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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (unaudited) Quarterly Financial Data (Unaudited)
 
2019
2018
 
4th

3rd

2nd

1st

4th

3rd

2nd

1st

Total revenues

$17,911


$19,980


$15,751


$22,917


$28,341


$25,146


$24,258


$23,382

Total costs and expenses
(18,708
)
(16,930
)
(17,810
)
(18,645
)
(22,090
)
(21,040
)
(19,536
)
(18,824
)
(Loss)/earnings from operations
(2,204
)
1,259

(3,380
)
2,350

4,175

2,227

2,710

2,875

Net (loss)/earnings
(1,010
)
1,167

(2,942
)
2,149

3,424

2,363

2,196

2,477

Basic (loss)/earnings per share
(1.79
)
2.07

(5.21
)
3.79

6.00

4.11

3.77

4.19

Diluted (loss)/earnings per share
(1.79
)
2.05

(5.21
)
3.75

5.93

4.07

3.73

4.15


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 first quarter of 2019, we concluded that lease incentives granted to a customer that experienced liquidity issues were impaired and recorded a charge of $250. During the first quarter of 2018, we recorded a reach-forward loss on KC-46A Tanker of $81.
During the second quarter of 2019, we recorded a reduction to revenue of $5,610, related to estimated potential concessions and other considerations to customers for disruptions and associated delivery delays related to the 737 MAX grounding, net of insurance recoveries. Additionally, we recorded a charge of $109 related to ongoing litigation associated with recoverable costs on U.S. government contracts. During the second quarter of 2018, we recorded a charge of $148 related to the outcome of the Spirit litigation and a reach-forward loss on KC-46A Tanker of $426.
During the third quarter of 2018, we recorded a tax benefit of $412 related to the settlement of the 2013-2014 federal tax audit. Additionally, we recorded reach-forward losses on KC-46A Tanker of $179, on T-7A Red Hawk of $400, and on MQ-25 of $291.
During the fourth quarter of 2019, we recorded an additional reduction to revenue of $2,619 for estimated potential concessions and other considerations to customers and associated delivery delays related to the 737 MAX grounding. During the fourth quarter of 2019, we recorded a divestiture gain of $395 and a tax benefit of $371 related to the settlement of state tax audits spanning 15 tax years. Additionally, we recorded an impairment of $293 as a result of our decision to retire the Aviall brand and trade name, and reach-forward losses on Commercial Crew of $410 and on KC-46A Tanker of $108. During the fourth quarter of 2018, we recorded a reach-forward loss on KC-46A Tanker of $50.
We increased our quarterly dividend from $1.71 to $2.055 in December 2018.