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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Net sales $ 8,842 $ 8,230 $ 7,447
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (7,446) $ (6,719) $ (6,201)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 1,396 $ 1,511 $ 1,247
Selling, general and administrative expenses (437) (432) (389)
Research, development and engineering expenses, net (390) (391) (376)
Amortization of intangibles (3) (10) (10)
Other income (expense), net 93 (3) (90)
Operating income 659 675 382
Income from equity method investment 3 3 2
Interest income 6 4 5
Interest expense (60) (60) (73)
Other non-operating items, net (5) (7) (25)
Income before income taxes 603 614 291
Income tax expense (178) (177) (103)
Net income 425 437 188
Less: Net income attributable to non-controlling interest 2 2 1
Net income attributable to controlling interest $ 423 $ 435 $ 187
Earnings per share continuing operations - basic [1] $ 4.86 $ 4.97 $ 2.14
Earnings per share continuing operations - diluted [1] $ 4.85 $ 4.96 $ 2.14
Weighted average number of shares outstanding, net of treasury shares (in millions) [2] 87.1 87.5 87.3
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 87.2 87.7 87.5
Cash dividend per share - declared $ 2.58 $ 1.88 $ 0
Cash dividend per share - paid $ 2.58 $ 1.88 $ 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 21 in this Annual Report).
[2] 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.