Quarterly Financial Information (unaudited) (Notes)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

Quarterly Financial Information (unaudited):

The following tables provide information on net sales, gross profit, net income, earnings per share and dividends declared per share by quarter (in millions, except per share data):

	Net Sales (1)				Gross Profit (1)				Net Income (Loss) (1)
	2012		2011		2012		2011		2012			2011
First Quarter	$	614.4	$	582.6	$	140.9	$	130.9	$	(6.1	)	$	(7.2	)
Second Quarter	840.4		808.6		208.1		199.0		44.7			45.0
Third Quarter	809.7		801.2		204.9		186.6		29.4			33.8
Fourth Quarter	684.9		648.5		168.4		153.4		21.9			16.7

	Basic Earnings (Loss) per Share (2)						Diluted Earnings (Loss) per Share (2)						Dividends per Common Share (2)
	2012			2011			2012			2011			2012		2011
First Quarter	$	(0.12	)	$	(0.13	)	$	(0.12	)	$	(0.13	)	$	0.18	$	0.18
Second Quarter	0.88			0.85			0.87			0.83			0.18		0.18
Third Quarter	0.58			0.65			0.57			0.64			0.20		0.18
Fourth Quarter	0.44			0.32			0.43			0.32			0.20		0.18

⁽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 2012 Quarterly Results

The following unusual or infrequent pre-tax items were included in the 2012 quarterly results:

1st Quarter. We recorded a $6.3 million charge for the write-down of net assets to their estimated fair value related to our Hearth business. Refer to Note 17 for more information. We also recognized $2.6 million primarily in lease termination charges related to the Regional Distribution Network restructuring plan. Refer to Note 16 for more details on this restructuring plan.

2nd Quarter. Related to the sale of our Hearth business, we recorded a $6.3 million settlement charge as a result of actuarial losses recognized upon transition of a pension obligation to the acquirer of the business. Partially offsetting this charge was a $3.5 million gain in the second quarter of 2012 related to realized foreign currency translation adjustments. Refer to Note 17 for more information.

3rd Quarter. We recorded a goodwill impairment of $20.5 million related to the Service Experts business. Partially offsetting this charge was a $2.9 million gain for a working capital adjustment to the net proceeds associated with the sale of the Hearth business. Refer to Note 17 for more information on these charges.

4th Quarter. No significant unusual or infrequent items.

Summary of 2011 Quarterly Results

The following unusual or infrequent pre-tax items were included in the 2011 quarterly results:

Impairments. In the fourth quarter of 2011, we recorded asset impairments of $6.7 million and goodwill impairment of $7.6 million related to our Hearth business. Refer to Note 17 for more information.

Restructuring Expenses. We recorded restructuring charges as follows: First quarter - $2.3 million, Second quarter - $1.0 million, Third quarter - $8.0 million and Fourth quarter - $1.2 million. Refer to Note 16 for more information on our restructuring activities.