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Selected Quarterly Data
 12 Months Ended
Dec. 31, 2015
Selected Quarterly Data
Selected Quarterly Data (Unaudited)
The following tables present 2015 and 2014 quarterly financial information:
 
2015
In millions, except per-share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
$
1,475.0

$
1,661.2

$
1,552.1

$
1,760.7

$
6,449.0

Gross profit
510.2

566.2

540.1

569.3

2,185.8

Operating income (loss)
171.2

217.9

180.0

(391.9
)
177.2

Net income (loss) from continuing operations
118.2

153.9

115.2

(452.3
)
(65.0
)
Income (loss) from discontinued operations, net of tax
(4.3
)
(1.3
)
—

0.9

(4.7
)
Loss from sale / impairment of discontinued operations, net of tax
—

(4.8
)
—

(1.9
)
(6.7
)
Net income (loss)
113.9

147.8

115.2

(453.3
)
(76.4
)
Earnings (loss) per ordinary share (1)
 
 
 
 
 
Basic
 
 
 
 
 
Continuing operations
$
0.66

$
0.85

$
0.64

$
(2.51
)
$
(0.36
)
Discontinued operations
(0.03
)
(0.03
)
—

(0.01
)
(0.06
)
Basic earnings (loss) per ordinary share
$
0.63

$
0.82

$
0.64

$
(2.52
)
$
(0.42
)
Diluted
 
 
 
 
 
Continuing operations
$
0.65

$
0.84

$
0.63

$
(2.51
)
$
(0.36
)
Discontinued operations
(0.03
)
(0.03
)
—

(0.01
)
(0.06
)
Diluted earnings (loss) per ordinary share
$
0.62

$
0.81

$
0.63

$
(2.52
)
$
(0.42
)

 
2014
In millions, except per-share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
$
1,644.0

$
1,834.1

$
1,758.4

$
1,802.5

$
7,039.0

Gross profit
564.1

646.3

624.7

627.9

2,463.0

Operating income
182.1

226.4

267.4

176.0

851.9

Net income from continuing operations
125.5

159.2

192.5

129.8

607.0

Income (loss) from discontinued operations, net of tax
(1.3
)
2.3

1.6

(9.0
)
(6.4
)
Loss from sale / impairment of discontinued operations, net of tax
(5.6
)
—

(380.1
)
—

(385.7
)
Net income (loss)
118.6

161.5

(186.0
)
120.8

214.9

Earnings (loss) per ordinary share (1)
 
 
 
 
 
Basic
 
 
 
 
 
Continuing operations
$
0.64

$
0.82

$
1.01

$
0.71

$
3.19

Discontinued operations
(0.04
)
0.02

(1.99
)
(0.05
)
(2.06
)
Basic earnings (loss) per ordinary share
$
0.60

$
0.84

$
(0.98
)
$
0.66

$
1.13

Diluted
 
 
 
 
 
Continuing operations
$
0.63

$
0.81

$
1.00

$
0.70

$
3.14

Discontinued operations
(0.04
)
0.01

(1.95
)
(0.05
)
(2.03
)
Diluted earnings (loss) per ordinary share
$
0.59

$
0.82

$
(0.95
)
$
0.65

$
1.11

(1)
Amounts may not total to annual earnings because each quarter and year are calculated separately based on basic and diluted weighted-average ordinary shares outstanding during that period.
Fourth quarter 2015 includes decreases in operating income due to goodwill and trade name impairment charges in Valves & Controls of $554.7 million, restructuring and other costs of $70.1 million and an inventory fair value step-up related to the ERICO Acquisition of $32.8 million. Fourth quarter 2015 also includes an increase in operating income of $23.0 million related to "mark-to-market" actuarial gains on pension and other post-retirement benefit plans for 2015.
Fourth quarter 2014 includes a decrease in operating income of $49.9 million related to "mark-to-market" actuarial losses on pension and other post-retirement benefit plans for 2014. Fourth quarter 2013 also includes decreases in operating income due to restructuring costs of $35.5 million.
Second quarter 2014 includes decreases in operating income due to restructuring costs of $35.4 million. First quarter 2014 includes decreases in operating income due to restructuring costs of $17.4 million.