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Quarterly Financial Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2013
Quarterly Financial Information (Unaudited)
     First
Quarter
     Second
Quarter
     Third
Quarter
     Fourth
Quarter
 
     (In thousands, except per share amounts)  

Year Ended December 31, 2013:

           

Net sales

   $ 995,606       $ 1,169,109       $ 2,206,961       $ 2,113,216   

Gross profit

     540,051         600,008         1,187,980         1,150,844   

Advertising and promotion expenses

     104,540         113,403         249,386         282,876   

Other selling and administrative expenses

     369,680         391,815         410,419         388,661   

Operating income

     65,831         94,790         528,175         479,307   

Income before income taxes

     44,165         78,729         514,343         461,891   

Net income (a)

     38,511         73,348         422,836         369,249   

Net income per common share—basic

   $ 0.11       $ 0.21       $ 1.22       $ 1.08   

Weighted average number of common shares

     344,315         346,614         343,279         339,402   

Net income per common share—diluted

   $ 0.11       $ 0.21       $ 1.21       $ 1.07   

Weighted average number of common and potential common shares

     348,795         350,424         346,695         343,237   

Dividends declared per common share

   $ 0.36       $ 0.36       $ 0.36       $ 0.36   

Common stock market price:

           

High

   $ 43.77       $ 46.79       $ 47.08       $ 47.82   

Low

     35.70         42.64         40.39         40.39   

Year Ended December 31, 2012:

           

Net sales

   $ 928,449       $ 1,158,711       $ 2,077,816       $ 2,255,905   

Gross profit

     473,371         594,522         1,115,371         1,225,933   

Advertising and promotion expenses

     97,859         112,395         234,793         272,756   

Other selling and administrative expenses (b)

     346,776         350,694         393,211         579,698   

Operating income (b)

     28,736         131,433         487,367         373,479   

Income before income taxes

     10,168         111,361         466,847         356,669   

Net income (a)

     7,829         96,218         365,937         306,480   

Net income per common share—basic

   $ 0.02       $ 0.28       $ 1.06       $ 0.88   

Weighted average number of common shares

     339,144         341,256         342,595         343,624   

Net income per common share—diluted

   $ 0.02       $ 0.28       $ 1.04       $ 0.87   

Weighted average number of common and potential common shares

     343,660         345,554         347,122         348,351   

Dividends declared per common share

   $ 0.31       $ 0.31       $ 0.31       $ 0.31   

Common stock market price:

           

High

   $ 34.39       $ 34.30       $ 36.17       $ 37.79   

Low

     27.76         30.56         31.04         35.11   

 

(a) Net income for the first quarter of 2013 included $4.0 million of net tax benefits primarily related to enacted tax law changes. Net income for the second and third quarter of 2013 included net tax benefits of $11.2 million and $17.0 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions, settlements, and enacted tax law changes. Net income for the second and third quarter of 2012 included net tax benefits of $10.5 million and $5.5 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions, settlements, and enacted tax law changes. Net income for the fourth quarter of 2012 included the impact of the Litigation Charge, net of tax, of $87.1 million.

 

(b) Other selling and administrative expenses and operating income for the fourth quarter of 2012 included the impact of the Litigation Charge of $137.8 million.