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Selected Quarterly Financial Data (unaudited) (Tables)
12 Months Ended
Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]  
Summary of Selected Quarterly Financial Data (unaudited)
Selected unaudited quarterly financial data for the years 2017 and 2016 are summarized below:
 
 
2017
 
2016
(Dollars in Millions Except Per Share Data)
 
First Quarter (1)
 
Second Quarter (2)
 
Third Quarter (3)
 
Fourth Quarter (4)
 
First Quarter (5)
 
Second Quarter (6)
 
Third Quarter (7)
 
Fourth Quarter (8)
Segment sales to customers
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Consumer
 
$
3,228

 
3,478

 
3,356

 
3,540

 
3,195

 
3,419

 
3,261

 
3,432

Pharmaceutical
 
8,245

 
8,635

 
9,695

 
9,681

 
8,178

 
8,654

 
8,400

 
8,232

Medical Devices 
 
6,293

 
6,726

 
6,599

 
6,974

 
6,109

 
6,409

 
6,159

 
6,442

Total sales
 
17,766

 
18,839

 
19,650

 
20,195

 
17,482

 
18,482

 
17,820

 
18,106

Gross profit
 
12,380

 
13,016

 
12,748

 
12,952

 
12,153

 
13,146

 
12,334

 
12,572

Earnings before provision for taxes on income
 
5,575

 
4,748

 
4,790

 
2,560

 
5,294

 
4,904

 
5,281

 
4,324

Net earnings (loss)
 
4,422

 
3,827

 
3,764

 
(10,713
)
 
4,457

 
3,997

 
4,272

 
3,814

Basic net earnings (loss) per share
 
$
1.63

 
1.42

 
1.40

 
(3.99
)
 
1.62

 
1.46

 
1.56

 
1.41

Diluted net earnings (loss) per share
 
$
1.61

 
1.40

 
1.37

 
(3.99
)
 
1.59

 
1.43

 
1.53

 
1.38


(1)
The first quarter of 2017 includes a restructuring charge of $121 million after-tax ($161 million before-tax) and an AMO acquisition related cost of $251 million after-tax ($38 million before-tax).
(2) 
The second quarter of 2017 includes a net litigation expense of $352 million after-tax ($493 million before-tax), Actelion acquisition related costs of $199 million after-tax ($213 million before-tax) a restructuring charge of $101 million after-tax ($128 million before-tax) and an asset impairment charge of $125 million after-tax ($182 million before-tax).
(3) 
The third quarter of 2017 includes a net litigation expense of $97 million after-tax ($118 million before-tax), Actelion acquisition related costs of $255 million after-tax ($367 million before-tax) and a restructuring charge of $136 million after-tax ($187 million before-tax).
(4) 
The fourth quarter of 2017 includes a net litigation expense of $506 million after-tax ($645 million before-tax), Actelion acquisition related costs of $313 million after-tax ($217 million before-tax), a restructuring charge of $237 million after-tax ($284 million before-tax), an in-process research and development expense of $266 million after-tax ($408 million before-tax) and an after-tax benefit of $116 million related to the insulin pump business. Additionally, the fourth quarter of 2017 includes a provisional charge of $13.6 billion for recently enacted tax legislation.
(5) 
The first quarter of 2016 includes a restructuring charge of $120 million after-tax ($137 million before-tax) and net litigation expense of $56 million after-tax ($66 million before-tax).
(6) 
The second quarter of 2016 includes a restructuring charge of $97 million after-tax ($141 million before-tax) and net litigation expense of $493 million after-tax ($600 million before-tax).
(7) 
The third quarter of 2016 includes a restructuring charge of $76 million after-tax ($109 million before-tax) and net litigation expense of $46 million after-tax ($55 million before-tax).
(8) 
The fourth quarter of 2016 includes a restructuring charge of $251 million after-tax ($298 million before-tax) and net litigation expense of $80 million after-tax ($96 million before-tax).