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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net sales $ 1,099.1 $ 1,175.4 $ 1,889.4 $ 2,010.2
Cost of goods sold 767.0 813.8 1,355.8 1,425.5
Gross profit 332.1 361.6 533.6 584.7
Operating Expenses:        
Selling, general and administrative expenses 152.4 161.4 298.2 316.6
Losses (gains) and other expenses, net 2.1 0.2 3.2 7.5
Restructuring charges 0.1 (0.5) (0.4) (1.3)
non-cash pension settlement loss 60.6 0.0 60.6 0.0
Loss (gain) on sale of businesses and related property 0.4 (22.1) 8.8 (11.8)
Loss on assets held for sale 0.0 31.4 0.0 31.4
Insurance proceeds for lost profits (26.0) 0.0 (65.5) 0.0
Gain from insurance recoveries, net of losses incurred (5.9) 0.0 (12.8) 0.0
Income from equity method investments (4.6) (4.9) (7.2) (8.4)
Operating income 213.8 195.1 308.5 248.1
Interest expense, net 13.1 9.8 23.9 18.2
Other expense (income), net 0.3 0.8 1.2 1.4
Income from continuing operations before income taxes 139.8 184.5 222.8 228.5
Provision for income taxes 28.8 45.3 42.4 51.4
Income from continuing operations 111.0 139.2 180.4 177.1
Discontinued Operations:        
(Loss) income from discontinued operations before income taxes (0.3) 0.4 (0.4) 0.4
Income tax expense 0.0 2.0 0.0 2.0
Loss from discontinued operations (0.3) (1.6) (0.4) (1.6)
Net income $ 110.7 $ 137.6 $ 180.0 $ 175.5
Earnings per share – Basic:        
Income from continuing operations (in dollars per share) $ 2.84 $ 3.42 $ 4.58 $ 4.31
Loss from discontinued operations (in dollars per share) (0.01) (0.04) (0.01) (0.04)
Net income (in dollars per share) 2.83 3.38 4.57 4.27
Earnings per share – Diluted:        
Income from continuing operations (in dollars per share) 2.81 3.39 4.53 4.26
Loss from discontinued operations (in dollars per share) (0.01) (0.04) (0.01) (0.04)
Net income (in dollars per share) $ 2.80 $ 3.35 $ 4.52 $ 4.22
Average shares outstanding:        
Weighted Average Number of Shares Outstanding - Basic 39.1 40.7 39.4 41.1
Weighted Average Number of Shares Outstanding - Diluted 39.5 41.1 39.8 41.6