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Selected Quarterly Data | 12 Months Ended
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Dec. 31, 2014
Selected Quarterly Data | Selected Quarterly Data (Unaudited) The selected quarterly financial data does not agree to our previously issued quarterly reports prior to the third quarter of 2014 as a result of the reclassification of our Water Transport business to discontinued operations during the third quarter of 2014. See Note 3 for further discussion of discontinued operations. The following tables present 2014 and 2013 quarterly financial information:
| 2014
In millions, except per-share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year
Net sales | $ | 1,644.0 |  | $ | 1,834.1 |  | $ | 1,758.4 |  | $ | 1,802.5 |  | $ | 7,039.0 |
Gross profit | 564.1 |  | 646.3 |  | 624.7 |  | 627.9 |  | 2,463.0 |
Operating income | 182.1 |  | 226.4 |  | 267.4 |  | 176.0 |  | 851.9 |
Net income from continuing operations | 125.5 |  | 159.2 |  | 192.5 |  | 129.8 |  | 607.0 |
Income (loss) from discontinued operations, net of tax | (1.3 | ) | 2.3 |  | 1.6 |  | (9.0 | ) | (6.4 | )
Loss from sale / impairment of discontinued operations, net of tax | (5.6 | ) | — |  | (380.1 | ) | — |  | (385.7 | )
Net income (loss) attributable to Pentair plc | 118.6 |  | 161.5 |  | (186.0 | ) | 120.8 |  | 214.9 |
Earnings (loss) per ordinary share attributable to Pentair plc (1) |  |  |  |  |
Basic |  |  |  |  |
Continuing operations | $ | 0.64 |  | $ | 0.82 |  | $ | 1.01 |  | $ | 0.71 |  | $ | 3.19 |
Discontinued operations | (0.04 | ) | 0.02 |  | (1.99 | ) | (0.05 | ) | (2.06 | )
Basic earnings (loss) per ordinary share attributable to Pentair plc | $ | 0.60 |  | $ | 0.84 |  | $ | (0.98 | ) | $ | 0.66 |  | $ | 1.13 |
Diluted |  |  |  |  |
Continuing operations | $ | 0.63 |  | $ | 0.81 |  | $ | 1.00 |  | $ | 0.70 |  | $ | 3.14 |
Discontinued operations | (0.04 | ) | 0.01 |  | (1.95 | ) | (0.05 | ) | (2.03 | )
Diluted earnings (loss) per ordinary share attributable to Pentair plc | $ | 0.59 |  | $ | 0.82 |  | $ | (0.95 | ) | $ | 0.65 |  | $ | 1.11 |
| 2013
In millions, except per-share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year
Net sales | $ | 1,663.7 |  | $ | 1,791.7 |  | $ | 1,713.3 |  | $ | 1,831.0 |  | $ | 6,999.7 |
Gross profit | 497.5 |  | 627.4 |  | 614.7 |  | 630.5 |  | 2,370.1 |
Operating income | 66.4 |  | 204.9 |  | 230.0 |  | 241.3 |  | 742.6 |
Net income from continuing operations before noncontrolling interest | 46.8 |  | 139.9 |  | 166.4 |  | 164.4 |  | 517.5 |
Income (loss) from discontinued operations, net of tax | 6.5 |  | 15.5 |  | 7.8 |  | (3.9 | ) | 25.9 |
Loss from sale / impairment of discontinued operations, net of tax | — |  | — |  | — |  | (0.8 | ) | (0.8 | )
Net income attributable to Pentair plc | 51.7 |  | 154.1 |  | 172.8 |  | 158.2 |  | 536.8 |
Net income from continuing operations attributable to Pentair plc | 45.2 |  | 138.6 |  | 165.0 |  | 162.9 |  | 511.7 |
Earnings (loss) per ordinary share attributable to Pentair plc (1) |  |  |  |  |
Basic |  |  |  |  |
Continuing operations | $ | 0.22 |  | $ | 0.69 |  | $ | 0.83 |  | $ | 0.82 |  | $ | 2.54 |
Discontinued operations | 0.03 |  | 0.07 |  | 0.04 |  | (0.02 | ) | 0.13 |
Basic earnings per ordinary share attributable to Pentair plc | $ | 0.25 |  | $ | 0.76 |  | $ | 0.87 |  | $ | 0.80 |  | $ | 2.67 |
Diluted |  |  |  |  |
Continuing operations | $ | 0.22 |  | $ | 0.67 |  | $ | 0.81 |  | $ | 0.81 |  | $ | 2.50 |
Discontinued operations | 0.03 |  | 0.08 |  | 0.04 |  | (0.03 | ) | 0.12 |
Diluted earnings per ordinary share attributable to Pentair plc | $ | 0.25 |  | $ | 0.75 |  | $ | 0.85 |  | $ | 0.78 |  | $ | 2.62 |
(1) | Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during that period.
Fourth quarter 2014 includes a decrease in operating income of $49.9 million related to "mark-to-market" actuarial losses on pension and other post-retirement benefit plans for 2014. Fourth quarter 2014 also includes decreases in operating income due to restructuring costs of $35.5 million. Second quarter 2014 includes decreases in operating income due to restructuring costs of $35.4 million. First quarter 2014 includes decreases in operating income due to restructuring costs of $17.4 million. 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 $54.1 million and impairment charges of $11.0 million related to trade name intangibles. First quarter 2013 includes a decrease in operating income of $76.6 million due to inventory step-up and customer backlog related to the Merger and restructuring costs of $26.6 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 FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: 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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