Selected Quarterly Data

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY DATA (UNAUDITED)



(millions except per share data)	First		Second		Third		Fourth
2019
Net sales	$	1,231.5	$	1,301.9	$	1,329.2	$	1,484.8
Gross profit	466.9		508.5		539.9		630.0
Operating income	196.9		208.1		253.5		299.2
Net income	148.0		149.4		191.9		213.4
Basic earnings per share	1.12		1.13		1.45		1.60
Diluted earnings per share	1.11		1.12		1.43		1.59
Dividends paid per share—
Common Stock and Common Stock Non-Voting	0.57		0.57		0.57		0.57
Dividends declared per share—
Common Stock and Common Stock Non-Voting	—		0.57		0.57		1.19
2018
Net sales	$	1,215.4	$	1,301.3	$	1,318.2	$	1,467.9
Gross profit	460.4		505.4		522.5		605.0
Operating income	181.1		188.6		229.9		291.5
Net income	422.6		123.3		173.5		214.0
Basic earnings per share	3.22		0.94		1.32		1.62
Diluted earnings per share	3.18		0.93		1.30		1.60
Dividends paid per share—
Common Stock and Common Stock Non-Voting	0.52		0.52		0.52		0.52
Dividends declared per share—
Common Stock and Common Stock Non-Voting	—		0.52		0.52		1.09

Operating income for the first quarter of 2019 included $2.1 million of special charges, with an after-tax impact of $1.6 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the second quarter of 2019 included $7.1 million of special charges, with an after-tax impact of $5.4 million and a per share impact of $0.04 for both basic and diluted earnings per share. Operating income for the third quarter of 2019 included $7.7 million of special charges, with an after-tax impact of $6.1 million and a per share impact of $0.04 for both basic and diluted earnings per share. Net income for the third quarter of 2019 included $1.5 million of non-recurring income tax expense related to enactment of the U.S. Tax Act, with a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2019 included $3.9 million of special charges, with an after-tax impact of $3.0 million and a per share impact of $0.02 for both basic and diluted earnings per share.

Operating income for the first quarter of 2018 included $2.2 million of special charges, with an after-tax impact of $1.6 million and a per share impact of $0.01 for both basic and diluted earnings per share. Operating income for the first quarter of 2018 included $8.7 million of transaction and integration expenses, with an after-tax impact of $6.9 million and a per share impact of $0.05 for both basic and diluted earnings per share. Net income for the first quarter of 2018 included $297.9 million of non-recurring income tax benefit related to enactment of the U.S. Tax Act, with a per share impact of $2.27 and $2.24 for basic and diluted earnings per share, respectively. Operating income for the second quarter of 2018 included $8.4 million of special charges, with an after-tax impact of $6.5 million and a per share impact of $0.05 for both basic and diluted earnings per share. Operating income for the second quarter of 2018 included $7.8 million of transaction and integration expenses, with an after-tax impact of $6.1 million and a per share impact of $0.05 and $0.04 for basic and diluted earnings per share, respectively. Operating income for the third quarter of 2018 included $3.3 million of special charges, with an after-tax impact of $2.5 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the third quarter of 2018 included $5.6 million of transaction and integration expenses, with an after-tax impact of $4.3 million and a per share impact of $0.04 for both basic and diluted earnings per share. Net income for the third quarter of 2018 included $10.3 million of non-recurring income tax benefit related to enactment of the U.S. Tax Act, with a per share impact of $0.08 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2018 included $2.4 million of special charges, with an after-tax impact of $1.9 million and a per share impact of $0.02 for both basic and diluted earnings per share. Operating income for the fourth quarter of 2018 included $0.4 million of transaction and integration expenses, with an after-tax impact of $0.3 million. Net income for the fourth quarter of 2018 included $6.7 million of non-recurring income tax expense related to enactment of the U.S. Tax Act, with a per share impact of $0.05 for both basic and diluted earnings per share.

See notes 2 and 3 for details with respect to the transaction and integration expenses and actions undertaken in connection with these special charges, respectively. See note 12 for details regarding the non-recurring income tax benefits related to enactment of the U.S. Tax Act.

Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarters may not be equal to the full year earnings per share.