Summary of Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Information

A summary of quarterly information is as follows (in millions, except per share data):

	2020 Quarters (a)
	First		Second (c)		Third (d)		Fourth (e)
Net sales	$	15,651	$	16,220	$	16,495	$	17,032
Operating profit	2,122		2,086		2,147		2,289
Net earnings from continuing operations	1,717		1,626		1,753		1,792
Net loss from discontinued operations	—		—		(55)		—
Net earnings	1,717		1,626		1,698		1,792
Earnings per common share from continuing operations (b):
Basic	6.10		5.81		6.28		6.41
Diluted	6.08		5.79		6.25		6.38
Loss per common share from discontinued operations:
Basic	—		—		(0.20)		—
Diluted	—		—		(0.20)		—
Basic earnings per common share (b)	6.10		5.81		6.08		6.41
Diluted earnings per common share (b)	6.08		5.79		6.05		6.38
	2019 Quarters (a)
	First (f)		Second		Third (g)		Fourth
Net sales	$	14,336	$	14,427	$	15,171	$	15,878
Operating profit	2,283		2,008		2,105		2,149
Net earnings	1,704		1,420		1,608		1,498
Basic earnings per common share (b)	6.03		5.03		5.70		5.32
Diluted earnings per common share (b)	5.99		5.00		5.66		5.29

(a)Quarters are typically 13 weeks in length but, due to our fiscal year ending on December 31, the number of weeks in a reporting period may vary slightly during the year and for comparable prior year periods.

(b)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 2020 and 2019 relates to the timing of our share repurchases.

(c)The second quarter of 2020 includes a non-cash impairment charge of $128 million ($96 million, or $0.34 per share, after-tax) related to our equity method investee, AMMROC (see “Note 1 – Significant Accounting Policies”).

(d)The third quarter of 2020 includes a $55 million ($0.20 per share) non-cash charge for discontinued operations resulting from the resolution of certain tax matters related to the former IS&GS business divested in 2016.

(e)The fourth quarter of 2020 includes $27 million ($21 million, or $0.08 per share, after-tax) of severance charges (see “Note 16 – Severance Charges”).

(f)The first quarter of 2019 includes a previously deferred non-cash gain of $51 million ($38 million, or $0.13 per share, after-tax) related to properties sold in 2015 as a result of completing our remaining obligations. The first quarter of 2019 also includes benefits of $75 million, or $0.26 per share, from additional tax deductions, based on proposed tax regulations released on March 4, 2019, which clarified that foreign military sales qualify as foreign derived intangible income. Approximately $65 million, or $0.23 per share, of the total benefit was recorded discretely because it relates to the prior year.

(g)The third quarter of 2019 includes benefits of $62 million, or $0.22 per share, for additional tax deductions for the prior year, primarily attributable to foreign derived intangible income treatment based on proposed tax regulations released on March 4, 2019 and our change in tax accounting method.