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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Net Sales [1] $ 1,311.4 $ 1,241.0 $ 3,821.4 $ 3,600.5
Cost of sales 732.2 675.8 2,139.1 1,943.7
Gross Profit 579.2 565.2 1,682.3 1,656.8
Marketing expenses 160.9 170.9 376.6 389.6
Selling, general and administrative expenses 116.9 120.5 403.0 428.1
Income from Operations 301.4 273.8 902.7 839.1
Equity in earnings of affiliates 2.0 1.9 7.4 5.5
Investment earnings, net 0.0 0.0 0.1 0.4
Other income (expense), net (0.7) (0.3) (1.1) (1.1)
Interest expense (13.4) (13.9) (41.5) (47.0)
Income before Income Taxes [2] 289.3 [3] 261.5 [4] 867.6 [3] 796.9 [4]
Income taxes 58.9 45.3 198.2 161.2
Net Income $ 230.4 $ 216.2 $ 669.4 $ 635.7
Weighted average shares outstanding - Basic 245.3 247.7 245.2 246.5
Weighted average shares outstanding - Diluted 249.8 253.3 249.9 252.0
Net income per share - Basic $ 0.94 $ 0.87 $ 2.73 $ 2.58
Net income per share - Diluted 0.92 0.85 2.68 2.52
Cash dividends per share $ 0.25 $ 0.24 $ 0.76 $ 0.72
[1] Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $2.6 and $3.3 for the three months ended September 30, 2021 and September 30, 2020, respectively, and were $7.8 and $9.1 for the nine months ended September 30, 2021 and September 30, 2020, 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.
[3] Results for the three months ended September 30, 2021 include a $41.0 reduction in SG&A expenses to adjust the Flawless business acquisition liability, of which $34.8 was recorded to Consumer Domestic and $6.2 was recorded to Consumer International.  Results for the nine months ended September 30, 2021 include a $98.0 reduction in SG&A expenses to adjust the Flawless business acquisition liability, of which $83.2 was recorded to Consumer Domestic and $14.8 was recorded to Consumer International.
[4] Results for the three months ended September 30, 2020 include a $51.0 reduction in SG&A expenses to adjust the Flawless business acquisition liability, of which $43.3 was recorded to Consumer Domestic and $7.7 was recorded to Consumer International.  Results for the nine months ended September 30, 2020 include a $72.0 reduction in SG&A expenses to adjust the Flawless business acquisition liability, of which $61.2 was recorded to Consumer Domestic and $10.8 was recorded to Consumer International.  In the first quarter of 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.