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Selected quarterly financial results (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly financial results
 
 
 
 
 
 
 
 
 
 
 
 
2017 Quarter
 
(Dollars in millions except per share data)
 
1st
 
2nd
 
3rd
 
4th
 
Sales and revenues
 
$
9,822

 
$
11,331

 
$
11,413

 
$
12,896

 
Less: Revenues
 
(692
)
 
(692
)
 
(700
)
 
(702
)
 
Sales
 
9,130

 
10,639

 
10,713

 
12,194

 
Cost of goods sold
 
6,758

 
7,769

 
7,633

 
8,889

 
Gross margin
 
2,372

 
2,870

 
3,080

 
3,305

 
Profit (loss) 1
 
$
192

 
$
802

 
$
1,059

 
$
(1,299
)
4,6,7 
Profit (loss) per common share
 
$
0.33

 
$
1.36

 
$
1.79

 
$
(2.18
)
 
Profit (loss) per common share–diluted 2
 
$
0.32

 
$
1.35

 
$
1.77

 
$
(2.18
)
3 
 
 
 
 
 
 
 
 
 
 
 
 
2016 Quarter
 
 
 
1st
 
2nd
 
3rd
 
4th
 
Sales and revenues
 
$
9,461

 
$
10,342

 
$
9,160

 
$
9,574

 
Less: Revenues
 
(681
)
 
(697
)
 
(697
)
 
(689
)
 
Sales
 
8,780

 
9,645

 
8,463

 
8,885

 
Cost of goods sold
 
6,822

 
7,419

 
6,527

 
7,541

 
Gross margin
 
1,958

 
2,226

 
1,936

 
1,344

 
Profit (loss) 1
 
$
271

 
$
550

 
$
283

 
$
(1,171
)
4,5,6 
Profit (loss) per common share
 
$
0.46

 
$
0.94

 
$
0.48

 
$
(2.00
)
 
Profit (loss) per common share–diluted 2
 
$
0.46

 
$
0.93

 
$
0.48

 
$
(2.00
)
3 
 

1 
Profit (loss) attributable to common shareholders.
2 
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
3 
The assumed exercise of stock-based compensation awards was not considered because the impact would be antidilutive.
4 
The fourth quarter of 2017 and fourth quarter of 2016 include pre-tax pension and other postretirement benefit plan actuarial losses of $301 million and $985 million, respectively. See Note 12 for additional information on these costs.
5 
The fourth quarter of 2016 includes a pre-tax goodwill impairment charge of $595 million. See Note 10 for additional information.
6 
The fourth quarter of 2017 includes a benefit of $111 million from reductions in the valuation allowance against U.S. state deferred tax assets. The fourth quarter of 2016 includes a charge of $141 million from increases in the valuation allowance against U.S. state deferred tax assets. See Note 5 for additional information.
7 
The fourth quarter of 2017 includes a charge of $2,371 million due to the enactment of U.S. tax reform legislation on December 22, 2017. See Note 5 for additional information.