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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Net Sales [1] $ 1,089.4 $ 1,037.6 $ 3,213.5 $ 3,071.5
Cost of sales 581.7 577.5 1,753.5 1,705.0
Gross Profit 507.7 460.1 1,460.0 1,366.5
Marketing expenses 125.2 120.5 352.4 356.8
Selling, general and administrative expenses 165.7 135.4 462.6 411.4
Income from Operations 216.8 204.2 645.0 598.3
Equity in earnings of affiliates 2.1 2.5 5.5 7.0
Investment earnings 0.3 0.3 1.0 0.9
Other income (expense), net 0.3 (0.3) 0.1 (3.1)
Interest expense (18.9) (19.4) (55.6) (59.7)
Income before Income Taxes [2] 200.6 187.3 596.0 543.4
Income taxes 43.3 41.0 124.5 117.6
Net Income $ 157.3 $ 146.3 $ 471.5 $ 425.8
Weighted average shares outstanding - Basic 246.8 245.7 246.4 245.2
Weighted average shares outstanding - Diluted 252.9 251.1 252.5 250.1
Net income per share - Basic $ 0.64 $ 0.60 $ 1.91 $ 1.74
Net income per share - Diluted 0.62 0.58 1.87 1.70
Cash dividends per share $ 0.23 $ 0.22 $ 0.68 $ 0.65
[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.8 and $1.9 for the three months ended September 30, 2019 and September 30, 2018, respectively, and were $7.5 and $4.5 for the nine months ended September 30, 2019 and September 30, 2018, respectively.
[2] In determining income before income taxes, interest expense, investment earnings and certain aspects of other income and expense were allocated among segments based upon each segment’s relative income from operations.