Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Quarterly Financial Data (Unaudited)

The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter, except for the third quarter of 2020, which closed on September 26, 2020, and the fourth quarter of 2020 and 2019, which closed on December 31.

A summary of the company's consolidated quarterly results of operations is as follows:

	First Quarter (b)		Second Quarter (c)		Third Quarter (d)		Fourth Quarter (e)
2020
Sales	$	6,381,417	$	6,606,494	$	7,231,260	$	8,454,192
Gross profit	728,391		750,463		788,590		923,686
Operating income	138,304		196,613		238,182		321,412
Net income attributable to shareholders	49,503		132,804		166,060		236,071
Net income per share:
Basic	$	0.62	$	1.69	$	2.15	$	3.12
Diluted	$	0.61	$	1.68	$	2.13	$	3.08
2019
Sales	$	7,155,991	$	7,344,548	$	7,078,118	$	7,338,190
Gross profit	861,688		814,909		798,841		822,943
Operating income (loss)	245,560		(549,190)		173,218		238,108
Net income (loss) attributable to shareholders	140,735		(548,966)		92,131		112,013
Net income (loss) per share (a):
Basic	$	1.65	$	(6.48)	$	1.11	$	1.37
Diluted	$	1.63	$	(6.48)	$	1.10	$	1.36

Amounts discussed below are before tax except for tax related items.

(a)Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. As the company reported a net loss attributable to shareholders for the second quarter of 2019, basic and diluted net loss per share attributable to shareholders are the same.

(b)Net income attributable to shareholders for the first quarter of 2020 includes a loss on investments, net of $16,810, and reserves and other adjustments of approximately $32,700 primarily related to foreign tax and other loss contingencies. These reserves are principally associated with transactional taxes on activity from several prior years, not significant to any one year.

(c)Net income attributable to shareholders for the second quarter of 2019 includes impairments of $697,993, a charge of $20,114 related to a subset of inventory held by its digital business, and a charge of $15,851 related to the receivables and inventory of its financing solutions business.

(d)Net income attributable to shareholders for the third quarter of 2019 includes a loss on disposition of businesses, net, of $14,573, personnel charges of $30,906 related to the operating expense reduction program, previously disclosed in July 2019.

(e)Net income attributable to shareholders for the fourth quarter of 2019 includes a pension settlement loss of $20,111, a loss on disposition of businesses, net of $5,813, and tax expense of $18,193 related to the repatriation of foreign earnings and the wind down of the personal computer and mobility asset disposition business.