Quarterly Financial Information (Unaudited)



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In thousands, except per share amounts)
Year Ended December 31, 2018
Net sales	$	708,372		$	840,748		$	1,437,451		$	1,524,281
Gross profit	218,873			253,202			613,056			709,594
Advertising and promotion expenses	70,837			82,393			165,308			207,898
Other selling and administrative expenses	424,617			360,000			325,874			394,305
Operating (loss) income	(276,581		)	(189,191		)	121,874			107,391
(Loss) income before income taxes	(313,905		)	(234,022		)	72,592			56,074
Net (loss) income (a)	(311,253		)	(240,931		)	6,278			14,913
Net (loss) income (a) per common share—basic	$	(0.90	)	$	(0.70	)	$	0.02		$	0.04
Weighted average number of common shares	344,434			344,584			345,285			345,720
Net (loss) income (a) per common share—diluted	$	(0.90	)	$	(0.70	)	$	0.02		$	0.04
Weighted average number of common and potential common shares	344,434			344,584			345,672			345,846
Dividends declared per common share	$	—		$	—		$	—		$	—
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 (b)	330,829			353,296			381,214			452,644
Operating (loss) income (b)	(125,613		)	(49,030		)	86,244			(251,041		)
(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 (a) 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 (a) 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		$	—

(a)

Net loss in the first and second quarters of 2018 included net discrete tax expense of $4.5 million and a net discrete tax benefit of $2.3 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 in the third quarter of 2018 included net discrete tax expense of $42.1 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, changes to the indefinite reinvestment assertion, repatriation of accumulated foreign earnings (net of related valuation allowance change), and enacted law changes. Net income in the fourth quarter of 2018 included a net discrete tax benefit of $5.6 million related to the deemed repatriation of accumulated foreign earnings (net of related valuation allowance change). Net loss for the first and second quarters of 2017 included net discrete tax expense of $0.5 million and a net discrete tax benefit 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 tax law changes.


(b)	In accordance with ASU 2017-07, prior period amounts have been retrospectively adjusted, which resulted in a reclassification of $1.4 million, $(0.3) million, $0.5 million, and $1.8 million of expense, net from other selling and administrative expenses to other non-operating expense, net for the quarters ended March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017.