Quarterly Results of Operations (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (unaudited)

Quarterly Results of Operations (unaudited)

(In millions, except share data and stock prices)

	2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter Restated			Total Year Restated
Net sales
Net sales of tangible products	$	755		$	762		$	787		$	827		$	3,131
Revenue from services and software	138			128			129			124			519
Total Net sales	893			890			916			951			3,650
Cost of sales
Cost of sales of tangible products	386			407			403			433			1,629
Cost of services and software	98			90			99			90			377
Total Cost of sales	484			497			502			523			2,006
Gross profit	409			393			414			428			1,644
Operating expenses:
Selling and marketing	122			125			120			127			494
Research and development	96			99			100			99			394
General and administrative	66			70			67			80			283
Amortization of intangible assets	68			64			59			60			251
Acquisition and integration costs	26			31			37			51			145
Exit and restructuring costs	11			18			6			5			40
Total Operating expenses	389			407			389			422			1,607
Operating income (loss)	20			(14		)	25			6			37
Other (expense) income
Foreign exchange (loss) income	(27		)	11			(6		)	(1		)	(23		)
Interest, net	(51		)	(49		)	(45		)	(48		)	(193		)
Other, net	—			(1		)	—			—			(1		)
Total Other (expenses)/income	(78		)	(39		)	(51		)	(49		)	(217		)
(Loss) Income before income taxes	(58		)	(53		)	(26		)	(43		)	(180		)
Income tax expense (benefit)	(33		)	23			3			(15		)	(22		)
Net (loss) income	$	(25	)	$	(76	)	$	(29	)	$	(28	)	$	(158	)
Basic earnings per share:	$	(0.50	)	$	(1.50	)	$	(0.57	)	$	(0.53	)	$	(3.10	)
Diluted earnings per share:	$	(0.50	)	$	(1.50	)	$	(0.57	)	$	(0.53	)	$	(3.10	)
Basic weighted average shares outstanding	50,666,970			50,917,161			51,151,541			51,207,102			50,996,297
Diluted weighted average and equivalent shares outstanding	50,666,970			50,917,161			51,151,541			51,207,102			50,996,297
High/Low Stock Price:
High	$92.48			$119.47			$117.00			$83.02			$119.47
Low	$74.40			$88.41			$71.95			$63.92			$63.92

	2014
	First Quarter		Second Quarter			Third Quarter			Fourth Quarter			Total Year
Net sales
Net sales of tangible products	$	262	$	270		$	283		$	684		$	1,499
Revenue from services and software	26		18			21			107			172
Total Net sales	288		288			304			791			1,671
Cost of sales
Cost of sales of tangible products	130		137			142			383			792
Cost of services and software	10		9			10			72			101
Total Cost of sales	140		146			152			455			893
Gross profit	148		142			152			336			778
Operating expenses:
Selling and marketing	35		36			37			105			213
Research and development	23		24			25			79			151
General and administrative	28		26			25			59			138
Amortization of intangible assets	2		3			3			46			54
Acquisition and integration costs	6		20			35			66			127
Exit and restructuring costs	—		—			—			6			6
Total Operating expenses	94		109			125			361			689
Operating income (loss)	54		33			27			(25		)	89
Other (expense) income
Foreign exchange (loss) income	—		—			—			(9		)	(9		)
Interest, net	—		(2		)	—			(60		)	(62		)
Other, net	—		—			(2		)	1			(1		)
Total Other (expenses)/income	—		(2		)	(2		)	(68		)	(72		)
Income (loss) before income taxes	54		31			25			(93		)	17
Income tax expense (benefit)	12		4			10			(41		)	(15		)
Net income (loss)	$	42	$	27		$	15		$	(52	)	$	32
Basic earnings per share:	$	0.83	$	0.54		$	0.29		$	(1.02	)	$	0.64
Diluted earnings per share:	$	0.82	$	0.54		$	0.29		$	(1.02	)	$	0.63
Basic weighted average shares outstanding	50,402,469		50,606,008			50,835,492			50,452,097			50,789,173
Diluted weighted average and equivalent shares outstanding	50,974,303		51,277,628			51,460,537			50,452,097			51,379,698
High/Low Stock Price:
High	$72.76		$87.53			$86.02			$79.11			$87.53
Low	$52.61		$60.06			$72.10			$58.95			$52.61