2019

2018

(in millions, except per share amounts)

First Quarter Ended March 31

Net sales

$

1,172.2

$

1,176.9

Gross profit

930.6

937.0

Net income

96.3

82.1

Earnings per share:

Basic

$

0.70

$

0.57

Diluted

$

0.66

$

0.54

Second Quarter Ended June 30

Net sales

$

1,240.1

$

1,285.5

Gross profit

996.9

1,050.1

Net income

76.5

94.4

Earnings per share:

Basic

$

0.56

$

0.66

Diluted

$

0.54

$

0.62

Third Quarter Ended September 30

Net sales

$

1,244.5

$

1,242.8

Gross profit

1,001.1

1,024.7

Net income

81.5

71.2

Earnings per share:

Basic

$

0.59

$

0.52

Diluted

$

0.58

$

0.49

Fourth Quarter Ended December 31(1)

Net sales

$

1,220.3

$

1,186.6

Gross profit

990.5

960.7

Net income

56.7

48.9

Earnings per share:

Basic

$

0.41

$

0.36

Diluted

$

0.40

$

0.34

(1)

The fourth quarter of 2019 includes a net favorable adjustment to our unrecognized tax benefit liability of $11.4 million primarily attributable to transfer pricing matters in various foreign jurisdictions, and a legal accrual of $40 million relating to the SEC and DOJ investigations relating to the FCPA matter in China as described further in Note 7, Contingencies. The fourth quarter of 2018 includes an unfavorable impact of U.S. Tax Reform enacted during the fourth quarter of 2017, as described further in Note 12, Income Taxes.