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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net sales $ 2,615 $ 2,493
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (2,172) $ (2,113)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 443 $ 379
Selling, general and administrative expenses (132) (132)
Research, development and engineering expenses, net (113) (116)
Other income (expense), net (4) (4)
Operating income 194 127
Income from equity method investment 2 2
Interest income 5 2
Interest expense (26) (19)
Other non-operating items, net (1) (2)
Income before income taxes 174 109
Income tax expense (47) (34)
Net income [1] 127 74
Less: Net income attributable to non-controlling interest 0 0
Net income attributable to controlling interest $ 126 $ 74
Net earnings per share - basic $ 1.53 $ 0.86
Net earnings per share - diluted $ 1.52 $ 0.86
Weighted average number of shares outstanding, net of treasury shares (in millions) 82.3 86.1
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 83.0 86.3
Cash dividend per share - declared $ 0.68 $ 0.66
Cash dividend per share – paid $ 0.68 $ 0.66
[1] For the three months periods ended March 31, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were $(6) million and $(5) million, respectively.