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Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]      
Net sales $ 3,204 $ 3,017 $ 2,913
Cost of products sold 2,539 2,312 2,263
Gross profit 665 705 650
Selling and administrative expenses 298 304 302
Long-lived asset impairment charges 0 10 0
Recovery of receivable 0 (3) (6)
Gain on disposal of shipping operations, net 0 0 (1)
Operating profit 367 394 355
Income from equity method investments 59 49 48
Interest expense (69) (145) (163)
Interest income 4 4 2
Income and gain from the sale of equity method investment to related party 0 0 13
Loss on extinguishment of debt (22) (37) (19)
Other (expense) income, net (4) 9 0
Income from continuing operations before income taxes 335 274 236
Income tax (expense) benefit (238) (63) 740
Income from continuing operations 97 211 976
(Loss) income from discontinued operations, net of tax (9) 20 15
Gain on sale of discontinued operations, net of tax 0 279 0
Net income $ 88 $ 510 $ 991
Earnings per common share - basic:      
Income from continuing operations (in dollars per share) $ 0.67 $ 1.45 $ 6.70
(Loss) income from and gain on sale of discontinued operations (in dollars per share) (0.06) 2.04 0.11
Net income (in dollars per share) 0.61 3.49 6.81
Earnings per common share - diluted:      
Income from continuing operations (in dollars per share) 0.66 1.44 6.62
(Loss) income from and gain on sale of discontinued operations (in dollars per share) (0.06) 2.02 0.11
Net income (in dollars per share) $ 0.60 $ 3.46 $ 6.73
Average common shares (in shares) 144,447,488 145,929,506 145,457,208
Dilutive awards under long-term incentive plan (in shares) 2,263,358 1,731,473 1,624,866
Deferred shares for non-employee directors (in shares) 0 0 164,526
Average diluted common shares (in shares) 146,710,846 147,660,979 147,246,600