Supplementary Financial Information

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Supplementary Financial Information

Supplementary Financial Information

The components of Accounts receivable, net are as follows (in millions):

	December 31,
	2017			2016
Accounts receivable	$	482		$	628
Allowance for doubtful accounts	(3		)	(3		)
Accounts receivable, net	$	479		$	625

Prepaid expenses and other current assets consist of the following (in millions):

	December 31,
	2017		2016
Foreign Exchange Contracts	$	—	$	23
Other	24		41
Prepaid expenses and other current assets	$	24	$	64

The components of Accrued liabilities are as follows (in millions):

	December 31,
	2017		2016
Accrued incentive compensation	$	101	$	52
Customer reserves	41		50
Accrued payroll	50		51
Interest payable	15		20
Accrued other expenses	130		150
Accrued liabilities	$	337	$	323

Summary of Quarterly Results of Operations (unaudited)

(In millions):

	2017
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total Year
Total Net sales	$	865	$	896	$	935		$	1,026	$	3,722
Gross profit	401		411		429			469		1,710
Net income (loss)	8		17		(12		)	4		17
Net earnings per common share:
Basic earnings (loss) per share:	$	0.16	$	0.33	$	(0.23	)	$	0.07	$	0.33
Diluted earnings (loss) per share:	0.16		0.32		(0.23		)	0.07		0.32

	2016
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter		Total Year
Total Net sales	$	849		$	879		$	904		$	942	$	3,574
Gross profit	390			406			414			432		1,642
Net (loss) income	(26		)	(45		)	(83		)	17		(137		)
Net earnings per common share:
Basic (loss) earnings per share:	$	(0.50	)	$	(0.88	)	$	(1.61	)	$	0.34	$	(2.65	)
Diluted (loss) earnings per share:	(0.50		)	(0.88		)	(1.61		)	0.34		(2.65		)