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Selected quarterly financial results (unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly financial results (unaudited) Selected quarterly financial results (unaudited) 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Quarter
 
(Dollars in millions except per share data)
 
1st
 
2nd
 
3rd
 
4th
 
Sales and revenues
 
$
13,466

 
$
14,432

 
$
12,758

 
$
13,144

 
Less: Revenues
 
(742
)
 
(761
)
 
(784
)
 
(758
)
 
Sales
 
12,724

 
13,671

 
11,974

 
12,386

 
Cost of goods sold
 
9,003

 
9,941

 
8,569

 
9,117

 
Gross margin
 
3,721

 
3,730

 
3,405

 
3,269

 
Profit 1
 
$
1,881

3 
$
1,620

 
$
1,494

 
$
1,098

5 
Profit per common share
 
$
3.29

 
$
2.85

 
$
2.69

 
$
2.00

 
Profit per common share–diluted 2
 
$
3.25

 
$
2.83

 
$
2.66

 
$
1.97

 
 
 
 
 
 
 
 
 
 
 
 
 
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

3,5,6 
Profit per common share
 
$
2.78

 
$
2.86

 
$
2.92

 
$
1.80

 
Profit per common share–diluted 2
 
$
2.74

 
$
2.82

 
$
2.88

 
$
1.78

 
 
 
 
 
 
 
 
 
 
 
 

1 
Profit attributable to common shareholders.
2 
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
3 
The first quarter of 2019 includes a benefit of $178 million to adjust unrecognized tax benefits due to the receipt of final regulations providing additional guidance related to the calculation of the mandatory deemed repatriation of non-U.S. earnings due to U.S. tax reform. The fourth quarter of 2018 includes a charge of $50 million due to an estimated increase in the mandatory deemed repatriation of non-U.S. earnings.
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 2019 and fourth quarter of 2018 include pre-tax pension and other postretirement benefit plan actuarial losses of $468 million and $495 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. See Note 6 for additional information.