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17. Quarterly Financial Data (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2022

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Data [Table Text Block]

Summarized quarterly financial data for the years ended December 31, 2022 and 2021 are as follows (in millions, except per share data):

						First Quarter						Second Quarter						Third Quarter						Fourth Quarter
2022
Net sales						$	700.1					$	691.1					$	680.8					$	730.3
Gross profit						402.6						395.0						372.6						397.1
Net income (loss)						(3,367.3)						(925.1)						(162.8)						827.7
Basic earnings (loss) per share						(112.5)						(31.05)						(5.48)						27.89
Diluted earnings (loss) per share						(112.5)						(31.05)						(5.48)						27.78
2021
Net sales						$	726.8					$	715.9					$	747.0					$	732.8
Gross profit						400.5						401.1						436.5						399.9
Net income						980.0						916.8						3,929.6						(1,572.2)
Basic earnings per share						32.86						30.80						131.80						(52.54)
Diluted earnings per share						32.46						30.41						130.02						(52.54)

Schedule of Error Corrections and Prior Period Adjustments

The effect of the revision to our consolidated balance sheet as of December 31, 2021 was as follows (in millions):

						December 31, 2021
						As reported						Adjustment						As revised
Consolidated Balance Sheet:
Prepaid expenses						$	107.7					$	1.4					$	109.1
Property, plant and equipment, net						491.0						20.7						511.7
Other assets						102.7						1.5						104.2
Deferred income taxes						3,059.1						5.5						3,064.6
Retained earnings						13,507.2						18.1						13,525.3

The effect of the revision to our consolidated statements of income (loss) and consolidated statements of cash flows for the years ended December 31, 2021 and 2020 were as follows (in millions, except per share data):

						Year Ended December 31, 2021
						As reported						Adjustment						As revised
Consolidated Statements of Income (Loss):
Cost of goods sold						$	1,281.9					$	2.6					$	1,284.5
Selling, general and administrative expense						879.6						(2.5)						877.1
Research and development expense						271.7						(11.1)						260.6
Income from operations						489.4						10.9						500.3
Benefit from (provision for) income taxes						(1,192.2)						(2.6)						(1,194.8)
Net income (loss)						4,245.9						8.4						4,254.3
Net income (loss) per basic share						142.33						0.28						142.61
Net income (loss) per diluted share						140.56						0.27						140.83

						Year Ended December 31, 2021
						As reported						Adjustment						As revised
Consolidated Statement of Cash Flows:
Net cash provided by operating activities						$	656.5					$	13.0					$	669.5
Net cash used in investing activities						(784.4)						(13.0)						(797.4)

						Year Ended December 31, 2020
						As reported						Adjustment						As revised
Consolidated Statements of Income (Loss):
Cost of goods sold						$	1,107.8					$	(0.1)					$	1,107.7
Selling, general and administrative expense						800.3						(1.5)						798.8
Research and development expense						226.6						(8.8)						217.8
Income from operations						411.0						10.4						421.3
Benefit from (provision for) income taxes						(1,101.4)						(2.4)						(1,103.8)
Net income (loss)						3,806.3						8.0						3,814.2
Net income (loss) per basic share						127.86						0.27						128.13
Net income (loss) per diluted share						126.20						0.27						126.47

						Year Ended December 31, 2020
						As reported						Adjustment						As revised
Consolidated Statement of Cash Flows:
Net cash provided by operating activities						$	575.3					$	9.6					$	585.0
Net cash used in investing activities						(60.3)						(9.6)						(69.9)

In addition, the revision effected prior year amounts disclosed in Note 7, Income Taxes; Note 12, Supplemental Cash Flow Information; Note 15, Segment Information and Note 18 Quarterly Financial Data (Unaudited).

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