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Quarterly Results (Unaudited)
12 Months Ended
Dec. 31, 2020
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 2019 and 2020. 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, 2019 (1)
 First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net sales$59,700 $63,404 $69,981 $87,437 
Operating income4,420 3,084 3,157 3,879 
Income before income taxes4,401 2,889 2,632 4,053 
Provision for income taxes(836)(257)(494)(786)
Net income3,561 2,625 2,134 3,268 
Basic earnings per share7.24 5.32 4.31 6.58 
Diluted earnings per share7.09 5.22 4.23 6.47 
Shares used in computation of earnings per share:
Basic491 493 495 496 
Diluted502 503 504 505 
 Year Ended December 31, 2020 (1)
 First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net sales$75,452 $88,912 $96,145 $125,555 
Operating income3,989 5,843 6,194 6,873 
Income before income taxes3,383 6,221 6,809 7,765 
Provision for income taxes(744)(984)(569)(566)
Net income2,535 5,243 6,331 7,222 
Basic earnings per share5.09 10.50 12.63 14.38 
Diluted earnings per share5.01 10.30 12.37 14.09 
Shares used in computation of earnings per share:
Basic498 500 501 502 
Diluted506 509 512 513 
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(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.