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Quarterly Results (Unaudited) | 12 Months Ended
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Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) The following table presents the Company's selected unaudited quarterly operating results for the eight quarters ended March 31, 2020. The Company believes that all adjustments of a normal recurring nature have been made to present fairly the related quarterly results (in millions, except per share amounts). Amounts may not add to the total due to rounding:
Fiscal 2020 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total
Net sales |  | $ | 1,322.6 |  |  | $ | 1,337.8 |  |  | $ | 1,287.4 |  |  | $ | 1,326.4 |  |  | $ | 5,274.2 |
Gross profit |  | $ | 815.2 |  |  | $ | 827.5 |  |  | $ | 785.5 |  |  | $ | 813.9 |  |  | $ | 3,242.1 |
Operating income |  | $ | 171.6 |  |  | $ | 183.6 |  |  | $ | 131.2 |  |  | $ | 160.7 |  |  | $ | 647.1 |
Net income |  | $ | 50.7 |  |  | $ | 108.9 |  |  | $ | 311.1 |  |  | $ | 99.9 |  |  | $ | 570.6 |
Diluted net income per common share |  | $ | 0.20 |  |  | $ | 0.43 |  |  | $ | 1.20 |  |  | $ | 0.39 |  |  | $ | 2.23 |
Fiscal 2019 |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Total
Net sales |  | $ | 1,212.5 |  |  | $ | 1,432.5 |  |  | $ | 1,374.7 |  |  | $ | 1,329.8 |  |  | $ | 5,349.5 |
Gross profit |  | $ | 642.0 |  |  | $ | 689.3 |  |  | $ | 779.6 |  |  | $ | 820.5 |  |  | $ | 2,931.3 |
Operating income |  | $ | 132.3 |  |  | $ | 102.7 |  |  | $ | 194.7 |  |  | $ | 284.6 |  |  | $ | 714.3 |
Net income |  | $ | 35.7 |  |  | $ | 96.3 |  |  | $ | 49.2 |  |  | $ | 174.7 |  |  | $ | 355.9 |
Diluted net income per common share |  | $ | 0.14 |  |  | $ | 0.38 |  |  | $ | 0.20 |  |  | $ | 0.70 |  |  | $ | 1.42 |
Refer to Note 13, Income Taxes, for an explanation of the $334.8 million tax benefit related to the intra-group transfers of certain intellectual property rights, the majority of which was recognized in the third quarter of fiscal 2020. Refer to Note 5, Special Charges and Other, Net, for an explanation of the special charges included in operating income in fiscal 2020 and fiscal 2019. Refer to Note 7, Debt, for an explanation of the loss on settlement of debt of $1.9 million and $3.4 million during the first and fourth quarters of fiscal 2020, respectively, compared to $4.1 million and $8.3 million during the second and fourth quarters of fiscal 2019, respectively.

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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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