  | 344,294 |
Net loss (a) per common share - diluted | $ | (0.32 | ) |  | $ | (0.16 | ) |  | $ | (2.07 | ) |  | $ | (0.51 | )
Weighted average number of common and potential common shares | 342,914 |  |  | 343,116 |  |  | 343,870 |  |  | 344,294 |
Dividends declared per common share | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.15 |  |  | $ | — |
(a) | Net loss in the first and second quarters of 2018 included net discrete tax expense of $4.5 million and a net discrete tax benefit of $2.3 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted law changes. Net income in the third quarter of 2018 included net discrete tax expense of $42.1 million, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, changes to the indefinite reinvestment assertion, repatriation of accumulated foreign earnings (net of related valuation allowance change), and enacted law changes. Net income in the fourth quarter of 2018 included a net discrete tax benefit of $5.6 million related to the deemed repatriation of accumulated foreign earnings (net of related valuation allowance change). Net loss for the first and second quarters of 2017 included net discrete tax expense of $0.5 million and a net discrete tax benefit of $3.2 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted law changes. Net loss in the third quarter of 2017 included net discrete tax expense of $674.9 million, primarily related to the establishment of a valuation allowance. Net loss in the fourth quarter of 2017 included a net discrete tax benefit of $214.6 million primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted tax law changes.
(b) | In accordance with ASU 2017-07, prior period amounts have been retrospectively adjusted, which resulted in a reclassification of $1.4 million, $(0.3) million, $0.5 million, and $1.8 million of expense, net from other selling and administrative expenses to other non-operating expense, net for the quarters ended March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017.
Restatement of Quarterly Information for the Third and Fourth Quarter of 2017 The following represents the restatement of the unaudited consolidated financial statements as of and for the periods ended September 30, 2017: CONSOLIDATED BALANCE SHEET
| September 30, 2017
| As Previously Reported |  | Adjustments |  | As Restated
| (In thousands)
ASSETS |  |  |  |  |
Current Assets |  |  |  |  |
Cash and equivalents | $ | 181,308 |  |  | $ | — |  |  | $ | 181,308 |
Accounts receivable, net | 1,506,145 |  |  | — |  |  | 1,506,145 |
Inventories | 989,995 |  |  | — |  |  | 989,995 |
Prepaid expenses and other current assets | 352,711 |  |  | — |  |  | 352,711 |
Total current assets | 3,030,159 |  |  | — |  |  | 3,030,159 |
Noncurrent Assets |  |  |  |  |
Property, plant, and equipment, net | 821,228 |  |  | — |  |  | 821,228 |
Goodwill | 1,397,642 |  |  | — |  |  | 1,397,642 |
Other noncurrent assets | 950,655 |  |  | — |  |  | 950,655 |
Total Assets | $ | 6,199,684 |  |  | $ | — |  |  | $ | 6,199,684 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |
Current Liabilities |  |  |  |  |
Short-term borrowings | $ | 732,649 |  |  | $ | — |  |  | $ | 732,649 |
Current portion of long-term debt | 250,000 |  |  | — |  |  | 250,000 |
Accounts payable | 713,488 |  |  | — |  |  | 713,488 |
