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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net Sales $ 5,191 $ 5,556 $ 9,147 $ 8,952
Cost of Goods Sold 2,829 3,047 5,098 5,258
Research and Development Expense 273 269 553 568
Selling, General and Administrative Expenses 965 937 1,722 1,672
Amortization of Intangible Assets 176 113 339 214
Restructuring and Asset Related Charges - Net 179 60 249 121
Integration and Separation Costs 0 330 0 542
Other income - net 89 0 90 31
Loss on Extinguishment of Debt 0 13 0 13 [1]
Interest Expense 14 34 24 93 [2]
Income from continuing operations before income taxes 844 753 1,252 502 [2]
Provision for income taxes on continuing operations 78 270 205 203 [2]
Income from continuing operations after income taxes 766 483 1,047 299 [2]
(Loss) income from discontinued operations after income taxes 0 (1,077) 1 (717)
Net income (loss) 766 (594) 1,048 (418) [1]
Net income attributable to noncontrolling interests 6 14 16 26
Net income (loss) attributable to company $ 760 $ (608) $ 1,032 $ (444)
Basic earnings per share of common stock from continuing operations $ 1.01 $ 0.63 $ 1.37 $ 0.37
Basic loss per share of common stock from discontinued operations 0 (1.44) 0 (0.96)
Basic earnings (loss) per share of common stock 1.01 (0.81) 1.37 (0.59)
Diluted earnings per share of common stock from continuing operations 1.01 0.63 1.37 0.37
Diluted loss per share of common stock from discontinued operations 0 (1.44) 0 (0.96)
Diluted earnings (loss) per share of common stock $ 1.01 $ (0.81) $ 1.37 $ (0.59)
EID [Member]        
Net Sales $ 5,191 $ 5,556 $ 9,147 $ 8,952
Cost of Goods Sold 2,829 3,047 5,098 5,258
Research and Development Expense 273 269 553 568
Selling, General and Administrative Expenses 965 937 1,722 1,672
Amortization of Intangible Assets 176 113 339 214
Restructuring and Asset Related Charges - Net 179 60 249 121
Integration and Separation Costs 0 330 0 542
Other income - net 89 0 90 31
Loss on Extinguishment of Debt 0 13 0 13
Interest Expense 45 64 87 123 [3]
Income from continuing operations before income taxes 813 723 1,189 472 [3]
Provision for income taxes on continuing operations 71 263 190 196 [3]
(Loss) income from discontinued operations after income taxes 0 (1,077) 1 (717)
Net income (loss) 742 (617) 1,000 (441)
Net income attributable to noncontrolling interests 3 9 11 19
Net income (loss) attributable to company $ 739 $ (626) $ 989 $ (460)
[1] The cash flows for the six months ended June 30, 2019 includes cash flows of EID's ECP and Specialty Products Entities.
[2]
Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.
[3]
Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X.