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CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
NET SALES [1] $ 1,628.1 $ 1,562.1 $ 1,438.8
Cost of sales 1,195.4 1,202.9 1,089.5
GROSS MARGIN 432.7 359.2 349.3
OPERATING EXPENSES AND INCOME      
Selling, general and administrative expenses 174.7 139.7 126.2
Research, development and engineering expenses 42.5 38.6 42.0
Equity, royalty and interest income from investees 33.6 28.0 32.4
Other operating expense, net 0.7 5.0 0.0
OPERATING INCOME 248.4 203.9 213.5
Interest expense 25.8 0.7 0.8
Other income, net 3.8 8.8 3.9
INCOME BEFORE INCOME TAXES 226.4 212.0 216.6
Income tax expense 55.1 41.6 46.5
NET INCOME $ 171.3 $ 170.4 $ 170.1
PER SHARE DATA:      
Weighted-average shares for basic EPS (in shares) 83.3 83.3 83.3
Weighted-average shares for diluted EPS (in shares) 83.4 83.3 83.3
Basic earnings per share (in dollars per share) $ 2.06 $ 2.05 $ 2.04
Diluted earnings per share (in dollars per share) $ 2.05 $ 2.05 $ 2.04
[1] Includes sales to related parties of $390.8 million, $344.9 million and $328.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.