

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In thousands, except per share amounts)
Year Ended December 31, 2017
Net sales	$	735,618		$	974,477		$	1,560,983		$	1,610,873
Gross profit	278,778			399,765			647,149			495,137
Advertising and promotion expenses	73,562			95,499			179,691			293,534
Other selling and administrative expenses	332,244			352,943			381,756			454,423
Operating (loss) income	(127,028		)	(48,677		)	85,702			(252,820		)
(Loss) income before income taxes	(145,671		)	(73,743		)	61,263			(346,836		)
Net loss (a)	(113,231		)	(56,075		)	(603,247		)	(281,283		)
Net loss per common share—basic	$	(0.33	)	$	(0.16	)	$	(1.75	)	$	(0.82	)
Weighted average number of common shares	342,914			343,116			343,870			344,294
Net loss per common share—diluted	$	(0.33	)	$	(0.16	)	$	(1.75	)	$	(0.82	)
Weighted average number of common and potential common shares	342,914			343,116			343,870			344,294
Dividends declared per common share	$	0.38		$	0.38		$	0.15		$	—
Common stock market price:
High	$	31.56		$	25.73		$	21.63		$	18.81
Low	24.96			20.01			14.52			13.04
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

(a)

Net losses in the first and second quarters of 2017 included net discrete tax expense of $0.5 million and net discrete tax benefits of $3.2 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 loss in the third quarter of 2017 included net discrete tax expense of $561.9 million, primarily related to the establishment of a valuation allowance. Net loss in the fourth quarter of 2017 included a net discrete tax benefit of $104.4 million 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 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.