Accrued liabilities | 568,845 |  |  | 7,388 |  |  | 576,233 |
Income taxes payable | 32,296 |  |  | — |  |  | 32,296 |
Total current liabilities | 2,297,278 |  |  | 7,388 |  |  | 2,304,666 |
Noncurrent Liabilities |  |  |  |  |
Long-term debt | 1,886,404 |  |  | — |  |  | 1,886,404 |
Other noncurrent liabilities | 576,327 |  |  | 108,958 |  |  | 685,285 |
Total noncurrent liabilities | 2,462,731 |  |  | 108,958 |  |  | 2,571,689 |
Stockholders’ Equity |  |  |  |  |
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued | 441,369 |  |  | — |  |  | 441,369 |
Additional paid-in capital | 1,793,036 |  |  | — |  |  | 1,793,036 |
Treasury stock at cost: 97.7 million shares | (2,392,422 | ) |  | — |  |  | (2,392,422 | )
Retained earnings | 2,460,224 |  |  | (116,346 | ) |  | 2,343,878 |
Accumulated other comprehensive loss | (862,532 | ) |  | — |  |  | (862,532 | )
Total stockholders’ equity | 1,439,675 |  |  | (116,346 | ) |  | 1,323,329 |
Total Liabilities and Stockholders’ Equity | $ | 6,199,684 |  |  | $ | — |  |  | $ | 6,199,684 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017
| As Previously Reported |  | Adjustments |  | As Restated |  | As Previously Reported |  | Adjustments |  | As Restated
| (In thousands, except per share amounts)
Net Sales | $ | 1,560,983 |  |  | $ | — |  |  | $ | 1,560,983 |  |  | $ | 3,271,078 |  |  | $ | 3,500 |  |  | $ | 3,274,578 |
Cost of sales | 913,834 |  |  | (2,600 | ) |  | 911,234 |  |  | 1,945,386 |  |  | (4,200 | ) |  | 1,941,186 |
Gross Profit | 647,149 |  |  | 2,600 |  |  | 649,749 |  |  | 1,325,692 |  |  | 7,700 |  |  | 1,333,392 |
Advertising and promotion expenses | 179,691 |  |  | — |  |  | 179,691 |  |  | 348,752 |  |  | — |  |  | 348,752 |
Other selling and administrative expenses | 381,214 |  |  | — |  |  | 381,214 |  |  | 1,065,339 |  |  | — |  |  | 1,065,339 |
Operating Income (Loss) | 86,244 |  |  | 2,600 |  |  | 88,844 |  |  | (88,399 | ) |  | 7,700 |  |  | (80,699 | )
Interest expense | 24,646 |  |  | — |  |  | 24,646 |  |  | 68,557 |  |  | — |  |  | 68,557 |
Interest (income) | (1,575 | ) |  | — |  |  | (1,575 | ) |  | (6,337 | ) |  | — |  |  | (6,337 | )
Other non-operating expense, net | 1,910 |  |  | — |  |  | 1,910 |  |  | 7,532 |  |  | — |  |  | 7,532 |
Income (Loss) Before Income Taxes | 61,263 |  |  | 2,600 |  |  | 63,863 |  |  | (158,151 | ) |  | 7,700 |  |  | (150,451 | )
Provision for income taxes | 664,510 |  |  | 112,798 |  |  | 777,308 |  |  | 614,402 |  |  | 114,433 |  |  | 728,835 |
Net Loss | $ | (603,247 | ) |  | $ | (110,198 | ) |  | $ | (713,445 | ) |  | $ | (772,553 | ) |  | $ | (106,733 | ) |  | $ | (879,286 | )
Net Loss Per Common Share - Basic | $ | (1.75 | ) |  | $ | (0.32 | ) |  | $ | (2.07 | ) |  | $ | (2.25 | ) |  | $ | (0.31 | ) |  | $ | (2.56 | )
Weighted average number of common shares | 343,870 |  |  | — |  |  | 343,870 |  |  | 343,304 |  |  | — |  |  | 343,304 |
Net Loss Per Common Share - Diluted | $ | (1.75 | ) |  | $ | (0.32 | ) |  | $ | (2.07 | ) |  | $ | (2.25 | ) |  | $ | (0.31 | ) |  | $ | (2.56 | )
Weighted average number of common and potential common shares | 343,870 |  |  | — |  |  | 343,870 |  |  | 343,304 |  |  | — |  |  | 343,304 |
