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Quarterly Financial Information (unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited)
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| (In thousands, except per share amounts)
Year Ended December 31, 2016 |  |  |  |  |  |  |
Net sales | $ | 869,399 |  |  | $ | 957,276 |  |  | $ | 1,795,575 |  |  | $ | 1,834,400 |
Gross profit | 388,671 |  |  | 433,567 |  |  | 870,765 |  |  | 861,388 |
Advertising and promotion expenses | 86,943 |  |  | 94,771 |  |  | 202,900 |  |  | 250,333 |
Other selling and administrative expenses | 350,874 |  |  | 350,456 |  |  | 350,469 |  |  | 348,412 |
Operating (loss) income | (49,146 | ) |  | (11,660 | ) |  | 317,396 |  |  | 262,643 |
(Loss) Income before income taxes | (93,479 | ) |  | (29,752 | ) |  | 294,028 |  |  | 238,945 |
Net (loss) income (a) | (72,959 | ) |  | (19,114 | ) |  | 236,250 |  |  | 173,845 |
Net (loss) income per common share—basic | $ | (0.21 | ) |  | $ | (0.06 | ) |  | $ | 0.69 |  |  | $ | 0.51 |
Weighted average number of common shares | 340,369 |  |  | 340,926 |  |  | 341,961 |  |  | 342,653 |
Net (loss) income per common share—diluted | $ | (0.21 | ) |  | $ | (0.06 | ) |  | $ | 0.68 |  |  | $ | 0.50 |
Weighted average number of common and potential common shares | 340,369 |  |  | 340,926 |  |  | 344,226 |  |  | 344,996 |
Dividends declared per common share | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |
Common stock market price: |  |  |  |  |  |  |
High | $ | 33.62 |  |  | $ | 34.26 |  |  | $ | 34.12 |  |  | $ | 33.09 |
Low | 24.87 |  |  | 28.89 |  |  | 30.28 |  |  | 27.55 |
Year Ended December 31, 2015 |  |  |  |  |  |  |
Net sales | $ | 922,749 |  |  | $ | 988,152 |  |  | $ | 1,791,968 |  |  | $ | 1,999,744 |
Gross profit | 450,448 |  |  | 472,858 |  |  | 879,597 |  |  | 1,003,455 |
Advertising and promotion expenses | 102,428 |  |  | 104,744 |  |  | 213,245 |  |  | 297,435 |
Other selling and administrative expenses | 402,487 |  |  | 367,551 |  |  | 365,579 |  |  | 411,967 |
Operating (loss) income | (54,467 | ) |  | 563 |  |  | 300,773 |  |  | 294,053 |
(Loss) Income before income taxes | (73,147 | ) |  | (19,898 | ) |  | 286,139 |  |  | 270,821 |
Net (loss) income (a) | (58,177 | ) |  | (11,351 | ) |  | 223,784 |  |  | 215,160 |
Net (loss) income per common share—basic | $ | (0.17 | ) |  | $ | (0.03 | ) |  | $ | 0.66 |  |  | $ | 0.63 |
Weighted average number of common shares | 338,579 |  |  | 338,843 |  |  | 339,420 |  |  | 339,815 |
Net (loss) income per common share—diluted | $ | (0.17 | ) |  | $ | (0.03 | ) |  | $ | 0.66 |  |  | $ | 0.63 |
Weighted average number of common and potential common shares | 338,579 |  |  | 338,843 |  |  | 339,790 |  |  | 340,364 |
Dividends declared per common share | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |  |  | $ | 0.38 |
Common stock market price: |  |  |  |  |  |  |
High | $ | 30.47 |  |  | $ | 30.20 |  |  | $ | 26.34 |  |  | $ | 27.69 |
Low | 22.61 |  |  | 22.65 |  |  | 21.03 |  |  | 19.83 |
(a) | Net loss for the first and second quarters of 2016 included net discrete tax expense of $0.2 million and net discrete tax benefits of $4.0 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted law changes. Net income for the third and fourth quarters of 2016 included net discrete tax benefits of $9.0 million and $4.0 million, respectively, primarily related to 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, and the adoption of a new accounting pronouncement. Net loss for the first and second quarters of 2016 included net discrete tax expense of $0.7 million and net discrete tax benefits of $4.3 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted law changes. Net income for the third and fourth quarters of 2016 included net discrete tax expense of $0.8 million and net discrete tax benefits of $16.3 million, respectively, primarily related to 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.

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