Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

24. Unaudited Quarterly Financial Data

Unaudited summarized financial data by quarter for the years ended December 31, 2014 and 2013 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)
2014
Sales	$	2,957	$	3,019	$	2,940	$	3,208
Operating income		286		239		257		303
Net income		172		141		157		207
Net income attributable to L-3		170		137		154		203
Basic EPS⁽¹⁾		1.97		1.59		1.81		2.41
Diluted EPS⁽¹⁾		1.90		1.53		1.78		2.36

2013
Sales	$	3,197	$	3,189	$	3,002	$	3,234
Operating income		310		290		306		306
Net income		192		176		204		188
Net income attributable to L-3		191		175		200		185
Basic EPS⁽¹⁾		2.12		1.95		2.23		2.10
Diluted EPS⁽¹⁾		2.09		1.92		2.19		2.04

⁽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.

- 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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