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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2022
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 |  |  |  |
2022 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 690,572 |  |  | $ | 714,319 |  |  | $ | 708,555 |  |  | $ | 858,510 |  |  | $ | 2,971,956 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 285,685 |  |  |  | 307,206 |  |  |  | 307,101 |  |  |  | 348,190 |  |  |  | 1,248,182 |
Selling and administrative expenses |  |  | 157,475 |  |  |  | 161,877 |  |  |  | 164,417 |  |  |  | 174,257 |  |  |  | 658,026 |
Research and development expenses |  |  | 40,472 |  |  |  | 44,006 |  |  |  | 43,435 |  |  |  | 48,277 |  |  |  | 176,190 |
Purchased intangibles amortization |  |  | 1,673 |  |  |  | 1,598 |  |  |  | 1,592 |  |  |  | 1,503 |  |  |  | 6,366 |
Acquired in-process research and development |  |  | 9,797 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,797 |
Total costs and operating expenses |  |  | 495,102 |  |  |  | 514,687 |  |  |  | 516,545 |  |  |  | 572,227 |  |  |  | 2,098,561 |
Operating income |  |  | 195,470 |  |  |  | 199,632 |  |  |  | 192,010 |  |  |  | 286,283 |  |  |  | 873,395 |
Other income (expense), net |  |  | 170 |  |  |  | 1,535 |  |  |  | 895 |  |  |  | (372 | ) |  |  | 2,228 |
Interest expense |  |  | (11,059 | ) |  |  | (11,419 | ) |  |  | (12,420 | ) |  |  | (13,899 | ) |  |  | (48,797 | )
Interest income |  |  | 2,114 |  |  |  | 2,526 |  |  |  | 2,896 |  |  |  | 3,484 |  |  |  | 11,020 |
Income before income taxes |  |  | 186,695 |  |  |  | 192,274 |  |  |  | 183,381 |  |  |  | 275,496 |  |  |  | 837,846 |
Provision for income taxes |  |  | 26,864 |  |  |  | 27,410 |  |  |  | 27,383 |  |  |  | 48,434 |  |  |  | 130,091 |
Net income |  | $ | 159,831 |  |  | $ | 164,864 |  |  | $ | 155,998 |  |  | $ | 227,062 |  |  | $ | 707,755 |
Net income per basic common share |  |  | 2.64 |  |  |  | 2.74 |  |  |  | 2.61 |  |  |  | 3.83 |  |  |  | 11.80 |
Weighted-average number of basic common shares |  |  | 60,580 |  |  |  | 60,206 |  |  |  | 59,801 |  |  |  | 59,329 |  |  |  | 59,985 |
Net income per diluted common share |  |  | 2.62 |  |  |  | 2.72 |  |  |  | 2.60 |  |  |  | 3.81 |  |  |  | 11.73 |
Weighted-average number of diluted common shares and equivalents |  |  | 60,952 |  |  |  | 60,510 |  |  |  | 60,081 |  |  |  | 59,644 |  |  |  | 60,331 |
|  | 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), net |  |  | 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 |
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. 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 (expense), net in the consolidated statement of operations. 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 (expense), net in our consolidated statement of operations. This settlement was recorded in other income (expense), net in our consolidated statement 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 https://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 https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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