Quarterly Results Of Operations

12 Months Ended

Dec. 31, 2011

Quarterly Results Of Operations [Abstract]

20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following is a summary of the unaudited quarterly results of operations:


	Year Ended December 31, 2011
	1^st Quarter		2^nd Quarter		3^rd Quarter			4^th Quarter
Net sales	$	333.2	$	351.2	$	337.2		$	359.8
Gross profit		219.9		229.3		214.1			225.5
Income from continuing operations, net of taxes ⁽ ^a ⁾		10.4		5.9		0.1			36.4
Income from discontinued operations, net of taxes		-		0.6		-			-
Net income ⁽ ^a ⁾		10.4		6.5		0.1			36.4
Basic income per common share ⁽ ^a ⁾:
Continuing operations		0.20		0.11		-			0.70
Discontinued operations		-		0.01		-			-

Net income per common share	$	0.20	$	0.12	$	-		$	0.70

Diluted income per common share ⁽ ^a ⁾:
Continuing operations		0.20		0.11		-			0.70
Discontinued operations		-		0.01		-			-

Net income per common share	$	0.20	$	0.12	$	-		$	0.70


	Year Ended December 31, 2010
	1^st Quarter		2^nd Quarter		3^rd Quarter			4^th Quarter
Net sales	$	305.5	$	327.7	$	319.0		$	369.2
Gross profit		196.8		220.7		208.6			240.0
Income from continuing operations, net of taxes⁽ ^b ⁾		2.2		16.0		12.6			296.2
Income (loss) from discontinued operations, net of taxes		-		0.4		(0.1	)		-
Net income⁽ ^b ⁾		2.2		16.4		12.5			296.2
Basic income per common share⁽ ^b ⁾:
Continuing operations		0.04		0.31		0.24			5.71
Discontinued operations		-		0.01		-			-

Net income per common share	$	0.04	$	0.32	$	0.24		$	5.71

Diluted income per common share⁽ ^b ⁾:
Continuing operations		0.04		0.31		0.24			5.66
Discontinued operations		-		0.01		-			-

Net income per common share	$	0.04	$	0.31	$	0.24		$	5.66

^(a)

Income from continuing operations, net income and basic and diluted earnings per share for the fourth quarter of 2011 were favorably impacted by an increase in net income driven by a non-cash benefit of $16.9 million related to the reduction of the Company's deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions outside the U.S. at December 31, 2011 as a result of the Company's improved earnings trends and cumulative taxable income in those jurisdictions. (See Note 12, "Income Taxes").

^(b)

Income from continuing operations, net income and basic and diluted earnings per share for the fourth quarter of 2010 were favorably impacted by an increase in net income driven by a non-cash benefit of $260.6 million related to the reduction of the Company's deferred tax valuation allowance on its U.S. net deferred tax assets at December 31, 2010 as a result of the Company achieving three cumulative years, as well as three consecutive years, of positive U.S. GAAP pre-tax income and taxable income in the U.S., and based upon the Company's then-current expectations for realization of such deferred tax benefits in the U.S. The Company reflected this benefit in the provision for income taxes. (See Note 12, "Income Taxes").

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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