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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
First
 
Second
 
Third
 
Fourth
2016
 
 
 
 
 
 
 
 
Net sales
 
$
550,722

 
$
592,418

 
$
567,646

 
$
563,828

Gross profit
 
189,102

 
202,927

 
199,812

 
197,457

Income before income taxes
 
73,182

 
45,758

 
80,296

 
78,152

Net income
 
53,638

 
31,317

 
60,049

 
53,395

Basic earnings per share
 
$
0.77

 
$
0.46

 
$
0.90

 
$
0.81

Diluted earnings per share
 
$
0.76

 
$
0.45

 
$
0.89

 
$
0.81

2015
 
 
 
 
 
 
 
 
Net sales
 
$
657,900

 
$
664,740

 
$
645,166

 
$
567,985

Gross profit
 
220,390

 
225,781

 
198,894

 
196,079

Income (loss) before income taxes
 
92,707

 
94,434

 
(88,526
)
 
71,172

Net income (loss)
 
68,354

 
70,898

 
(60,466
)
 
48,692

Basic earnings (loss) per share
 
$
0.90

 
$
0.95

 
$
(0.82
)
 
$
0.68

Diluted earnings (loss) per share
 
$
0.89

 
$
0.94

 
$
(0.82
)
 
$
0.68


The quarter ended June 30, 2016 includes special items charges of $34,348 ($33,251 after-tax) primarily related to the loss on deconsolidation of Venezuelan subsidiary and a tax benefit of $7,196 related to the reversal of an income tax valuation allowance as a result of a legal entity change to realign the Company's tax structure.
The quarter ended December 31, 2015 includes net rationalization charges of $434 ($450 after-tax) primarily related to employee severance and other related costs. Special items also include pension settlement charges of $6,407 ($3,969 after-tax) and Venezuelan foreign exchange remeasurement losses of $708 related to the adoption of a new foreign exchange mechanism.
The quarter ended September 30, 2015 includes net rationalization and asset impairment charges of $18,285 ($16,832 after-tax) primarily related to employee severance and other costs. Impairment charges include a non-cash charge to the carrying value of goodwill of $6,315 and non-cash long-lived asset impairment charges of $3,417. Special items also include pension settlement charges of $136,331 ($83,341 after-tax) primarily related to the purchase of a group annuity contract and Venezuelan foreign exchange remeasurement losses of $26,506 related to the adoption of a new foreign exchange mechanism.
The quarter ended June 30, 2015 includes net rationalization charges of $1,239 ($900 after-tax) primarily related to employee severance and other costs.
The quarterly earnings per share ("EPS") amounts are each calculated independently. Therefore, the sum of the quarterly EPS amounts may not equal the annual totals.