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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Net sales $ 851 $ 795 $ 2,517 $ 2,373
Cost of products sold 699 633 2,042 1,884
Gross profit 152 162 475 489
Selling and administrative expenses 83 71 285 219
Operating profit 69 91 190 270
Income from equity method investments 12 15 33 42
Interest expense (14) (15) (43) (54)
Interest income 2 1 5 2
Loss on extinguishment of debt 0 0 0 (22)
Other income, net 4 1 4 5
Income from continuing operations before income taxes 73 93 189 243
Income tax expense (15) (27) (37) (76)
Income from continuing operations 58 66 152 167
Income (loss) from discontinued operations, net of tax 1 0 2 (10)
Net income $ 59 $ 66 $ 154 $ 157
Earnings per average common share - basic:        
Income from continuing operations (in dollars per share) $ 0.42 $ 0.47 $ 1.08 $ 1.16
Income (loss) from discontinued operations (in dollars per share) 0.00 0.00 0.01 (0.07)
Net income (in dollars per share) 0.42 0.47 1.09 1.09
Earnings per average common share - diluted:        
Income from continuing operations (in dollars per share) 0.41 0.46 1.06 1.14
Income (loss) from discontinued operations (in dollars per share) 0.00 0.00 0.01 (0.07)
Net income (in dollars per share) $ 0.41 $ 0.46 $ 1.07 $ 1.07
Average common shares (in shares) 139,943,168 142,103,717 140,328,443 145,054,965
Dilutive awards under long-term incentive plan (in shares) 2,902,210 2,389,428 2,255,947 2,312,816
Deferred shares for non-employee directors (in shares) 23,948 188,546 0 216,242
Average diluted common shares (in shares) 142,869,326 144,681,691 142,584,390 147,584,023
Cash dividend declared per share (in dollars per share) $ 0.50 $ 0 $ 0.50 $ 0