| Quarterly Data |
QUARTERLY DATA (Unaudited) Summary quarterly results were as follows: | | | | | | | | | | | | | | | | | | Year 2015 | | First | | Second | | Third(b) | | Fourth(b) | Net sales | | $ | 1,937,800 |
| | $ | 1,578,825 |
| | $ | 1,960,779 |
| | $ | 1,909,222 |
| Gross profit | | 900,843 |
| | 735,408 |
| | 868,706 |
| | 877,718 |
| Net income (loss) | | 244,737 |
| | (99,941 | ) | | 140,266 |
| | 227,889 |
| Common stock: | | | | | | | | | Net income (loss) per share—Basic(a) | | 1.14 |
| | (0.47 | ) | | 0.66 |
| | 1.08 |
| Net income (loss) per share—Diluted | | 1.10 |
| | (0.47 | ) | | 0.64 |
| | 1.04 |
| Dividends paid per share | | 0.535 |
| | 0.535 |
| | 0.583 |
| | 0.583 |
| Class B common stock: | | | | | | | | | Net income (loss) per share—Basic(a) | | 1.04 |
| | (0.42 | ) | | 0.60 |
| | 0.98 |
| Net income (loss) per share—Diluted(a) | | 1.03 |
| | (0.42 | ) | | 0.60 |
| | 0.98 |
| Dividends paid per share | | 0.486 |
| | 0.486 |
| | 0.530 |
| | 0.530 |
| Market price—common stock: | | | | | | | | | High | | 110.78 |
| | 101.74 |
| | 94.31 |
| | 97.07 |
| Low | | 98.52 |
| | 87.86 |
| | 85.13 |
| | 83.58 |
|
| | | | | | | | | | | | | | | | | | Year 2014 | | First | | Second | | Third | | Fourth | Net sales | | $ | 1,871,813 |
| | $ | 1,578,350 |
| | $ | 1,961,578 |
| | $ | 2,010,027 |
| Gross profit | | 871,490 |
| | 717,474 |
| | 860,137 |
| | 887,065 |
| Net income | | 252,495 |
| | 168,168 |
| | 223,741 |
| | 202,508 |
| Common stock: | | | | | | | | | Net income per share—Basic(a) | | 1.16 |
| | 0.78 |
| | 1.03 |
| | 0.94 |
| Net income per share—Diluted | | 1.11 |
| | 0.75 |
| | 1.00 |
| | 0.91 |
| Dividends paid per share | | 0.485 |
| | 0.485 |
| | 0.535 |
| | 0.535 |
| Class B common stock: | | | | | | | | | Net income per share—Basic | | 1.04 |
| | 0.70 |
| | 0.94 |
| | 0.85 |
| Net income per share—Diluted | | 1.03 |
| | 0.70 |
| | 0.94 |
| | 0.85 |
| Dividends paid per share | | 0.435 |
| | 0.435 |
| | 0.486 |
| | 0.486 |
| Market price—common stock: | | | | | | | | | High | | 108.07 |
| | 104.11 |
| | 96.93 |
| | 106.64 |
| Low | | 95.54 |
| | 96.02 |
| | 88.15 |
| | 91.09 |
|
| | (a) | Quarterly income per share amounts do not total to the annual amount due to changes in weighted-average shares outstanding during the year, as well as the impact of excluding dilutive securities in the period in which there was a net loss. |
| | (b) | The Company identified a material weakness in its internal control over financial reporting related to hedge accounting compliance for cocoa commodity derivatives. As a result, hedge accounting treatment for cocoa commodity derivatives was disallowed for the third and fourth quarters of 2015; therefore the impact of changes in fair value of the cocoa commodity futures outstanding during these periods should have been recorded within cost of sales as incurred, instead of deferred within AOCI. Such gains (losses) totaled $(23,358) for the third quarter of 2015 and an essentially offsetting amount for the fourth quarter of 2015. The amounts presented above for the third and fourth quarters of 2015 reflect the impact of reclassifying these gains (losses) deferred within AOCI to cost of sales for the respective periods. |
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