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Summary Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary Quarterly Financial Data (Unaudited)
Summary Quarterly Financial Data (Unaudited)
The following table presents summary quarterly financial data:
 
2018
 
2017
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
(Dollars in Millions, Except Per Share Amounts)
Sales
$
594

 
$
572

 
$
526

 
$
535

 
$
583

 
$
579

 
$
567

 
$
593

Gross profit
112

 
112

 
99

 
109

 
113

 
120

 
109

 
124

Operating loss
(16
)
 
(48
)
 
(58
)
 
(75
)
 
(10
)
 
(12
)
 
(16
)
 
(244
)
Loss before income taxes
(30
)
 
(63
)
 
(70
)
 
(90
)
 
(11
)
 
(19
)
 
(26
)
 
(258
)
Net loss
(37
)
 
(66
)
 
(72
)
 
(119
)
 
(22
)
 
(30
)
 
(36
)
 
(256
)
Net loss attributable to controlling interest
$
(32
)
 
$
(63
)
 
$
(68
)
 
$
(114
)
 
$
(20
)
 
$
(28
)
 
$
(33
)
 
$
(136
)
Per Share Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic loss per share
$
(0.36
)
 
$
(0.72
)
 
$
(0.78
)
 
$
(1.31
)
 
$
(0.23
)
 
$
(0.32
)
 
$
(0.38
)
 
$
(1.56
)
Diluted loss per share
$
(0.36
)
 
$
(0.72
)
 
$
(0.78
)
 
$
(1.31
)
 
$
(0.23
)
 
$
(0.32
)
 
$
(0.38
)
 
$
(1.56
)

During the first quarter of 2017, the Company recognized an impairment charge to amortization of intangibles of $12 million related to a contract with an OEM customer of MACOM products, which was included in earnings for the period.
The Company adjusted the fair value of the earn-out liability to $14 million during 2017 based on actual revenue levels to date as well as changes in the estimated probability of different revenue scenarios for the remaining contractual earn-out period. Income of approximately $13 million was recognized within other income in the Consolidated Statements of Operations during the year ended December 31, 2017 due to the decrease in the contingent consideration liability.
During the fourth quarter of 2017, the Company recognized an impairment charge of the full goodwill amount of $234 million, after consideration of foreign exchange movements, related to VNBS.