Dividends Declared Per Common Share | $ | 0.15 |  |  | $ | — |  |  | $ | 0.15 |  |  | $ | 0.91 |  |  | $ | — |  |  | $ | 0.91 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017
| As Previously Reported |  | Adjustments |  | As Restated |  | As Previously Reported |  | Adjustments |  | As Restated
| (In thousands)
Net Loss | $ | (603,247 | ) |  | $ | (110,198 | ) |  | $ | (713,445 | ) |  | $ | (772,553 | ) |  | $ | (106,733 | ) |  | $ | (879,286 | )
Other Comprehensive Income, Net of Tax |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustments | 36,912 |  |  | — |  |  | 36,912 |  |  | 142,248 |  |  | — |  |  | 142,248 |
Defined benefit pension plan adjustments | 1,106 |  |  | — |  |  | 1,106 |  |  | 3,185 |  |  | — |  |  | 3,185 |
Net unrealized losses on available-for-sale security | (3,848 | ) |  | — |  |  | (3,848 | ) |  | (7,585 | ) |  | — |  |  | (7,585 | )
Net unrealized losses on derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses | (24,009 | ) |  | — |  |  | (24,009 | ) |  | (63,999 | ) |  | — |  |  | (63,999 | )
Amounts reclassified from accumulated other comprehensive loss | 9,241 |  |  | — |  |  | 9,241 |  |  | 6,648 |  |  | — |  |  | 6,648 |
| (14,768 | ) |  | — |  |  | (14,768 | ) |  | (57,351 | ) |  | — |  |  | (57,351 | )
Other Comprehensive Income, Net of Tax | 19,402 |  |  | — |  |  | 19,402 |  |  | 80,497 |  |  | — |  |  | 80,497 |
Comprehensive Loss | $ | (583,845 | ) |  | $ | (110,198 | ) |  | $ | (694,043 | ) |  | $ | (692,056 | ) |  | $ | (106,733 | ) |  | $ | (798,789 | )
CONSOLIDATED STATEMENT OF CASH FLOWS
| Nine Months Ended September 30, 2017
| As Previously Reported |  | Adjustments |  | As Restated
| (In thousands)
Net loss | $ | (772,553 | ) |  | $ | (106,733 | ) |  | $ | (879,286 | )
Adjustments to reconcile net loss to net cash flows used for operating activities: |  |  |  |  |
Depreciation | 179,831 |  |  | — |  |  | 179,831 |
Amortization | 16,264 |  |  | — |  |  | 16,264 |
Asset impairments | 14,942 |  |  | — |  |  | 14,942 |
Deferred income taxes | 2,057 |  |  | 5,475 |  |  | 7,532 |
Valuation allowance on deferred tax assets | 561,915 |  |  | 108,958 |  |  | 670,873 |
Share-based compensation | 47,582 |  |  | — |  |  | 47,582 |
Bad debt expense | 11,758 |  |  | — |  |  | 11,758 |
Inventory obsolescence | 37,402 |  |  | — |  |  | 37,402 |
(Decrease) increase from changes in assets and liabilities: |  |  |  |  |
Accounts receivable | (367,579 | ) |  | (3,500 | ) |  | (371,079 | )
Inventories | (396,415 | ) |  | — |  |  | (396,415 | )
Prepaid expenses and other current assets | (19,027 | ) |  | (7,388 | ) |  | (26,415 | )
Accounts payable, accrued liabilities, and income taxes payable | 9,893 |  |  | 3,188 |  |  | 13,081 |
Other, net | (66,140 | ) |  | — |  |  | (66,140 | )
Net cash flows used for operating activities | (740,070 | ) |  | — |  |  | (740,070 | )
Cash Flows From Investing Activities: |  |  |  |  |
Purchases of tools, dies, and molds | (101,428 | ) |  | — |  |  | (101,428 | )
Purchases of other property, plant, and equipment | (133,895 | ) |  | — |  |  | (133,895 | )
Proceeds from foreign currency forward exchange contracts | 60,376 |  |  | — |  |  | 60,376 |
Other, net | 38 |  |  | — |  |  | 38 |
Net cash flows used for investing activities | (174,909 | ) |  | — |  |  | (174,909 | )
Cash Flows From Financing Activities: |  |  |  |  |
