Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Quarterly Financial Information [Text Block]

Quarterly Results (Unaudited)

(In millions, except per share amounts)

	First		Second			Third		Fourth
2020	Quarter		Quarter			Quarter		Quarter
Net sales	$	1,926	$	1,078		$	1,994	$	2,108
Gross margin	$	206	$	(10	)	$	214	$	211
Net income (loss)	$	38	$	(173	)	$	45	$	39
Net income (loss) attributable to the parent company	$	58	$	(174	)	$	45	$	40
Net income (loss) per share available to parent company common stockholders
Basic	$	0.40	$	(1.20	)	$	0.31	$	0.28
Diluted	$	0.40	$	(1.20	)	$	0.31	$	0.27

	First		Second			Third		Fourth
2019	Quarter		Quarter			Quarter		Quarter
Net sales	$	2,163	$	2,306		$	2,164	$	1,987
Gross margin	$	300	$	326		$	282	$	223
Net income	$	101	$	(66	)	$	112	$	86
Net income (loss) attributable to the parent company	$	98	$	(68	)	$	111	$	85
Net income (loss) per share available to parent company common stockholders
Basic	$	0.68	$	(0.47	)	$	0.77	$	0.59
Diluted	$	0.68	$	(0.47	)	$	0.77	$	0.58

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Note: Gross margin is net sales less cost of sales.

During 2020, our quarterly results were significantly impacted by the global COVID-19 pandemic, with the impact being most severe during the second quarter. Net income for the first quarter of 2020 includes a $51 pre-tax goodwill impairment charge and $34 of net income tax benefits related to discrete items. Net loss for the second quarter includes a $5 pre-tax charge for the write-off of deferred financing costs and $56 of net income tax expense related to discrete items. Net income for the fourth quarter includes a $33 pre-tax gain on notes receivable conversion and subsequent adjustment of shares to fair value, a $3 pre-tax charge for the write-off of deferred financing costs and $14 of net income tax benefits related to discrete items.

Net income for the first quarter of 2019 includes $16 of net income tax benefits related to discrete items. Net loss for the second quarter of 2019 includes a $258 pre-tax pension settlement charge related to the termination of one of our U.S. defined benefit pension plans and $87 of net income tax benefits related to discrete items. Net income for the third quarter of 2019 includes $22 of income tax benefit related to a discrete item. Net income for the fourth quarter of 2019 includes a $6 pre-tax goodwill impairment charge and a $9 pre-tax loss on extinguishment of debt.