Annual report pursuant to Section 13 and 15(d)

Quarterly Information

v2.4.1.9
Quarterly Information
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Information

16.    Quarterly Information (Unaudited)

 

             2014                       2013          
     (In millions, except per share data)  

First Quarter Ended March 31

      

Net sales

    $ 1,262.6       $ 1,123.7   

Gross profit

      1,011.4         897.7   

Net income

      74.6         118.9   

Earnings per share

      

Basic

    $ 0.78       $ 1.14   

Diluted

    $ 0.74       $ 1.10   

Second Quarter Ended June 30

      

Net sales

    $ 1,306.2       $ 1,219.2   

Gross profit

      1,049.0         972.0   

Net income

      119.5         143.1   

Earnings per share

      

Basic

    $ 1.39       $ 1.39   

Diluted

    $ 1.31       $ 1.34   

Third Quarter Ended September 30

      

Net sales

    $ 1,256.2       $ 1,213.5   

Gross profit

      1,001.3         975.1   

Net income

      11.3         142.0   

Earnings per share

      

Basic

    $ 0.14       $ 1.39   

Diluted

    $ 0.13       $ 1.32   

Fourth Quarter Ended December 31

      

Net sales

    $ 1,133.6       $ 1,268.9   

Gross profit

      914.0         1,017.1   

Net income(1)

      103.3         123.5   

Earnings per share

      

Basic

    $ 1.26       $ 1.22   

Diluted

    $ 1.21       $ 1.15   

 

 

(1) At December 31, 2014, the Company revised its estimate of its employee bonus accrual. This change in estimate was a result of the Company not meeting its projected targets. This change in estimate resulted in a cumulative adjustment that increased the Company’s operating income by a pre-tax amount of $16.6 million which increased the Company’s 2014 fourth quarter net income by $12.0 million, net of tax.