Quarterly Financial Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

Quarterly Financial Data (Unaudited)

	2016												2015
	4th			3rd			2nd			1st			4th			3rd			2nd			1st
Total revenues		$23,286			$23,898			$24,755			$22,632			$23,573			$25,849			$24,543			$22,149
Total costs and expenses	(19,464		)	(19,904		)	(22,325		)	(19,097		)	(20,642		)	(21,600		)	(21,350		)	(18,496		)
Earnings from operations	2,183			2,282			(419		)	1,788			1,161			2,580			1,683			2,019
Net earnings/(loss)	1,631			2,279			(234		)	1,219			1,026			1,704			1,110			1,336
Basic earnings per share	2.63			3.64			(0.37		)	1.85			1.52			2.50			1.61			1.89
Diluted earnings per share	2.59			3.60			(0.37		)	1.83			1.51			2.47			1.59			1.87
Cash dividends declared per share	2.51						2.18						2.00						1.82
Common stock sales price per share:
High	160.07			139.45			137.89			141.70			150.59			149.18			155.50			158.83
Low	130.74			123.96			122.35			102.10			128.56			115.14			138.44			126.18
Quarter end	155.68			131.74			129.87			126.94			144.59			130.95			138.72			150.08

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 second quarter of 2016, first quarter of 2016 and fourth quarter of 2015, we recorded reach-forward losses of $1,188, $70 and $885, respectively, on the 747 program.

During the second quarter of 2016, we determined that the fourth and fifth flight test aircraft for the 787 program are not commercially saleable, and we reclassified costs of $1,235 associated with these aircraft from 787 program inventory to research and development expense.

During the fourth quarter of 2016, second quarter of 2016, first quarter of 2016, and second quarter of 2015, higher estimated costs to complete the KC-46A Tanker contract for the U.S. Air Force resulted in reach-forward losses of $312, $573, $243 and $835, respectively.

During the third quarter of 2016, delays in completion of engineering and supply chain activities for the Commercial Crew program resulted in a charge of $162.

In the fourth quarter of 2015, we recorded an income tax benefit of $235 related to the reinstatement of the research tax credit for 2015.

During the third quarter of 2016, we recorded an incremental tax benefit of $440 that related to the application of a 2012 Federal Court of Claims decision. We also recorded a tax benefit of $177as a result of the 2011-2012 federal tax audit settlements.

We increased our quarterly dividend from $0.91 to $1.09 in December 2015 and to $1.42 in December 2016.