v3.22.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Net sales $ 1,335.8 $ 1,501.6
Cost of sales 307.1 314.3
Gross profit 1,028.7 1,187.3
Royalty overrides 433.8 474.0
Selling, general, and administrative expenses [1] 454.9 506.7
Other operating income (13.1) (15.9)
Operating income 153.1 222.5
Interest expense, net 29.7 37.5
Income before income taxes 123.4 185.0
Income taxes 25.2 37.6
Net income $ 98.2 $ 147.4
Earnings per share:    
Basic $ 0.98 $ 1.36
Diluted $ 0.96 $ 1.33
Weighted-average shares outstanding:    
Basic 99.9 108.4
Diluted 101.7 111.1
[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 included in selling, general, and administrative expenses, which totaled $54.2 million and $95.0 million for the three months ended March 31, 2022 and 2021, respectively.

Source