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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Unaudited Quarterly Results | 18 Unaudited Quarterly Results The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  |  |
2018 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 530,670 |  |  | $ | 596,219 |  |  | $ | 578,021 |  |  | $ | 715,019 |  |  | $ | 2,419,929 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 221,421 |  |  |  | 243,135 |  |  |  | 241,139 |  |  |  | 286,869 |  |  |  | 992,564 |
Selling and administrative expenses |  |  | 130,407 |  |  |  | 136,645 |  |  |  | 126,997 |  |  |  | 142,853 |  |  |  | 536,902 |
Research and development expenses |  |  | 34,480 |  |  |  | 35,644 |  |  |  | 35,173 |  |  |  | 38,106 |  |  |  | 143,403 |
Purchased intangibles amortization |  |  | 1,659 |  |  |  | 1,602 |  |  |  | 2,114 |  |  |  | 2,337 |  |  |  | 7,712 |
Litigation (settlement) provisions |  |  | (1,672 | ) |  |  | — |  |  |  | 924 |  |  |  | 322 |  |  |  | (426 | )
Total costs and operating expenses |  |  | 386,295 |  |  |  | 417,026 |  |  |  | 406,347 |  |  |  | 470,487 |  |  |  | 1,680,155 |
Operating income |  |  | 144,375 |  |  |  | 179,193 |  |  |  | 171,674 |  |  |  | 244,532 |  |  |  | 739,774 |
Other income (expense) |  |  | 346 |  |  |  | (1,828 | ) |  |  | (811 | ) |  |  | (45,501 | ) |  |  | (47,794 | )
Interest expense |  |  | (13,838 | ) |  |  | (11,692 | ) |  |  | (11,435 | ) |  |  | (11,676 | ) |  |  | (48,641 | )
Interest income |  |  | 9,666 |  |  |  | 8,888 |  |  |  | 9,802 |  |  |  | 10,451 |  |  |  | 38,807 |
Income before income taxes |  |  | 140,549 |  |  |  | 174,561 |  |  |  | 169,230 |  |  |  | 197,806 |  |  |  | 682,146 |
Provision for income taxes |  |  | 28,598 |  |  |  | 18,884 |  |  |  | 28,216 |  |  |  | 12,654 |  |  |  | 88,352 |
Net income |  | $ | 111,951 |  |  | $ | 155,677 |  |  | $ | 141,014 |  |  | $ | 185,152 |  |  | $ | 593,794 |
Net income per basic common share |  |  | 1.42 |  |  |  | 2.00 |  |  |  | 1.84 |  |  |  | 2.48 |  |  |  | 7.71 |
Weighted-average number of basic common shares |  |  | 78,883 |  |  |  | 77,833 |  |  |  | 76,575 |  |  |  | 74,802 |  |  |  | 76,992 |
Net income per diluted common share |  |  | 1.40 |  |  |  | 1.98 |  |  |  | 1.83 |  |  |  | 2.46 |  |  |  | 7.65 |
Weighted-average number of diluted common shares and equivalents |  |  | 79,715 |  |  |  | 78,438 |  |  |  | 77,136 |  |  |  | 75,345 |  |  |  | 77,618 |
|  | 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 |  |  | 130,673 |  |  |  | 130,093 |  |  |  | 135,206 |  |  |  | 148,391 |  |  |  | 544,363 |
Research and development expenses |  |  | 30,752 |  |  |  | 32,937 |  |  |  | 33,782 |  |  |  | 35,122 |  |  |  | 132,593 |
Purchased intangibles amortization |  |  | 1,729 |  |  |  | 1,693 |  |  |  | 1,682 |  |  |  | 1,639 |  |  |  | 6,743 |
Litigation provisions |  |  | — |  |  |  | 10,018 |  |  |  | — |  |  |  | 1,096 |  |  |  | 11,114 |
Acquired in-process research and development |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Total costs and operating expenses |  |  | 379,249 |  |  |  | 404,368 |  |  |  | 406,562 |  |  |  | 456,701 |  |  |  | 1,646,880 |
Operating income |  |  | 118,720 |  |  |  | 153,882 |  |  |  | 159,022 |  |  |  | 230,574 |  |  |  | 662,198 |
Other income (expense) |  |  | 149 |  |  |  | (97 | ) |  |  | 12 |  |  |  | (404 | ) |  |  | (340 | )
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 |
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 first quarter of 2018 and third quarter of 2017, the Company recorded $1 million and $4 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 second quarter of 2017, the Company incurred a $10 million litigation provision related to the issuance of a verdict in a patent litigation case. In the first quarter of 2018, the Company resolved the case with a final settlement that resulted in a gain of $2 million (see Note 11). 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 the fourth quarter of 2018, the Company settled a pension plan obligation and recorded a $46 million charge, which consisted of a $6 million cash contribution to the plan and a $40 million non-cash charge related to the reversal of unrecognized actuarial losses recorded in accumulated other comprehensive income in the stockholders’ equity (see Note 16). 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 10).

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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 http://asc.fasb.org/topic&trid=2126967 + Details
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