19. Quarterly Financial Data

Unaudited

(In millions, except per share amounts)



2016	1^st(a)		2^nd		3^rd		4^th			Full Year
Net sales	$	1,106.5	$	1,297.8	$	1,279.0	$	1,301.6		$	4,984.9
Gross profit		377.8		474.7		478.0		474.1			1,804.6
Operating income		95.5		187.7		183.1		166.4			632.7
Income from continuing operations, net of tax		61.0		125.1		121.9		104.4			412.4
Income (loss) from discontinued operations, net of tax		—		—		1.5		(0.7	)		0.8
Net income		61.0		125.1		123.4		103.7			413.2
Net income attributable to Fortune Brands		61.0		125.2		123.4		103.6			413.2
Basic earnings (loss) per common share
Continuing operations		0.39		0.82		0.79		0.68			2.67
Discontinued operations		—		—		0.01		(0.01	)		0.01
Net income attributable to Fortune Brands		0.39		0.82		0.80		0.67			2.68
Diluted earnings (loss) per common share
Continuing operations		0.38		0.80		0.77		0.67			2.61
Discontinued operations		—		—		0.01		(0.01	)		0.01
Net income attributable to Fortune Brands		0.38		0.80		0.78		0.66			2.62

(a)	Amounts revised to reflect adoption of ASU 2016-09 “Improvements to Employee Share-Based Payment Accounting.”



2015	1^st			2^nd		3^rd		4^th		Full Year
Net sales	$	950.8		$	1,165.1	$	1,238.8	$	1,224.7	$	4,579.4
Gross profit		316.9			410.4		434.5		420.1		1,581.9
Operating income		67.3			128.2		160.3		140.3		496.1
Income from continuing operations, net of tax		40.9			78.0		100.0		87.6		306.5
Income (loss) from discontinued operations, net of tax		(0.6	)		1.4		7.8		0.4		9.0
Net income		40.3			79.4		107.8		88.0		315.5
Net income attributable to Fortune Brands		40.0			79.7		107.5		87.8		315.0
Basic earnings (loss) per common share
Continuing operations		0.26			0.49		0.62		0.55		1.92
Discontinued operations		(0.01	)		0.01		0.05		—		0.05
Net income attributable to Fortune Brands		0.25			0.50		0.67		0.55		1.97
Diluted earnings (loss) per common share
Continuing operations		0.25			0.48		0.61		0.54		1.88
Discontinued operations		—			0.01		0.05		—		0.05
Net income attributable to Fortune Brands		0.25			0.49		0.66		0.54		1.93

In 2016, we recorded pre-tax defined benefit plan actuarial losses of $1.9 million — $0.9 million ($0.6 million after tax) in the first quarter and $1.0 million ($0.7 million after tax) in the third quarter.

In 2015, we recorded pre-tax defined benefit plan actuarial losses of $2.5 million — $2.8 million ($1.8 million after tax or $0.01 per diluted share) in the third quarter, and $(0.3) million ($(0.2) million after tax or zero per diluted share) in the fourth quarter.