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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2014
Unaudited Quarterly Results [Abstract] |
Unaudited Quarterly Results | 16 Unaudited Quarterly Results The Company's unaudited quarterly results are summarized below (in thousands, except per share data):
|  |  |  | First |  | Second |  | Third |  | Fourth |  |  |
2014 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | Total
Net sales |  | $ | 430,508 |  | $ | 481,801 |  | $ | 493,165 |  | $ | 583,870 |  | $ | 1,989,344
Cost of sales |  |  | 187,719 |  |  | 201,853 |  |  | 202,222 |  |  | 233,119 |  |  | 824,913
| Gross profit |  |  | 242,789 |  |  | 279,948 |  |  | 290,943 |  |  | 350,751 |  |  | 1,164,431
Selling and administrative expenses |  |  | 126,635 |  |  | 131,930 |  |  | 122,226 |  |  | 131,916 |  |  | 512,707
Research and development expenses |  |  | 24,746 |  |  | 26,977 |  |  | 27,279 |  |  | 28,724 |  |  | 107,726
Acquired in-process research and development |  |  | - |  |  | - |  |  | - |  |  | 15,456 |  |  | 15,456
Purchased intangibles amortization |  |  | 2,647 |  |  | 2,646 |  |  | 2,725 |  |  | 2,616 |  |  | 10,634
| Operating income |  |  | 88,761 |  |  | 118,395 |  |  | 138,713 |  |  | 172,039 |  |  | 517,908
Interest expense |  |  | (7,489) |  |  | (7,971) |  |  | (9,062) |  |  | (9,669) |  |  | (34,191)
Interest income |  |  | 1,458 |  |  | 1,700 |  |  | 1,762 |  |  | 2,103 |  |  | 7,023
| Income from operations before |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | income taxes |  |  | 82,730 |  |  | 112,124 |  |  | 131,413 |  |  | 164,473 |  |  | 490,740
Provision for income tax expense |  |  | 12,428 |  |  | 15,595 |  |  | 17,916 |  |  | 13,181 |  |  | 59,120
| Net income |  | $ | 70,302 |  | $ | 96,529 |  | $ | 113,497 |  | $ | 151,292 |  | $ | 431,620
Net income per basic common share |  |  | 0.83 |  |  | 1.14 |  |  | 1.36 |  |  | 1.82 |  |  | 5.12
Weighted-average number of basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares |  |  | 84,977 |  |  | 84,462 |  |  | 83,663 |  |  | 83,217 |  |  | 84,358
Net income per diluted common share |  |  | 0.82 |  |  | 1.13 |  |  | 1.34 |  |  | 1.80 |  |  | 5.07
Weighted-average number of diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares and equivalents |  |  | 85,873 |  |  | 85,177 |  |  | 84,401 |  |  | 84,015 |  |  | 85,151
|  |  |  | First |  | Second |  | Third |  | Fourth |  |  |
2013 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | Total
Net sales |  | $ | 430,338 |  | $ | 451,115 |  | $ | 457,317 |  | $ | 565,448 |  | $ | 1,904,218
Cost of sales |  |  | 174,568 |  |  | 188,329 |  |  | 191,568 |  |  | 228,991 |  |  | 783,456
| Gross profit |  |  | 255,770 |  |  | 262,786 |  |  | 265,749 |  |  | 336,457 |  |  | 1,120,762
Selling and administrative expenses |  |  | 118,660 |  |  | 123,062 |  |  | 120,563 |  |  | 130,680 |  |  | 492,965
Research and development expenses |  |  | 25,312 |  |  | 24,650 |  |  | 23,599 |  |  | 26,975 |  |  | 100,536
Purchased intangibles amortization |  |  | 2,393 |  |  | 2,382 |  |  | 2,518 |  |  | 2,625 |  |  | 9,918
| Operating income |  |  | 109,405 |  |  | 112,692 |  |  | 119,069 |  |  | 176,177 |  |  | 517,343
Other expense (Note 3) |  |  | - |  |  | (1,575) |  |  | - |  |  | - |  |  | (1,575)
Interest expense |  |  | (7,185) |  |  | (7,580) |  |  | (7,358) |  |  | (7,927) |  |  | (30,050)
Interest income |  |  | 1,187 |  |  | 1,179 |  |  | 946 |  |  | 1,075 |  |  | 4,387
| Income from operations before |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | income taxes |  |  | 103,407 |  |  | 104,716 |  |  | 112,657 |  |  | 169,325 |  |  | 490,105
Provision for income tax (benefit) expense |  |  | (17,652) |  |  | 15,402 |  |  | 14,609 |  |  | 27,743 |  |  | 40,102
| Net income |  | $ | 121,059 |  | $ | 89,314 |  | $ | 98,048 |  | $ | 141,582 |  | $ | 450,003
Net income per basic common share |  |  | 1.41 |  |  | 1.04 |  |  | 1.15 |  |  | 1.67 |  |  | 5.27
Weighted-average number of basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares |  |  | 86,049 |  |  | 85,482 |  |  | 85,185 |  |  | 85,006 |  |  | 85,426
Net income per diluted common share |  |  | 1.39 |  |  | 1.03 |  |  | 1.14 |  |  | 1.65 |  |  | 5.20
Weighted-average number of diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares and equivalents |  |  | 87,215 |  |  | 86,576 |  |  | 86,364 |  |  | 86,017 |  |  | 86,546
The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year end. Selling and administrative expenses are typically higher in the second and third quarters over the first quarter in each year as the Company's annual payroll merit increases take effect. Selling and administrative expenses will vary in the fourth quarter in relation to performance in the quarter and for the year. In the fourth quarter of 2014, the Company recorded a $15 million charge related to acquired in-process research and development (see Note 2). In the first quarter of 2013, the Company recorded a $31 million net tax benefit related to the complet ion of tax audit examinations. In addition, the R&D Tax Credit was retroactively extended in January 2013 for the 2012 and 2013 tax years. The entire $3 million benefit related to the 2012 tax year was recorded in the first quarter of 2013, and the 2013 benefit is included in the annual effective tax rate (see Note 9).

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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