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17. Quarterly Financial Data
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Quarterly Financial Data [Text Block]
17. QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data for 2019 and 2018 are as follows (in millions, except per share data):

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2019
 
 
 
 
 
 
 
 
Net sales
 
$
554.0

 
$
572.6

 
$
560.6

 
$
624.5

Gross profit
 
311.8

 
307.8

 
307.0

 
330.4

Net income (loss)
 
865.2

 
598.8

 
(258.8
)
 
553.5

Basic earnings (loss) per share
 
$
29.03

 
$
20.08

 
$
(8.68
)
 
$
18.50

Diluted earnings (loss) per share
 
$
28.74

 
$
19.86

 
$
(8.68
)
 
$
18.31

 
 
 
 
 
 
 
 
 
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
)


As a result of the net losses for the three months ended September 30, 2019 and 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 effects were anti-dilutive. Financial data for the fourth quarter of 2019 were negatively affected by the December 2019 Cyberattack, and restructuring costs for the European and North American reorganization, and are described in Item 7 and Note 15 to the consolidated financial statements, respectively. These negative effects were offset by a $646.0 million increase in fair market value of equity securities. The net losses for the three months ended September 30, 2019 and December 31, 2018 were primarily due to a $390.6 million and $814.1 million decrease in fair market value of equity securities, respectively. These changes in fair market value of equity securities mostly consisted of holding gains or 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).