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Selected Quarterly Data
 12 Months Ended
Dec. 31, 2012
Selected Quarterly Data
Selected Quarterly Data (Unaudited)
2012 and 2011 quarterly financial information:
 
2012
In thousands, except per-share data
First
Second
Third
Fourth
Year
Net sales
$
858,177

$
941,525

$
865,512

$
1,750,932

$
4,416,146

Gross profit
280,719

312,128

278,077

398,668

1,269,592

Operating income (loss)
86,474

119,314

55,199

(304,106
)
(43,119
)
Net income (loss) before noncontrolling interest
63,099

74,430

32,595

(274,736
)
(104,612
)
Net income (loss) attributable to Pentair Ltd.
61,759

72,775

31,363

(273,083
)
(107,186
)
Earnings (loss) per common share attributable to Pentair Ltd. (1)
 
 
 
 
 
Basic
$
0.63

$
0.73

$
0.31

$
(1.31
)
$
(0.84
)
Diluted
0.62

0.72

0.31

(1.31
)
(0.84
)

 
2011
In thousands, except per-share data
First
Second
Third
Fourth
Year
Net sales
$
790,273

$
910,175

$
890,546

$
865,692

$
3,456,686

Gross profit
249,059

287,736

272,062

264,865

1,073,722

Operating income (loss)
85,469

108,714

92,195

(186,175
)
100,203

Net income (loss) before noncontrolling interest
51,602

67,705

51,610

(174,068
)
(3,151
)
Net income (loss) attributable to Pentair Ltd.
50,109

66,280

50,648

(174,487
)
(7,450
)
Earnings (loss) per common share attributable to Pentair Ltd. (1)
 
 
 
 
 
Basic
$
0.51

$
0.67

$
0.51

$
(1.77
)
$
(0.08
)
Diluted
0.50

0.66

0.50

(1.77
)
(0.08
)
(1)
Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period.
Third quarter 2012 includes a decrease in operating income of $52.7 million due to costs and expenses related to the Merger.
Fourth quarter 2012 includes the results of the operations acquired in the Merger. Flow Control’s net sales and net loss from continuing operations for the period from the acquisition date to December 31, 2012 were $886.5 million and $117.0 million, respectively. Fourth quarter 2012 also includes decreases in operating income related to the changes in accounting for pension and post-retirement benefit plans of $146.3 million, inventory step-up and customer backlog related to the Merger of $179.6 million, loss on early extinguishment of debt of $75.4 million, a pre-tax non-cash impairment charge of $60.7 million related to trade name intangibles, restructuring costs of $55.3 million and acquisition costs and expenses of $12.0 million.
Fourth quarter 2011 includes decreases in operating income related to the changes in accounting for our pension and post-retirement benefit plans of $66.2 million and a pre-tax non-cash impairment charge of $200.5 million related to goodwill.
 
Our operating income (loss), net income (loss) before noncontrolling interest, net income (loss) attributable to Pentair Ltd., and earnings (loss) per share have all been revised for the retrospective application of our changes in accounting policy for recognizing the expense associated with our pension and other post-retirement benefit plans. See Note 3 for additional information. The impact of these accounting policy changes revised our previously reported information by the following:
Increase (reduction) to previously reported quarterly information (or for the fourth quarter of 2012, what would have been reported absent the changes in accounting principle):
 
2012
In thousands, except per-share data
First
Second
Third
Fourth
Year
Operating income (loss)
$
1,522

$
1,522

$
1,522

$
(146,304
)
$
(141,738
)
Net income (loss) before noncontrolling interest
945

945

945

(89,296
)
(86,461
)
Net income (loss) attributable to Pentair Ltd.
945

945

945

(89,296
)
(86,461
)
Earnings (loss) per common share attributable to Pentair Ltd. (1)
 
 
 
 
 
Basic
$
0.01

$
0.01

$
0.01

$
(0.43
)
$
(0.68
)
Diluted
0.01

0.01

0.01

(0.43
)
(0.68
)

 
2011
In thousands, except per-share data
First
Second
Third
Fourth
Year
Operating income (loss)
$
(708
)
$
(708
)
$
(708
)
$
(66,190
)
$
(68,314
)
Net income (loss) before noncontrolling interest
(432
)
(432
)
(432
)
(40,376
)
(41,672
)
Net income (loss) attributable to Pentair Ltd.
(432
)
(432
)
(432
)
(40,376
)
(41,672
)
Earnings (loss) per common share attributable to Pentair Ltd. (1)
 
 
 
 
 
Basic
$
(0.01
)
$
(0.01
)
$
(0.01
)
$
(0.41
)
$
(0.42
)
Diluted
(0.01
)
(0.01
)
(0.01
)
(0.41
)
(0.42
)
 
(1)
Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average common shares outstanding during that period.