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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
First
 
Second
 
Third
 
Fourth
2015
 
 
 
 
 
 
 
 
Net sales
 
$
657,900

 
$
664,740

 
$
645,166

 
$
567,985

Gross profit
 
220,390

 
225,781

 
198,894

 
196,079

Income (loss) before income taxes
 
92,707

 
94,434

 
(88,526
)
 
71,172

Net income (loss)
 
68,354

 
70,898

 
(60,466
)
 
48,692

Basic earnings (loss) per share
 
$
0.90

 
$
0.95

 
$
(0.82
)
 
$
0.68

Diluted earnings (loss) per share
 
$
0.89

 
$
0.94

 
$
(0.82
)
 
$
0.68

2014
 
 
 
 
 
 
 
 
Net sales
 
$
685,062

 
$
728,531

 
$
715,777

 
$
683,954

Gross profit
 
226,336

 
250,267

 
241,609

 
231,085

Income before income taxes
 
82,426

 
114,866

 
77,785

 
100,736

Net income
 
56,453

 
77,332

 
45,689

 
75,212

Basic earnings per share
 
$
0.70

 
$
0.97

 
$
0.58

 
$
0.97

Diluted earnings per share
 
$
0.69

 
$
0.96

 
$
0.57

 
$
0.96


The quarter ended December 31, 2015 includes net rationalization charges of $434 ($450 after-tax) primarily related to employee severance and other related costs. Special items also include pension settlement charges of $6,407 ($3,969 after-tax) and Venezuelan foreign exchange remeasurement losses of $708 related to the adoption of a new foreign exchange mechanism.
The quarter ended September 30, 2015 includes net rationalization and asset impairment charges of $18,285 ($16,832 after-tax) primarily related to employee severance and other costs. Impairment charges include a non-cash charge to the carrying value of goodwill of $6,315 and non-cash long-lived asset impairment charges of $3,417. Special items also include pension settlement charges of $136,331 ($83,341 after-tax) primarily related to the purchase of a group annuity contract and Venezuelan foreign exchange remeasurement losses of $26,506 related to the adoption of a new foreign exchange mechanism.
The quarter ended June 30, 2015 includes net rationalization charges of $1,239 ($900 after-tax) primarily related to employee severance and other costs.
The quarter ended December 31, 2014 includes net rationalization and asset impairment charges of $166 ($167 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations.
The quarter ended September 30, 2014 includes net rationalization and asset impairment charges of $29,068 ($30,056 after-tax). The net impairment charges during the quarter primarily consist of non-cash asset impairment charges of $32,448 partially offset by a gain of $3,911 related to the sale of real estate at a rationalized operation. Associated with the impairment of long-lived assets is an offsetting special item of $805 attributable to non-controlling interests.
The quarter ended June 30, 2014 includes net rationalization and asset impairment charges of $836 ($698 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations and charges of $3,468 related to a Venezuelan remeasurement loss.
The quarter ended March 31, 2014 includes net rationalization and asset impairment charges of $17 ($7 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations and charges of $17,665 related to a Venezuelan remeasurement loss.
The quarterly earnings per share ("EPS") amounts are each calculated independently. Therefore, the sum of the quarterly EPS amounts may not equal the annual totals.