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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (unaudited)
Quarterly Financial Data (Unaudited)
 
2015
2014
 
4th

3rd

2nd

1st

4th

3rd

2nd

1st

Total revenues

$23,573


$25,849


$24,543


$22,149


$24,468


$23,784


$22,045


$20,465

Total costs and expenses
(20,642
)
(21,600
)
(21,350
)
(18,496
)
(20,711
)
(20,075
)
(18,670
)
(17,296
)
Earnings from operations
1,161

2,580

1,683

2,019

2,025

2,119

1,787

1,542

Net earnings
1,026

1,704

1,110

1,336

1,466

1,362

1,653

965

Basic earnings per share
1.52

2.50

1.61

1.89

2.05

1.88

2.26

1.30

Diluted earnings per share
1.51

2.47

1.59

1.87

2.02

1.86

2.24

1.28

Cash dividends declared per share
2.00

 
1.82

 
1.64

 
1.46

 
Common stock sales price per share:
 
 
 
 
 
 
 
 
High
150.59

149.18

155.50

158.83

135.78

130.58

138.39

144.57

Low
128.56

115.14

138.44

126.18

116.32

117.87

121.92

118.77

Quarter end
144.59

130.95

138.72

150.08

129.98

127.38

127.23

125.49


Gross profit is calculated as Total revenues minus Total costs and expenses. Total costs and expenses includes Cost of products, Cost of services and Boeing Capital interest expense.
During the fourth quarter of 2015, we recorded a reach-forward loss of $885 on the 747 program.
During the second quarter of 2015 and 2014, higher estimated costs to complete the KC-46A Tanker contract for the U.S. Air Force resulted in reach-forward losses of $835 and $425.
In the fourth quarter of 2015 and 2014, we recorded income tax benefits of $235 and $188 related to the reinstatement of the research tax credit for 2015 and 2014.
During the second quarter of 2014, we recorded an incremental tax benefit of $265 that related to the application of a 2012 Federal Court of Claims decision. We also recorded tax benefits of $116 and $143 as a result of the 2007-2008 and 2009-2010 federal tax audit settlements.
We recorded charges related to defined benefit pension plan changes of $334 in the first quarter of 2014.
We increased our quarterly dividend from $0.73 to $0.91 in December 2014 and to $1.09 in December 2015.