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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited)
The following is a summary of the quarterly results of operations for the years ended December 31, 2021 and 2020:
 Three Months Ended
 (In thousands, except per share data)March 31, 2021June 30, 2021Sept. 30, 2021Dec. 31, 2021
Net sales$4,464,714 $4,783,738 $4,818,849 $4,803,209 
Gross profit$1,540,815 $1,689,105 $1,710,767 $1,693,449 
Net income from continuing operations$217,710 $196,496 $228,585 $255,999 
Net income $217,710 $196,496 $228,585 $255,999 
Earnings per share from continuing operations:
Basic$1.51 $1.36 $1.60 $1.80 
Diluted$1.50 $1.36 $1.59 $1.79 
Earnings per share:
Basic$1.51 $1.36 $1.60 $1.80 
Diluted$1.50 $1.36 $1.59 $1.79 
 Three Months Ended
 (In thousands, except per share data)March 31, 2020June 30, 2020Sept. 30, 2020Dec. 31, 2020
Net sales$4,092,526 $3,823,227 $4,370,086 $4,251,594 
Gross profit$1,388,178 $1,290,487 $1,528,066 $1,448,110 
Net income (loss) from continuing operations$122,346 $(363,501)$232,918 $171,632 
Net income (loss) $136,535 $(564,372)$227,531 $171,204 
Earnings per share from continuing operations:
Basic$0.84 $(2.52)$1.61 $1.19 
Diluted$0.84 $(2.52)$1.61 $1.18 
Earnings per share:
Basic$0.94 $(3.91)$1.58 $1.19 
Diluted$0.94 $(3.91)$1.57 $1.18 
We recorded the quarterly earnings per share amounts as if each quarter was a discrete period. As a result, the sum of the basic and diluted earnings per share will not necessarily total the annual basic and diluted earnings per share.
Certain of the quarterly results identified in the table above include material, unusual or infrequently occurring items as follows on a pre-tax basis.
In the second quarter of 2020, the Company recorded a goodwill impairment charge of $506,721. Refer to the goodwill and other intangible assets footnote within the Notes to the Consolidated Financial Statements for additional information.
During the fourth quarter of 2020, the Company determined that inventory was overstated because certain consideration received from vendors was not properly recognized as a reduction to carrying amount of inventory in the years ending December 31, 2019 and prior. The Company corrected this misstatement and recorded an adjustment to decrease inventory and increase cost of goods sold by $40,000 during the quarter ended December 31, 2020. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company concluded that this misstatement was not material to the Company's previously issued annual and interim financial statements. The Company also concluded the correction of this misstatement during the quarter ended December 31, 2020 was not material to the 2020 consolidated financial statements.