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Summary of Quarterly Information (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Information | A summary of quarterly information is as follows (in millions, except per share data):
|  | 2017 Quarters
|  | First(b) |  |  | Second |  |  | Third |  |  | Fourth(c)(d) |
Net sales |  | $ | 11,057 |  |  | $ | 12,685 |  |  | $ | 12,169 |  |  | $ | 15,137 |
Operating profit |  | 1,149 |  |  | 1,485 |  |  | 1,428 |  |  | 1,859 |
Net earnings (loss) from continuing operations |  | 763 |  |  | 942 |  |  | 939 |  |  | (715 | )
Net earnings from discontinued operations |  | — |  |  | — |  |  | — |  |  | 73 |
Net earnings (loss) |  | 763 |  |  | 942 |  |  | 939 |  |  | (642 | )
Earnings (loss) per common share from continuing operations (a): |  |  |  |  |  |  |  |
Basic |  | 2.63 |  |  | 3.27 |  |  | 3.27 |  |  | (2.50 | )
Diluted |  | 2.61 |  |  | 3.23 |  |  | 3.24 |  |  | (2.50 | )
Earnings per common share from discontinued operations: |  |  |  |  |  |  |  |
Basic |  | — |  |  | — |  |  | — |  |  | 0.25 |
Diluted |  | — |  |  | — |  |  | — |  |  | 0.25 |
Basic earnings (loss) per common share (a) |  | 2.63 |  |  | 3.27 |  |  | 3.27 |  |  | (2.25 | )
Diluted earnings (loss) per common share (a) |  | 2.61 |  |  | 3.23 |  |  | 3.24 |  |  | (2.25 | )
|  | 2016 Quarters
|  | First |  |  | Second |  |  | Third(d)(e) |  |  | Fourth(e) |
Net sales |  | $ | 10,368 |  |  | $ | 11,577 |  |  | $ | 11,551 |  |  | $ | 13,752 |
Operating profit |  | 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 (a): |  |  |  |  |  |  |  |
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 (a): |  |  |  |  |  |  |  |
Basic |  | 0.30 |  |  | 0.40 |  |  | 4.38 |  |  | 0.10 |
Diluted |  | 0.30 |  |  | 0.39 |  |  | 4.32 |  |  | 0.10 |
Basic earnings per common share (a) |  | 2.95 |  |  | 3.37 |  |  | 8.02 |  |  | 3.39 |
Diluted earnings per common share (a) |  | 2.91 |  |  | 3.32 |  |  | 7.93 |  |  | 3.35 |
(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 2017 is primarily due 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. In addition, the differences in 2017 and 2016 also relate to the timing of our share repurchases during each respective year.
(b) | 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”).
(c) | In the fourth quarter of 2017, we recorded a net one-time tax charge of $1.9 billion ($6.80 per share), 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.
(d) | The fourth quarter of 2017 and the third quarter of 2016 include a net gain of $73 million and $1.2 billion, respectively, reported in net earnings from discontinued operations, related to the 2016 divestiture of our former IS&GS business.
(e) | The third quarter of 2016 includes the results of AWE from August 26, 2016, the date we obtained controlling interest, including $103 million in net sales and $104 million in net earnings. Net earnings during the third quarter of 2016 are primarily the result of a non-cash gain recognized 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 $307 million in net sales and $3 million in net earnings.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=84173487&loc=d3e1280-108306 + Details
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