Note 16 – Summary of Quarterly Information (Unaudited)
A summary of quarterly information is as follows (in millions, except per share data):
| 2013 Quarters | ||||||||||||||||
| First | Second | Third | Fourth | |||||||||||||
|
Net sales |
$ | 11,070 | $ | 11,408 | $ | 11,347 | $ | 11,533 | ||||||||
|
Operating profit |
1,119 | 1,298 | 1,254 | 834 | ||||||||||||
|
Net earnings from continuing operations (a) |
761 | 859 | 842 | 488 | ||||||||||||
|
Net earnings from discontinued operations |
— | — | 31 | — | ||||||||||||
|
Net earnings |
761 | 859 | 873 | 488 | ||||||||||||
|
Basic earnings per share (b) |
2.37 | 2.68 | 2.72 | 1.53 | ||||||||||||
|
Diluted earnings per share |
2.33 | 2.64 | 2.66 | 1.50 | ||||||||||||
| 2012 Quarters | ||||||||||||||||
| First | Second | Third | Fourth | |||||||||||||
|
Net sales |
$ | 11,293 | $ | 11,921 | $ | 11,869 | $ | 12,099 | ||||||||
|
Operating profit |
1,044 | 1,192 | 1,137 | 1,061 | ||||||||||||
|
Net earnings (c) |
668 | 781 | 727 | 569 | ||||||||||||
|
Basic earnings per share |
2.06 | 2.41 | 2.25 | 1.76 | ||||||||||||
|
Diluted earnings per share (b) |
2.03 | 2.38 | 2.21 | 1.73 | ||||||||||||
| (a) |
The first quarter of 2013 included a tax benefit of $37 million from the R&D tax credit attributable to 2012 (Note 8) and a charge of $30 million ($19 million after tax) related to certain severance actions (Note 2). The fourth quarter of 2013 included charges of $195 million ($176 million after tax) related to a non-cash goodwill impairment charge (Note 1) and $171 million ($111 million after tax) related to certain severance actions (Note 2). |
| (b) |
The sum of the quarterly earnings per share amounts do not equal the earnings per share amount included on our Statements of Earnings, primarily due to the timing of our share repurchases during each respective year. |
| (c) |
The fourth quarter of 2012 included a reduction in the income tax benefit of the U.S. manufacturing deduction primarily caused by $2.5 billion of tax-deductible discretionary pension contributions in the fourth quarter of 2012, which increased income tax expense by $59 million ($.18 per share). |