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Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited) QUARTERLY RESULTS (UNAUDITED)
The following tables contain selected unaudited statement of operations information for each quarter of 2018 and 2019. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Our business is affected by seasonality, which historically has resulted in higher sales volume during our fourth quarter. Unaudited quarterly results are as follows (in millions, except per share data):
 
Year Ended December 31, 2018 (1)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Net sales
$
51,042

 
$
52,886

 
$
56,576

 
$
72,383

Operating income
1,927

 
2,983

 
3,724

 
3,786

Income before income taxes
1,916

 
2,605

 
3,390

 
3,350

Provision for income taxes
(287
)
 
(74
)
 
(508
)
 
(327
)
Net income
1,629

 
2,534

 
2,883

 
3,027

Basic earnings per share
3.36

 
5.21

 
5.91

 
6.18

Diluted earnings per share
3.27

 
5.07

 
5.75

 
6.04

Shares used in computation of earnings per share:
 
 
 
 
 
 
 
Basic
484

 
486

 
488

 
490

Diluted
498

 
500

 
501

 
501

 
Year Ended December 31, 2019 (1)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Net sales
$
59,700

 
$
63,404

 
$
69,981

 
$
87,437

Operating income
4,420

 
3,084

 
3,157

 
3,879

Income before income taxes
4,401

 
2,889

 
2,632

 
4,053

Provision for income taxes
(836
)
 
(257
)
 
(494
)
 
(786
)
Net income
3,561

 
2,625

 
2,134

 
3,268

Basic earnings per share
7.24

 
5.32

 
4.31

 
6.58

Diluted earnings per share
7.09

 
5.22

 
4.23

 
6.47

Shares used in computation of earnings per share:
 
 
 
 
 
 
 
Basic
491

 
493

 
495

 
496

Diluted
502

 
503

 
504

 
505

 ___________________
(1)
The sum of quarterly amounts, including per share amounts, may not equal amounts reported for year-to-date periods. This is due to the effects of rounding and changes in the number of weighted-average shares outstanding for each period.