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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2017
Unaudited Quarterly Results [Abstract] |
Unaudited Quarterly Results | 17 Unaudited Quarterly Results The Company’s unaudited quarterly results are summarized below (in thousands, except per shar e data):
|  |  |  |  | First |  | Second |  | Third |  | Fourth |  |  |
2017 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | Total
Net sales |  | $ | 497,969 |  | $ | 558,250 |  | $ | 565,584 |  | $ | 687,275 |  | $ | 2,309,078
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cost of sales |  |  | 211,095 |  |  | 229,627 |  |  | 235,892 |  |  | 270,453 |  |  | 947,067
| Selling and administrative expenses |  |  | 130,524 |  |  | 130,190 |  |  | 135,194 |  |  | 148,795 |  |  | 544,703
| Research and development expenses |  |  | 30,752 |  |  | 32,937 |  |  | 33,782 |  |  | 35,122 |  |  | 132,593
| Litigation provisions |  |  | - |  |  | 10,018 |  |  | - |  |  | 1,096 |  |  | 11,114
| Purchased intangibles amortization |  |  | 1,729 |  |  | 1,693 |  |  | 1,682 |  |  | 1,639 |  |  | 6,743
| Acquired in-process research and development |  |  | 5,000 |  |  | - |  |  | - |  |  | - |  |  | 5,000
|  | Total costs and operating expenses |  |  | 379,100 |  |  | 404,465 |  |  | 406,550 |  |  | 457,105 |  |  | 1,647,220
|  |  | Operating income |  |  | 118,869 |  |  | 153,785 |  |  | 159,034 |  |  | 230,170 |  |  | 661,858
Interest expense |  |  | (12,725) |  |  | (14,083) |  |  | (14,750) |  |  | (15,281) |  |  | (56,839)
Interest income |  |  | 7,343 |  |  | 8,370 |  |  | 9,516 |  |  | 10,849 |  |  | 36,078
| Income before income taxes |  |  | 113,487 |  |  | 148,072 |  |  | 153,800 |  |  | 225,738 |  |  | 641,097
Provision for income taxes |  |  | 7,930 |  |  | 16,250 |  |  | 17,696 |  |  | 578,910 |  |  | 620,786
| Net income (loss) |  | $ | 105,557 |  | $ | 131,822 |  | $ | 136,104 |  | $ | (353,172) |  | $ | 20,311
Net income (loss) per basic common share |  |  | 1.32 |  |  | 1.65 |  |  | 1.71 |  |  | (4.44) |  |  | 0.25
Weighted-average number of basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares |  |  | 80,073 |  |  | 79,979 |  |  | 79,712 |  |  | 79,454 |  |  | 79,793
Net income (loss) per diluted common share |  |  | 1.31 |  |  | 1.63 |  |  | 1.69 |  |  | (4.44) |  |  | 0.25
Weighted-average number of diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares and equivalents |  |  | 80,769 |  |  | 80,756 |  |  | 80,521 |  |  | 79,454 |  |  | 80,604
|  |  |  |  | First |  | Second |  | Third |  | Fourth |  |  |
2016 |  | Quarter |  | Quarter |  | Quarter |  | Quarter |  | Total
Net sales |  | $ | 475,246 |  | $ | 536,560 |  | $ | 526,830 |  | $ | 628,787 |  | $ | 2,167,423
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cost of sales |  |  | 201,151 |  |  | 220,379 |  |  | 218,344 |  |  | 251,579 |  |  | 891,453
| Selling and administrative expenses |  |  | 129,351 |  |  | 129,581 |  |  | 123,861 |  |  | 130,238 |  |  | 513,031
| Research and development expenses |  |  | 29,438 |  |  | 32,578 |  |  | 30,418 |  |  | 32,753 |  |  | 125,187
| Litigation provisions |  |  | - |  |  | - |  |  | - |  |  | 3,524 |  |  | 3,524
| Purchased intangibles amortization |  |  | 2,644 |  |  | 2,411 |  |  | 2,476 |  |  | 2,358 |  |  | 9,889
|  | Total costs and operating expenses |  |  | 362,584 |  |  | 384,949 |  |  | 375,099 |  |  | 420,452 |  |  | 1,543,084
|  |  | Operating income |  |  | 112,662 |  |  | 151,611 |  |  | 151,731 |  |  | 208,335 |  |  | 624,339
Interest expense |  |  | (10,119) |  |  | (10,983) |  |  | (11,707) |  |  | (12,102) |  |  | (44,911)
Interest income |  |  | 4,087 |  |  | 4,827 |  |  | 5,426 |  |  | 6,346 |  |  | 20,686
| Income before income taxes |  |  | 106,630 |  |  | 145,455 |  |  | 145,450 |  |  | 202,579 |  |  | 600,114
Provision for income taxes |  |  | 12,578 |  |  | 17,238 |  |  | 20,594 |  |  | 28,201 |  |  | 78,611
| Net income |  | $ | 94,052 |  | $ | 128,217 |  | $ | 124,856 |  | $ | 174,378 |  | $ | 521,503
Net income per basic common share |  |  | 1.16 |  |  | 1.59 |  |  | 1.55 |  |  | 2.17 |  |  | 6.46
Weighted-average number of basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares |  |  | 81,275 |  |  | 80,804 |  |  | 80,677 |  |  | 80,366 |  |  | 80,786
Net income per diluted common share |  |  | 1.15 |  |  | 1.57 |  |  | 1.53 |  |  | 2.15 |  |  | 6.41
Weighted-average number of diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| common shares and equivalents |  |  | 81,974 |  |  | 81,455 |  |  | 81,388 |  |  | 80,954 |  |  | 81,417
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 after 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 third quarter of 2017 and first quarter of 2016, the Company recorded $4 million and $7 million of stock compensation expenses, respectively, in selling and administrative expenses related to the modification of certain stock awards upon the retirement of senior executives. In the first quarter of 2017, the Company recorded a $5 million charge related to acquired in-process research and development (see Note 2). In 2017 and in fourth quarter of 2016, the company recorded litigation provisions of $11 millio n and $4 million, respectively (see Note 10). In the fourth quarter of 2017, the Company recorded a $550 million income tax provision as a result of the 2017 Tax Act (see Note 9).

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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