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Summary of Quarterly Information (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Information (Unaudited)
Summary of Quarterly Information (Unaudited)
A summary of quarterly information is as follows (in millions, except per share data):
 
 
2018 Quarters
 
 
First

 
Second(b)

 
Third

 
Fourth (c)

Net sales
 
$
11,635

 
$
13,398

 
$
14,318

 
$
14,411

Operating profit
 
1,725

 
1,795

 
1,963

 
1,851

Net earnings
 
1,157

 
1,163

 
1,473

 
1,253

Basic earnings per common share (a)
 
4.05

 
4.08

 
5.18

 
4.43

Diluted earnings per common share (a)
 
4.02

 
4.05

 
5.14

 
4.39

 
 
 
 
 
 
 
 
 
 
 
2017 Quarters
 
 
First(d)

 
Second

 
Third

 
Fourth(e)(f)

Net sales
 
$
11,212

 
$
12,563

 
$
12,341

 
$
13,844

Operating profit
 
1,402

 
1,716

 
1,677

 
1,949

Net earnings (loss) from continuing operations
 
789

 
955

 
963

 
(817
)
Net earnings from discontinued operations
 
—

 
—

 
—

 
73

Net earnings (loss)
 
789

 
955

 
963

 
(744
)
Earnings (loss) per common share from continuing operations (a):
 
 
 
 
 
 
 
 
Basic
 
2.72

 
3.31

 
3.35

 
(2.85
)
Diluted
 
2.69

 
3.28

 
3.32

 
(2.85
)
Earnings per common share from discontinued operations:
 
 
 
 
 
 
 
 
Basic
 
—

 
—

 
—

 
0.25

Diluted
 
—

 
—

 
—

 
0.25

Basic earnings (loss) per common share (a)
 
2.72

 
3.31

 
3.35

 
(2.60
)
Diluted earnings (loss) per common share (a)
 
2.69

 
3.28

 
3.32

 
(2.60
)
(a) 
The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings. The difference in 2018 relates to the timing of our share repurchases. In addition to the timing of our share repurchases, the difference in 2017 was primarily due to the net loss in the fourth quarter causing any potentially dilutive securities to have an anti-dilutive effect, which resulted in the weighted average shares outstanding for basic and dilutive earnings per share being equivalent.
(b) 
The second quarter of 2018 includes a $96 million ($76 million or $0.26 per share, after tax) severance and restructuring charge (see “Note 15 – Severance and Restructuring Charges”).
(c) 
The fourth quarter of 2018 includes a non-cash asset impairment charge of $110 million ($83 million, or $0.29 per share, after tax) related to our equity method investee, AMMROC (see “Note 1 – Significant Accounting Policies”).
(d) 
The first quarter of 2017 includes a $120 million ($74 million or $0.25 per share, after tax) charge on our EADGE-T program and a $64 million ($40 million or $0.14 per share, after tax) charge, which represents our portion of a non-cash asset impairment charge recorded by our equity method investee, AMMROC (see “Note 1 – Significant Accounting Policies”).
(e) 
In the fourth quarter of 2017, we recorded a net one-time tax charge of $2.0 billion ($6.88 per share in the fourth quarter), substantially all of which was non-cash, primarily related to the estimated impact of the Tax Act (see “Note 9 – Income Taxes”). In addition, the fourth quarter of 2017 includes a previously deferred non-cash gain of $198 million ($122 million or $0.43 per share, after tax) related to properties sold in 2015 as a result of completing our remaining obligations.
(f) 
The fourth quarter of 2017 includes a net gain of $73 million, reported in net earnings from discontinued operations, related to the 2016 divestiture of our former IS&GS business.