| Quarterly Results of Operations (Unaudited) |
Note W — Quarterly
Results of Operations (Unaudited)
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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Full
Year |
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In thousands, except per
share amounts |
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2015
(a)(b)
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Total revenues
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$ |
2,837,301 |
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$ |
2,513,860 |
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$ |
3,612,820 |
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$ |
3,412,763 |
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$ |
12,376,744 |
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Operating income
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397,835 |
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223,027 |
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642,928 |
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397,206 |
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1,660,996 |
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Net income
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288,709 |
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170,811 |
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459,864 |
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312,209 |
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1,231,593 |
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Earnings per common
share: (d)
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Basic
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$ |
0.68 |
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$ |
0.40 |
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$ |
1.08 |
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$ |
0.73 |
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$ |
2.90 |
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Diluted
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0.67 |
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0.40 |
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1.07 |
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0.72 |
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2.85 |
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Dividends per common
share
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$ |
0.32 |
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$ |
0.32 |
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$ |
0.32 |
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$ |
0.37 |
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$ |
1.33 |
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2014
(a)(c)
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Total revenues
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$ |
2,780,778 |
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$ |
2,402,076 |
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$ |
3,520,447 |
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$ |
3,578,860 |
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$ |
12,282,161 |
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Operating income
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403,190 |
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219,808 |
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633,082 |
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181,644 |
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1,437,724 |
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Net income
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297,193 |
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157,682 |
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470,529 |
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122,101 |
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1,047,505 |
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Earnings per common
share: (d)
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Basic
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$ |
0.68 |
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$ |
0.37 |
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$ |
1.09 |
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$ |
0.28 |
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$ |
2.42 |
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Diluted
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0.67 |
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0.36 |
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1.08 |
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0.28 |
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2.38 |
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Dividends per common
share
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$ |
0.2625 |
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$ |
0.2625 |
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$ |
0.2625 |
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$ |
0.3200 |
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$ |
1.1075 |
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| (a) |
The fourth quarter and full year 2015 consisted of 13 weeks and
52 weeks, respectively, compared with 14 weeks and 53 weeks in the
respective 2014 periods.
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| (b) |
Intangible asset impairment charges in the fourth quarter of
2015 reduced fourth quarter and full year operating results as
follows: operating income — $143.6 million; net income
— $97.1 million; and diluted earnings per share —
$0.23. In addition, these intangible asset impairment charges
reduced fourth quarter and full year 2015 basic earnings per share
by $0.23 and $0.22, respectively. See Notes E, F and S.
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| (c) |
Goodwill and intangible asset impairment charges in the fourth
quarter of 2014 reduced fourth quarter and full year operating
results as follows: operating income — $396.4 million; net
income — $306.8 million; basic earnings per share —
$0.71; and diluted earnings per share — $0.70. See Notes E, F
and S.
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| (d) |
Per share amounts are computed independently for each of the
quarters presented. The sum of the quarters may not equal the total
year amount due to the impact of changes in average quarterly
shares outstanding and rounding.
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