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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net sales $ 2,635 $ 2,081 $ 5,127 $ 4,206
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (2,188) $ (1,755) $ (4,301) $ (3,591)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 447 $ 326 $ 826 $ 614
Selling, general and administrative expenses (129) (112) (261) (227)
Research, development and engineering expenses, net (120) (112) (237) (219)
Amortization of intangibles 0 0 (1) (2)
Other income (expense), net1) [1] (103) 22 (107) 92
Operating income 94 124 221 258
Income from equity method investment 1 1 2 2
Interest income 6 1 8 2
Interest expense (25) (13) (45) (26)
Other non-operating items, net 7 5 5 1
Income before income taxes 83 117 191 237
Income tax expense (30) (38) (64) (74)
Net income [2] 53 79 127 163
Less: Net income attributable to non-controlling interest 0 0 1 1
Net income attributable to controlling interest $ 53 $ 79 $ 127 $ 162
Net earnings per share - basic $ 0.61 $ 0.91 $ 1.48 $ 1.86
Net earnings per share - diluted $ 0.61 $ 0.91 $ 1.47 $ 1.85
Weighted average number of shares outstanding, net of treasury shares (in millions) 85.6 87.2 85.9 87.2
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 85.8 87.3 86.0 87.4
Cash dividend per share - declared $ 0.66 $ 0.64 $ 1.32 $ 1.28
Cash dividend per share – paid $ 0.66 $ 0.64 $ 1.32 $ 1.28
[1] The three months period ending June 30, 2022, includes a gain of $21 million from a patent litigation settlement. The six months period ending June 30, 2022, includes a gain on sale of property of $80 million in Japan in the first quarter of 2022 and a gain of $21 million from a patent litigation settlement in the second quarter of 2022.
[2] For the three months period ended June 30, 2023 and June 30, 2022, the aggregate transaction gain (loss) included in net income for the period were $(10) million and $(9) million, respectively. For the six months period ended June 30, 2023 and June 30, 2022, the aggregate transaction gain (loss) included in net income for the period were $(15) million and $(15) million, respectively.