Quarterly Financial Data

12 Months Ended

Dec. 31, 2013

19. Quarterly Financial Data

Unaudited

(In millions, except per share amounts)



2013	1^st		2^nd		3^rd		4^th		Full Year
Net sales	$	890.0	$	1,040.4	$	1,125.1	$	1,101.9	$	4,157.4
Gross profit		300.2		377.0		384.9		376.7		1,438.8
Operating income		56.6		106.5		98.6		95.4		357.1
Net income		37.5		64.2		64.6		64.6		230.9
Net income attributable to Home & Security		37.3		64.0		64.2		64.2		229.7
Basic earnings per common share		0.23		0.39		0.39		0.39		1.39
Diluted earnings per common share		0.22		0.37		0.37		0.37		1.34

In the third quarter of 2013, we recorded pre-tax asset impairment charges in our Kitchen & Bath Cabinetry segment of $21.2 million ($13.8 after tax or $0.08 per diluted share) associated with the abandonment of certain internal use software. We recorded pre-tax defined benefit plan actuarial losses of $5.2 million in 2013 — $4.6 million ($3.1 million after tax or $0.02 per diluted share) in the first quarter, $0.7 million ($0.4 million after tax or $— per diluted share) in the second quarter, $0.3 million ($0.2 million after tax or $— per diluted share) in the third quarter and a gain of $0.4 million ($0.4 million after tax or $— per diluted share) in the fourth quarter.



2012	1^st		2^nd		3^rd		4^th		Full Year
Net sales	$	798.8	$	935.3	$	909.1	$	947.9	$	3,591.1
Gross profit		246.8		317.4		302.3		303.5		1,170.0
Operating income		21.3		72.3		60.6		7.5		161.7
Net income		13.0		47.9		40.2		18.6		119.7
Net income attributable to Home & Security		12.5		47.8		40.0		18.4		118.7
Basic earnings per common share		0.08		0.30		0.25		0.11		0.74
Diluted earnings per common share		0.08		0.29		0.24		0.11		0.71

In the fourth quarter of 2012, in conjunction with our annual impairment testing, we recorded pre-tax indefinite-lived tradename impairment charges of $15.8 million ($9.7 million after tax or $0.06 per diluted share). We recorded pre-tax defined benefit plan actuarial losses of $42.2 million in 2012 — $3.7 million ($2.3 million after tax or $0.01 per diluted share) in the third quarter and $38.5 million ($23.9 million after tax or $0.14 per diluted share) in the fourth quarter.

- 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.

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