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Selected Quarterly Financial Information (unaudited)
 12 Months Ended
Dec. 31, 2020
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)
202020192020201920202019
First Quarter$723.8 $790.3 $165.7 $201.6 $12.9 $69.3 
Second Quarter$941.3 $1,099.1 $275.7 $332.1 $100.0 $110.7 
Third Quarter$1,055.0 $1,032.9 $323.3 $298.3 $131.7 $114.7 
Fourth Quarter$914.0 $885.0 $275.3 $247.8 $111.7 $114.0 

Basic Earnings
per Share (2)
Diluted Earnings
per Share (2)
Cash Dividends per Common Share
202020192020201920202019
First Quarter$0.34 $1.75 $0.33 $1.73 $0.77 $0.64 
Second Quarter$2.62 $2.83 $2.60 $2.80 $0.77 $0.77 
Third Quarter$3.44 $2.97 $3.42 $2.94 $0.77 $0.77 
Fourth Quarter$2.92 $2.96 $2.89 $2.93 $0.77 $0.77 

(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 2020 Quarterly Results

The following unusual or infrequent pre-tax items were included in the 2020 quarterly results:

1st Quarter. The worldwide outbreak of COVID-19 , which was declared a pandemic by the World Health Organization on March 11, 2020, had impacted and may continue to impact our business operations.

2nd Quarter. Due to the economic impact of the COVID-19 pandemic on our business, we implemented cost reduction actions in April 2020 to realize SG&A savings for the balance of the year. Refer to Note 8 for details related to restructuring.

3rd Quarter. Our manufacturing facility in Marshalltown, Iowa was damaged by a wind storm. Refer to Note 5 for details related to the wind storm damage.

4th Quarter. We recognized a $6.6 million receivable from insurance recoveries related to our Marshalltown facility, refer to Note 5 for further details.

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.