XML 18 R2.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Net sales $ 8,230.0 $ 7,447.0 $ 8,548.0
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (6,719.0) $ (6,201.0) $ (6,963.0)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 1,511.0 $ 1,247.0 $ 1,584.0
Selling, general and administrative expenses (432.0) (389.0) (399.0)
Research, development and engineering expenses, net (391.0) (376.0) (406.0)
Amortization of intangibles (10.0) (10.0) (12.0)
Other income (expense), net (3.0) (90.0) (43.0)
Operating income 675.0 382.0 726.0
Income from equity method investment 3.0 2.0 2.0
Interest income 4.0 5.0 4.0
Interest expense (60.0) (73.0) (70.0)
Other non-operating items, net (7.0) (25.0) (14.0)
Income before income taxes 614.0 291.0 648.0
Income tax expense (177.0) (103.0) (186.0)
Net income [1] 437.0 188.0 463.0
Less: Net income attributable to non-controlling interest 2.0 1.0 1.0
Net income attributable to controlling interest $ 435.0 $ 187.0 $ 462.0
Earnings per share continuing operations - basic [2] $ 4.97 $ 2.14 $ 5.29
Earnings per share continuing operations - diluted [2] $ 4.96 $ 2.14 $ 5.29
Weighted average number of shares outstanding, net of treasury shares (in millions) [3] 87.5 87.3 87.2
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 87.7 87.5 87.4
Cash dividend per share - declared $ 1.88 $ 2.48
Cash dividend per share - paid $ 1.88 $ 0.62 $ 2.48
[1] See Note 14 for further details – includes tax effects where applicable.
[2] 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 21 in this Annual Report).
[3] The Company’s unvested RSUs and PSs, 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. However, these participating securities have been immaterial for all the years presented.