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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net sales $ 1,717.4 $ 1,599.1 $ 1,509.1
Cost of goods and services sold 1,172.0 1,086.2 1,007.7
Gross profit 545.4 512.9 501.4
Research and development 40.3 39.1 36.8
Selling, general and administrative expenses 262.9 246.0 239.6
Other expense (Note 15) 1.9 2.0 29.8
Operating profit 240.3 225.8 195.2
Interest expense 8.4 7.8 8.1
Interest income (2.1) (1.3) (1.1)
Other nonoperating income (6.7) (3.1) (1.6)
Income before income taxes 240.7 222.4 189.8
Income tax expense 41.4 80.9 54.4
Equity in net income of affiliated companies (7.6) (9.2) (8.2)
Net income $ 206.9 $ 150.7 $ 143.6
Net income per share:      
Basic (in dollars per share) $ 2.80 $ 2.04 $ 1.96
Diluted (in dollars per share) $ 2.74 $ 1.99 $ 1.91
Weighted average shares outstanding:      
Basic (in shares) 73.9 73.9 73.3
Diluted (in shares) 75.4 75.8 75.0
Dividends declared per share (in dollars per share) $ 0.58 $ 0.54 $ 0.5