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Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
 
(Dollars in millions, except per share amounts)
2019
 
 
 
 
 
 
 
 
 
Operating revenue
$
5,647

 
5,578

 
5,606

 
5,570

 
22,401

Operating (loss) income
(5,499
)
 
976

 
950

 
847

 
(2,726
)
Net (loss) income
(6,165
)
 
371

 
302

 
223

 
(5,269
)
Basic (loss) earnings per common share
(5.77
)
 
0.35

 
0.28

 
0.21

 
(4.92
)
Diluted (loss) earnings per common share
(5.77
)
 
0.35

 
0.28

 
0.21

 
(4.92
)
2018
 
 
 
 
 
 
 
 
 
Operating revenue
$
5,945

 
5,902

 
5,818

 
5,778

 
23,443

Operating income (loss)
750

 
767

 
894

 
(1,841
)
 
570

Net income (loss)
115

 
292

 
272

 
(2,412
)
 
(1,733
)
Basic earnings (loss) per common share
0.11

 
0.27

 
0.25

 
(2.26
)
 
(1.63
)
Diluted earnings (loss) per common share
0.11

 
0.27

 
0.25

 
(2.26
)
 
(1.63
)


During the first quarter of 2019, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $6.5 billion for goodwill, see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.

During the fourth quarter of 2018, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $2.7 billion for goodwill see Note 4—Goodwill, Customer Relationships and Other Intangible Assets for further details.

During the first quarter of 2018, we recognized $71 million of expenses related to our acquisition of Level 3 followed by acquisition-related expenses of $162 million, $43 million and $117 million in the second, third and fourth quarters of 2018, respectively. During 2019, we recognized expenses related to our acquisition of Level 3 of $34 million, $39 million, $38 million and $123 million in the first, second, third and fourth quarters of 2019, respectively.