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Selected Quarterly Data | 12 Months Ended
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Dec. 31, 2012
Selected Quarterly Data |
19. |  | Selected Quarterly Data (Unaudited)
2012 and 2011 quarterly financial information:
|  | 2012 |
In thousands, except per-share data |  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | Year |
Net sales |  | $ | 858,177 |  |  | $ | 941,525 |  |  | $ | 865,512 |  |  | $ | 1,750,932 |  |  | $ | 4,416,146 |
Gross profit |  |  | 280,719 |  |  |  | 312,128 |  |  |  | 278,077 |  |  |  | 398,668 |  |  |  | 1,269,592 |
Operating income (loss) |  |  | 86,474 |  |  |  | 119,314 |  |  |  | 55,199 |  |  |  | (304,106 | ) |  |  | (43,119 | )
Net income (loss) before noncontrolling interest |  |  | 63,099 |  |  |  | 74,430 |  |  |  | 32,595 |  |  |  | (274,736 | ) |  |  | (104,612 | )
Net income (loss) attributable to Pentair Ltd. |  |  | 61,759 |  |  |  | 72,775 |  |  |  | 31,363 |  |  |  | (273,083 | ) |  |  | (107,186 | )
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 | )
|  | 2011 |
In thousands, except per-share data |  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | Year |
Net sales |  | $ | 790,273 |  |  | $ | 910,175 |  |  | $ | 890,546 |  |  | $ | 865,692 |  |  | $ | 3,456,686 |
Gross profit |  |  | 249,059 |  |  |  | 287,736 |  |  |  | 272,062 |  |  |  | 264,865 |  |  |  | 1,073,722 |
Operating income (loss) |  |  | 85,469 |  |  |  | 108,714 |  |  |  | 92,195 |  |  |  | (186,175 | ) |  |  | 100,203 |
Net income (loss) before noncontrolling interest |  |  | 51,602 |  |  |  | 67,705 |  |  |  | 51,610 |  |  |  | (174,068 | ) |  |  | (3,151 | )
Net income (loss) attributable to Pentair Ltd. |  |  | 50,109 |  |  |  | 66,280 |  |  |  | 50,648 |  |  |  | (174,487 | ) |  |  | (7,450 | )
Earnings (loss) per common share attributable to Pentair Ltd. (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.51 |  |  | $ | 0.67 |  |  | $ | 0.51 |  |  | $ | (1.77 | ) |  | $ | (0.08 | )
Diluted |  |  | 0.50 |  |  |  | 0.66 |  |  |  | 0.50 |  |  |  | (1.77 | ) |  |  | (0.08 | )
| (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.
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 from continuing operations 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 the changes in accounting for pension and 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, a pre-tax non-cash impairment charge of $60.7 million related to trade name intangibles, restructuring costs of $55.3 million and acquisition costs and expenses of $12.0 million. Fourth quarter 2011 includes decreases in operating income related to the changes in accounting for our pension and post-retirement benefit plans of $66.2 million and a pre-tax non-cash impairment charge of $200.5 million related to goodwill. Our operating income (loss), net income (loss) before noncontrolling interest, net income (loss) attributable to Pentair Ltd., and earnings (loss) per share have all been revised for the retrospective application of our changes in accounting policy for recognizing the expense associated with our pension and other post-retirement benefit plans. See Note 3 for additional information. The impact of these accounting policy changes revised our previously reported information by the following: Increase (reduction) to previously reported quarterly information (or for the fourth quarter of 2012, what would have been reported absent the changes in accounting principle):
|  | 2012 |
In thousands, except per-share data |  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | Year |
Operating income (loss) |  | $ | 1,522 |  |  | $ | 1,522 |  |  | $ | 1,522 |  |  | $ | (146,304 | ) |  | $ | (141,738 | )
Net income (loss) before noncontrolling interest |  |  | 945 |  |  |  | 945 |  |  |  | 945 |  |  |  | (89,296 | ) |  |  | (86,461 | )
Net income (loss) attributable to Pentair Ltd. |  |  | 945 |  |  |  | 945 |  |  |  | 945 |  |  |  | (89,296 | ) |  |  | (86,461 | )
Earnings (loss) per common share attributable to Pentair Ltd. (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | (0.43 | ) |  | $ | (0.68 | )
Diluted |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | (0.43 | ) |  |  | (0.68 | )
|  | 2011 |
In thousands, except per-share data |  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | Year |
Operating income (loss) |  | $ | (708 | ) |  | $ | (708 | ) |  | $ | (708 | ) |  | $ | (66,190 | ) |  | $ | (68,314 | )
Net income (loss) before noncontrolling interest |  |  | (432 | ) |  |  | (432 | ) |  |  | (432 | ) |  |  | (40,376 | ) |  |  | (41,672 | )
Net income (loss) attributable to Pentair Ltd. |  |  | (432 | ) |  |  | (432 | ) |  |  | (432 | ) |  |  | (40,376 | ) |  |  | (41,672 | )
Earnings (loss) per common share attributable to Pentair Ltd. (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.41 | ) |  | $ | (0.42 | )
Diluted |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.41 | ) |  |  | (0.42 | )
| (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.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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