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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Information (Unaudited) | Note 14—Quarterly Financial Information (Unaudited)
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
|  | (In thousands, except per share amounts) |
Year Ended December 31, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 946,177 |  |  | $ | 1,062,252 |  |  | $ | 2,021,424 |  |  | $ | 1,993,966 |
Gross profit |  |  | 481,531 |  |  |  | 492,570 |  |  |  | 1,021,138 |  |  |  | 1,005,783 |
Advertising and promotion expenses |  |  | 90,834 |  |  |  | 99,853 |  |  |  | 218,746 |  |  |  | 323,810 |
Other selling and administrative expenses |  |  | 384,479 |  |  |  | 391,709 |  |  |  | 392,913 |  |  |  | 444,964 |
Operating income |  |  | 6,218 |  |  |  | 1,008 |  |  |  | 409,479 |  |  |  | 237,009 |
(Loss) Income before income taxes |  |  | (9,421 | ) |  |  | (14,371 | ) |  |  | 394,180 |  |  |  | 216,522 |
Net (loss) income (a) |  |  | (11,218 | ) |  |  | 28,325 |  |  |  | 331,836 |  |  |  | 149,931 |
Net (loss) income per common share—basic |  | $ | (0.03 | ) |  | $ | 0.08 |  |  | $ | 0.97 |  |  | $ | 0.44 |
Weighted average number of common shares |  |  | 340,226 |  |  |  | 338,709 |  |  |  | 338,728 |  |  |  | 338,416 |
Net (loss) income per common share—diluted |  | $ | (0.03 | ) |  | $ | 0.08 |  |  | $ | 0.97 |  |  | $ | 0.44 |
Weighted average number of common and potential common shares |  |  | 340,226 |  |  |  | 340,644 |  |  |  | 340,329 |  |  |  | 339,506 |
Dividends declared per common share |  | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |
Common stock market price: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 47.39 |  |  | $ | 40.32 |  |  | $ | 39.79 |  |  | $ | 31.86 |
Low |  |  | 35.24 |  |  |  | 37.47 |  |  |  | 30.48 |  |  |  | 28.78 |
Year Ended December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 995,606 |  |  | $ | 1,169,109 |  |  | $ | 2,206,961 |  |  | $ | 2,113,216 |
Gross profit |  |  | 540,051 |  |  |  | 600,008 |  |  |  | 1,187,980 |  |  |  | 1,150,844 |
Advertising and promotion expenses |  |  | 104,540 |  |  |  | 113,403 |  |  |  | 249,386 |  |  |  | 282,876 |
Other selling and administrative expenses |  |  | 369,680 |  |  |  | 391,815 |  |  |  | 410,419 |  |  |  | 388,661 |
Operating income |  |  | 65,831 |  |  |  | 94,790 |  |  |  | 528,175 |  |  |  | 479,307 |
Income before income taxes |  |  | 44,165 |  |  |  | 78,729 |  |  |  | 514,343 |  |  |  | 461,891 |
Net income (a) |  |  | 38,511 |  |  |  | 73,348 |  |  |  | 422,836 |  |  |  | 369,249 |
Net income per common share—basic |  | $ | 0.11 |  |  | $ | 0.21 |  |  | $ | 1.22 |  |  | $ | 1.08 |
Weighted average number of common shares |  |  | 344,315 |  |  |  | 346,614 |  |  |  | 343,279 |  |  |  | 339,402 |
Net income per common share—diluted |  | $ | 0.11 |  |  | $ | 0.21 |  |  | $ | 1.21 |  |  | $ | 1.07 |
Weighted average number of common and potential common shares |  |  | 348,795 |  |  |  | 350,424 |  |  |  | 346,695 |  |  |  | 343,237 |
Dividends declared per common share |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.36 |
Common stock market price: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 43.77 |  |  | $ | 46.79 |  |  | $ | 47.08 |  |  | $ | 47.82 |
Low |  |  | 35.70 |  |  |  | 42.64 |  |  |  | 40.39 |  |  |  | 40.39 |
(a) | Net loss for the first quarter of 2014 included $3.7 million of net tax expense primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions, settlements, and enacted tax law changes. Net income for the second and third quarters of 2014 included net tax benefits of $40.1 million and $15.1 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions, settlements, and enacted tax law changes. Net income for the fourth quarter of 2014 included net tax expense of $8.9 million, primarily related to a tax charge related to a 2014 tax restructuring for the HIT Entertainment and MEGA Brands operations, partially offset by reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted tax law changes. Net income for the first quarter of 2013 included $4.0 million of net tax benefits primarily related to enacted tax law changes. Net income for the second and third quarter of 2013 included net tax benefits of $11.2 million and $17.0 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions, settlements, and enacted tax law changes.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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