Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies

Schedule of new accounting standards

	Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Consolidated Statements of Income:
Net sales before shipping and handling costs	$	1,550	$	—	$	3,086	$	—
Less: shipping and handling costs		116		—		232		—
Net sales		1,434		1,550		2,854		3,086
Cost of sales		1,105		1,221		2,209		2,441
Gross profit	$	329	$	329	$	645	$	645

	Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Net sales to unaffiliated customers:
North America	$	885	$	977	$	1,745	$	1,928
South America		215		226		433		454
Asia-Pacific		195		203		389		406
EMEA		139		144		287		298
Total	$	1,434	$	1,550	$	2,854	$	3,086