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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Net sales $ 2,493 $ 2,124
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (2,113) $ (1,836)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 379 $ 288
Selling, general and administrative expenses (132) (115)
Research, development and engineering expenses, net (116) (107)
Amortization of intangibles 0 (1)
Other income (expense), net1) [1] (4) 70
Operating income 127 134
Income from equity method investment 2 1
Interest income 2 1
Interest expense (19) (13)
Other non-operating items, net (2) (4)
Income before income taxes 109 119
Income tax expense (34) (36)
Net income [2] 74 83
Less: Net income attributable to non-controlling interest 0 0
Net income attributable to controlling interest $ 74 $ 83
Net earnings per share - basic $ 0.86 $ 0.95
Net earnings per share - diluted $ 0.86 $ 0.94
Weighted average number of shares outstanding, net of treasury shares (in millions) 86.1 87.5
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 86.3 87.8
Cash dividend per share - declared $ 0.66 $ 0.64
Cash dividend per share – paid $ 0.66 $ 0.64
[1] The three months period ending March 31, 2022, includes a gain on sale of property of $80 million in Japan.
[2] For the three months period ended March 31, 2023 and March 31, 2022, the aggregate transaction gain (loss) included in net income for the period were $(5) million and $(6) million, respectively.