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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net sales $ 2,714 $ 2,605 $ 5,292 $ 5,220
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales [1] $ (2,213) $ (2,130) $ (4,312) $ (4,303)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 501 $ 475 $ 980 $ 917
Selling, general and administrative expenses (145) (138) (290) (270)
Research, development and engineering expenses, net (107) (116) (202) (229)
Other income (expense), net [2] (1) (14) 14 (18)
Operating income 247 206 502 400
Income from equity method investment 1 2 3 3
Interest income 2 3 4 7
Interest expense (27) (28) (52) (54)
Other non-operating items, net (3) 1 (3) (0)
Income before income taxes 221 183 453 356
Income tax expense (53) (44) (118) (91)
Net income [3] 168 139 335 266
Less: Net income attributable to non-controlling interest 0 0 1 1
Net income attributable to controlling interest $ 167 $ 138 $ 334 $ 265
Net earnings per share - basic $ 2.17 $ 1.71 $ 4.32 $ 3.24
Net earnings per share - diluted $ 2.16 $ 1.71 $ 4.31 $ 3.23
Weighted average number of shares outstanding, net of treasury shares (in millions) 77.1 80.9 77.3 81.6
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 77.3 81.1 77.5 82.1
Cash dividend per share - declared [4] $ 1.55 $ 0.68 $ 2.25 $ 1.36
Cash dividend per share – paid $ 0.7 $ 0.68 $ 1.4 $ 1.36
[1] Including a gain on sale of property in China of $6 million in the first quarter of 2025.
[2] Including a cumulative translation gain of $11 million related to the sale of the Russian entity in the first quarter of 2025.
[3] For the three months periods ended June 30, 2025 and 2024, the aggregate transaction gain (loss) included in net income for the period were a loss of $7 million and a gain of $4 million, respectively. For the six months periods ended June 30, 2025 and 2024, the aggregate transaction gain (loss) included in net income for the period were a loss of $14 million and a loss of $2 million, respectively.
[4] In May 2025, the Company declared a dividend per share of $0.70 for the second quarter of 2025, and in June 2025, the Company declared a dividend per share of $0.85 for the third quarter of 2025.