The following are reconciliations of net income, diluted EPS from continuing operations, and effective tax rate to Adjusted Income, Adjusted EPS and Adjusted Effective Tax Rate:
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Net Income |
$ |
261.4 |
|
|
$ |
198.6 |
|
|
$ |
687.7 |
|
|
$ |
189.6 |
|
Non-operating pension and postretirement benefit (credit) cost |
(2.6 |
) |
|
5.6 |
|
|
(7.8 |
) |
|
17.1 |
|
||||
Tax effect of non-operating pension and postretirement benefit (credit) cost |
0.3 |
|
|
(1.8 |
) |
|
1.0 |
|
|
(5.4 |
) |
||||
Costs related to unsolicited Emerson proposals |
— |
|
|
— |
|
|
— |
|
|
11.2 |
|
||||
Tax effect of costs related to unsolicited Emerson proposals |
— |
|
|
— |
|
|
— |
|
|
(3.1 |
) |
||||
Change in fair value of investments(1) |
25.6 |
|
|
76.8 |
|
|
140.1 |
|
|
76.8 |
|
||||
Tax effect in the change in fair value of investments(1) |
— |
|
|
— |
|
|
(21.7 |
) |
|
— |
|
||||
Effects of the Tax Act |
— |
|
|
(7.5 |
) |
|
— |
|
|
483.7 |
|
||||
| Adjusted Income |
$ |
284.7 |
|
|
$ |
271.7 |
|
|
$ |
799.3 |
|
|
$ |
769.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
| Diluted EPS |
$ |
2.20 |
|
|
$ |
1.58 |
|
|
$ |
5.73 |
|
|
$ |
1.48 |
|
| Non-operating pension and postretirement benefit (credit) cost |
(0.02 |
) |
|
0.04 |
|
|
(0.07 |
) |
|
0.12 |
|
||||
| Tax effect of non-operating pension and postretirement benefit (credit) cost |
— |
|
|
(0.01 |
) |
|
0.01 |
|
|
(0.04 |
) |
||||
| Costs related to unsolicited Emerson proposals |
— |
|
|
— |
|
|
— |
|
|
0.09 |
|
||||
| Tax effect of costs related to unsolicited Emerson proposals |
— |
|
|
— |
|
|
— |
|
|
(0.03 |
) |
||||
| Change in fair value of investments (1) |
0.22 |
|
|
0.61 |
|
|
1.16 |
|
|
0.60 |
|
||||
| Tax effect in the change in fair value of investments (1) |
— |
|
|
— |
|
|
(0.18 |
) |
|
— |
|
||||
| Effects of the Tax Act |
— |
|
|
(0.06 |
) |
|
— |
|
|
3.78 |
|
||||
| Adjusted EPS |
$ |
2.40 |
|
|
$ |
2.16 |
|
|
$ |
6.65 |
|
|
$ |
6.00 |
|
|
|
|
|
|
|
|
|
|
||||||||
| Effective tax rate |
18.7 |
% |
|
21.1 |
% |
|
18.6 |
% |
|
77.7 |
% |
||||
| Tax effect of non-operating pension and postretirement benefit (credit) cost |
— |
% |
|
0.3 |
% |
|
0.1 |
% |
|
0.2 |
% |
||||
| Tax effect of costs related to unsolicited Emerson proposals |
— |
% |
|
— |
% |
|
— |
% |
|
0.1 |
% |
||||
| Tax effect in the change in fair value of investments (1) |
(1.4 |
)% |
|
(5.7 |
)% |
|
(0.5 |
)% |
|
(1.7 |
)% |
||||
| Effects of the Tax Act |
— |
% |
|
3.0 |
% |
|
— |
% |
|
(57.0 |
)% |
||||
| Adjusted Effective Tax Rate |
17.3 |
% |
|
18.7 |
% |
|
18.2 |
% |
|
19.3 |
% |
||||
