XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
NET SALES [1] $ 403.7 $ 396.2 $ 1,262.9 $ 1,228.4
Cost of sales 292.4 293.3 907.9 901.3
GROSS MARGIN 111.3 102.9 355.0 327.1
OPERATING EXPENSES AND INCOME        
Selling, general and administrative expenses 46.4 41.3 138.8 126.4
Research, development and engineering expenses 9.7 11.1 30.2 33.2
Equity, royalty and interest income from investees 8.1 8.1 26.7 24.8
Other operating expense (income), net 0.1 (0.2) 1.1 0.1
OPERATING INCOME 63.2 58.8 211.6 192.2
Interest expense 10.4 11.0 31.4 15.2
Other income, net 0.9 1.1 3.7 2.2
INCOME BEFORE INCOME TAXES 53.7 48.9 183.9 179.2
Income tax expense 9.9 11.3 38.4 42.7
NET INCOME $ 43.8 $ 37.6 $ 145.5 $ 136.5
PER SHARE DATA:        
Weighted-average shares for basic EPS (in shares) 83.2 83.3 83.3 83.3
Weighted-average shares for diluted EPS (in shares) 83.6 83.4 83.6 83.4
Basic earnings per share (in dollars per share) $ 0.53 $ 0.45 $ 1.75 $ 1.64
Diluted earnings per share (in dollars per share) $ 0.52 $ 0.45 $ 1.74 $ 1.64
[1] Includes sales to related parties of $12.5 million and $112.2 million for the three and nine months ended September 30, 2024, respectively, compared with $86.9 million and $263.2 million for the three and nine months ended September 30, 2023, respectively.