| SELECTED UNAUDITED QUARTERLY FINANCIAL DATA |
27. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
A summary of selected unaudited quarterly financial data for the years ended December 31, 2018 and 2017 is as follows (dollars in millions, except per share amounts):
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Three months ended
|
|
Ìý
|
Ìý
|
MarchÌý31,Ìý
|
Ìý
|
JuneÌý30,Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2018
|
ÌýÌýÌýÌý
|
2018
|
ÌýÌýÌýÌý
|
2018(1)
|
ÌýÌýÌýÌý
|
2018(2)
|
|
Revenues
|
Ìý
|
$
|
2,295
|
Ìý
|
$
|
2,404
|
Ìý
|
$
|
2,444
|
Ìý
|
$
|
2,236
|
|
Gross profit
|
Ìý
|
Ìý
|
540
|
Ìý
|
Ìý
|
555
|
Ìý
|
Ìý
|
524
|
Ìý
|
Ìý
|
406
|
|
Restructuring, impairment and plant closing costs (credits)
|
Ìý
|
Ìý
|
Ìý2
|
Ìý
|
Ìý
|
Ìý1
|
Ìý
|
Ìý
|
Ìý5
|
Ìý
|
Ìý
|
(13)
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
236
|
Ìý
|
Ìý
|
289
|
Ìý
|
Ìý
|
229
|
Ìý
|
Ìý
|
91
|
|
Net income (loss)
|
Ìý
|
Ìý
|
350
|
Ìý
|
Ìý
|
623
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
Ìý
|
(315)
|
|
Net income attributable to noncontrolling interests(3)
|
Ìý
|
Ìý
|
76
|
Ìý
|
Ìý
|
209
|
Ìý
|
Ìý
|
Ìý3
|
Ìý
|
Ìý
|
25
|
|
Net income (loss) attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
|
Ìý
|
Ìý
|
274
|
Ìý
|
Ìý
|
414
|
Ìý
|
Ìý
|
(11)
|
Ìý
|
Ìý
|
(340)
|
|
Basic income (loss) per share(4):
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.66
|
Ìý
|
Ìý
|
1.12
|
Ìý
|
Ìý
|
0.86
|
Ìý
|
Ìý
|
0.32
|
|
Net income (loss) attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
1.14
|
Ìý
|
Ìý
|
1.73
|
Ìý
|
Ìý
|
(0.05)
|
Ìý
|
Ìý
|
(1.45)
|
|
Diluted income (loss) per share(4):
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
Ìý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.65
|
Ìý
|
Ìý
|
1.11
|
Ìý
|
Ìý
|
0.85
|
Ìý
|
Ìý
|
0.32
|
|
Net income (loss) attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
1.11
|
Ìý
|
Ìý
|
1.71
|
Ìý
|
Ìý
|
(0.05)
|
Ìý
|
Ìý
|
(1.43)
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Three months ended
|
|
Ìý
|
Ìý
|
MarchÌý31,Ìý
|
Ìý
|
JuneÌý30,Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2017(5)
|
|
Revenues
|
Ìý
|
$
|
1,932
|
Ìý
|
$
|
2,054
|
Ìý
|
$
|
2,169
|
Ìý
|
$
|
2,203
|
|
Gross profit
|
Ìý
|
Ìý
|
390
|
Ìý
|
Ìý
|
436
|
Ìý
|
Ìý
|
472
|
Ìý
|
Ìý
|
508
|
|
Restructuring, impairment and plant closing costs
|
Ìý
|
Ìý
|
Ìý9
|
Ìý
|
Ìý
|
Ìý3
|
Ìý
|
Ìý
|
Ìý1
|
Ìý
|
Ìý
|
Ìý7
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
99
|
Ìý
|
Ìý
|
138
|
Ìý
|
Ìý
|
116
|
Ìý
|
Ìý
|
230
|
|
Net income
|
Ìý
|
Ìý
|
92
|
Ìý
|
Ìý
|
183
|
Ìý
|
Ìý
|
179
|
Ìý
|
Ìý
|
287
|
|
Net income attributable to noncontrolling interests(3)
|
Ìý
|
Ìý
|
16
|
Ìý
|
Ìý
|
16
|
Ìý
|
Ìý
|
32
|
Ìý
|
Ìý
|
41
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation
|
Ìý
|
Ìý
|
76
|
Ìý
|
Ìý
|
167
|
Ìý
|
Ìý
|
147
|
Ìý
|
Ìý
|
246
|
|
Basic income per share(4):
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.35
|
Ìý
|
Ìý
|
0.51
|
Ìý
|
Ìý
|
0.36
|
Ìý
|
Ìý
|
0.79
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.32
|
Ìý
|
Ìý
|
0.70
|
Ìý
|
Ìý
|
0.62
|
Ìý
|
Ìý
|
1.03
|
|
Diluted income per share(4):
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
Ìý
|
Ìý
|
ÌýÌý
|
|
Income from continuing operations attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.34
|
Ìý
|
Ìý
|
0.50
|
Ìý
|
Ìý
|
0.34
|
Ìý
|
Ìý
|
0.77
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ Corporation common stockholders
|
Ìý
|
Ìý
|
0.31
|
Ìý
|
Ìý
|
0.69
|
Ìý
|
Ìý
|
0.60
|
Ìý
|
Ìý
|
1.00
|
Ìý
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Three months ended
|
|
Ìý
|
ÌýÌýÌýÌý
|
MarchÌý31,Ìý
|
Ìý
|
JuneÌý30,Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2018
|
ÌýÌýÌýÌý
|
2018
|
ÌýÌýÌýÌý
|
2018(1)
|
ÌýÌýÌýÌý
|
2018(2)
|
|
Revenues
|
Ìý
|
$
|
2,295
|
Ìý
|
$
|
2,404
|
Ìý
|
Ìý
|
2,444
|
Ìý
|
$
|
2,236
|
|
Gross profit
|
Ìý
|
Ìý
|
541
|
Ìý
|
Ìý
|
556
|
Ìý
|
Ìý
|
525
|
Ìý
|
Ìý
|
406
|
|
Restructuring, impairment and plant closing costs
|
Ìý
|
Ìý
|
Ìý2
|
Ìý
|
Ìý
|
Ìý1
|
Ìý
|
Ìý
|
Ìý5
|
Ìý
|
Ìý
|
(13)
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
233
|
Ìý
