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Consolidated Statements of Net Income - USD ($)
shares in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]      
Net sales $ 10,382,600,000 $ 10,073,600,000 $ 9,169,600,000
Cost of sales (8,233,600,000) (8,016,600,000) (7,325,500,000)
Gross profit 2,149,000,000 2,057,000,000 1,844,100,000
Selling, general and administrative expenses (489,700,000) (476,100,000) (411,500,000)
Research, development and engineering expenses, net (740,900,000) (651,000,000) (523,800,000)
Goodwill, impairment charge (234,200,000) 0 0
Amortization of intangibles (47,000,000) (43,700,000) (19,600,000)
Other expense, net (31,900,000) (38,500,000) (161,400,000)
Operating income 605,300,000 847,700,000 727,800,000
(Loss) income from equity method investments (29,000,000) 2,600,000 4,700,000
Interest income 7,400,000 4,500,000 2,700,000
Interest expense (61,200,000) (62,400,000) (65,100,000)
Other non-operating items, net (16,000,000) 11,400,000 5,600,000
Income before income taxes 506,500,000 803,800,000 675,700,000
Income tax expense (203,500,000) (242,200,000) (218,200,000)
Net income [1] 303,000,000 561,600,000 457,500,000
Less: Net (loss) income attributable to non-controlling interest (124,100,000) (5,500,000) 700,000
Net income attributable to controlling interest $ 427,100,000 $ 567,100,000 $ 456,800,000
Earnings per common share      
- basic $ 4.88 $ 6.43 $ 5.18
- assuming dilution $ 4.87 $ 6.42 $ 5.17
Weighted average number of shares      
- basic [2] 87.5 88.2 88.2
- assuming dilution [2] 87.7 88.4 88.4
Cash dividend per share - declared $ 2.40 $ 2.32 $ 2.24
Cash dividend per share - paid $ 2.38 $ 2.30 $ 2.22
[1] See Note 13 for further details – includes tax effects where applicable.
[2] The Company’s unvested RSUs and PSs, of which some included the right to receive non-forfeitable dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.