Quarterly Results (Unaudited)

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)

The following table presents the Company's selected unaudited quarterly operating results for the eight quarters ended March 31, 2020.  The Company believes that all adjustments of a normal recurring nature have been made to present fairly the related quarterly results (in millions, except per share amounts). Amounts may not add to the total due to rounding:

Fiscal 2020	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Net sales	$	1,322.6	$	1,337.8	$	1,287.4	$	1,326.4	$	5,274.2
Gross profit	$	815.2	$	827.5	$	785.5	$	813.9	$	3,242.1
Operating income	$	171.6	$	183.6	$	131.2	$	160.7	$	647.1
Net income	$	50.7	$	108.9	$	311.1	$	99.9	$	570.6
Diluted net income per common share	$	0.20	$	0.43	$	1.20	$	0.39	$	2.23
Fiscal 2019	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Net sales	$	1,212.5	$	1,432.5	$	1,374.7	$	1,329.8	$	5,349.5
Gross profit	$	642.0	$	689.3	$	779.6	$	820.5	$	2,931.3
Operating income	$	132.3	$	102.7	$	194.7	$	284.6	$	714.3
Net income	$	35.7	$	96.3	$	49.2	$	174.7	$	355.9
Diluted net income per common share	$	0.14	$	0.38	$	0.20	$	0.70	$	1.42

Refer to Note 13, Income Taxes, for an explanation of the $334.8 million tax benefit related to the intra-group transfers of certain intellectual property rights, the majority of which was recognized in the third quarter of fiscal 2020. Refer to Note 5, Special Charges and Other, Net, for an explanation of the special charges included in operating income in fiscal 2020 and fiscal 2019. Refer to Note 7, Debt, for an explanation of the loss on settlement of debt of $1.9 million and $3.4 million during the

first and fourth quarters of fiscal 2020, respectively, compared to $4.1 million and $8.3 million during the second and fourth quarters of fiscal 2019, respectively.