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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Net sales (Note 3) $ 1,997 $ 2,973 $ 3,878 $ 6,085
Costs of sales 1,528 1,789 3,040 3,436
Gross margin 469 1,184 838 2,649
Selling expenses 22 23 44 46
General and administrative expenses 108 102 209 194
Other operating costs, net (Note 13) 20 12 30 18
Operating income 319 1,047 555 2,391
Non-operating pension and other post-employment benefit costs (Note 6) (12) (11) (21) (26)
Interest income and other 18 1 30 0
Interest expense, net of capitalized interest (70) (65) (136) (137)
Loss on debt extinguishment (Note 8) 0 0 0 (276)
Earnings before income taxes 255 972 428 1,952
Income taxes (Note 14) (25) (184) (47) (393)
Net earnings $ 230 $ 788 $ 381 $ 1,559
Earnings per share, basic (Note 4) $ 0.31 $ 1.06 $ 0.52 $ 2.09
Earnings per share, diluted (Note 4) $ 0.31 $ 1.06 $ 0.52 $ 2.09
Weighted average shares outstanding (in thousands) (Note 4):        
Basic 732,021 744,542 732,599 746,017
Diluted 732,362 745,582 732,961 747,194