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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

18. 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, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

785

 

 

$

776

 

 

$

751

 

 

$

639

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

627

 

 

 

623

 

 

 

601

 

 

 

514

 

Warehousing, selling and administrative

 

 

135

 

 

 

136

 

 

 

136

 

 

 

134

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

128

 

Operating profit (loss)

 

$

23

 

 

$

17

 

 

$

14

 

 

$

(137

)

Net income (loss)

 

$

18

 

 

$

14

 

 

$

10

 

 

$

(139

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

 

$

0.17

 

 

$

0.12

 

 

$

0.09

 

 

$

(1.27

)

Diluted earnings (loss) per common share

 

$

0.16

 

 

$

0.12

 

 

$

0.09

 

 

$

(1.27

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

764

 

 

$

777

 

 

$

822

 

 

$

764

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

616

 

 

 

620

 

 

 

654

 

 

 

607

 

Warehousing, selling and administrative

 

 

141

 

 

 

139

 

 

 

142

 

 

 

135

 

Operating profit

 

$

7

 

 

$

18

 

 

$

26

 

 

$

22

 

Net income

 

$

2

 

 

$

14

 

 

$

20

 

 

$

16

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.02

 

 

$

0.12

 

 

$

0.18

 

 

$

0.14

 

Diluted earnings per common share

 

$

0.02

 

 

$

0.12

 

 

$

0.18

 

 

$

0.14