Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

17. Quarterly Financial Data (Unaudited)

Summarized quarterly results, were as follows (in millions, except per share data):


	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Year ended December 31, 2014
Revenue	$	1,077	$	952	$	1,070		$	1,006
Operating expenses
Cost of products		869		759		857			801
Operating and warehousing costs		102		105		108			110
Selling, general and administrative		44		45		55			69

Operating profit		62		43		50			26
Other income		—		—		(1	)		(2	)

Income before income taxes		62		43		49			24
Provision for income taxes		21		16		17			8

Net income	$	41	$	27	$	32		$	16

Earnings per share
Basic earnings per common share	$	0.38	$	0.25	$	0.30		$	0.15

Diluted earnings per common share	$	0.38	$	0.25	$	0.30		$	0.14

Weighted-average common shares outstanding, basic		107		107		107			107

Weighted-average common shares outstanding, diluted		107		108		108			108

Year ended December 31, 2013
Revenue	$	1,072	$	1,070	$	1,113		$	1,041
Operating expenses
Cost of products		874		874		907			844
Operating and warehousing costs		101		103		104			104
Selling, general and administrative		39		40		39			43

Operating profit		58		53		63			50
Other income		2		2		(4	)		(2	)

Income before income taxes		60		55		59			48
Provision for income taxes		19		22		20			14

Net income	$	41	$	33	$	39		$	34

Earnings per share
Basic earnings per common share	$	0.37	$	0.31	$	0.37		$	0.32

Diluted earnings per common share	$	0.37	$	0.31	$	0.36		$	0.32

Weighted-average common shares outstanding, basic		107		107		107			107

Weighted-average common shares outstanding, diluted		107		107		107			107

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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