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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net sales (Note 3) $ (1,910,000,000) $ (1,872,000,000) $ (5,840,000,000) $ (5,373,000,000)
Costs of products sold 1,452,000,000 1,374,000,000 4,247,000,000 3,982,000,000
Gross margin 458,000,000 498,000,000 1,593,000,000 1,391,000,000
Selling expenses 20,000,000 22,000,000 66,000,000 66,000,000
General and administrative expenses 78,000,000 75,000,000 236,000,000 238,000,000
Research and development expenses 2,000,000 4,000,000 6,000,000 12,000,000
Charges for integration and restructuring, closures and asset impairments (Note 15) 0 14,000,000 2,000,000 178,000,000
Charges (recoveries) for product remediation, net (Note 16) 0 190,000,000 0 240,000,000
Other operating costs (income), net (Note 17) 21,000,000 (12,000,000) 66,000,000 2,000,000
Operating income 337,000,000 205,000,000 1,217,000,000 655,000,000
Non-operating pension and other postretirement benefit costs (17,000,000) (16,000,000) (54,000,000) (46,000,000)
Interest income and other 13,000,000 12,000,000 36,000,000 30,000,000
Interest expense, net of capitalized interest (93,000,000) (98,000,000) (278,000,000) (297,000,000)
Earnings before income taxes 240,000,000 103,000,000 921,000,000 342,000,000
Income taxes (Note 18) 15,000,000 27,000,000 (80,000,000) (31,000,000)
Net earnings $ 255,000,000 $ 130,000,000 $ 841,000,000 $ 311,000,000
Earnings per share, basic and diluted (Note 5) $ 0.34 $ 0.17 $ 1.11 $ 0.41
Dividends paid per share $ 0.34 $ 0.31 $ 0.98 $ 0.93
Weighted average shares outstanding (in thousands) (Note 5):        
Basic 754,986 753,535 756,531 752,301
Diluted 757,389 756,903 759,116 756,058