Quarterly Financial Summary

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Summary

Quarterly Financial Summary (Unaudited)

Following is a summary of the unaudited interim results of operations for each quarter in the years ended December 31, 2011 and December 25, 2010.

(In millions, except per share amounts)	First quarter		Second quarter		Third quarter		Fourth quarter
Year ended December 31, 2011:
Net sales	$	636.4	$	669.9	$	602.6	$	676.1
Gross margin	421.5		450.3		400.9		449.8
Net income	55.8		65.1		10.5		86.9
Basic earnings per share	0.90		1.05		0.18		1.53
Diluted earnings per share	0.88		1.03		0.17		1.50
Dividends declared per share	0.30		0.30		0.30		0.30
Composite stock price range:
High	60.57		69.64		71.99		61.35
Low	45.18		57.39		52.50		49.86
Close	59.41		69.60		53.74		55.97
Year ended December 25, 2010:
Net sales	$	557.1	$	565.1	$	523.2	$	655.0
Gross margin	372.9		383.5		346.4		431.4
Net income	47.1		57.9		39.9		80.7
Basic earnings per share	0.75		0.92		0.64		1.29
Diluted earnings per share	0.73		0.90		0.62		1.26
Dividends declared per share	0.25		0.25		0.25		0.30
Composite stock price range:
High	49.51		54.15		44.27		50.46
Low	41.44		36.19		36.12		43.32
Close	47.77		40.09		44.04		48.21

Certain items impacting quarterly comparability for 2011 and 2010 were as follows:

• Pretax re-engineering and impairment costs of $1.4 million, $1.1 million, $2.2 million and $3.2 million were recorded in the first through fourth quarters of 2011, respectively. Pretax re-engineering and impairment costs of $1.6 million, $2.0 million, $0.4 million and $3.6 million were recorded in the first through fourth quarters of 2010, respectively.

• In the third quarter of 2011, the Company recorded a $36.1 million impairment related to certain intangibles and goodwill, due to the financial results of Nutrimetics being below expectations, as well as the Company's decision to cease operating its Nutrimetics business in Malaysia. In the fourth quarter of 2010, the Company recorded a $4.3 million impairment related to certain intangibles and goodwill, associated with a decision by the Company to cease operating its Swissgarde business as an independent entity.

• In the second quarter of 2011, the Company recorded a loss on the extinguishment of debt of $0.9 million for the write-off of unamortized debt issuance costs, as well as $18.9 million in interest expense reclassified from other comprehensive loss as hedges under related interest rate swaps became ineffective.

• The Company's fiscal year ends on the last Saturday of December, and as a result, the first quarter of 2011 contained 14 weeks, as compared with 13 weeks in the first quarter of 2010.