Supplementary Financial Information

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Supplementary Financial Information

Supplementary Financial Information

The components of Accrued liabilities are as follows (in millions):

	December 31,
	2019		2018
Accrued incentive compensation	$	96	$	127
Customer reserves	44		45
Accrued payroll	63		55
Accrued warranty	21		22
Current portion of lease liabilities	29		—
Unremitted cash collections due to banks on factored accounts receivable	33		—
Accrued freight and duty	23		7
Accrued other expenses	70		66
Accrued liabilities	$	379	$	322

Summary of Quarterly Results of Operations (unaudited, in millions):

	2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total Year
Total Net sales	$	1,066	$	1,097	$	1,130	$	1,192	$	4,485
Gross profit	501		520		535		544		2,100
Net income	115		124		136		169		544
Net earnings per common share:
Basic earnings per share:	$	2.14	$	2.28	$	2.52	$	3.13	$	10.08
Diluted earnings per share:	2.12		2.26		2.50		3.10		9.97

	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total Year
Net sales	$	977	$	1,012	$	1,092	$	1,137	$	4,218
Gross profit	465		472		505		539		1,981
Net income	109		70		127		115		421
Net earnings per common share:
Basic earnings per share:	$	2.04	$	1.31	$	2.37	$	2.14	$	7.86
Diluted earnings per share:	2.01		1.29		2.34		2.11		7.76