Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

19. Quarterly Financial Data

Unaudited
(In millions, except per share amounts)

2020	1^st		2^nd		3^rd		4^th		Full Year
Net sales	$	1,402.7	$	1,375.8	$	1,652.1	$	1,659.7	$	6,090.3
Gross profit		493.2		482.9		580.6		607.7		2,164.4
Operating income		155.0		173.0		240.2		233.2		801.4
Income after tax		109.1		118.2		168.2		166.5		562.0
Equity in losses of affiliate		0.3		2.0		2.4		2.9		7.6
Net income		108.8		116.2		165.8		163.6		554.4
Net income attributable to Fortune Brands		109.1		115.8		164.6		163.6		553.1

Basic earnings per common share		0.78		0.84		1.19		1.18		3.99
Diluted earnings per common share		0.77		0.83		1.17		1.16		3.94

2019	1^st		2^nd		3^rd		4^th		Full Year
Net sales	$	1,327.9	$	1,507.2	$	1,459.0	$	1,470.5	$	5,764.6
Gross profit		458.8		537.6		524.2		531.8		2,052.4
Operating income		135.6		202.4		168.0		192.5		698.5
Income after tax		84.5		137.1		105.7		104.0		431.3
Equity in losses of affiliate		—		—		—		—		—
Net income		84.5		137.1		105.7		104.0		431.3
Net income attributable to Fortune Brands		84.7		137.5		105.6		104.1		431.9

Basic earnings per common share		0.60		0.98		0.76		0.75		3.09
Diluted earnings per common share		0.60		0.97		0.75		0.74		3.06

In 2020, we recorded pre-tax defined benefit plan actuarial loss and settlement loss of $3.2 million —$0.6 million of actuarial loss ($0.4 million after tax) in the third quarter and $2.6 million of actuarial loss and settlement loss ($2.4 million after tax) in the fourth quarter.

In 2019, we recorded pre-tax defined benefit plan actuarial loss of $34.1 million—$2.1 million of actuarial loss ($1.6 million after tax) in the third quarter and $32.0 million of actuarial loss ($24.2 million after tax) in the fourth quarter.