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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 2,578 $ 2,615
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Cost of sales [1] $ (2,100) $ (2,172)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 478 $ 443
Selling, general and administrative expenses (145) (132)
Research, development and engineering expenses, net (95) (113)
Other income (expense), net [2] 15 (4)
Operating income 254 194
Income from equity method investment 1 2
Interest income 2 5
Interest expense (25) (26)
Other non-operating items, net 0 (1)
Income before income taxes 233 174
Income tax expense (65) (47)
Net income [3] 167 127
Less: Net income attributable to non-controlling interest 0 0
Net income attributable to controlling interest $ 167 $ 126
Net earnings per share - basic $ 2.15 $ 1.53
Net earnings per share - diluted $ 2.14 $ 1.52
Weighted average number of shares outstanding, net of treasury shares (in millions) 77.6 82.3
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 77.9 83.0
Cash dividend per share - declared $ 0.7 $ 0.68
Cash dividend per share – paid $ 0.7 $ 0.68
[1] Including a gain on sale of property in China of $6 million in the first quarter of 2025.
[2] Including a cumulative translation gain of $11 million related to the sale of the Russian entity in the first quarter of 2025.
[3] For the three months periods ended March 31, 2025 and 2024, the aggregate transaction gain (loss) included in net income for the period were a loss of $7 million and a loss of $6 million, respectively.