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Unaudited Quarterly Results (Tables) | 12 Months Ended
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Dec. 31, 2014
Unaudited Quarterly Results [Abstract] |
Schedule of 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

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: 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 + Details
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