SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)

SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)

The Company operates on a calendar year and for its interim periods operates on a 4-4-5 fiscal calendar, where each fiscal quarter is comprised of two 4-week periods and one 5-week period, with each week ending on a Saturday. The Company’s fiscal year always begins on January 1 and ends on December 31. As a result, the Company’s first and fourth quarters may have more or less days included than a traditional 4-4-5 fiscal calendar, which consists of 91 days.

The table that follows summarizes unaudited quarterly financial data for 2014:

	For the Quarter Ended
	March 29			June 28			September 27		December 31
	(Dollar amounts in millions, except per share data)
2014
Net sales	$	547.8		$	718.6		$	642.9	$	636.8
Gross profit	154.3			209.6			190.0		187.2
Selling, general and administrative expense, net	128.2			146.1			141.7		141.8
Impairment of long-lived assets and goodwill	—			80.4			—		—
Depreciation expense	9.9			10.5			11.2		11.6
Amortization expense (1)	13.6			16.7			15.2		16.7
Operating earnings (loss)	12.5			(32.1		)	33.4		29.1
Net (loss) earnings	(8.6		)	(46.2		)	4.6		4.6
Net (loss) earnings per share:
Basic (loss) earnings per share	$	(0.55	)	$	(2.97	)	$	0.29	$	0.29
Diluted (loss) earnings per share	$	(0.55	)	$	(2.97	)	$	0.29	$	0.29

(1) Includes increases to cost of goods sold for inventory acquired in business combinations.

The table that follows summarizes unaudited quarterly financial data for 2013:

	For the Quarter Ended
	March 30			June 29		September 28		December 31
	(Dollar amounts in millions, except per share data)
2013
Net sales	$	519.1		$	630.7	$	589.2	$	548.9
Gross profit	141.2			187.2		173.7		161.2
Selling, general and administrative expense, net	125.3			133.2		128.0		133.3
Impairment of long-lived assets and goodwill	—			—		—		4.3
Depreciation expense	9.0			9.8		9.8		12.0
Amortization expense (1)	11.5			16.5		13.2		13.4
Operating earnings	4.6			40.4		32.5		10.4
Net (loss) earnings	(15.1		)	11.5		4.2		(8.9		)
Net (loss) earnings per share:
Basic (loss) earnings per share	$	(0.98	)	$	0.75	$	0.27	$	(0.58	)
Diluted (loss) earnings per share	$	(0.98	)	$	0.73	$	0.27	$	(0.58	)

(1) Includes increases to cost of goods sold for inventory acquired in business combinations.

The unaudited quarterly net sales, cost of products sold, gross profit and selling, general and administrative expense, net for 2014 and 2013 differ from the amounts reported in the respective Form 10-Q and the Company's 2013 Form 10-K as a result of the correction of certain immaterial amounts as follows:

	2014				2013
	Q1		Q2		Q1		Q2		Q3		Q4 (1)		Full Year (1)
	(Dollar amounts in millions)
As reported - Net sales	$	550.1	n/a		n/a		n/a		n/a		n/a		n/a
As adjusted - Net sales	547.8		n/a		n/a		n/a		n/a		n/a		n/a
As reported - Cost of products sold	$	393.2	$	508.8	$	377.6	$	441.6	$	414.1	$	394.1	$	1,627.4
As adjusted - Cost of products sold	393.5		509.0		377.9		443.5		415.5		392.0		1,628.9
As reported - Gross profit	$	156.9	$	209.8	$	141.5	$	189.1	$	175.1	$	154.8	$	660.5
As adjusted - Gross profit	154.3		209.6		141.2		187.2		173.7		156.9		659.0
As reported - Selling, general and administrative expense, net	$	130.8	$	146.3	$	125.6	$	135.1	$	129.4	$	131.2	$	521.3
As adjusted - Selling, general and administrative expense, net	128.2		146.1		125.3		133.2		128.0		133.3		519.8

(1) In order to conform with the 2014 presentation, the Company has also separately presented the impairment of long-lived assets and goodwill and therefore, excluded these charges from gross profit for both the fourth quarter and year ended December 31, 2013.

See the notes to these financial statements regarding certain other quarterly transactions which impact the operating results in the above tables, including financing activities, new accounting pronouncements, income taxes, acquisitions, sales volume, material costs, rationalization and relocation of manufacturing operations, material procurement strategies and other items.