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Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Quarterly results of operations for the years ended December 31, 2015 and 2014 are summarized below:
(in millions, except per share amounts) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2015 |  |  |  |  |  |  |
Net sales | $ | 739.5 |  |  | $ | 764.4 |  |  | $ | 880.0 |  |  | $ | 767.3 |
Gross profit | 278.7 |  |  | 297.5 |  |  | 359.6 |  |  | 313.1 |
Operating income | 54.4 |  |  | 52.0 |  |  | 110.9 |  |  | 91.8 |
Net income (loss) | 23.4 |  |  | 21.2 |  |  | 40.2 |  |  | (11.3 | )
Basic earnings (loss) per common share | $ | 0.38 |  |  | $ | 0.35 |  |  | $ | 0.65 |  |  | $ | (0.18 | )
Diluted earnings (loss) per common share | $ | 0.38 |  |  | $ | 0.34 |  |  | $ | 0.64 |  |  | $ | (0.18 | )
2014 |  |  |  |  |  |  |
Net sales | $ | 701.9 |  |  | $ | 715.0 |  |  | $ | 827.4 |  |  | $ | 745.5 |
Gross profit | 269.5 |  |  | 268.3 |  |  | 318.5 |  |  | 294.1 |
Operating income | 62.4 |  |  | 50.3 |  |  | 87.1 |  |  | 76.5 |
Net income | 27.4 |  |  | (2.2 | ) |  | 37.1 |  |  | 46.6 |
Basic earnings (loss) per common share | $ | 0.45 |  |  | $ | (0.04 | ) |  | $ | 0.61 |  |  | $ | 0.77 |
Diluted earnings (loss) per common share | $ | 0.44 |  |  | $ | (0.04 | ) |  | $ | 0.60 |  |  | $ | 0.75 |
As described in Note 14, "Income Taxes", during the fourth quarter of 2015, the Company recorded a change in estimate of its uncertain tax positions related to the Danish tax matter of approximately $60.7 million. In addition, in the third quarter of 2015 and the fourth quarter of 2014, the Company recognized $9.5 million and $15.6 million, respectively, of other income from certain other non-recurring items, including the partial settlement of a legal dispute. The sum of the quarterly earnings per common share amounts may not equal the annual amount reported because per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. The Company’s quarterly operating results fluctuate as a result of seasonal variations in the Company’s business.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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