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SELECTED QUARTERLY FINANCIAL DATA (unaudited) | 12 Months Ended
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Dec. 31, 2022
Quarterly Financial Data [Abstract] |
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | SELECTED QUARTERLY FINANCIAL DATA (unaudited)
|  | Quarter |  |
(Millions of Dollars, except per share amounts) |  | First |  | Second |  | Third |  | Fourth |  | Year
2022 |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 4,448.0 |  |  | $ | 4,393.0 |  |  | $ | 4,119.6 |  |  | $ | 3,986.8 |  |  | $ | 16,947.4 |
Gross profit |  | 1,305.4 |  |  | 1,207.1 |  |  | 1,018.1 |  |  | 753.5 |  |  | 4,284.1 |
Selling, general and administrative (1) |  | 960.3 |  |  | 852.7 |  |  | 799.8 |  |  | 757.2 |  |  | 3,370.0 |
Net earnings (loss) from continuing operations |  | 155.6 |  |  | 78.7 |  |  | 36.6 |  |  | (100.6) |  |  | 170.3 |
Less: Net earnings attributable to non-controlling interest |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.2 |
Less: Preferred stock dividends and beneficial conversion feature |  | — |  |  | — |  |  | — |  |  | 5.8 |  |  | 5.8 |
Net Earnings (Loss) from Continuing Operations Attributable to Common Shareowners |  | $ | 155.5 |  |  | $ | 78.6 |  |  | $ | 36.6 |  |  | $ | (106.4) |  |  | $ | 164.3 |
Add: Contract adjustment payments accretion |  | 0.3 |  |  | 0.4 |  |  | 0.3 |  |  | 0.2 |  |  | 1.2 |
Net Earnings (Loss) from Continuing Operations Attributable to Common Shareowners - Diluted |  | $ | 155.8 |  |  | $ | 79.0 |  |  | $ | 36.9 |  |  | $ | (106.2) |  |  | $ | 165.5 |
Net earnings from discontinued operations |  | 19.8 |  |  | 9.0 |  |  | 808.0 |  |  | 55.6 |  |  | 892.4 |
Net Earnings (Loss) Attributable to Common Shareowners - Diluted |  | $ | 175.6 |  |  | $ | 88.0 |  |  | $ | 844.9 |  |  | $ | (50.6) |  |  | $ | 1,057.9 |
Basic earnings (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.00 |  |  | $ | 0.54 |  |  | $ | 0.25 |  |  | $ | (0.72) |  |  | $ | 1.11 |
Discontinued operations |  | $ | 0.13 |  |  | $ | 0.06 |  |  | $ | 5.60 |  |  | $ | 0.38 |  |  | $ | 6.02 |
Total basic earnings (loss) per share of common stock |  | $ | 1.13 |  |  | $ | 0.60 |  |  | $ | 5.85 |  |  | $ | (0.35) |  |  | $ | 7.13 |
Diluted earnings (loss) per share of common stock: |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.94 |  |  | $ | 0.51 |  |  | $ | 0.24 |  |  | $ | (0.72) |  |  | $ | 1.06 |
Discontinued operations |  | $ | 0.12 |  |  | $ | 0.06 |  |  | $ | 5.26 |  |  | $ | 0.37 |  |  | $ | 5.70 |
Total diluted earnings (loss) per share of common stock |  | $ | 1.06 |  |  | $ | 0.57 |  |  | $ | 5.50 |  |  | $ | (0.34) |  |  | $ | 6.76 |
2021 |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 3,720.8 |  |  | $ | 3,798.9 |  |  | $ | 3,779.7 |  |  | $ | 3,981.9 |  |  | $ | 15,281.3 |
Gross profit |  | 1,387.8 |  |  | 1,361.8 |  |  | 1,215.6 |  |  | 1,127.0 |  |  | 5,092.2 |
Selling, general and administrative (1) |  | 719.1 |  |  | 767.1 |  |  | 773.5 |  |  | 933.4 |  |  | 3,193.1 |
Net earnings from continuing operations |  | 459.6 |  |  | 432.5 |  |  | 379.5 |  |  | 279.2 |  |  | 1,550.8 |
