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Consolidated Condensed Income Statements (Unaudited) (USD $)
In Millions, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Consolidated Condensed Income Statements        
Product revenue $ 2,149 $ 2,128 $ 4,201 $ 4,082
Service revenue 875 611 1,583 1,235
Total revenue 3,024 2,739 5,784 5,317
Costs of product revenue 1,398 1,421 2,750 2,728
Costs of service revenue 786 537 1,409 1,090
Total costs of revenue 2,184 1,958 4,159 3,818
Gross profit 840 781 1,625 1,499
Selling, general and administrative expenses 429 375 859 753
Research and development expenses 70 60 131 123
Transformation costs 62 0 147 0
Asbestos-related costs, net 16 12 32 27
Restructuring and asset impairment charges, net 3 10 8 27
Operating income 260 324 448 569
Interest and non-operating expenses, net 12 19 29 45
Income from continuing operations before income tax expense 248 305 419 524
Income tax expense 80 79 125 154
Income from continuing operations 168 226 294 370
(Loss) income from discontinued operations, including tax benefit of $0, $7, $1 and $5, respectively 0 12 (2) 14
Net income $ 168 $ 238 $ 292 $ 384
Basic:        
Continuing operations $ 0.91 $ 1.23 $ 1.59 $ 2.01
Discontinued operations $ 0 $ 0.06 $ (0.01) $ 0.08
Net income $ 0.91 $ 1.29 $ 1.58 $ 2.09
Diluted:        
Continuing operations $ 0.9 $ 1.22 $ 1.58 $ 2.00
Discontinued operations $ 0.00 $ 0.06 $ (0.02) $ 0.07
Net income $ 0.9 $ 1.28 $ 1.56 $ 2.07
Weighted average common shares - basic 185.3 184.0 185.1 183.6
Weighted average common shares - diluted 186.8 185.5 186.6 185.2
Cash dividends declared per common share $ 0.25 $ 0.25 $ 0.50 $ 0.50