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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Net Sales [1] $ 1,238.9 $ 1,165.2
Cost of sales 688.0 633.2
Gross Profit 550.9 532.0
Marketing expenses 98.7 96.4
Selling, general and administrative expenses 149.6 121.0
Income from Operations 302.6 314.6
Equity in earnings of affiliates 2.6 1.6
Investment earnings, net (0.1) 0.1
Other income (expense), net (0.1) (0.6)
Interest expense (14.0) (16.3)
Income before Income Taxes [3] 291.0 [2] 299.4 [4]
Income taxes 70.3 69.6
Net Income $ 220.7 $ 229.8
Weighted average shares outstanding - Basic 245.2 245.6
Weighted average shares outstanding - Diluted 249.8 251.0
Net income per share - Basic $ 0.90 $ 0.94
Net income per share - Diluted 0.88 0.92
Cash dividends per share $ 0.25 $ 0.24
[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $3.0 for the three months ended March 31, 2021 and March 31, 2020, respectively.
[2] 2021 results include a $19.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $16.1 was recorded to Consumer Domestic and $2.9 was recorded to Consumer International.
[3] 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.
[4] 2020 results include a $27.0 reduction of SG&A expenses to adjust the Flawless business acquisition liability, of which $23.0 was recorded to Consumer Domestic and $4.0 was recorded to Consumer International.  During 2020, the Company sold its PERL WEISS® toothpaste brand in Germany resulting in a reduction in SG&A expenses of $3.0 recorded in Consumer International.