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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 24, 2016
Jun. 30, 2017
Jun. 24, 2016
Net sales $ 824.5 $ 866.6 $ 1,635.4 $ 1,682.4
Cost of sales 408.4 377.8 800.7 768.5
Gross profit 416.1 488.8 834.7 913.9
Selling, general and administrative expenses 232.1 224.9 540.2 434.2
Research and development expenses 69.2 74.8 131.4 132.9
Restructuring charges, net 0.6 14.0 17.8 22.4
Non-restructuring impairment charges 0.0 0.0 0.0 16.9
Losses (gains) on divestiture and license 2.1 0.0 (57.0) 0.0
Operating income 112.1 175.1 202.3 307.5
Interest expense (92.2) (95.6) (186.4) (192.8)
Interest income 0.6 0.4 1.5 0.6
Other income (expense), net 10.0 (1.3) 2.5 (2.0)
Income from continuing operations before income taxes 30.5 78.6 19.9 113.3
Income tax benefit (40.1) (98.1) (79.6) (161.9)
Income from continuing operations 70.6 176.7 99.5 275.2
(Loss) income from discontinued operations, net of income taxes (7.8) 22.6 362.5 42.4
Net income $ 62.8 $ 199.3 $ 462.0 $ 317.6
Basic earnings per share (Note 7):        
Income from continuing operations, per share $ 0.72 $ 1.63 $ 0.99 $ 2.50
(Loss) income from discontinued operations, per share (0.08) 0.21 3.59 0.39
Net income, per share $ 0.64 $ 1.84 $ 4.58 $ 2.89
Basic weighted-averaged shares outstanding (in shares) 98.5 108.6 100.9 109.9
Diluted earnings per share (Note 7):        
Income from continuing operations, per share $ 0.72 $ 1.62 $ 0.98 $ 2.48
(Loss) income from discontinued operations, per share (0.08) 0.21 3.58 0.38
Net income, per share $ 0.64 $ 1.82 $ 4.57 $ 2.87
Diluted weighted-average shares outstanding (in shares) 98.7 109.4 101.2 110.8