Quarterly Financial Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)



	2018												2017
	4th			3rd			2nd			1st			4th			3rd			2nd			1st
Total revenues		$28,341			$25,146			$24,258			$23,382			$24,770			$24,223			$23,051			$21,961
Total costs and expenses	(22,090		)	(21,040		)	(19,536		)	(18,824		)	(19,881		)	(19,956		)	(18,702		)	(18,073		)
Earnings from operations	4,175			2,227			2,710			2,875			2,978			2,630			2,530			2,206
Net earnings	3,424			2,363			2,196			2,477			3,320			1,810			1,749			1,579
Basic earnings per share	6.00			4.11			3.77			4.19			5.57			3.03			2.91			2.57
Diluted earnings per share	5.93			4.07			3.73			4.15			5.49			2.99			2.87			2.54

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 third quarter of 2018, we recorded a tax benefit of $412 related to the settlement of the 2013-2014 federal tax audit. During the fourth quarter of 2017, as a result of the enactment of the TCJA, we recorded provisional tax benefits of $1,271, primarily related to the remeasurement of net U.S. deferred tax liabilities.

During 2018 and 2017, higher estimated costs to complete the KC-46A Tanker contract for the U.S. Air Force resulted in reach-forward losses. We recorded $81, $426, $179 and $50 in the first, second, third and fourth quarters of 2018, respectively. We recorded $138 and $314 in the first and third quarters of 2017.

During the third quarter of 2018, upon contract award, we recorded charges of $400 associated with anticipated losses on the T-X Trainer and $291 on the MQ-25 Stingray.

During the second quarter of 2018, we recorded a charge of $148 related to the outcome of the Spirit litigation, including the write-off of $137 of receivables.

We increased our quarterly dividend from $1.42 to $1.71 in December 2017 and to $2.06 in December 2018.