

	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
	(In thousands, except per share amounts)
Year Ended December 31, 2016
Net sales	$	869,399		$	957,276		$	1,795,575	$	1,834,400
Gross profit	388,671			433,567			870,765		861,388
Advertising and promotion expenses	86,943			94,771			202,900		250,333
Other selling and administrative expenses	350,874			350,456			350,469		348,412
Operating (loss) income	(49,146		)	(11,660		)	317,396		262,643
(Loss) Income before income taxes	(93,479		)	(29,752		)	294,028		238,945
Net (loss) income (a)	(72,959		)	(19,114		)	236,250		173,845
Net (loss) income per common share—basic	$	(0.21	)	$	(0.06	)	$	0.69	$	0.51
Weighted average number of common shares	340,369			340,926			341,961		342,653
Net (loss) income per common share—diluted	$	(0.21	)	$	(0.06	)	$	0.68	$	0.50
Weighted average number of common and potential common shares	340,369			340,926			344,226		344,996
Dividends declared per common share	$	0.38		$	0.38		$	0.38	$	0.38
Common stock market price:
High	$	33.62		$	34.26		$	34.12	$	33.09
Low	24.87			28.89			30.28		27.55
Year Ended December 31, 2015
Net sales	$	922,749		$	988,152		$	1,791,968	$	1,999,744
Gross profit	450,448			472,858			879,597		1,003,455
Advertising and promotion expenses	102,428			104,744			213,245		297,435
Other selling and administrative expenses	402,487			367,551			365,579		411,967
Operating (loss) income	(54,467		)	563			300,773		294,053
(Loss) Income before income taxes	(73,147		)	(19,898		)	286,139		270,821
Net (loss) income (a)	(58,177		)	(11,351		)	223,784		215,160
Net (loss) income per common share—basic	$	(0.17	)	$	(0.03	)	$	0.66	$	0.63
Weighted average number of common shares	338,579			338,843			339,420		339,815
Net (loss) income per common share—diluted	$	(0.17	)	$	(0.03	)	$	0.66	$	0.63
Weighted average number of common and potential common shares	338,579			338,843			339,790		340,364
Dividends declared per common share	$	0.38		$	0.38		$	0.38	$	0.38
Common stock market price:
High	$	30.47		$	30.20		$	26.34	$	27.69
Low	22.61			22.65			21.03		19.83

(a)

Net loss for the first and second quarters of 2016 included net discrete tax expense of $0.2 million and net discrete tax benefits of $4.0 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted law changes. Net income for the third and fourth quarters of 2016 included net discrete tax benefits of $9.0 million and $4.0 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted tax law changes, and the adoption of a new accounting pronouncement. Net loss for the first and second quarters of 2016 included net discrete tax expense of $0.7 million and net discrete tax benefits of $4.3 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted law changes. Net income for the third and fourth quarters of 2016 included net discrete tax expense of $0.8 million and net discrete tax benefits of $16.3 million, respectively, primarily related to reassessments of prior years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world, settlements, and enacted tax law changes.