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Summary of Quarterly Information (Unaudited) | 12 Months Ended
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Dec. 31, 2019
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):
|  | 2019 Quarters (a)
|  | First (c) |  |  | Second |  |  | Third (d) |  |  | 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 |
|  | 2018 Quarters (a)
|  | First |  |  | Second(e) |  |  | Third |  |  | Fourth(f) |
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 (b) |  | 4.05 |  |  | 4.08 |  |  | 5.18 |  |  | 4.43 |
Diluted earnings per common share (b) |  | 4.02 |  |  | 4.05 |  |  | 5.14 |  |  | 4.39 |
(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 2019 and 2018 relates to the timing of our share repurchases.
(c) | The first quarter of 2019 includes a previously deferred gain of approximately $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.
(d) | 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.
(e) | 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”).
(f) 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”).

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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