Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.24.0.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net sales $ 5,062.4 $ 5,204.4 $ 5,802.8
Cost of sales 1,191.0 1,173.6 1,239.3
Gross profit 3,871.4 4,030.8 4,563.5
Royalty overrides 1,659.2 1,690.1 1,833.7
Selling, general, and administrative expenses [1] 1,866.0 1,810.4 2,012.1
Other operating income (10.2) (14.9) (16.4)
Operating income 356.4 545.2 734.1
Interest expense 165.9 139.3 153.1
Interest income 11.5 6.1 4.4
Other (income) expense, net (1.0) (12.8) 24.6
Income before income taxes 203.0 424.8 560.8
Income taxes 60.8 103.5 113.6
Net income $ 142.2 $ 321.3 $ 447.2
Earnings per share:      
Basic $ 1.44 $ 3.26 $ 4.22
Diluted $ 1.42 $ 3.23 $ 4.13
Weighted-average shares outstanding:      
Basic 99.0 98.5 105.9
Diluted 100.2 99.5 108.3
[1] Contribution margin consists of net sales less cost of sales and Royalty overrides. For the China segment, contribution margin does not include the portion of service fees to China independent service providers that is included in selling, general, and administrative expenses, which totaled $165.0 million, $196.2 million, and $350.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.