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Unaudited Quarterly Results | 12 Months Ended
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Dec. 31, 2024
Quarterly Financial Data [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 |  |  |  |
2024 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 636,839 |  |  | $ | 708,529 |  |  | $ | 740,305 |  |  | $ | 872,714 |  |  | $ | 2,958,387 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 261,786 |  |  |  | 288,244 |  |  |  | 301,655 |  |  |  | 348,516 |  |  |  | 1,200,201 |
Selling and administrative expenses |  |  | 174,536 |  |  |  | 173,247 |  |  |  | 169,097 |  |  |  | 173,268 |  |  |  | 690,148 |
Research and development expenses |  |  | 44,595 |  |  |  | 46,182 |  |  |  | 45,336 |  |  |  | 46,914 |  |  |  | 183,027 |
Purchased intangibles amortization |  |  | 11,834 |  |  |  | 11,744 |  |  |  | 11,759 |  |  |  | 11,753 |  |  |  | 47,090 |
Litigation provisions |  |  | 10,242 |  |  |  | — |  |  |  | 1,326 |  |  |  | — |  |  |  | 11,568 |
Total costs and operating expenses |  |  | 502,993 |  |  |  | 519,417 |  |  |  | 529,173 |  |  |  | 580,451 |  |  |  | 2,132,034 |
Operating income |  |  | 133,846 |  |  |  | 189,112 |  |  |  | 211,132 |  |  |  | 292,263 |  |  |  | 826,353 |
Other income (expense), net |  |  | 2,259 |  |  |  | (302 | ) |  |  | (338 | ) |  |  | (843 | ) |  |  | 776 |
Interest expense |  |  | (25,520 | ) |  |  | (23,726 | ) |  |  | (21,435 | ) |  |  | (18,996 | ) |  |  | (89,677 | )
Interest income |  |  | 4,271 |  |  |  | 4,328 |  |  |  | 4,258 |  |  |  | 4,559 |  |  |  | 17,416 |
Income before income taxes |  |  | 114,856 |  |  |  | 169,412 |  |  |  | 193,617 |  |  |  | 276,983 |  |  |  | 754,868 |
Provision for income taxes |  |  | 12,660 |  |  |  | 26,675 |  |  |  | 32,114 |  |  |  | 45,585 |  |  |  | 117,034 |
Net income |  | $ | 102,196 |  |  | $ | 142,737 |  |  | $ | 161,503 |  |  | $ | 231,398 |  |  | $ | 637,834 |
Net income per basic common share |  |  | 1.73 |  |  |  | 2.41 |  |  |  | 2.72 |  |  |  | 3.90 |  |  |  | 10.75 |
Weighted-average number of basic common shares |  |  | 59,232 |  |  |  | 59,339 |  |  |  | 59,367 |  |  |  | 59,386 |  |  |  | 59,333 |
Net income per diluted common share |  |  | 1.72 |  |  |  | 2.40 |  |  |  | 2.71 |  |  |  | 3.88 |  |  |  | 10.71 |
Weighted-average number of diluted common shares and equivalents |  |  | 59,431 |  |  |  | 59,451 |  |  |  | 59,504 |  |  |  | 59,645 |  |  |  | 59,552 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  |  |
2023 |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Total |
Net sales |  | $ | 684,674 |  |  | $ | 740,576 |  |  | $ | 711,692 |  |  | $ | 819,474 |  |  | $ | 2,956,416 |
Costs and operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 284,380 |  |  |  | 301,076 |  |  |  | 291,407 |  |  |  | 318,360 |  |  |  | 1,195,223 |
Selling and administrative expenses |  |  | 181,956 |  |  |  | 186,953 |  |  |  | 186,748 |  |  |  | 180,357 |  |  |  | 736,014 |
Research and development expenses |  |  | 42,691 |  |  |  | 45,873 |  |  |  | 41,995 |  |  |  | 44,386 |  |  |  | 174,945 |
Purchased intangibles amortization |  |  | 1,479 |  |  |  | 6,815 |  |  |  | 12,116 |  |  |  | 12,148 |  |  |  | 32,558 |
Total costs and operating expenses |  |  | 510,506 |  |  |  | 540,717 |  |  |  | 532,266 |  |  |  | 555,251 |  |  |  | 2,138,740 |
Operating income |  |  | 174,168 |  |  |  | 199,859 |  |  |  | 179,426 |  |  |  | 264,223 |  |  |  | 817,676 |
Other income (expense), net |  |  | 1,388 |  |  |  | (352 | ) |  |  | 328 |  |  |  | (557 | ) |  |  | 807 |
Interest expense |  |  | (14,444 | ) |  |  | (23,272 | ) |  |  | (30,442 | ) |  |  | (30,703 | ) |  |  | (98,861 | )
Interest income |  |  | 4,061 |  |  |  | 4,040 |  |  |  | 3,883 |  |  |  | 4,637 |  |  |  | 16,621 |
Income before income taxes |  |  | 165,173 |  |  |  | 180,275 |  |  |  | 153,195 |  |  |  | 237,600 |  |  |  | 736,243 |
Provision for income taxes |  |  | 24,250 |  |  |  | 29,721 |  |  |  | 18,643 |  |  |  | 21,395 |  |  |  | 94,009 |
Net income |  | $ | 140,923 |  |  | $ | 150,554 |  |  | $ | 134,552 |  |  | $ | 216,205 |  |  | $ | 642,234 |
Net income per basic common share |  |  | 2.39 |  |  |  | 2.56 |  |  |  | 2.28 |  |  |  | 3.66 |  |  |  | 10.87 |
Weighted-average number of basic common shares |  |  | 59,023 |  |  |  | 58,857 |  |  |  | 59,093 |  |  |  | 59,142 |  |  |  | 59,076 |
Net income per diluted common share |  |  | 2.38 |  |  |  | 2.55 |  |  |  | 2.27 |  |  |  | 3.65 |  |  |  | 10.84 |
Weighted-average number of diluted common shares and equivalents |  |  | 59,317 |  |  |  | 59,010 |  |  |  | 59,225 |  |  |  | 59,311 |  |  |  | 59,270 |
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. The Company experienced significant increases in purchased intangibles amortization and interest expense beginning in the second quarter of 2023 as a result of the Wyatt acquisition.

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