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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net sales      
Total Net sales $ 4,448 $ 4,485 $ 4,218
Cost of sales:      
Total Cost of sales 2,445 2,385 2,237
Gross profit 2,003 2,100 1,981
Operating expenses:      
Selling and marketing 483 503 483
Research and development 453 447 444
General and administrative 304 323 328
Amortization of intangible assets 78 103 97
Acquisition and integration costs 23 22 8
Exit and restructuring costs 11 10 11
Total Operating expenses 1,352 1,408 1,371
Operating income 651 692 610
Other expenses:      
Foreign exchange loss (18) (6) (5)
Interest expense, net (76) (89) (91)
Other, net 3 1 10
Total Other expenses, net (91) (94) (86)
Income before income tax 560 598 524
Income tax expense 56 54 103
Net income $ 504 $ 544 $ 421
Basic earnings per share (in USD per share) $ 9.43 $ 10.08 $ 7.86
Diluted earnings per share (in USD per share) $ 9.35 $ 9.97 $ 7.76
Tangible Products      
Net sales      
Total Net sales $ 3,813 $ 3,907 $ 3,685
Cost of sales:      
Total Cost of sales 2,065 2,006 1,871
Services and Software      
Net sales      
Total Net sales 635 578 533
Cost of sales:      
Total Cost of sales $ 380 $ 379 $ 366