|
Ìý
|
286
|
Ìý
|
Ìý
|
226
|
Ìý
|
Ìý
|
86
|
|
Net income (loss)
|
Ìý
|
Ìý
|
347
|
Ìý
|
Ìý
|
620
|
Ìý
|
Ìý
|
(11)
|
Ìý
|
Ìý
|
(320)
|
|
Net income attributable to noncontrolling interests(3)
|
Ìý
|
Ìý
|
76
|
Ìý
|
Ìý
|
209
|
Ìý
|
Ìý
|
Ìý3
|
Ìý
|
Ìý
|
25
|
|
Net income (loss) attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International
|
Ìý
|
Ìý
|
271
|
Ìý
|
Ìý
|
411
|
Ìý
|
Ìý
|
(14)
|
Ìý
|
Ìý
|
(345)
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Three months ended
|
|
Ìý
|
Ìý
|
MarchÌý31,Ìý
|
Ìý
|
JuneÌý30,Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2017(5)
|
|
Revenues
|
Ìý
|
$
|
1,932
|
Ìý
|
$
|
2,054
|
Ìý
|
$
|
2,169
|
Ìý
|
$
|
2,203
|
|
Gross profit
|
Ìý
|
Ìý
|
392
|
Ìý
|
Ìý
|
437
|
Ìý
|
Ìý
|
474
|
Ìý
|
Ìý
|
509
|
|
Restructuring, impairment and plant closing costs (credits)
|
Ìý
|
Ìý
|
Ìý9
|
Ìý
|
Ìý
|
Ìý3
|
Ìý
|
Ìý
|
Ìý1
|
Ìý
|
Ìý
|
Ìý7
|
|
Income from continuing operations
|
Ìý
|
Ìý
|
98
|
Ìý
|
Ìý
|
139
|
Ìý
|
Ìý
|
115
|
Ìý
|
Ìý
|
227
|
|
Net income
|
Ìý
|
Ìý
|
91
|
Ìý
|
Ìý
|
182
|
Ìý
|
Ìý
|
177
|
Ìý
|
Ìý
|
284
|
|
Net income attributable to noncontrolling interests(3)
|
Ìý
|
Ìý
|
16
|
Ìý
|
Ìý
|
16
|
Ìý
|
Ìý
|
32
|
Ìý
|
Ìý
|
41
|
|
Net income attributable to ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International
|
Ìý
|
Ìý
|
75
|
Ìý
|
Ìý
|
166
|
Ìý
|
Ìý
|
145
|
Ìý
|
Ìý
|
243
|
|
(1)
|
|
During the third quarter of 2018, we recognized a net after tax valuation allowance of $270 million to adjust the carrying amount of the assets and liabilities held for sale and the amount of accumulated comprehensive income recorded in equity related to Venator to the lower of cost or estimated fair value, less cost to sell. This loss was recorded in discontinued operations on our consolidated statements of operations. For more information see “Note 4. Discontinued Operations and Dispositions � Separation and Deconsolidation of Venator.�
|
Ìý
|
(2)
|
|
In connection with the deconsolidation of Venator, we recorded a pretax loss of $427 million during the fourth quarter of 2018 to record our remaining ownership interest in Venator at fair value. This loss was recorded in discontinued operations on our consolidated statements of operations. We elected the fair value option to account for our equity method investment in Venator post deconsolidation. Accordingly, at December 31, 2018, we recorded a pretax loss of $57 million to record our equity method investment in Venator at fair value. This loss was recorded in “Fair value adjustments to Venator investmentâ€� on our consolidated statements of operations. Furthermore, in connection with the December 3, 2018 sale of Venator shares to Bank of America N.A., we recorded a forward swap. During December 2018, we recorded a loss of $5 million in “Fair value adjustments to Venator investmentâ€� on our consolidated statements of operations to record the forward swap at fair value. For more information, see “Note 4.ÌýÌýDiscontinued Operations and Dispositions â€� Separation and Deconsolidation of Venator.â€�
|
Ìý
|
(3)
|
|
In connection with the Venator IPO in August 2017, we separated the P&A Business and, beginning in the third quarter of 2017, we reported the results of operations of Venator as discontinued operations on our consolidated financial statements. On December 3, 2018, we further reduced our investment in Venator by the sale of Venator ordinary shares which allowed us to deconsolidate Venator beginning in December 2018. See “Note 4. Discontinued Operations and Business Dispositions—Separation of Venator.�
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|
(4)
|
|
Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.
|
|
(5)
|
|
On December 22, 2017, the U.S. enacted the U.S. Tax Reform Act. During the fourth quarter of 2017, we and ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International recorded the impact of the U.S. Tax Reform Act which resulted in a net $52 million and $53Ìýmillion, respectively, income tax benefit.
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|