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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net sales (Note 3) $ 2,065 $ 1,808 $ 3,930 $ 3,501
Costs of products sold 1,447 1,336 2,795 2,608
Gross margin 618 472 1,135 893
Selling expenses 23 22 46 44
General and administrative expenses 80 76 158 163
Research and development expenses 2 4 4 8
Charges for integration and restructuring, closures and asset impairments (Note 15) 0 151 2 164
Charges (recoveries) for product remediation, net (Note 16) 20 50 0 50
Other operating costs, net (Note 17) 17 12 45 14
Operating income 476 157 880 450
Non-operating pension and other postretirement benefit costs (13) (8) (37) (30)
Interest income and other 11 9 23 18
Interest expense, net of capitalized interest (92) (100) (185) (199)
Earnings before income taxes 382 58 681 239
Income taxes (Note 18) (65) (34) (95) (58)
Net earnings $ 317 $ 24 $ 586 $ 181
Earnings per share, basic and diluted (Note 5) $ 0.42 $ 0.03 $ 0.77 $ 0.24
Dividends paid per share $ 0.32 $ 0.31 $ 0.64 $ 0.62
Weighted average shares outstanding (in thousands) (Note 5):        
Basic 757,829 752,630 757,317 751,674
Diluted 760,533 756,451 759,992 755,625