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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 2,605 $ 2,635 $ 5,220 $ 5,127
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (2,130) $ (2,188) $ (4,303) $ (4,301)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 475 $ 447 $ 917 $ 826
Selling, general and administrative expenses (138) (130) (270) (262)
Research, development and engineering expenses, net (116) (120) (229) (237)
Other income (expense), net1) (14) (103) (18) (107)
Operating income 206 94 400 221
Income from equity method investment 2 1 3 2
Interest income 3 6 7 8
Interest expense (28) (25) (54) (45)
Other non-operating items, net 1 7 0 5
Income before income taxes 183 83 356 191
Income tax expense (44) (30) (91) (64)
Net income [1] 139 53 266 127
Less: Net income attributable to non-controlling interest 0 0 1 1
Net income attributable to controlling interest $ 138 $ 53 $ 265 $ 127
Net earnings per share - basic $ 1.71 $ 0.61 $ 3.24 $ 1.48
Net earnings per share - diluted $ 1.71 $ 0.61 $ 3.23 $ 1.47
Basic: Weighted average common stock 80.9 85.6 81.6 85.9
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 81.1 85.8 82.1 86.0
Cash dividend per share - declared $ 0.68 $ 0.66 $ 1.36 $ 1.32
Cash dividend per share – paid $ 0.68 $ 0.66 $ 1.36 $ 1.32
[1] For the three months periods ended June 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a gain of $4 million and a loss of $10 million, respectively. For the six months periods ended June 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of $2 million and a loss of $15 million, respectively.