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Condensed Consolidated Statement of Earnings - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Condensed Consolidated Statement of Earnings        
Net sales $ 8,853 $ 8,076 $ 23,907 $ 23,590
Cost of products sold, excluding amortization of intangible assets 3,966 3,358 10,510 9,797
Amortization of intangible assets 510 484 1,624 1,453
Research and development 580 596 1,722 1,845
Selling, general and administrative 2,302 2,440 7,126 7,352
Total operating cost and expenses 7,358 6,878 20,982 20,447
Operating earnings 1,495 1,198 2,925 3,143
Interest expense 137 167 410 506
Interest (income) (10) (24) (37) (69)
Net foreign exchange (gain) loss (7) 7 (3) 9
Other (income) expense, net (46) (55) (25) (140)
Earnings from continuing operations before taxes 1,421 1,103 2,580 2,837
Tax expense on earnings from continuing operations 189 143 267 199
Earnings from continuing operations 1,232 960 2,313 2,638
Earnings from discontinued operations, net of tax     20  
Net Earnings $ 1,232 $ 960 $ 2,333 $ 2,638
Basic Earnings Per Common Share        
Continuing operations (in dollars per share) $ 0.69 $ 0.54 $ 1.30 $ 1.48
Discontinued operations (in dollars per share)     0.01  
Net earnings (in dollars per share) 0.69 0.54 1.31 1.48
Diluted Earnings Per Common Share        
Continuing operations (in dollars per share) 0.69 0.53 1.29 1.47
Discontinued operations (in dollars per share)     0.01  
Net earnings (in dollars per share) $ 0.69 $ 0.53 $ 1.30 $ 1.47
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share (in shares) 1,774,475 1,771,521 1,772,166 1,767,985
Dilutive Common Stock Options (in shares) 13,378 12,646 12,381 12,818
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options (in shares) 1,787,853 1,784,167 1,784,547 1,780,803
Outstanding Common Stock Options Having No Dilutive Effect (in shares)   61   61