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Selected quarterly financial results (unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly financial results (unaudited)
Selected quarterly financial results (unaudited) 
 
 
 
 
 
 
 
 
 
 
 
 
2015 Quarter
 
(Dollars in millions except per share data)
 
1st
 
2nd
 
3rd
 
4th
 
Sales and revenues
 
$
12,702

 
$
12,317

 
$
10,962

 
$
11,030

 
Less: Revenues
 
(741
)
 
(734
)
 
(677
)
 
(712
)
 
Sales
 
11,961

 
11,583

 
10,285

 
10,318

 
Cost of goods sold
 
8,760

 
8,674

 
7,872

 
8,240

 
Gross margin
 
3,201

 
2,909

 
2,413

 
2,078

 
Profit (loss) 1
 
$
1,245

 
$
802

 
$
559

 
$
(94
)
4,5 
Profit (loss) per common share
 
$
2.06

 
$
1.33

 
$
0.95

 
$
(0.16
)
 
Profit (loss) per common share–diluted 2
 
$
2.03

 
$
1.31

 
$
0.94

 
$
(0.16
)
3 
 
 
 
 
 
 
 
 
 
 
 
 
2014 Quarter
 
 
 
1st
 
2nd
 
3rd
 
4th
 
Sales and revenues
 
$
13,241

 
$
14,150

 
$
13,549

 
$
14,244

 
Less: Revenues
 
(748
)
 
(759
)
 
(791
)
 
(744
)
 
Sales
 
12,493

 
13,391

 
12,758

 
13,500

 
Cost of goods sold
 
9,366

 
10,127

 
9,563

 
11,662

 
Gross margin
 
3,127

 
3,264

 
3,195

 
1,838

 
Profit (loss) 1
 
$
1,014

 
$
1,102

 
$
1,158

 
$
(822
)
6 
Profit (loss) per common share
 
$
1.62

 
$
1.76

 
$
1.89

 
$
(1.36
)
 
Profit (loss) per common share–diluted 2
 
$
1.59

 
$
1.73

 
$
1.86

 
$
(1.36
)
3 
 
Effective January 1, 2016, we changed our accounting principle for certain components of our defined benefit pension and other postretirement benefit plans (see Note 1.B). Previously reported numbers were as follows:
 
 
2015 Quarter
 
(Dollars in millions except per share data)
 
1st
 
2nd
 
3rd
 
4th
 
Cost of goods sold
 
$
8,843

 
$
8,762

 
$
7,954

 
$
8,183

 
Gross margin
 
$
3,118

 
$
2,821

 
$
2,331

 
$
2,135

 
Profit (loss) 1
 
$
1,111

 
$
710

 
$
368

 
$
(87
)
 
Profit (loss) per common share
 
$
1.84

 
$
1.18

 
$
0.63

 
$
(0.15
)
 
Profit (loss) per common share–diluted 2
 
$
1.81

 
$
1.16

 
$
0.62

 
$
(0.15
)
3 
 
 
 
 
 
 
 
 
 
 
 
 
2014 Quarter
 
 
 
1st
 
2nd
 
3rd
 
4th
 
Cost of goods sold
 
$
9,437

 
$
10,197

 
$
9,634

 
$
10,499

 
Gross margin
 
$
3,056

 
$
3,194

 
$
3,124

 
$
3,001

 
Profit (loss) 1
 
$
922

 
$
999

 
$
1,017

 
$
757

 
Profit (loss) per common share
 
$
1.47

 
$
1.60

 
$
1.66

 
$
1.25

 
Profit (loss) per common share–diluted 2
 
$
1.44

 
$
1.57

 
$
1.63

 
$
1.23

 
1 
Profit (loss) attributable to common stockholders.
2 
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
3 
The assumed exercise of stock-based compensation awards was not considered because the impact would be anti-dilutive.
4 
The fourth quarter of 2015 includes pre-tax restructuring costs of $679 million. See Note 26 for additional information on these costs.
5 
The fourth quarter of 2015 includes pre-tax pension and other postretirement benefit plan actuarial losses of $214 million. See Note 12 for additional information on these costs.
6 
The fourth quarter of 2014 includes pre-tax pension and other postretirement benefit plan actuarial losses of $2.634 billion. See Note 12 for additional information on these costs.