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Quarterly financial data (unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly financial data (unaudited)
Quarterly financial data (unaudited)
The following tables summarize the Company’s unaudited financial data on a quarterly basis. The sum of the quarterly earnings (loss) per share amounts may not equal the amount reported for the full year since per share amounts are computed independently for each quarter and for the full year based on respective weighted-average shares outstanding and dilutive securities.
Quarterly financial data is summarized as follows (in millions, except per share data):
 
2017 Quarters ended
 
December 31
 
September 30
 
June 30
 
March 31
Product sales
$
5,569

 
$
5,453

 
$
5,574

 
$
5,199

Gross profit from product sales
$
4,510

 
$
4,463

 
$
4,550

 
$
4,203

Net (loss) income
$
(4,264
)
 
$
2,021

 
$
2,151

 
$
2,071

(Loss) earnings per share:
 
 
 
 
 
 
 
Basic
$
(5.89
)
 
$
2.78

 
$
2.93

 
$
2.81

Diluted(1)
$
(5.89
)
 
$
2.76

 
$
2.91

 
$
2.79

 
2016 Quarters ended
 
December 31
 
September 30
 
June 30
 
March 31
Product sales
$
5,663

 
$
5,516

 
$
5,474

 
$
5,239

Gross profit from product sales
$
4,596

 
$
4,489

 
$
4,424

 
$
4,221

Net income
$
1,935

 
$
2,017

 
$
1,870

 
$
1,900

Earnings per share:
 
 
 
 
 
 
 
Basic
$
2.61

 
$
2.70

 
$
2.49

 
$
2.52

Diluted
$
2.59

 
$
2.68

 
$
2.47

 
$
2.50


(1) During periods of net loss, diluted loss per share is equal to basic loss per share as the anti-dilutive effect of potential common shares is disregarded.