Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Income (Unaudited)

v3.25.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 1,221.7 $ 1,264.3
Cost of sales [1],[2] 265.2 285.0
Gross profit 956.5 979.3
Royalty overrides 401.8 415.2
Selling, general, and administrative expenses 431.9 492.2
Operating income 122.8 71.9
Interest expense, net 52.0 37.9
Income before income taxes 70.8 34.0
Income taxes 20.4 9.7
Net income $ 50.4 $ 24.3
Earnings per share:    
Basic $ 0.5 $ 0.24
Diluted $ 0.49 $ 0.24
Weighted-average shares outstanding:    
Basic 101.5 99.7
Diluted 102.2 100.7
[1] As a result of adopting ASU 2023-07 during the fourth quarter of 2024, the Company has expanded and updated its disclosures for the current year and prior year periods as described in Note 2, Basis of Presentation, to the Consolidated Financial Statements included in the 2024 10-K.
[2] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.