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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Net sales (Note 3) $ 2,022 $ 2,276 $ 5,900 $ 8,361
Costs of sales 1,520 1,694 4,560 5,130
Gross margin 502 582 1,340 3,231
Selling expenses 22 24 66 70
General and administrative expenses 107 100 316 294
Other operating costs, net (Note 13) 20 1 50 19
Operating income 353 457 908 2,848
Non-operating pension and other post-employment benefit costs (Note 6) (12) (12) (33) (38)
Interest income and other 24 9 54 9
Interest expense, net of capitalized interest (72) (67) (208) (204)
Loss on debt extinguishment (Note 8) 0 0 0 (276)
Earnings before income taxes 293 387 721 2,339
Income taxes (Note 14) (54) (77) (101) (470)
Net earnings $ 239 $ 310 $ 620 $ 1,869
Earnings per share, basic (Note 4) $ 0.33 $ 0.42 $ 0.85 $ 2.51
Earnings per share, diluted (Note 4) $ 0.33 $ 0.42 $ 0.85 $ 2.51
Weighted average shares outstanding (in thousands) (Note 4):        
Basic 731,046 740,058 732,069 743,990
Diluted 731,742 740,975 732,542 745,081