Payments of short-term borrowings, net | (878,937 | ) |  | — |  |  | (878,937 | )
Proceeds from short-term borrowings, net | 1,419,418 |  |  | — |  |  | 1,419,418 |
Payments of dividends on common stock | (311,973 | ) |  | — |  |  | (311,973 | )
Proceeds from exercise of stock options | 1,768 |  |  | — |  |  | 1,768 |
Other, net | (16,543 | ) |  | — |  |  | (16,543 | )
Net cash flows provided by financing activities | 213,733 |  |  | — |  |  | 213,733 |
Effect of Currency Exchange Rate Changes on Cash | 13,023 |  |  | — |  |  | 13,023 |
Decrease in Cash and Equivalents | (688,223 | ) |  | — |  |  | (688,223 | )
Cash and Equivalents at Beginning of Period | 869,531 |  |  | — |  |  | 869,531 |
Cash and Equivalents at End of Period | $ | 181,308 |  |  | $ | — |  |  | $ | 181,308 |
The following represents the restatement of the unaudited consolidated financial data for the period ended December 31, 2017:
| Three Months Ended December 31, 2017
| As Previously Reported |  | Adjustments |  | As Restated
| (In thousands, except per share amounts)
Net sales | $ | 1,610,873 |  |  | $ | (3,958 | ) |  | $ | 1,606,915 |
Cost of sales | 1,115,736 |  |  | — |  |  | 1,115,736 |
Gross profit | 495,137 |  |  | (3,958 | ) |  | 491,179 |
Advertising and promotion expenses | 293,534 |  |  | — |  |  | 293,534 |
Other selling and administrative expenses | 452,644 |  |  | — |  |  | 452,644 |
Operating loss | (251,041 | ) |  | (3,958 | ) |  | (254,999 | )
Loss before income taxes | (346,836 | ) |  | (3,958 | ) |  | (350,794 | )
Net loss | (281,283 | ) |  | 105,990 |  |  | (175,293 | )
Net loss per common share—basic | $ | (0.82 | ) |  | $ | 0.31 |  |  | $ | (0.51 | )
Weighted average number of common shares | 344,294 |  |  | — |  |  | 344,294 |
Net loss per common share—diluted | $ | (0.82 | ) |  | $ | 0.31 |  |  | $ | (0.51 | )
Weighted average number of common and potential common shares | 344,294 |  |  | — |  |  | 344,294 |
Dividends declared per common share | $ | — |  |  | $ | — |  |  | $ | — |
Revision of Quarterly Information The effects of immaterial revisions on the impacted interim periods are presented below. Periods which were not impacted by such revisions are not presented.
| Three Months Ended June 30, 2018
| As Previously Reported |  | Adjustments |  | As Revised
| (In thousands, except per share amounts)
Net sales | $ | 840,748 |  |  | $ | 3,958 |  |  | $ | 844,706 |
Cost of sales | 587,546 |  |  | — |  |  | 587,546 |
Gross profit | 253,202 |  |  | 3,958 |  |  | 257,160 |
Advertising and promotion expenses | 82,393 |  |  | — |  |  | 82,393 |
Other selling and administrative expenses | 360,000 |  |  | — |  |  | 360,000 |
Operating loss | (189,191 | ) |  | 3,958 |  |  | (185,233 | )
Loss before income taxes | (234,022 | ) |  | 3,958 |  |  | (230,064 | )
Net loss | (240,931 | ) |  | 2,968 |  |  | (237,963 | )
Net loss per common share - basic | $ | (0.70 | ) |  | $ | 0.01 |  |  | $ | (0.69 | )
Weighted average number of common shares | 344,584 |  |  | — |  |  | 344,584 |
Net loss per common share - diluted | $ | (0.70 | ) |  | $ | 0.01 |  |  | $ | (0.69 | )
Weighted average number of common and potential common shares | 344,584 |  |  | — |  |  | 344,584 |
Dividends declared per common share | $ | — |  |  | $ | — |  |  | $ | — |
| Three Months Ended December 31, 2018
