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Summary of Schedule Reconciling Selected Non-GAAP Financial Measures | ||||||||||||
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(unaudited, in millions, except for per share amounts) | ||||||||||||
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Quarter Ended December 31, 2017 | ||||||||||
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GAAP |
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Non-GAAP
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Non-GAAP | ||||||
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Net sales |
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$ |
468.7 |
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$ |
— |
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$ |
468.7 |
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Gross profit |
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$ |
288.7 |
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$ |
7.6 |
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$ |
296.3 |
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Operating income |
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$ |
59.5 |
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$ |
91.3 |
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$ |
150.8 |
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Net income |
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$ |
47.9 |
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$ |
72.2 |
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$ |
120.1 |
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Diluted earnings per share |
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$ |
0.40 |
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$ |
0.61 |
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$ |
1.01 |
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Additional details reconciling the selected non-GAAP financial measure to the selected GAAP financial measure may be found in the "Schedule Reconciling Selected Non-GAAP Financial Measures" and "Notes on Non-GAAP Financial Measures."
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Consolidated Condensed Statements of Income | |||||||||||||
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(unaudited, in millions, except for per share amounts) | |||||||||||||
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Quarter Ended |
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Dec 31,
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Oct 1,
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Jan 1,
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Net sales |
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$ |
468.7 |
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$ |
475.3 |
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$ |
435.5 |
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Cost of sales |
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180.0 |
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171.2 |
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159.0 |
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Gross profit |
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$ |
288.7 |
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$ |
304.1 |
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$ |
276.5 |
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Operating expenses |
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Selling, general and administrative |
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$ |
83.0 |
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$ |
87.3 |
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$ |
89.8 |
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Research and development |
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89.0 |
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87.3 |
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82.3 |
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Amortization of intangible assets |
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50.3 |
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50.1 |
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45.5 |
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Restructuring, severance and facilities charges |
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5.5 |
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4.0 |
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2.4 |
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Acquisition and divestiture related costs |
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1.4 |
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— |
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0.7 |
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Total operating expenses |
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$ |
229.2 |
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$ |
228.7 |
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$ |
220.7 |
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Operating income |
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$ |
59.5 |
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$ |
75.4 |
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$ |
55.8 |
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Interest and other expense, net |
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(25.2) |
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(22.1) |
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(27.2) |
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Income before income taxes |
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$ |
34.3 |
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$ |
53.3 |
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$ |
28.6 |
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Provision for (benefit from) income taxes |
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(13.6) |
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(48.7) |
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9.1 |
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Net income |
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$ |
47.9 |
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$ |
102.0 |
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$ |
19.5 |
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Earnings per share |
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Basic |
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$ |
0.41 |
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$ |
0.88 |
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$ |
0.17 |
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Diluted |
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$ |
0.40 |
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$ |
0.87 |
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$ |
0.17 |
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Weighted-average common shares outstanding |
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Basic |
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116.9 |
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115.3 |
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114.0 |
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Diluted |
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118.9 |
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117.7 |
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116.3 |
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