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Summarized Quarterly Financial Information (Unaudited, in millions, except per share data) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Financial Information (Unaudited, in millions, except per share data)

 

 

 

2016

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

(In millions, except per share amounts)

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

Net sales

 

$

1,590.6

 

 

$

1,727.0

 

 

$

1,716.6

 

 

$

1,744.1

 

Gross profit

 

 

589.3

 

 

 

661.4

 

 

 

640.0

 

 

 

640.9

 

Net earnings available to common stockholders(1)

 

 

102.4

 

 

 

49.6

 

 

 

163.3

 

 

 

171.1

 

Net earnings per common share - basic(1)(2)

 

$

0.51

 

 

$

0.25

 

 

$

0.84

 

 

$

0.89

 

Net earnings per common share - diluted(1)(2)

 

$

0.51

 

 

$

0.25

 

 

$

0.83

 

 

$

0.87

 

 

 

 

2015

 

 

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

(In millions, except per share amounts)

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter(3)

 

Net sales

 

$

1,746.4

 

 

$

1,785.0

 

 

$

1,746.2

 

 

$

1,753.9

 

Gross profit

 

 

649.6

 

 

 

663.8

 

 

 

636.6

 

 

 

636.6

 

Net earnings available to common stockholders

 

 

97.2

 

 

 

28.1

 

 

 

86.6

 

 

 

123.5

 

Net earnings per common share - basic(2)

 

$

0.46

 

 

$

0.13

 

 

$

0.43

 

 

$

0.63

 

Net earnings per common share - diluted(2)

 

$

0.46

 

 

$

0.13

 

 

$

0.42

 

 

$

0.62

 

 

 

(1)

The Company early adopted ASU 2016-09 on a prospective basis, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional diluted weighted average number of common shares outstanding of 404,347, 456,352, 377,130 and 536,975 and recognition of excess tax benefits in the income tax provision of $10.6 million, zero, $1.8 million and $5.7 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively. As a result, net earnings per common share increased by $0.05 per share, zero, $0.01 per share and $0.04 per share for three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively. Refer to Note 2, “Recently Issued Accounting Standards” of the Notes to Consolidated Financial Statements for further details.

(2)

The sum of the quarterly per share amounts may not agree to the respective annual amounts due to rounding.

(3)

During the fourth quarter of 2015, adjustments were made to prior year provisions which resulted in an increase in earnings per share. Refer to Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further information.