Selected Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (unaudited)

following tables provide information on Net sales, Gross profit, Net income, Earnings per share and Cash dividends declared per share by quarter (in millions, except per share data):



	Net Sales ⁽¹⁾				Gross Profit ⁽¹⁾				Net Income ⁽¹⁾
	2019		2018		2019		2018		2019		2018
First Quarter	$	790.3	$	834.8	$	201.6	$	223.2	$	69.3	$	37.9
Second Quarter	1,099.1		1,175.4		332.1		361.6		110.7		137.6
Third Quarter	1,032.9		1,030.2		298.3		301.9		114.7		108.0
Fourth Quarter	885.0		843.6		247.8		224.5		114.0		75.6



	Basic Earnings per Share ⁽²⁾				Diluted Earnings per Share ⁽²⁾				Cash Dividends per Common Share
	2019		2018		2019		2018		2019		2018
First Quarter	$	1.75	$	0.91	$	1.73	$	0.90	$	0.64	$	0.51
Second Quarter	2.83		3.38		2.80		3.35		0.77		0.64
Third Quarter	2.97		2.68		2.94		2.65		0.77		0.64
Fourth Quarter	2.96		1.89		2.93		1.87		0.77		0.64

⁽¹⁾ The sum of the quarterly results for each of the four quarters may not equal the full year results due to rounding.

⁽²⁾ EPS for each quarter is computed using the weighted-average number of shares outstanding during that quarter, while EPS for the fiscal year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the EPS for each of the four quarters may not equal the EPS for the fiscal year.

Summary of 2019 Quarterly Results

The following unusual or infrequent pre-tax items were included in the 2019 quarterly results:

1st Quarter. We signed an agreement with EPTA S.p.A., a private Italian company, for the sale of our Kysor Warren business. Refer to Note 7 for details regarding the divestiture. We also recorded gains of $46.4 million from insurance recoveries related to our Marshalltown facility; refer to Note 5 for details.

2nd Quarter. We entered into an agreement with Pacific Life Insurance Company to purchase a group annuity contract and transfer our pension plan assets and related pension benefit obligations. Refer to Note 11 for details regarding the transaction. We also recorded gains of $31.9 million from insurance recoveries related to our Marshalltown facility; refer to Note 5 for details.

3rd Quarter. We recorded gains of $7.1 million from insurance recoveries related to our Marshalltown facility; refer to Note 5 for details.

4th Quarter. We entered into a second agreement with Pacific Life Insurance Company to purchase a group annuity contract and transfer our pension plan assets and related pension benefit obligations. Refer to Note 11 for details regarding the transaction. We also reached a final settlement with our insurance carriers for the losses incurred from tornado damage at our Marshalltown facility. We recorded gains of $93.4 million for the settlement and receipt of insurance recoveries; refer to Note 5 for further details.

Summary of 2018 Quarterly Results

The following unusual or infrequent pre-tax items were included in the 2018 quarterly results:

1st Quarter. We obtained board approval and signed an agreement with Beijer Ref AB, a Stockholm Stock Exchange-listed company, for the sale of our Australia and Asia business.

2nd Quarter. We completed the sale to Beijer Ref AB of our Australia and Asia business and sold our Milperra property. We obtained board approval and signed an agreement with Elgin SA, a private Brazilian company, for the sale of our South America business. Refer to Note 7 for details regarding the divestiture.

3rd Quarter. We completed the sale to Elgin SA of our South America business. Our manufacturing facility in Marshalltown, Iowa was severely damaged by a tornado. Refer to Note 7 for details regarding the divestiture and Note 5 for details related to the tornado damage.

4th Quarter. We recorded gains of $38.6 million from insurance recoveries related to our Marshalltown facility, refer to Note 5 for further details.