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Selected Quarterly Data | 12 Months Ended
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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.

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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 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 6: 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 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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