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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2021
Quarterly Financial Data [Abstract] |
Unaudited Quarterly Results | 19 Unaudited Quarterly Results The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  |  |
2021 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 608,545 |  |  | $ | 681,647 |  |  | $ | 659,233 |  |  | $ | 836,449 |  |  | $ | 2,785,874 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 254,147 |  |  |  | 280,254 |  |  |  | 271,128 |  |  |  | 351,004 |  |  |  | 1,156,533 |
Selling and administrative expenses |  |  | 143,196 |  |  |  | 158,213 |  |  |  | 152,545 |  |  |  | 173,014 |  |  |  | 626,968 |
Research and development expenses |  |  | 38,092 |  |  |  | 44,949 |  |  |  | 41,986 |  |  |  | 43,331 |  |  |  | 168,358 |
Purchased intangibles amortization |  |  | 1,840 |  |  |  | 1,809 |  |  |  | 1,759 |  |  |  | 1,735 |  |  |  | 7,143 |
Litigation provisions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,165 |  |  |  | 5,165 |
Total costs and operating expenses |  |  | 437,275 |  |  |  | 485,225 |  |  |  | 467,418 |  |  |  | 574,249 |  |  |  | 1,964,167 |
Operating income |  |  | 171,270 |  |  |  | 196,422 |  |  |  | 191,815 |  |  |  | 262,200 |  |  |  | 821,707 |
Other income (expense) |  |  | 9,359 |  |  |  | 9,321 |  |  |  | (607 | ) |  |  | (870 | ) |  |  | 17,203 |
Interest expense |  |  | (10,946 | ) |  |  | (12,027 | ) |  |  | (11,081 | ) |  |  | (10,884 | ) |  |  | (44,938 | )
Interest income |  |  | 4,101 |  |  |  | 3,698 |  |  |  | 2,548 |  |  |  | 1,874 |  |  |  | 12,221 |
Income before income taxes |  |  | 173,784 |  |  |  | 197,414 |  |  |  | 182,675 |  |  |  | 252,320 |  |  |  | 806,193 |
Provision for income taxes |  |  | 25,657 |  |  |  | 30,122 |  |  |  | 21,490 |  |  |  | 36,081 |  |  |  | 113,350 |
Net income |  | $ | 148,127 |  |  | $ | 167,292 |  |  | $ | 161,185 |  |  | $ | 216,239 |  |  | $ | 692,843 |
Net income per basic common share |  |  | 2.38 |  |  |  | 2.71 |  |  |  | 2.63 |  |  |  | 3.55 |  |  |  | 11.25 |
Weighted-average number of basic common shares |  |  | 62,260 |  |  |  | 61,685 |  |  |  | 61,359 |  |  |  | 60,984 |  |  |  | 61,575 |
Net income per diluted common share |  |  | 2.37 |  |  |  | 2.69 |  |  |  | 2.60 |  |  |  | 3.52 |  |  |  | 11.17 |
Weighted-average number of diluted common shares and equivalents |  |  | 62,632 |  |  |  | 62,157 |  |  |  | 61,888 |  |  |  | 61,423 |  |  |  | 62,028 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  |  |
2020 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 464,939 |  |  | $ | 519,984 |  |  | $ | 593,784 |  |  | $ | 786,658 |  |  | $ | 2,365,365 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 210,644 |  |  |  | 213,134 |  |  |  | 262,342 |  |  |  | 320,569 |  |  |  | 1,006,689 |
Selling and administrative expenses |  |  | 147,735 |  |  |  | 117,449 |  |  |  | 135,430 |  |  |  | 153,084 |  |  |  | 553,698 |
Research and development expenses |  |  | 34,989 |  |  |  | 31,155 |  |  |  | 34,971 |  |  |  | 39,662 |  |  |  | 140,777 |
Purchased intangibles amortization |  |  | 2,625 |  |  |  | 2,618 |  |  |  | 2,657 |  |  |  | 2,687 |  |  |  | 10,587 |
Asset Impairments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,945 |  |  |  | 6,945 |
Litigation provisions |  |  | 666 |  |  |  | 514 |  |  |  | — |  |  |  | — |  |  |  | 1,180 |
Total costs and operating expenses |  |  | 396,659 |  |  |  | 364,870 |  |  |  | 435,400 |  |  |  | 522,947 |  |  |  | 1,719,876 |
Operating income |  |  | 68,280 |  |  |  | 155,114 |  |  |  | 158,384 |  |  |  | 263,711 |  |  |  | 645,489 |
Other (expense) income |  |  | (374 | ) |  |  | (736 | ) |  |  | (1,039 | ) |  |  | 374 |  |  |  | (1,775 | )
Interest expense |  |  | (14,079 | ) |  |  | (13,018 | ) |  |  | (10,915 | ) |  |  | (11,058 | ) |  |  | (49,070 | )
Interest income |  |  | 4,036 |  |  |  | 4,003 |  |  |  | 4,007 |  |  |  | 4,224 |  |  |  | 16,270 |
Income before income taxes |  |  | 57,863 |  |  |  | 145,363 |  |  |  | 150,437 |  |  |  | 257,251 |  |  |  | 610,914 |
Provision for income taxes |  |  | 4,301 |  |  |  | 22,434 |  |  |  | 23,668 |  |  |  | 38,940 |  |  |  | 89,343 |
Net income |  | $ | 53,562 |  |  | $ | 122,929 |  |  | $ | 126,769 |  |  | $ | 218,311 |  |  | $ | 521,571 |
Net income per basic common share |  |  | 0.86 |  |  |  | 1.98 |  |  |  | 2.04 |  |  |  | 3.51 |  |  |  | 8.40 |
Weighted-average number of basic common shares |  |  | 62,232 |  |  |  | 61,944 |  |  |  | 62,002 |  |  |  | 62,170 |  |  |  | 62,094 |
Net income per diluted common share |  |  | 0.86 |  |  |  | 1.98 |  |  |  | 2.03 |  |  |  | 3.49 |  |  |  | 8.36 |
Weighted-average number of diluted common shares and equivalents |  |  | 62,626 |  |  |  | 62,184 |  |  |  | 62,303 |  |  |  | 62,501 |  |  |  | 62,414 |
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, however during the second quarter of 2020, the Company’s selling and administrative expenses decreased compared to the first quarter of 2020 as a result of severance-related costs incurred during the first quarter of 2020 in connection with a reduction in workforce and lease-termination and exit costs. These costs were offset by COVID-19 and restructuring cost-saving actions that reduced planned salaries and non-essential spending, beginning in the second quarter of 2020 and totaled $70 million for the year. Selling and administrative expenses will vary in the fourth quarter in relation to performance in the quarter and for the year. During the first quarter of 2021, the Company recorded an unrealized gain of $10 million due to an observable change in fair value of an existing investment the Company does not have the ability to exercise significant influence over. This unrealized gain was recorded in Other income. During the second quarter of 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income in our consolidated statement of operations. This settlement was recorded in Other income. During the fourth quarter of 2020, the Company recorded a non-cash charge of $10 million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass. The impairment charge was due to a shift in strategic priorities. In conjunction with the intangible asset impairment the Company also reduced its liability for contingent consideration of $3 million during 2020 as the carrying value of this liability is based on the future sales of the Medimass intangible assets that were impaired. The net impact of $7 million is reported separately within the consolidated statements of operations.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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