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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Net sales (Note 3) $ 2,973 $ 3,144 $ 6,085 $ 5,650
Costs of sales 1,789 1,583 3,436 3,013
Gross margin 1,184 1,561 2,649 2,637
Selling expenses 23 24 46 44
General and administrative expenses 102 95 194 185
Other operating costs, net (Note 13) 12 13 18 23
Operating income 1,047 1,429 2,391 2,385
Non-operating pension and other post-employment benefit costs (Note 6) (11) (1) (26) (9)
Interest income and other 1 2 0 3
Interest expense, net of capitalized interest (65) (78) (137) (157)
Loss on debt extinguishment (Note 8) 0 0 (276) 0
Earnings before income taxes 972 1,352 1,952 2,222
Income taxes (Note 14) (184) (324) (393) (513)
Net earnings $ 788 $ 1,028 $ 1,559 $ 1,709
Earnings per share, basic (Note 4) $ 1.06 $ 1.37 $ 2.09 $ 2.28
Earnings per share, diluted (Note 4) $ 1.06 $ 1.37 $ 2.09 $ 2.28
Weighted average shares outstanding (in thousands) (Note 4):        
Basic 744,542 750,127 746,017 749,429
Diluted 745,582 751,508 747,194 750,773