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Selected Quarterly Data
 12 Months Ended
Dec. 31, 2013
Selected Quarterly Data
Selected Quarterly Data (Unaudited)
The following table presents 2013 and 2012 quarterly financial information:
 
2013
In millions, except per-share data
First
Second
Third
Fourth
Year
Net sales
$
1,774.5

$
1,963.7

$
1,824.8

$
1,916.7

$
7,479.7

Gross profit
523.8

667.4

637.6

644.1

2,472.9

Operating income
74.3

225.9

240.0

233.8

774.0

Net income before noncontrolling interest
53.3

155.4

174.2

159.7

542.6

Net income attributable to Pentair Ltd.
51.7

154.1

172.8

158.2

536.8

Earnings per common share attributable to Pentair Ltd. (1)
 
 
 
 
 
Basic
$
0.25

$
0.76

$
0.87

$
0.80

$
2.67

Diluted
0.25

0.75

0.85

0.78

2.62


 
2012
In millions, except per-share data
First
Second
Third
Fourth
Year
Net sales
$
858.2

$
941.5

$
865.5

$
1,750.9

$
4,416.1

Gross profit
280.7

312.1

278.1

398.7

1,269.6

Operating income (loss)
86.5

119.3

55.2

(304.1
)
(43.1
)
Net income (loss) before noncontrolling interest
63.1

74.4

32.6

(274.7
)
(104.6
)
Net income (loss) attributable to Pentair Ltd.
61.7

72.8

31.4

(273.1
)
(107.2
)
Earnings (loss) per common share attributable to Pentair Ltd. (1)
 
 
 
 
 
Basic
$
0.63

$
0.73

$
0.31

$
(1.31
)
$
(0.84
)
Diluted
0.62

0.72

0.31

(1.31
)
(0.84
)
(1)
Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period.
Fourth quarter 2013 includes an increase in operating income of $63.2 million related to "mark-to-market" actuarial gains on pension and other post-retirement benefit plans for 2013. Fourth quarter 2013 also includes decreases in operating income due to restructuring costs of $61.6 million and impairment charges of $11.0 million related to trade name intangibles.
First quarter 2013 includes a decrease in operating income of $76.8 million due to inventory step-up and customer backlog related to the Merger and restructuring costs of $27.4 million.
Third quarter 2012 includes a decrease in operating income of $52.7 million due to costs and expenses related to the Merger.
Fourth quarter 2012 includes the results of the operations acquired in the Merger. Flow Control’s net sales and net loss for the period from the acquisition date to December 31, 2012 were $886.5 million and $117.0 million, respectively. Fourth quarter 2012 also includes decreases in operating income related to "mark-to-market" actuarial losses on pension and other post-retirement benefit plans of $146.3 million, inventory step-up and customer backlog related to the Merger of $179.6 million, loss on early extinguishment of debt of $75.4 million, impairment charges of $60.7 million related to trade name intangibles, restructuring costs of $55.3 million and acquisition costs and expenses of $12.0 million.