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Consolidated Statements Of Earnings (LOSS) (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net sales $ 2,764 $ 3,650 $ 6,352 $ 7,166
Cost of sales 1,216 1,270 2,473 2,503
Gross profit 1,548 2,380 3,879 4,663
Research, development and engineering expenses 233 246 487 471
Selling, general and administrative expenses 1,225 1,282 2,555 2,685
Recall charges 0 117 (6) 130
Amortization of intangible assets 110 122 228 236
Total operating expenses 1,568 1,767 3,264 3,522
Operating income (loss) (20) 613 615 1,141
Other income (expense), net (67) (48) (112) (96)
Earnings (loss) before income taxes (87) 565 503 1,045
Income taxes (4) 85 93 153
Net earnings (loss) $ (83) $ 480 $ 410 $ 892
Net earnings (loss) per share of common stock:        
Basic $ (0.22) $ 1.29 $ 1.09 $ 2.39
Diluted $ (0.22) $ 1.26 $ 1.08 $ 2.35
Weighted-average shares outstanding (in millions):        
Basic 375.5 373.9 375.1 373.6
Effect of dilutive employee stock compensation 0.0 5.6 4.8 5.8
Diluted 375.5 379.5 379.9 379.4
Cash dividends declared per share of common stock (in dollars per share) $ 0.575 $ 0.52 $ 1.15 $ 1.04
Anti-dilutive shares excluded from calculation of dilutive employee stock options 4.3