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Summary of Quarterly Information (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Summary of Quarterly Information (Unaudited) | Note 17 – Summary of Quarterly Information (Unaudited) A summary of quarterly information is as follows (in millions, except per share data):
|  | 2016 Quarters |
|  | First (b) |  |  | Second |  |  | Third (c)(d) |  |  | Fourth (d) |
Net sales (a) |  |  | $10,368 |  |  |  | $11,577 |  |  |  | $11,551 |  |  |  | $13,752 |
Operating profit (a) |  |  | 1,158 |  |  |  | 1,375 |  |  |  | 1,588 |  |  |  | 1,428 |
Net earnings from continuing operations |  |  | 806 |  |  |  | 899 |  |  |  | 1,089 |  |  |  | 959 |
Net earnings from discontinued operations |  |  | 92 |  |  |  | 122 |  |  |  | 1,306 |  |  |  | 29 |
Net earnings |  |  | 898 |  |  |  | 1,021 |  |  |  | 2,395 |  |  |  | 988 |
Earnings per common share from continuing operations (f): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 2.65 |  |  |  | 2.97 |  |  |  | 3.64 |  |  |  | 3.29 |
Diluted |  |  | 2.61 |  |  |  | 2.93 |  |  |  | 3.61 |  |  |  | 3.25 |
Earnings per common share from discontinued operations (f): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.30 |  |  |  | 0.40 |  |  |  | 4.38 |  |  |  | 0.10 |
Diluted |  |  | 0.30 |  |  |  | 0.39 |  |  |  | 4.32 |  |  |  | 0.10 |
Basic earnings per common share (f) |  |  | 2.95 |  |  |  | 3.37 |  |  |  | 8.02 |  |  |  | 3.39 |
Diluted earnings per common share (f) |  |  | 2.91 |  |  |  | 3.32 |  |  |  | 7.93 |  |  |  | 3.35 |
|  | 2015 Quarters |
|  | First |  |  | Second |  |  | Third |  |  | Fourth (e) |
Net sales (a) |  |  | $8,721 |  |  |  | $10,235 |  |  |  | $10,060 |  |  |  | $11,520 |
Operating profit (a) |  |  | 1,147 |  |  |  | 1,273 |  |  |  | 1,192 |  |  |  | 1,100 |
Net earnings from continuing operations |  |  | 738 |  |  |  | 815 |  |  |  | 756 |  |  |  | 817 |
Net earnings from discontinued operations |  |  | 140 |  |  |  | 114 |  |  |  | 109 |  |  |  | 116 |
Net earnings (g) |  |  | 878 |  |  |  | 929 |  |  |  | 865 |  |  |  | 933 |
Earnings per common share from continuing operations (f): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 2.34 |  |  |  | 2.61 |  |  |  | 2.45 |  |  |  | 2.67 |
Diluted |  |  | 2.30 |  |  |  | 2.58 |  |  |  | 2.42 |  |  |  | 2.63 |
Earnings per common share from discontinued operations (f): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.44 |  |  |  | 0.37 |  |  |  | 0.35 |  |  |  | 0.38 |
Diluted |  |  | 0.44 |  |  |  | 0.36 |  |  |  | 0.35 |  |  |  | 0.38 |
Basic earnings per common share (f) |  |  | 2.78 |  |  |  | 2.98 |  |  |  | 2.80 |  |  |  | 3.05 |
Diluted earnings per common share (f) |  |  | 2.74 |  |  |  | 2.94 |  |  |  | 2.77 |  |  |  | 3.01 |
(a) | Net sales and operating profit vary from the amounts previously reported on Form 10-Q as a result of our former IS&GS business being classified as discontinued operations in the third quarter of 2016, which is reflected for all periods presented.
(b) | The first quarter of 2016 varies from the amounts previously reported on Form 10-Q as a result of adopting ASU No. 2016-09 (see “Note 1 – Significant Accounting Policies”).
(c) | The third quarter of 2016 includes a net gain of $1.2 billion related to the divestiture of our former IS&GS business.
(d) | The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including approximately $103 million in net sales and $104 million in net earnings. Third quarter net earnings includes a non-cash gain on the step acquisition of AWE (see “Note 3 – Acquisitions and Divestitures”). The fourth quarter of 2016 includes the results of AWE for the entire quarter, including approximately $307 million in net sales and $2.9 million in net earnings.
(e) | The fourth quarter of 2015 includes the results of Sikorsky since the November 6, 2015 acquisition date through December 31, 2015, including approximately $400 million in net sales and about $45 million in operating loss, inclusive of intangible amortization and adjustments required to account for the acquisition.
(f) | The sum of the quarterly earnings per share amounts do not equal the earnings per share amounts included on our consolidated statements of earnings, primarily due to the timing of our share repurchases during each respective year.
(g) | The third and fourth quarters of 2015 include charges for workforce reductions of $15 million and $67 million ($10 million and $44 million after tax). The fourth quarter of 2015 includes a tax benefit of about $71 million due to the retroactive reinstatement of the R&D tax credit in 2015.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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