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Quarterly Operating and Per Share Data (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information |
($ in millions, except per share data) | First Quarter (1) |  | Second Quarter (2) |  | Third Quarter (3) |  | Fourth Quarter (4) |  | Full Year
2020 |  |  |  |  |  |  |  |  |
Net sales | $ | 491.5 |  |  | $ | 527.2 |  |  | $ | 548.0 |  |  | $ | 580.2 |  |  | $ | 2,146.9 |
Gross profit | 167.0 |  |  | 195.1 |  |  | 194.6 |  |  | 211.1 |  |  | 767.8 |
Net income | 74.3 |  |  | 91.2 |  |  | 82.3 |  |  | 98.4 |  |  | 346.2 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 1.01 |  |  | $ | 1.24 |  |  | $ | 1.11 |  |  | $ | 1.32 |  |  | $ | 4.68 |
Diluted | $ | 0.99 |  |  | $ | 1.21 |  |  | $ | 1.09 |  |  | $ | 1.29 |  |  | $ | 4.57 |
2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 443.5 |  |  | $ | 469.7 |  |  | $ | 456.1 |  |  | $ | 470.6 |  |  | $ | 1,839.9 |
Gross profit | 146.8 |  |  | 157.9 |  |  | 147.8 |  |  | 153.2 |  |  | 605.7 |
Net income | 55.4 |  |  | 66.1 |  |  | 56.3 |  |  | 63.9 |  |  | 241.7 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic | $ | 0.75 |  |  | $ | 0.90 |  |  | $ | 0.76 |  |  | $ | 0.86 |  |  | $ | 3.27 |
Diluted | $ | 0.73 |  |  | $ | 0.88 |  |  | $ | 0.75 |  |  | $ | 0.84 |  |  | $ | 3.21 |
The sum of the quarterly amounts may not equal full year due to rounding. Factors affecting the comparability of the information reflected in the quarterly data: (1)Net income for the first quarter of 2020 included the impact of a pension settlement charge of $1.1 million ($0.01 per diluted share), amortization expense of $1.0 million ($0.01 per diluted share) associated with an acquisition of increased ownership interest in Daikyo, and a tax benefit of $5.1 million ($0.07 per diluted share) associated with stock-based compensation. Net income for the first quarter of 2019 included the impact of restructuring and related charges of $0.4 million ($0.01 per diluted share) and a tax benefit of $1.4 million ($0.02 per diluted share) associated with stock-based compensation. (2)Second quarter 2020 net income included the impact of a pension settlement charge of $0.7 million ($0.01 per diluted share), amortization expense of $1.1 million ($0.01 per diluted share) associated with the acquisition of intangible assets, a charge of $1.6 million ($0.02 per diluted share) related to severance costs, and a tax benefit of $6.9 million ($0.09 per diluted share) associated with stock-based compensation. Second quarter 2019 net income included the impact of restructuring and related charges of $1.1 million ($0.01 per diluted share) and a tax benefit of $3.8 million ($0.05 per diluted share) associated with stock-based compensation. (3)Net income for the third quarter of 2020 included the impact of a pension settlement charge of $0.8 million ($0.01 per diluted share), amortization expense of $0.7 million ($0.01 per diluted share) associated with the acquisition of intangible assets, a restructuring and severance related charge of $3.4 million ($0.04 per diluted share), and a tax benefit of $2.0 million ($0.02 per diluted share) associated with stock-based compensation. Net income for the third quarter of 2019 included the impact of restructuring and related charges of $1.4 million ($0.01 per diluted share), a pension settlement charge of $2.1 million ($0.03 per diluted share), a charge of $0.7 million ($0.01 per diluted share) related to the devaluation of Argentina’s currency, a tax benefit of $1.0 million ($0.01 per diluted share) related to the impact of federal law changes enacted during the quarter, and a tax benefit of $4.0 million ($0.05 per diluted share) associated with stock-based compensation. (4)Fourth quarter 2020 net income included the impact of a pension settlement charge of $0.3 million ($0.01 per diluted share), amortization expense of $0.7 million ($0.01 per diluted share) associated with the acquisition of intangible assets, an impairment charge of $2.5 million ($0.03 per diluted share) related to a cost investment, and a tax benefit of $6.8 million ($0.09 per diluted share) associated with stock-based compensation. Fourth quarter 2019 net income included the impact of restructuring and related charges of $0.8 million ($0.02 per diluted share), a gain on the sale of fixed assets as a result of our restructuring plan of $1.3 million ($0.02 per diluted share), a pension settlement charge of $0.6 million ($0.01 per diluted share), a tax recovery related to previously-paid international excise taxes of $2.9 million ($0.04 per diluted share), a tax charge of $0.7 million ($0.01 per diluted share) related to the impact of federal law changes enacted during the quarter, and a tax benefit of $1.1 million ($0.02 per diluted share) associated with stock-based compensation.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121640914&loc=d3e1280-108306 + Details
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