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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Net sales $ 2,124 $ 2,242
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (1,836) $ (1,784)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 288 $ 458
Selling, general and administrative expenses (115) (108)
Research, development and engineering expenses, net (107) (107)
Amortization of intangibles (1) (3)
Other income (expense), net [1] 70 (4)
Operating income 134 237
Income from equity method investment 1 2
Interest income 1 1
Interest expense (13) (16)
Other non-operating items, net (4) (6)
Income before income taxes 119 217
Income tax expense (36) (60)
Net income 83 157
Less: Net income attributable to non-controlling interest 0 0
Net income attributable to controlling interest $ 83 $ 157
Net earnings per share - basic [2] $ 0.95 $ 1.79
Net earnings per share - diluted [2] $ 0.94 $ 1.79
Weighted average number of shares outstanding, net of treasury shares (in millions) [3] 87.5 87.4
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 87.8 87.6
Cash dividend per share - declared $ 0.64 $ 0
Cash dividend per share – paid $ 0.64 $ 0
[1] 1) Including gain on sale of property of $80 million in March 2022 as part of the manufacturing footprint optimization program in Japan.
[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 11 to the unaudited condensed consolidated financial statements).

[3] 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.