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Selected Quarterly Data
 12 Months Ended
Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]  
Selected Quarterly Data
Selected Quarterly Data (Unaudited)
The following tables present 2016 and 2015 quarterly financial information:
 
2016
In millions, except per-share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
$
1,190.0

$
1,301.2

$
1,210.7

$
1,188.1

$
4,890.0

Gross profit
431.3

481.8

440.9

440.1

1,794.1

Operating income
152.7

203.4

182.8

161.8

700.7

Net income from continuing operations
91.8

132.7

117.5

109.6

451.6

Income from discontinued operations, net of tax
15.6

10.1

22.9

21.4

70.0

Gain from sale of discontinued operations, net of tax
—

—

0.6

—

0.6

Net income
107.4

142.8

141.0

131.0

522.2

Earnings per ordinary share (1)
 
 
 
 
 
Basic
 
 
 
 
 
Continuing operations
$
0.50

$
0.73

$
0.65

$
0.60

$
2.49

Discontinued operations
0.09

0.06

0.13

0.12

0.39

Basic earnings per ordinary share
$
0.59

$
0.79

$
0.78

$
0.72

$
2.88

Diluted
 
 
 
 
 
Continuing operations
$
0.50

$
0.73

$
0.64

$
0.60

$
2.47

Discontinued operations
0.09

0.05

0.13

0.11

0.38

Diluted earnings per ordinary share
$
0.59

$
0.78

$
0.77

$
0.71

$
2.85


 
2015
In millions, except per-share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
Net sales
$
1,047.5

$
1,167.1

$
1,112.8

$
1,289.0

$
4,616.4

Gross profit
356.3

415.3

394.7

432.5

1,598.8

Operating income
120.7

170.8

152.9

171.7

616.1

Net income from continuing operations
80.0

118.4

94.7

104.0

397.1

Income (loss) from discontinued operations, net of tax
33.9

34.2

20.5

(555.4
)
(466.8
)
Loss from sale 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
$
0.44

$
0.66

$
0.53

$
0.58

$
2.20

Discontinued operations
0.19

0.16

0.11

(3.10
)
(2.62
)
Basic earnings (loss) per ordinary share
$
0.63

$
0.82

$
0.64

$
(2.52
)
$
(0.42
)
Diluted
 
 
 
 
 
Continuing operations
$
0.44

$
0.65

$
0.52

$
0.58

$
2.17

Discontinued operations
0.18

0.16

0.11

(3.10
)
(2.59
)
Diluted earnings (loss) per ordinary share
$
0.62

$
0.81

$
0.63

$
(2.52
)
$
(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 ordinary shares outstanding during that period.
Fourth quarter 2016 includes decreases in operating income due to trade name impairment charges of $13.3 million in Technical Solutions and "mark-to-market" actuarial losses on pension and other post-retirement benefit plans of $4.2 million.

Fourth quarter 2015 includes decreases in operating income due to restructuring and other costs of $22.4 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 2015 also includes loss from discontinued operations due to goodwill and trade name impairment charges in Valves & Controls of $554.7 million.