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Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
The following is an analysis of certain line items in the Consolidated Statements of Income by quarter for 2019 and 2018:
(in millions, except per share data)
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
2019
 
 
 
 
 
 
 
Net sales(1)
$
393.9

 
$
518.7

 
$
505.7

 
$
537.4

Gross profit
125.8

 
165.8

 
155.9

 
186.0

Operating income
17.9

 
61.4

 
48.8

 
68.1

Net income
$
(0.6
)
 
$
35.9

 
$
28.0

 
$
43.5

Per share:
 
 
 
 
 
 
 
Basic income per share (2)
$
(0.01
)
 
$
0.35

 
$
0.29

 
$
0.45

Diluted income per share (2)
$
(0.01
)
 
$
0.35

 
$
0.28

 
$
0.44

2018
 
 
 
 
 
 
 
Net sales(1)
$
405.8

 
$
498.8

 
$
507.3

 
$
529.3

Gross profit
127.5

 
162.4

 
160.8

 
177.1

Operating income
11.7

 
51.8

 
57.5

 
66.0

Net income
$
10.4

 
$
25.7

 
$
35.6

 
$
35.0

Per share:
 
 
 
 
 
 
 
Basic income per share (2)
$
0.10

 
$
0.24

 
$
0.34

 
$
0.34

Diluted income per share (2)
$
0.09

 
$
0.24

 
$
0.34

 
$
0.34


(1)
Historically, our business has experienced higher sales and earnings in the second, third, and fourth quarters of the calendar year and we expect those trends to continue. Two principal factors contribute to this seasonality: (1) we are a major supplier of products related to the back-to-school season, which occurs principally from May through September for our businesses in North America and Mexico and from November through February for our Australian and Brazilian businesses; and (2) several product categories we sell lend themselves to calendar year-end purchase, including planners, paper storage, and organization products.

(2)
The sum of the quarterly earnings per share amounts may not equal the total for the year due to the effects of rounding, dilution as a result of issuing shares of common stock and repurchasing of shares of common stock during the year.