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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
Net sales $ 6,964.3 $ 7,014.6 $ 6,444.9 [1]
Cost of sales (5,320.3) (5,369.3) (4,974.1)
Gross profit 1,644.0 1,645.3 1,470.8
Selling and administrative expenses (557.6) (536.4) (519.9)
Other expense, net (32.7) (41.2) (18.4)
Income from operations 1,053.7 1,067.7 932.5 [2]
Non-operating pension expense (7.9) (2.1) (1.3)
Interest expense, net (128.8) (95.1) (102.6)
Income before taxes 917.0 970.5 828.6 [2]
Provision for income taxes (220.6) (232.5) (160.0)
Net income $ 696.4 $ 738.0 $ 668.6
Net income per common share:      
Basic $ 7.36 $ 7.82 $ 7.09
Diluted 7.34 7.80 7.07
Dividends declared per common share $ 3.16 $ 3.00 $ 2.52
Statements of Comprehensive Income:      
Net income $ 696.4 $ 738.0 $ 668.6
Foreign currency translation adjustment   (0.1) (0.2)
Reclassification adjustments to cash flow hedges included in net income, net of tax of $7.9 million, $1.3 million, and $2.2 million for 2019, 2018, and 2017, respectively 10.2 4.0 3.5
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $3.2 million, $4.0 million, and $4.9 million for 2019, 2018, and 2017, respectively 9.6 11.8 8.2
Changes in unfunded employee benefit obligations, net of tax of $13.6 million, ($0.8) million, and $18.0 million for 2019, 2018, and 2017, respectively (40.5) 2.4 (28.8)
Other comprehensive income (loss) (20.7) 18.1 (17.3)
Comprehensive income $ 675.7 $ 756.1 $ 651.3
[1] 2017 has not been adjusted under the modified retrospective method for Topic 606.
[2] Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisitions of businesses, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.