Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

24. Unaudited Quarterly Financial Data

Unaudited summarized financial data by quarter for the years ended December 31, 2013 and 2012 is presented in the table below. The Company’s unaudited quarterly results of operations are affected, significantly in some periods, by our business acquisitions. See Note 4.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(in millions, except per share data)
2013
Sales	$	3,185	$	3,192	$	2,996	$	3,256
Operating income		313		307		314		324
Income from continuing operations		194		186		208		199
Net income attributable to L-3		193		185		204		196
Basic EPS(1) (2)		2.14		2.06		2.28		2.23
Diluted EPS(1) (2)		2.11		2.03		2.23		2.17
2012
Sales	$	3,160	$	3,143	$	3,283	$	3,560
Operating income		325		331		331		364
Income from continuing operations		187		191		195		215
Net income attributable to L-3		201		205		192		212
Basic EPS from continuing operations(1)		1.88		1.97		2.01		2.28
Diluted EPS from continuing operations(1)		1.86		1.94		1.98		2.25
Basic EPS(1)		2.03		2.11		2.00		2.28
Diluted EPS(1)		2.01		2.08		1.97		2.25

⁽¹⁾  EPS in each quarter is computed using the weighted-average number of shares outstanding during that quarter, while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ EPS may not equal the full year computed EPS.

⁽²⁾  EPS and EPS from continuing operations are the same in 2013.