Selected Quarterly Data

12 Months Ended

Nov. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY DATA (UNAUDITED)


(millions except per share data)	First		Second		Third		Fourth
2020
Net sales	$	1,212.0	$	1,401.1	$	1,430.3	$	1,557.9
Gross profit	469.9		579.5		590.3		660.7
Operating income	194.2		257.4		273.0		274.9
Net income	144.7		195.9		206.1		200.7
Basic earnings per share	0.54		0.74		0.77		0.75
Diluted earnings per share	0.54		0.73		0.76		0.74
Dividends paid per share—
Common Stock and Common Stock Non-Voting	0.31		0.31		0.31		0.31
Dividends declared per share—
Common Stock and Common Stock Non-Voting	—		0.31		0.31		0.65
2019
Net sales	$	1,231.5	$	1,301.9	$	1,329.2	$	1,484.8
Gross profit	466.9		508.5		539.9		630.0
Operating income	196.9		208.1		253.5		299.2
Net income	148.0		149.4		191.9		213.4
Basic earnings per share	0.56		0.56		0.72		0.80
Diluted earnings per share	0.55		0.56		0.72		0.79
Dividends paid per share—
Common Stock and Common Stock Non-Voting	0.28		0.29		0.28		0.29
Dividends declared per share—
Common Stock and Common Stock Non-Voting	—		0.29		0.28		0.60

Operating income for the first quarter of 2020 included $1.0 million of special charges, with an after-tax impact of $0.7 million and no per share impact for both basic and diluted earnings per share. Operating income for the second quarter of 2020 included $2.9 million of special charges, with an after-tax impact of $2.0 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the third quarter of 2020 included $0.1 million of special charges, with an after-tax impact of $0.1 million and no per share impact for both basic and diluted earnings per share. Operating income for the fourth quarter of 2020 included $2.9 million of special charges, with an after-tax impact of $2.0 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2020 included $12.4 million of transaction and integration expenses, with an after-tax impact of $10.5 million and a per share impact of $0.04 for both basic and diluted earnings per share.

Operating income for the first quarter of 2019 included $2.1 million of special charges, with an after-tax impact of $1.6 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the second quarter of 2019 included $7.1 million of special charges, with an after-tax impact of $5.4 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the third quarter of 2019 included $7.7 million of special charges, with an after-tax impact of $6.1 million and a per share impact of $0.01 for both basic and diluted earnings per share. Net income for the third quarter of 2019 included $1.5 million of non-recurring income tax benefit related to enactment of the U.S. Tax Act, with no per share impact for both basic and diluted earnings per share. Operating income for the fourth quarter of 2019 included $3.9 million of special charges, with an after-tax impact of $3.0 million and a per share impact of $0.02 for both basic and diluted earnings per share.

See note 3 for details with respect to actions undertaken in connection with these special charges. See note 13 for details regarding the non-recurring income tax benefits related to enactment of the U.S. Tax Act.

Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share.