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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract] |
Unaudited Quarterly Results | 24. Unaudited Quarterly Results (in millions, except per share amounts) Effective October 1, 2022, the Company selected to adopt the FIFO inventory valuation methodology for all inventories where it had previously valued certain inventories on the LIFO basis. Accordingly, amounts previously reported for all quarters for the year ended September 30, 2021, and the first, second and third quarters of fiscal 2022 have been recast from what was previously reported in the Company’s Quarterly Reports on Form 10-Q.
|  | Year Ended December 31, 2022 |
|  | 4th Quarter (a) |  |  | 3rd Quarter (b) |  |  | 2nd Quarter |  |  | 1st Quarter (c) |
Net sales |  | $ | 2,203.6 |  |  | $ | 2,066.7 |  |  | $ | 2,066.0 |  |  | $ | 1,945.7 |
Gross income |  |  | 315.0 |  |  |  | 288.6 |  |  |  | 247.0 |  |  |  | 203.8 |
Operating income |  |  | 147.0 |  |  |  | 117.2 |  |  |  | 76.3 |  |  |  | 31.8 |
Net income |  |  | 75.1 |  |  |  | 66.9 |  |  |  | 32.1 |  |  |  | (0.2 | )
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.15 |  |  | $ | 1.02 |  |  | $ | 0.49 |  |  | $ | — |
Diluted |  | $ | 1.14 |  |  | $ | 1.02 |  |  | $ | 0.49 |  |  | $ | — |
Common stock dividends per share |  | $ | 0.37 |  |  | $ | 0.37 |  |  | $ | 0.37 |  |  | $ | 0.37 |
(a) The fourth quarter of fiscal 2022 was impacted by a $5.6 million ($4.3 million after-tax) intan gible asset impairment charge in the Defense segment and a $33.6 million ($25.7 million after-tax) pension settlement charge. (b) The third quarter of fiscal 2022 was impacted by expense of $4.6 million to eliminate cumulative translation adjustments upon liquidation of foreign entities in the Access Equipment segment and a $2.1 million intangible asset impairment charge in the Commercial segment. (c) The first quarter of fiscal 2022 was impacted by tax expense of $18.1 million for anti-hybrid tax on prior period income.
|  | Year Ended September 30, 2021 |
|  | 4th Quarter (a) |  |  | 3rd Quarter (b) |  |  | 2nd Quarter (c) |  |  | 1st Quarter (d) |
Net sales |  | $ | 2,063.0 |  |  | $ | 2,208.8 |  |  | $ | 1,889.0 |  |  | $ | 1,576.5 |
Gross income |  |  | 308.7 |  |  |  | 394.1 |  |  |  | 319.6 |  |  |  | 245.8 |
Operating income |  |  | 134.4 |  |  |  | 213.3 |  |  |  | 145.3 |  |  |  | 99.1 |
Net income |  |  | 112.9 |  |  |  | 221.0 |  |  |  | 103.0 |  |  |  | 72.0 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.65 |  |  | $ | 3.21 |  |  | $ | 1.50 |  |  | $ | 1.06 |
Diluted |  | $ | 1.63 |  |  | $ | 3.18 |  |  | $ | 1.49 |  |  | $ | 1.05 |
Common stock dividends per share |  | $ | 0.33 |  |  | $ | 0.33 |  |  | $ | 0.33 |  |  | $ | 0.33 |
(a) The fourth quarter of the year ended September 30, 2021 was impacted by a tax benefit of $11.7 million for the revaluation of deferred tax liabilities and a tax benefit of $5.4 million for net operating loss carrybacks. (b) The third quarter of the year ended September 30, 2021 was impacted a tax benefit of $69.9 million for net operating loss carrybacks and $1.3 million ($1.4 million after-tax) of restructuring-related costs in the Access Equipment segment. (c) The second quarter of the year ended September 30, 2021 was impacted by $2.2 million ($2.5 million after-tax) of restructuring-related costs in the Access Equipment segment. (d) The first quarter of the year ended September 30, 2021 was impacted by $8.0 million ($7.8 million after-tax) of restructuring-related costs in the Access Equipment segment.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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