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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Net sales $ 2,022 $ 1,048 $ 4,265 $ 2,893
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (1,638) $ (1,033) $ (3,422) $ (2,548)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 384 $ 14 $ 843 $ 345
Selling, general and administrative expenses (111) (98) (219) (192)
Research, development and engineering expenses, net (107) (88) (213) (191)
Amortization of intangibles (3) (2) (5) (5)
Other income (expense), net 0 (59) (4) (57)
Operating income (loss) 164 (234) 401 (99)
Income from equity method investment 0 0 2 0
Interest income 2 1 2 3
Interest expense (16) (16) (32) (32)
Other non-operating items, net 2 1 (4) (7)
Income (loss) before income taxes 152 (247) 370 (135)
Income tax (expense) benefit (48) 72 (108) 36
Net income (loss) 105 (174) 262 (99)
Less: Net income attributable to non-controlling interest 0 0 1 0
Net income (loss) attributable to controlling interest $ 104 $ (175) $ 261 $ (100)
Net earnings (loss) per share - basic [1] $ 1.19 $ (2.00) $ 2.98 $ (1.14)
Net earnings (loss) per share - diluted [1] $ 1.19 $ (2.00) $ 2.98 $ (1.14)
Weighted average number of shares outstanding, net of treasury shares (in millions) [2] 87.4 87.3 87.4 87.3
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 87.7 87.3 87.7 87.3
Cash dividend per share - declared [3],[4] $ 0.62 $ 0 $ 0.62 $ 0
Cash dividend per share – paid [4] $ 0.62 $ 0 $ 0.62 $ 0.62
[1] Participating share awards with the right to receive dividend equivalents are (under the two-class method) excluded from the earnings per share calculation (see Note 11 to the unaudited condensed consolidated financial statements).
[2] The Company’s unvested RSUs and PSUs, of which some included the right to receive non-forfeitable dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.
[3] As earlier communicated, on April 2, 2020, the Company announced it canceled its declared dividend for the second quarter of 2020.
[4] On May 12, 2021, the Company announced it will reinstate quarterly dividends and declared a dividend of 62 cents for the second quarter of 2021.