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16. Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Data [Abstract] |
Quarterly Financial Data [Text Block] | 16. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for 2018 and 2017 are as follows (in millions, except per share data):
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2018 |  |  |  |  |  |  |  |
Net sales |  | $ | 551.5 |  |  | $ | 575.9 |  |  | $ | 545.1 |  |  | $ | 616.9 |
Gross profit |  | 302.2 |  |  | 301.7 |  |  | 286.7 |  |  | 332.6 |
Net income (loss) |  | 656.8 |  |  | 268.0 |  |  | 269.3 |  |  | (828.5 | )
Basic earnings (loss) per share |  | $ | 22.05 |  |  | $ | 8.99 |  |  | $ | 9.02 |  |  | $ | (27.73 | )
Diluted earnings (loss) per share |  | $ | 21.77 |  |  | $ | 8.87 |  |  | $ | 8.89 |  |  | $ | (27.73 | )
2017 |  |  |  |  |  |  |  |
Net sales |  | $ | 500.1 |  |  | $ | 504.7 |  |  | $ | 534.1 |  |  | $ | 621.3 |
Gross profit |  | 270.1 |  |  | 273.4 |  |  | 299.0 |  |  | 345.2 |
Net income |  | 12.4 |  |  | 5.0 |  |  | 22.1 |  |  | 82.7 |
Basic earnings per share |  | $ | 0.42 |  |  | $ | 0.17 |  |  | $ | 0.74 |  |  | $ | 2.78 |
Diluted earnings per share |  | $ | 0.41 |  |  | $ | 0.17 |  |  | $ | 0.73 |  |  | $ | 2.75 |
As a result of the net loss for the three months ended December 31, 2018, all potentially issuable common shares have been excluded from the diluted shares used in the computation of earnings per share as their effect was anti-dilutive. The net loss for the three months ended December 31, 2018 was primarily due to an $814.1 million decrease in fair market value of equity securities, primarily due to the adoption of ASU 2016-01 (see Note 1 to the consolidated financial statements) and mostly consisted of holding losses on our investment in Sartorius AG. The net loss for the three months ended December 31, 2018 also included impairment losses on goodwill and long-lived assets in the amount of $292.5 million (see Note 4 to the consolidated financial statements). Prior year amounts have been adjusted (see Note 1 to the consolidated financial statements in regard to ASU 2017-07) for pension and other postretirement benefits.

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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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