CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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| Income Statement [Abstract] | ||||||
| Net sales | $ 2,509.9 | $ 2,066.7 | $ 7,191.1 | $ 6,078.4 | ||
| Cost of sales | 2,041.8 | 1,778.1 | 5,964.7 | 5,339.0 | ||
| Gross income | 468.1 | 288.6 | 1,226.4 | 739.4 | | |
| Operating expenses: | ||||||
| Selling, general and administrative | 201.6 | 166.3 | 586.1 | 503.4 | ||
| Amortization of purchased intangibles | 10.0 | 3.0 | 18.1 | 8.6 | ||
| Intangible asset impairment charge | 2.1 | 2.1 | ||||
| Total operating expenses | 211.6 | 171.4 | 604.2 | 514.1 | | |
| Operating income | 256.5 | 117.2 | 622.2 | 225.3 | | |
| Other income (expense): | | |||||
| Interest expense | (19.6) | (13.4) | (46.3) | (39.2) | | |
| Interest income | 1.9 | 2.5 | 13.3 | 4.8 | | |
| Miscellaneous, net | 2.6 | (6.8) | 13.2 | (20.8) | | |
| Total Other Income Expenses | -15.1 | -17.7 | -19.8 | -55.2 | 0 | |
| Income before income taxes and losses of unconsolidated affiliates | 241.4 | 99.5 | 602.4 | 170.1 | | |
| Provision for income taxes | 55.3 | 32.2 | 145.8 | 68.4 | | |
| Income before losses of unconsolidated affiliates | 186.1 | 67.3 | 456.6 | 101.7 | ||
| Losses of unconsolidated affiliates | (2.4) | (0.4) | (9.4) | (2.9) | ||
| Net income | $ 183.7 | $ 66.9 | $ 447.2 | $ 98.8 | | |
| Earnings per share: | ||||||
| Basic | $ 2.81 | $ 1.02 | $ 6.84 | $ 1.5 | ||
| Diluted | 2.79 | 1.02 | 6.8 | 1.49 | ||
| Cash dividends declared per share on Common Stock | $ 0.41 | $ 0.37 | $ 1.23 | $ 1.11 | ||
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- Definition Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, extraordinary items, cumulative effects of changes in accounting principles and noncontrolling interest. No definition available.
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- Definition Nonoperating income expense including interest. No definition available.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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