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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Net sales $ 2,033.0 $ 1,952.6 $ 6,485.4 $ 5,978.1
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (1,646.9) $ (1,557.7) $ (5,199.3) $ (4,739.2)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 386.1 $ 394.9 $ 1,286.1 $ 1,238.9
Selling, general and administrative expenses (90.0) (96.8) (290.9) (297.0)
Research, development and engineering expenses, net (101.9) (93.1) (327.9) (295.0)
Amortization of intangibles (2.8) (2.7) (8.5) (8.3)
Other income (expense), net 1.1 (35.1) 6.2 (29.3)
Operating income 192.5 167.2 665.0 609.3
Income from equity method investments 0.2 0.5 2.8 1.2
Interest income 1.3 1.8 4.1 5.6
Interest expense (18.9) (15.4) (46.2) (46.6)
Other non-operating items, net (3.8) (3.4) (15.4) (17.9)
Income from continuing operations before income taxes 171.3 150.7 610.3 551.6
Income tax expense (53.3) (44.5) (140.0) (161.0)
Income from continuing operations 118.0 106.2 470.3 390.6
Loss from discontinued operations, net of income taxes (Note 3)   (18.0) (195.8) (32.0)
Net income 118.0 88.2 274.5 358.6
Less: Net income from continuing operations attributable to non-controlling interest 0.5 0.5 1.4 1.3
Less: Net loss from discontinued operations attributable to non-controlling interest   (3.1) (8.3) (7.2)
Net income attributable to controlling interest 117.5 90.8 281.4 364.5
Amounts attributable to controlling interest:        
Net Income from continuing operations 117.5 105.7 468.9 389.3
Net Loss from discontinued operations (Note 3)   (14.9) (187.5) (24.8)
Net income attributable to controlling interest $ 117.5 $ 90.8 $ 281.4 $ 364.5
Earnings per share continuing operations – basic [1] $ 1.35 $ 1.22 $ 5.38 $ 4.44
Earnings per share discontinued operations – basic [1]   (0.17) (2.15) (0.28)
Basic earnings per share 1.35 1.05 3.23 4.16
Earnings per share continuing operations – diluted [1] 1.34 1.21 5.37 4.43
Earnings per share discontinued operations – diluted [1]   (0.17) (2.15) (0.28)
Diluted earnings per share $ 1.34 $ 1.04 $ 3.22 $ 4.15
Weighted average number of shares outstanding, net of treasury shares (in millions) 87.1 86.9 87.1 87.7
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 87.4 87.2 87.3 87.9
Cash dividend per share – declared $ 0.62 $ 0.60 $ 1.86 $ 1.80
Cash dividend per share – paid $ 0.62 $ 0.60 $ 1.84 $ 1.78
[1] Participating share awards with the right to receive dividend equivalents are (under the two class method) excluded from the earnings per share calculation (see Note 14 to the unaudited condensed consolidated financial statements).