Less: Net losses attributable to non-controlling interest |  | (0.6) |  |  | (1.0) |  |  | (0.1) |  |  | — |  |  | (1.7) |
Less: Preferred stock dividends and beneficial conversion feature |  | 9.4 |  |  | 4.8 |  |  | — |  |  | — |  |  | 14.2 |
Net Earnings from Continuing Operations Attributable to Common Shareowners |  | $ | 450.8 |  |  | $ | 428.7 |  |  | $ | 379.6 |  |  | $ | 279.2 |  |  | $ | 1,538.3 |
Add: Contract adjustment payments accretion |  | 0.2 |  |  | 0.3 |  |  | 0.4 |  |  | 0.4 |  |  | 1.3 |
Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted |  | $ | 451.0 |  |  | $ | 429.0 |  |  | $ | 380.0 |  |  | $ | 279.6 |  |  | $ | 1,539.6 |
Net earnings from discontinued operations |  | 27.2 |  |  | 26.0 |  |  | 34.6 |  |  | 48.9 |  |  | 136.7 |
Net Earnings Attributable to Common Shareowners - Diluted |  | $ | 478.2 |  |  | $ | 455.0 |  |  | $ | 414.6 |  |  | $ | 328.5 |  |  | $ | 1,676.3 |
Basic earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 2.86 |  |  | $ | 2.70 |  |  | $ | 2.38 |  |  | $ | 1.75 |  |  | $ | 9.69 |
Discontinued operations |  | $ | 0.17 |  |  | $ | 0.16 |  |  | $ | 0.22 |  |  | $ | 0.31 |  |  | $ | 0.86 |
Total basic earnings per share of common stock |  | $ | 3.04 |  |  | $ | 2.87 |  |  | $ | 2.60 |  |  | $ | 2.06 |  |  | $ | 10.55 |
Diluted earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 2.74 |  |  | $ | 2.60 |  |  | $ | 2.30 |  |  | $ | 1.69 |  |  | $ | 9.33 |
Discontinued operations |  | $ | 0.17 |  |  | $ | 0.16 |  |  | $ | 0.21 |  |  | $ | 0.30 |  |  | $ | 0.83 |
Total diluted earnings per share of common stock |  | $ | 2.91 |  |  | $ | 2.75 |  |  | $ | 2.51 |  |  | $ | 1.99 |  |  | $ | 10.16 |
(1) Includes provision for credit losses. The 2022 year-to-date results above include $642 million of pre-tax acquisition-related and other charges and an $84 million tax benefit related to these charges. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
Acquisition-Related Charges & Other |  | Diluted EPS Impact
• Q1 2022 — $221 million loss ($192 million after-tax) |  | $(1.16) per diluted share
• Q2 2022 — $248 million loss ($195 million after-tax) |  | $(1.26) per diluted share
• Q3 2022 — $119 million loss ($79 million after-tax) |  | $(0.52) per diluted share
• Q4 2022 — $54 million loss ($92 million after-tax) |  | $(0.62) per diluted share
The 2021 year-to-date results above include $194 million of pre-tax acquisition-related and other charges, a $64 million tax benefit related to these charges, as well as $11 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
Acquisition-Related Charges & Other |  | Diluted EPS Impact
• Q1 2021 — $24 million loss ($18 million after-tax and equity interest) |  | $(0.11) per diluted share
• Q2 2021 — $33 million loss ($36 million after-tax and equity interest) |  | $(0.21) per diluted share
• Q3 2021 — $33 million loss ($26 million after-tax and equity interest) |  | $(0.15) per diluted share
• Q4 2021 — $104 million loss ($61 million after-tax and equity interest) |  | $(0.37) per diluted share

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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 https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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