| SELECTED QUARTERLY FINANCIAL DATA (unaudited) |
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter | | | | (Millions of Dollars, except per share amounts) | | First | | Second | | Third | | Fourth | | Year | | 2020 | | | | | | | | | | | | Net Sales | | $ | 3,129.4 | | | $ | 3,147.4 | | | $ | 3,850.2 | | | $ | 4,407.6 | | | $ | 14,534.6 | | | Gross profit | | 1,023.1 | | | 1,012.7 | | | 1,376.3 | | | 1,555.8 | | | 4,967.9 | | Selling, general and administrative (1) | | 748.5 | | | 732.0 | | | 738.9 | | | 870.2 | | | 3,089.6 | | | Net earnings | | 133.1 | | | 238.7 | | | 395.2 | | | 467.7 | | | 1,234.7 | | | Less: Net earnings attributable to non-controlling interest | | (0.1) | | | 0.3 | | | 0.3 | | | 0.4 | | | 0.9 | | | Less: Preferred stock dividends | | — | | | 4.7 | | | 9.4 | | | 9.3 | | | 23.4 | | | Net Earnings Attributable to Common Shareowners | | $ | 133.2 | | | $ | 233.7 | | | $ | 385.5 | | | $ | 458.0 | | | $ | 1,210.4 | | | Earnings per share of common stock: | | | | | | | | | | | | Basic | | $ | 0.89 | | | $ | 1.52 | | | $ | 2.47 | | | $ | 2.92 | | | $ | 7.85 | | | Diluted | | $ | 0.88 | | | $ | 1.52 | | | $ | 2.44 | | | $ | 2.88 | | | $ | 7.77 | | | 2019 | | | | | | | | | | | | Net Sales | | $ | 3,333.6 | | | $ | 3,761.3 | | | $ | 3,633.1 | | | $ | 3,714.2 | | | $ | 14,442.2 | | | Gross profit | | 1,105.6 | | | 1,299.8 | | | 1,239.5 | | | 1,160.6 | | | 4,805.5 | | Selling, general and administrative (1) | | 778.9 | | | 782.3 | | | 756.1 | | | 723.7 | | | 3,041.0 | | | Net earnings | | 170.4 | | | 357.4 | | | 231.1 | | | 199.1 | | | 958.0 | | | Less: Net earnings attributable to non-controlling interest | | 0.5 | | | 1.1 | | | 0.6 | | | — | | | 2.2 | | | Net Earnings Attributable to Common Shareowners | | $ | 169.9 | | | $ | 356.3 | | | $ | 230.5 | | | $ | 199.1 | | | $ | 955.8 | | | Earnings per share of common stock: | | | | | | | | | | | | Basic | | $ | 1.15 | | | $ | 2.41 | | | $ | 1.55 | | | $ | 1.34 | | | $ | 6.44 | | | Diluted | | $ | 1.13 | | | $ | 2.37 | | | $ | 1.53 | | | $ | 1.32 | | | $ | 6.35 | |
(1) Includes provision for credit losses.
The 2020 year-to-date results above include $400 million of pre-tax acquisition-related and other charges, a $211 million tax benefit related to the pre-tax acquisition-related and other charges and a one-time tax benefit related to a supply chain reorganization, as well as $10 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows: | | | | | | | | | | Acquisition-Related Charges & Other | | Diluted EPS Impact | • Q1 2020 — $62 million loss ($50 million after-tax and equity interest) | | $(0.32) per diluted share | • Q2 2020 — $169 million loss ($13 million after-tax and equity interest) | | $(0.08) per diluted share | • Q3 2020 — $89 million loss ($71 million after-tax and equity interest) | | $(0.45) per diluted share | • Q4 2020 — $80 million loss ($65 million after-tax and equity interest) | | $(0.41) per diluted share |
The 2019 year-to-date results above include $363 million of pre-tax acquisition-related and other charges, a $78 million tax benefit of the pre-tax acquisition-related and other charges, as well as $24 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows: | | | | | | | | | | Acquisition-Related Charges & Other | | Diluted EPS Impact | • Q1 2019 — $52 million loss ($43 million after-tax and equity interest) | | $(0.29) per diluted share | • Q2 2019 — $33 million loss ($44 million after-tax and equity interest) | | $(0.29) per diluted share | • Q3 2019 — $114 million loss ($91 million after-tax and equity interest) | | $(0.60) per diluted share | • Q4 2019 — $164 million loss ($131 million after-tax and equity interest) | | $(0.86) per diluted share |
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