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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Net sales $ 1,155.2 $ 1,070.3 $ 2,286.2 $ 2,102.5
Cost of sales [1],[2] 791.7 726.8 1,548.7 1,423.6
Gross profit 363.5 343.5 737.5 678.9
Selling, general and administrative expenses 192.8 202.9 386.8 400.3
Amortization expense of intangible assets acquired 3.4 1.1 7.3 6.1
Restructuring and other charges [3] 7.1 1.1 15.7 3.0
Operating profit 160.2 138.4 327.7 269.5
Interest expense, net (44.5) (47.7) (86.5) (94.3)
Other income (expense), net [1],[2] 1.1 (5.3) (10.9) (7.1)
Earnings before income tax provision 116.8 85.4 230.3 168.1
Income tax provision 33.5 56.4 355.0 192.8
Net earnings (loss) from continuing operations 83.3 29.0 (124.7) (24.7)
Gain on sale of discontinued operations, net of tax 31.1 0.0 38.5 0.0
Net earnings from discontinued operations, net of tax [3],[4] 0.0 75.1 0.0 85.7
Net earnings (loss) $ 114.4 $ 104.1 $ (86.2) [5] $ 61.0 [5]
Basic:        
Continuing operations (in dollars per share) $ 0.52 $ 0.14 $ (0.77) $ (0.13)
Discontinued operations (in dollars per share) [4] 0.19 0.39 0.24 0.44
Net earnings (loss) per common share - basic (in dollars per share) 0.71 0.53 (0.53) 0.31
Diluted:        
Continuing operations (in dollars per share) 0.52 0.14 (0.77) (0.13)
Discontinued operations (in dollars per share) [4] 0.19 0.38 0.24 0.43
Net earnings (loss) per common share - diluted (n dollars per share) 0.71 0.52 (0.53) 0.30
Dividends per common share (in dollars per share) $ 0.16 $ 0.16 $ 0.32 $ 0.32
Weighted average number of common shares outstanding:        
Basic (in shares) 159.7 192.5 162.5 192.9
Diluted (in shares) 160.6 194.8 162.5 195.3
[1] As part of our review of costs included in the corporate segment, amounts related to division operations were identified and reclassified out of other expense, net to cost of sales. The impact for the three and six months ended June 30, 2017 was $1.3 million and $3.2 million, respectively.
[2] Due to the adoption of ASU 2017-07, certain amounts related to defined benefit and other post-employment benefit plans were reclassified from cost of sales to other expense, net. Refer to Note 2, "Recently Adopted and Issued Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
[3] During the three and six months ended June 30, 2017, a reclassification of restructuring expenses from continuing operations to discontinued operations was made for $0.9 million, approximately $0.6 million net of taxes.
[4] For the three and six months ended June 30, 2017, there was a revision to net earnings from discontinued operations, net of tax, related to depreciation and amortization on Diversey assets held for sale. As a result, net earnings from discontinued operations, net of tax, increased $16.4 million and increased basic and diluted shares by $0.09 per share.
[5] For the six months ended June 30, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Condensed Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale. Refer to Note 4, "Discontinued Operations, Divestitures and Acquisitions", for additional information.