Quarterly Results (Unaudited)



(in millions, except per share data) For year ended December 31,	First		Second		Third		Fourth			Year
2018
Net sales	$	799.1	$	851.0	$	855.8	$	839.6		$	3,345.5
Cost of sales	521.2		545.6		544.8		544.6			2,156.2
Gross profit	277.9		305.4		311.0		295.0			1,189.3
Operating profit ^{(a) (e)}	94.3		113.0		123.9		110.1			441.3
Net income attributable to common shareholders ^(b)	68.7		80.7		97.0		89.2			335.6
Basic earnings per share	$	1.15	$	1.35	$	1.62	$	1.51		$	5.63
Diluted earnings per share	$	1.13	$	1.32	$	1.59	$	1.46		$	5.50

2017
Net sales	$	673.4	$	702.5	$	695.9	$	714.2		$	2,786.0
Cost of sales	429.5		444.3		441.5		455.6			1,770.9
Gross profit	243.9		258.2		254.4		258.6			1,015.1
Operating profit ^{(c) (e)}	93.3		105.8		102.1		87.2			388.4
Net income (loss) attributable to common shareholders ^(d)	63.1		69.2		68.2		(28.7		)	171.8
Basic earnings (loss) per share	$	1.06	$	1.16	$	1.15	$	(0.48	)	$	2.89
Diluted earnings (loss) per share	$	1.05	$	1.14	$	1.13	$	(0.48	)	$	2.84

(a)

Operating profit in 2018 includes i) acquisition-related and integration charges of $5.2 million, $4.1 million, $2.1 million and $8.4 million in the first, second, third and fourth quarters, respectively; ii) acquisition-related inventory and backlog amortization of $6.6 million, $1.9 million, $0.3 million and $0.3 million in the first, second, third and fourth quarters, respectively; and iii) restructuring charges (gains) of $0.8 million, $(0.6) million, $5.2 million and $1.8 million in the first, second, third and fourth quarters, respectively.


(b)	Includes the impact of item (a) cited above.


(c)	Operating profit in 2017 includes i) acquisition-related and integration charges of $2.6 million, $0.5 million and $4.7 million in the second, third and fourth quarters, respectively; and ii) restructuring charges, net of gain on property sale of $13.0 million in the fourth quarter.


(d)	Includes the impact of item (c) cited above, net of tax and an $87 million impact from a tax law change.

(e)

In 2018, we adopted amended guidance related to the presentation of net periodic pension cost and net periodic postretirement cost which resulted in a reclassification of the non-service cost components of net benefit cost from selling, general and administrative expenses to miscellaneous income, net. The non-service components were $5.2 million, $5.2 million, $5.3 million, and $5.4 million in the first, second, third and fourth quarters of 2018, respectively and $3.3 million, $3.3 million, $3.3 million, and $3.7 million in the first, second, third and fourth quarters of 2017, respectively.