Supplementary Financial Information

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Supplementary Financial Information

Supplementary Financial Information

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

	December 31,
	2020		2019
Accrued payroll and benefits	$	87	$	63
Accrued incentive compensation	65		96
Accrued warranty	24		21
Customer reserves	56		44
Current portion of lease liabilities	30		29
Unremitted cash collections due to banks on factored accounts receivable	142		33
Forward contracts liability	37		—
Short-term interest rate swaps	17		5
Accrued freight and duty	21		23
Accrued other expenses	80		65
Accrued liabilities	$	559	$	379

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

	2020
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total Year
Total Net sales	$	1,052	$	956	$	1,132	$	1,308	$	4,448
Gross profit	473		419		493		618		2,003
Net income	89		100		116		199		504
Net earnings per common share:
Basic earnings per share:	$	1.66	$	1.87	$	2.18	$	3.73	$	9.43
Diluted earnings per share:	1.65		1.85		2.16		3.70		9.35

	2019
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total Year
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