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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 2,555 $ 2,596 $ 7,774 $ 7,724
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (2,095) $ (2,131) $ (6,398) $ (6,432)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 459 $ 465 $ 1,377 $ 1,291
Selling, general and administrative expenses (129) (119) (399) (380)
Research, development and engineering expenses, net (96) (107) (325) (343)
Other income (expense), net1) (9) (8) (27) (115)
Operating income 226 232 626 453
Income from equity method investment 2 1 5 4
Interest income 3 3 10 10
Interest expense (27) (24) (81) (68)
Other non-operating items, net (7) (11) (7) (6)
Income before income taxes 197 201 554 393
Income tax expense (58) (67) (149) (131)
Net income [1] 139 134 404 262
Less: Net income attributable to non-controlling interest 0 1 1 1
Net income attributable to controlling interest $ 138 $ 134 $ 403 $ 261
Net earnings per share - basic $ 1.75 $ 1.58 $ 4.99 $ 3.05
Net earnings per share - diluted $ 1.74 $ 1.57 $ 4.98 $ 3.04
Basic: Weighted average common stock 79.2 84.9 80.7 85.5
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 79.3 85.0 80.9 85.7
Cash dividend per share - declared $ 0.68 $ 0.66 $ 2.04 $ 1.98
Cash dividend per share – paid $ 0.68 $ 0.66 $ 2.04 $ 1.98
[1] For the three months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of $5 million and a loss of $16 million, respectively. For the nine months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of $7 million and a loss of $31 million, respectively.