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Consolidated Statements of Net Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
Net sales $ 8,678.2 $ 8,136.8 $ 7,921.6
Type of Revenue [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of sales $ (6,966.9) $ (6,457.1) $ (6,293.6)
Type of Cost, Good or Service [Extensible List] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Gross profit $ 1,711.3 $ 1,679.7 $ 1,628.0
Selling, general and administrative expenses (390.3) (406.6) (394.4)
Research, development and engineering expenses, net (412.6) (370.6) (357.3)
Amortization of intangibles (11.3) (11.2) (10.5)
Other income (expense), net (211.1) (31.7) (34.8)
Operating income 686.0 859.6 831.0
Income from equity method investments 3.6 1.7 2.6
Interest income 6.9 7.4 4.5
Interest expense (66.1) (61.1) (62.2)
Other non-operating items, net (18.0) (15.2) 8.3
Income from continuing operations before income taxes 612.4 792.4 784.2
Income tax expense (234.9) (204.4) (224.3)
Income from continuing operations 377.5 588.0 559.9
(Loss) income from discontinued operations, net of income taxes (193.8) (285.0) 1.7
Net income [1] 183.7 303.0 561.6
Less: Net income from continuing operations attributable to non-controlling interest 1.6 2.0 1.5
Less: Net loss from discontinued operations attributable to non-controlling interest (8.3) (126.1) (7.0)
Net income attributable to controlling interest 190.4 427.1 567.1
Amounts attributable to controlling interest:      
Net income from continuing operations 375.9 586.0 558.4
Net (Loss) income from discontinued operations (185.5) (158.9) 8.7
Net income attributable to controlling interest $ 190.4 $ 427.1 $ 567.1
Earnings per share continuing operations - basic [2] $ 4.32 $ 6.70 $ 6.33
(Loss) earnings per share discontinuing operations - basic [2] (2.13) (1.82) 0.10
Basic earnings per share 2.19 4.88 6.43
Earnings per share continuing operations - diluted [2] 4.31 6.68 6.32
(Loss) earnings per share discontinuing operations - diluted [2] (2.13) (1.81) 0.10
Diluted earnings per share $ 2.18 $ 4.87 $ 6.42
Weighted average number of shares outstanding, net of treasury shares (in millions) [3] 87.1 87.5 88.2
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) [3] 87.3 87.7 88.4
Cash dividend per share - declared $ 2.48 $ 2.40 $ 2.32
Cash dividend per share - paid $ 2.46 $ 2.38 $ 2.30
[1] See Note 15 for further details – includes tax effects where applicable.
[2] 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 23 in this Annual Report).
[3] 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.