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CONDENSED 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
Income Statement [Abstract]        
Net Sales [1] $ 1,194.3 $ 1,079.4 $ 2,359.5 $ 2,124.1
Cost of sales 634.7 597.9 1,267.9 1,171.8
Gross Profit 559.6 481.5 1,091.6 952.3
Marketing expenses 122.3 129.1 218.7 227.2
Selling, general and administrative expenses 186.6 165.0 307.6 296.9
Income from Operations 250.7 187.4 565.3 428.2
Equity in earnings of affiliates 2.0 1.7 3.6 3.4
Investment earnings 0.3 0.2 0.4 0.7
Other income (expense), net (0.2) (0.1) (0.8) (0.2)
Interest expense (16.8) (18.9) (33.1) (36.7)
Income before Income Taxes [2] 236.0 170.3 535.4 395.4
Income taxes 46.3 31.8 115.9 81.2
Net Income $ 189.7 $ 138.5 $ 419.5 $ 314.2
Weighted average shares outstanding - Basic 246.2 246.4 245.9 246.2
Weighted average shares outstanding - Diluted 251.3 252.7 251.2 252.3
Net income per share - Basic $ 0.77 $ 0.56 $ 1.71 $ 1.28
Net income per share - Diluted 0.75 0.55 1.67 1.25
Cash dividends per share $ 0.24 $ 0.23 $ 0.48 $ 0.45
[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.8 and $2.4 for the three months ended June 30, 2020 and June 30, 2019, respectively, and were $5.8 and $4.7 for the six months ended June 30, 2020 and June 30, 2019, 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.