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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement [Abstract]        
Net sales $ 970 $ 948 $ 1,879 $ 1,798 [1]
Cost of products sold 787 773 1,543 1,480
Gross profit 183 175 336 318
Selling and administrative expenses 79 77 156 154
Gain on disposal of shipping operations, net (1) 0 (1) 0
Operating profit 105 98 181 164 [1]
Income from equity method investments 14 5 22 8
Interest expense (40) (45) (83) (92)
Interest income 0 0 1 1
Loss on extinguishment of debt     (19) 0
Gain on deconsolidation of subsidiaries and consolidated joint ventures 0 0 0 27
Other income, net 1 0 0 0
Income before income taxes 80 58 102 108
Income tax benefit (expense) (1) 0 1 (5)
Income from continuing operations 79 58 103 103
Loss from discontinued operations, net of tax 0 (1) 0 (1)
Net income $ 79 $ 57 $ 103 $ 102
Earnings (loss) per common share - basic:        
Income from continuing operations $ 0.54 $ 0.40 $ 0.70 $ 0.74
Loss from discontinued operations 0.00 (0.01) 0.00 (0.01)
Earnings per average common share 0.54 0.39 0.70 0.73
Earnings (loss) per common share - diluted:        
Income from continuing operations 0.54 0.39 0.70 0.72
Loss from discontinued operations 0.00 (0.01) 0.00 (0.01)
Earnings per average diluted common share $ 0.54 $ 0.38 $ 0.70 $ 0.71
Average common shares 145,424,853 144,500,682 145,393,548 139,702,728
Average diluted common shares 146,990,178 147,024,196 147,167,248 146,920,294
[1] Net sales and operating profit (loss) have been recast for the periods prior to April 1, 2014 to conform with the new presentation of reportable segments.