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16. Quarterly Financial Data
 12 Months Ended
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.