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Selected Quarterly Data
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Data (Unaudited)
SELECTED QUARTERLY DATA (UNAUDITED)
The Company reports its interim quarterly periods on a 13-week basis ending on a Saturday with the fiscal year ending on December 31. For convenience purposes, the Company uses “March 31”, “June 30”, “September 30” and “December 31” to refer to its results of operations for the quarterly periods then ended. In 2013, the Company’s interim quarterly periods ended March 30, June 29, September 28 and December 31; and in 2012, the Company’s interim quarterly periods ended March 31, June 30, September 29 and December 31, respectively.
The following table summarizes the quarterly results of operations, including income per share, for the Company for the quarterly periods of 2013 and 2012:
 
2013
 (in millions, except per share data)
March 31 (a)
 
June 30 (b)
 
September 30
 
December 31 (c)
Net sales
$
199.8

 
$
222.6

 
$
209.3

 
$
219.6

Gross profit
46.8

 
51.8

 
50.5

 
56.0

Income (loss) from continuing operations
(1.1
)
 
117.8

 
16.8

 
26.7

Gain (loss) from discontinued operations and disposal
0.5

 
(0.3
)
 
(0.8
)
 
0.4

Net income (loss)
(0.6
)
 
117.5

 
16.0

 
27.1

Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
$
(0.02
)
 
$
1.87

 
$
0.26

 
$
0.42

Earnings (loss) from discontinued operations
0.01

 
—

 
(0.01
)
 
—

Net income (loss)
$
(0.01
)
 
$
1.87

 
$
0.25

 
$
0.42


(a)
(Loss) from continuing operations includes $8.7 million of debt settlement charges associated with the Company's debt refinancing in March 2013.
(b)
Income from continuing operations includes $102.4 million of valuation allowance release and income of $0.6 million associated with restructuring activity.
(c)
Income from continuing operations includes a tax benefit of $6.7 million associated with the release of valuation allowance previously recorded against the Company’s foreign tax credits, which would have begun to expire in 2015, following the completion of a tax planning strategy, as well as $1.2 million of restructuring charges.
 
2012
 (in millions, except per share data)
March 31 (a)
 
June 30
 
September 30 (b)
 
December 31 (c)
Net sales
$
196.1

 
$
204.4

 
$
185.0

 
$
217.7

Gross profit
45.3

 
49.2

 
45.6

 
49.7

Income from continuing operations
3.1

 
9.6

 
4.4

 
4.9

Loss from discontinued operations and disposal
(4.2
)
 
(26.1
)
 
(19.1
)
 
(0.1
)
Net (loss) income
(1.1
)
 
(16.5
)
 
(14.7
)
 
4.8

Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Earnings from continuing operations
$
0.05

 
$
0.15

 
$
0.07

 
$
0.08

Earnings (loss) from discontinued operations
(0.07
)
 
(0.41
)
 
(0.31
)
 
—

Net (loss) income
$
(0.02
)
 
$
(0.26
)
 
$
(0.24
)
 
$
0.08


(a)
Income from continuing operations includes $1.6 million of debt settlement charges associated with a prior debt refinancing and $0.9 million of restructuring charges.
(b)
Income from continuing operations includes $1.9 million of debt settlement charges associated with a prior debt refinancing.
(c)
Income from continuing operations includes $0.6 million of restructuring charges.