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Selected Quarterly Data
 12 Months Ended
Dec. 31, 2014
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. The effects of this practice are not material and exist only within a reporting year. 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 2014, the Company’s interim quarterly periods ended March 29, June 28, September 27 and December 31. In 2013, the Company’s interim quarterly periods ended March 30, June 29, September 28 and December 31, respectively.
The following table summarizes the quarterly results of operations, including income per share:
 
2014
 (in millions, except per share data)
March 31
 
June 30
 
September 30
 
December 31(a)
Net sales
$
200.2

 
$
234.6

 
$
219.3

 
$
264.4

Gross profit
46.8

 
58.9

 
58.4

 
69.2

Income from continuing operations
7.6

 
17.0

 
15.2

 
23.2

Gain (loss) from discontinued operations and disposal, net
(0.2
)
 
0.1

 
0.2

 
0.6

Net income
7.4

 
17.1

 
15.4

 
23.8

Diluted earnings per share:
 
 
 
 
 
 
 
Earnings from continuing operations
$
0.12

 
$
0.27

 
$
0.24

 
$
0.36

Earnings from discontinued operations
—

 
—

 
—

 
0.01

Net earnings per share
$
0.12

 
$
0.27

 
$
0.24

 
$
0.37

(a)
Income from continuing operations includes a tax benefit of $3.5 million relating to the release of valuation allowance previously recorded against the Company’s foreign deferred tax assets.
 
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, net
0.5

 
(0.3
)
 
(0.8
)
 
0.4

Net (loss) income
(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 earnings (loss) per share
$
(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.