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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net sales $ 366.9 $ 518.7 $ 751.0 $ 912.6
Cost of products sold 256.9 352.9 528.8 621.0
Gross profit 110.0 165.8 222.2 291.6
Operating costs and expenses:        
Selling, general and administrative expenses 77.2 95.5 163.3 191.4
Amortization of intangibles 7.8 8.9 16.2 18.2
Restructuring charges 6.5 0.0 6.8 2.7
Total operating costs and expenses 91.5 104.4 186.3 212.3
Operating income [1] 18.5 61.4 35.9 79.3
Non-operating expense (income):        
Interest expense 9.9 11.7 18.5 22.1
Interest income (0.3) (1.3) (0.6) (2.2)
Non-operating pension income (1.5) (1.4) (3.0) (2.8)
Other expense, net 1.2 1.2 0.7 1.0
Income before income tax 9.2 51.2 20.3 61.2
Income tax expense 3.8 15.3 6.9 25.9
Net income $ 5.4 $ 35.9 $ 13.4 $ 35.3
Basic income per share:        
Basic income per share $ 0.06 $ 0.35 $ 0.14 $ 0.35
Diluted income per share:        
Diluted income per share $ 0.06 $ 0.35 $ 0.14 $ 0.34
Weighted average number of shares outstanding:        
Basic 94.5 101.3 95.3 101.8
Diluted 95.2 102.2 96.3 103.3
[1] Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges.