Selected quarterly financial results (unaudited)




	2018 Quarter
(Dollars in millions except per share data)	1st			2nd			3rd				4th
Sales and revenues	$	12,859		$	14,011		$	13,510			$	14,342
Less: Revenues	(709		)	(732		)	(747		)		(712		)
Sales	12,150			13,279			12,763				13,630
Cost of goods sold	8,566			9,422			9,022				9,987
Gross margin	3,584			3,857			3,741				3,643
Profit ¹	$	1,665		$	1,707		$	1,727		⁴	$	1,048		^5,6,7
Profit per common share	$	2.78		$	2.86		$	2.92			$	1.80
Profit per common share–diluted²	$	2.74		$	2.82		$	2.88			$	1.78

	2017 Quarter
	1st			2nd			3rd				4th
Sales and revenues	$	9,822		$	11,331		$	11,413			$	12,896
Less: Revenues	(692		)	(692		)	(700		)		(702		)
Sales	9,130			10,639			10,713				12,194
Cost of goods sold	6,801			7,816			7,678				8,965
Gross margin	2,329			2,823			3,035				3,229
Profit (loss) ¹	$	192		$	802		$	1,059			$	(1,299	)	^5,6,7
Profit (loss) per common share	$	0.33		$	1.36		$	1.79			$	(2.18	)
Profit (loss) per common share–diluted ²	$	0.32		$	1.35		$	1.77			$	(2.18	)	³


¹	Profit (loss) attributable to common shareholders.


²	Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.


³	In the fourth quarter of 2017, the assumed exercise of stock-based compensation awards was not considered because the impact would be antidilutive.

⁴

The third quarter of 2018 includes a benefit of $154 million due to the revised estimated impact of the write-down of U.S. net deferred tax assets to reflect the reduction in the U.S. corporate tax rate from 35 percent to 21 percent. The third quarter of 2018 also includes a charge of $59 million to increase the valuation allowance against deferred tax assets for prior years. See Note 6 for additional details.


⁵	The fourth quarter of 2018 and fourth quarter of 2017 include pre-tax pension and other postretirement benefit plan actuarial losses of $495 million and $301 million, respectively. See Note 12 for additional information on these costs.


⁶	The fourth quarter of 2018 includes a benefit of $63 million from reductions in the valuation allowance against U.S. state deferred tax assets. The fourth quarter of 2017 includes a benefit of $111 million from increases in the valuation allowance against U.S. state deferred tax assets. See Note 6 for additional information.


⁷	The fourth quarter of 2018 includes a charge of $50 million due to an increase to the $2,371 million charge in the fourth quarter of 2017 due to the enactment of U.S. tax reform legislation on December 22, 2017. See Note 6 for additional information.