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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) In 2018, the Company recorded out-of-period adjustments, which increased cost of sales and decreased general and administrative expenses in equal amounts. Such adjustment only applied to the North America segment, which resulted from recording certain depreciation expense on company-owned real estate as general and administrative expense rather than cost of goods sold. Income from operations and net income for each of the quarters as presented below were not affected by the adjustment. In 2018, the Company also changed its presentation of its consolidated statement of operations to display foreign exchange gain (loss), net, as a separate item below income from operations. Foreign exchange gain (loss), net, was previously included in general and administrative expenses and in income from operations. Income before tax and net income for each of the quarters as presented below were not affected by the change in presentation. The following table sets forth selected quarterly financial data for each of the quarters in 2019 and 2018, respectively: (in thousands, except per share amounts)
| 2019 |  | 2018
| Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  | Third Quarter |  | Second Quarter |  | First Quarter
Net sales | $ | 262,510 |  |  | $ | 309,932 |  |  | $ | 304,853 |  |  | $ | 259,244 |  |  | $ | 241,845 |  |  | $ | 284,178 |  |  | $ | 308,007 |  |  | $ | 244,780 |
Cost of sales | 152,457 |  |  | 172,288 |  |  | 170,674 |  |  | 148,990 |  |  | 143,641 |  |  | 150,282 |  |  | 167,442 |  |  | 137,157 |
Gross profit | 110,053 |  |  | 137,644 |  |  | 134,179 |  |  | 110,254 |  |  | 98,204 |  |  | 133,896 |  |  | 140,565 |  |  | 107,623 |
Research and development and other engineering | 11,771 |  |  | 11,972 |  |  | 11,055 |  |  | 12,260 |  |  | 10,216 |  |  | 10,441 |  |  | 11,249 |  |  | 11,150 |
Selling | 28,097 |  |  | 27,672 |  |  | 28,687 |  |  | 28,112 |  |  | 26,278 |  |  | 26,879 |  |  | 29,201 |  |  | 27,573 |
General and administrative | 39,333 |  |  | 37,047 |  |  | 41,345 |  |  | 39,549 |  |  | 45,004 |  |  | 37,358 |  |  | 38,807 |  |  | 37,399 |
Total operating expenses | 79,201 |  |  | 76,691 |  |  | 81,087 |  |  | 79,921 |  |  | 81,498 |  |  | 74,678 |  |  | 79,257 |  |  | 76,122 |
Net gain on disposal of assets | (5,759 | ) |  | (14 | ) |  | (561 | ) |  | 310 |  |  | (8,810 | ) |  | (460 | ) |  | (125 | ) |  | (1,184 | )
Impairment of goodwill | — |  |  | — |  |  | — |  |  | — |  |  | 6,686 |  |  | — |  |  | — |  |  | — |
Income from operations | 36,611 |  |  | 60,967 |  |  | 53,653 |  |  | 30,023 |  |  | 18,830 |  |  | 59,678 |  |  | 61,433 |  |  | 32,685 |
Interest income (expense), net and other | (594 | ) |  | (711 | ) |  | (260 | ) |  | (172 | ) |  | (250 | ) |  | (88 | ) |  | (182 | ) |  | (114 | )
Foreign exchange gain (loss), net | 91 |  |  | (1,067 | ) |  | 407 |  |  | (591 | ) |  | (530 | ) |  | 1,244 |  |  | (689 | ) |  | 112 |
Income before income taxes | 36,108 |  |  | 59,189 |  |  | 53,800 |  |  | 29,260 |  |  | 18,050 |  |  | 60,834 |  |  | 60,562 |  |  | 32,683 |
Provision for income taxes | 8,051 |  |  | 15,503 |  |  | 14,223 |  |  | 6,598 |  |  | 5,293 |  |  | 16,473 |  |  | 16,476 |  |  | 7,253 |
Net income | $ | 28,057 |  |  | $ | 43,686 |  |  | $ | 39,577 |  |  | $ | 22,662 |  |  | $ | 12,757 |  |  | $ | 44,361 |  |  | $ | 44,086 |  |  | $ | 25,430 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.63 |  |  | $ | 0.98 |  |  | $ | 0.89 |  |  | $ | 0.50 |  |  | $ | 0.28 |  |  | $ | 0.96 |  |  | $ | 0.95 |  |  | $ | 0.55 |
Diluted | 0.63 |  |  | 0.97 |  |  | 0.88 |  |  | 0.50 |  |  | 0.28 |  |  | 0.95 |  |  | 0.94 |  |  | 0.54 |
Cash dividends declared per share of common stock | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.22 |  |  | $ | 0.21 |
Basic earnings per share of common stock (“EPS”) for each of the quarters presented above is computed based on the weighted average number of shares of common stock outstanding during the quarter. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock outstanding during the quarter using the treasury stock method. Dilutive potential shares of common stock include stock awards. The sum of the quarterly basic and diluted EPS amounts may not necessarily be equal to the full-year basic and diluted EPS amounts.

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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 http://asc.fasb.org/topic&trid=2126967 + Details
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