| As Previously Reported |  | Adjustments |  | As Revised
| (In thousands, except per share amounts)
Net sales | $ | 1,524,281 |  |  | $ | — |  |  | $ | 1,524,281 |
Cost of sales | 814,687 |  |  | — |  |  | 814,687 |
Gross profit | 709,594 |  |  | — |  |  | 709,594 |
Advertising and promotion expenses | 207,898 |  |  | (2,148 | ) |  | 205,750 |
Other selling and administrative expenses | 394,305 |  |  | 3,948 |  |  | 398,253 |
Operating income | 107,391 |  |  | (1,800 | ) |  | 105,591 |
Income before income taxes | 56,074 |  |  | (1,800 | ) |  | 54,274 |
Net income | 14,913 |  |  | (5,274 | ) |  | 9,639 |
Net income per common share - basic | $ | 0.04 |  |  | $ | (0.01 | ) |  | $ | 0.03 |
Weighted average number of common shares | 345,720 |  |  | — |  |  | 345,720 |
Net income per common share - diluted | $ | 0.04 |  |  | $ | (0.01 | ) |  | $ | 0.03 |
Weighted average number of common and potential common shares | 345,846 |  |  | — |  |  | 345,846 |
Dividends declared per common share | $ | — |  |  | $ | — |  |  | $ | — |
| Three Months Ended June 30, 2017
| As Previously Reported |  | Adjustments |  | As Revised
| (In thousands, except per share amounts)
Net sales | $ | 974,477 |  |  | $ | 1,700 |  |  | $ | 976,177 |
Cost of sales | 574,712 |  |  | — |  |  | 574,712 |
Gross profit | 399,765 |  |  | 1,700 |  |  | 401,465 |
Advertising and promotion expenses | 95,499 |  |  | — |  |  | 95,499 |
Other selling and administrative expenses | 353,296 |  |  | — |  |  | 353,296 |
Operating loss | (49,030 | ) |  | 1,700 |  |  | (47,330 | )
Loss before income taxes | (73,743 | ) |  | 1,700 |  |  | (72,043 | )
Net loss | (56,075 | ) |  | 1,190 |  |  | (54,885 | )
Net loss per common share—basic | $ | (0.16 | ) |  | $ | — |  |  | $ | (0.16 | )
Weighted average number of common shares | 343,116 |  |  | — |  |  | 343,116 |
Net loss per common share—diluted | $ | (0.16 | ) |  | $ | — |  |  | $ | (0.16 | )
Weighted average number of common and potential common shares | 343,116 |  |  | — |  |  | 343,116 |
Dividends declared per common share | $ | 0.38 |  |  | $ | — |  |  | $ | 0.38 |
| Three Months Ended March 31, 2017
| As Previously Reported |  | Adjustments |  | As Revised
| (In thousands, except per share amounts)
Net sales | $ | 735,618 |  |  | $ | 1,800 |  |  | $ | 737,418 |
Cost of sales | 456,840 |  |  | (1,600 | ) |  | 455,240 |
Gross profit | 278,778 |  |  | 3,400 |  |  | 282,178 |
Advertising and promotion expenses | 73,562 |  |  | — |  |  | 73,562 |
Other selling and administrative expenses | 330,829 |  |  | — |  |  | 330,829 |
Operating loss | (125,613 | ) |  | 3,400 |  |  | (122,213 | )
Loss before income taxes | (145,671 | ) |  | 3,400 |  |  | (142,271 | )
Net loss | (113,231 | ) |  | 2,275 |  |  | (110,956 | )
Net loss income per common share - basic | $ | (0.33 | ) |  | $ | 0.01 |  |  | $ | (0.32 | )
Weighted average number of common shares | 342,914 |  |  | — |  |  | 342,914 |
Net loss per common share - diluted | $ | (0.33 | ) |  | $ | 0.01 |  |  | $ | (0.32 | )
Weighted average number of common and potential common shares | 342,914 |  |  | — |  |  | 342,914 |
Dividends declared per common share | $ | 0.38 |  |  | $ | — |  |  | $ | 0.38 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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