XML 16 R2.htm IDEA: XBRL DOCUMENT v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 2,033 $ 2,204 $ 3,686 $ 4,009
Cost of products sold 1,334 1,575 2,483 2,898
Gross profit 699 629 1,203 1,111
Selling, general and administrative expenses 520 476 982 956
Restructuring costs, net 10 22 36 60
Impairment of goodwill, intangibles and other assets 6 11 6 11
Operating income 163 120 179 84
Non-operating expenses:        
Interest expense, net 78 76 148 144
Loss on extinguishment and modification of debt 0 0 1 0
Other expense, net 1 9 6 21
Income (loss) before income taxes 84 35 24 (81)
Income tax provision (benefit) 39 17 (12) 3
Net income (loss) $ 45 $ 18 $ 36 $ (84)
Weighted average common shares outstanding:        
Basic (in shares) 415.2 414.2 415.0 414.0
Diluted (in shares) 418.2 415.3 417.9 414.0
Earnings (loss) per share:        
Basic (in USD per share) $ 0.11 $ 0.04 $ 0.09 $ (0.20)
Diluted (in USD per share) $ 0.11 $ 0.04 $ 0.09 $ (0.20)
COMPREHENSIVE INCOME (LOSS):        
Net income (loss) $ 45 $ 18 $ 36 $ (84)
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments (35) (10) (59) 8
Pension and postretirement costs 0 0 8 (1)
Derivative financial instruments 7 (7) 14 (17)
Total other comprehensive loss, net of tax (28) (17) (37) (10)
Total comprehensive income (loss) $ 17 $ 1 $ (1) $ (94)