Notes to Consolidated Financial Statements Under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for being a “well-capitalized” depository institution, GS Bank USA is required to maintain a Tier 1 capital ratio of at least 6%, a Total capital ratio of at least 10% and a Tier 1 leverage ratio of at least 5%.
GS Bank USA agreed with the Federal Reserve Board to maintain minimum capital ratios in excess of these “wellcapitalized” levels.
Accordingly, for a period of time, GS Bank USA is expected to maintain a Tier 1 capital ratio of at least 8%, a Total capital ratio of at least 11% and a Tier 1 leverage ratio of at least 6%.
As noted in the table below, GS Bank USA was in compliance with these minimum capital requirements as of December 2013 and December 2012.
The table below presents information regarding GS Bank USA’s regulatory capital ratios under Basel I, as implemented by the Federal Reserve Board.
The information as of December 2013 reflects the revised market risk regulatory capital requirements, which became effective on January 1, 2013.
These changes resulted in increased regulatory capital requirements for market risk.
The information as of December 2012 is prior to the implementation of these revised market risk regulatory capital requirements.
## Table 0 ##
The Revised Capital Framework described above is also applicable to GS Bank USA, which is an Advanced approach banking organization under this framework.
GS Bank USA has also been informed by the Federal Reserve Board that it has completed a satisfactory parallel run, as required of Advanced approach banking organizations under the Revised Capital Framework, and therefore changes to its calculations of RWAs will take effect beginning with the second quarter of 2014.
Under the Revised Capital Framework, as of January 1, 2014, GS Bank USA became subject to a new minimum CET1 ratio requirement of 4%, increasing to 4.5% in 2015.
In addition, the Revised Capital Framework changes the standards for “well-capitalized” status under prompt corrective action regulations beginning January 1, 2015 by, among other things, introducing a CET1 ratio requirement of 6.5% and increasing the Tier 1 capital ratio requirement from 6% to 8%.
In addition, commencing January 1, 2018, Advanced approach banking organizations must have a supplementary leverage ratio of 3% or greater.
The Basel Committee published its final guidelines for calculating incremental capital requirements for domestic systemically important banking institutions (D-SIBs).
These guidelines are complementary to the framework outlined above for G-SIBs.
The impact of these guidelines on the regulatory capital requirements of GS Bank USA will depend on how they are implemented by the banking regulators in the United States.
The deposits of GS Bank USA are insured by the FDIC to the extent provided by law.
The Federal Reserve Board requires depository institutions to maintain cash reserves with a Federal Reserve Bank.
The amount deposited by the firm’s depository institution held at the Federal Reserve Bank was approximately $50.39 billion and $58.67 billion as of December 2013 and December 2012, respectively, which exceeded required reserve amounts by $50.29 billion and $58.59 billion as of December 2013 and December 2012, respectively.
Transactions between GS Bank USA and its subsidiaries and Group Inc.  and its subsidiaries and affiliates (other than, generally, subsidiaries of GS Bank USA) are regulated by the Federal Reserve Board.
These regulations generally limit the types and amounts of transactions (including credit extensions from GS Bank USA) that may take place and generally require those transactions to be on market terms or better to GS Bank USA.
The firm’s principal non-U.
S.  bank subsidiary, GSIB, is a wholly-owned credit institution, regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and is subject to minimum capital requirements.
As of December 2013 and December 2012, GSIB was in compliance with all regulatory capital requirements.
acquiSitionS oF BuSineSSeS 2011, 2010 and 2009 No significant acquisitions occurred in 2011, 2010 or 2009.2008 and 2007 On April 1, 2008, the Company acquired 100% of the outstanding limited liability company interests of Technical Concepts Holdings, LLC (“Technical Concepts”) for $452.7 million, which includes transaction costs and the repayment of Technical Concepts’ outstanding debt obligations at closing.
Technical Concepts provides touch-free and automated restroom hygiene systems in the away-from-home washroom category.
The Technical Concepts acquisition gives the Company’s Rubbermaid Commercial Products business an entry into the away-from-home washroom market and fits within the Company’s strategy of leveraging its existing sales and marketing capabilities across additional product categories.
In addition, with approximately 40% of its sales outside the U. S. , Technical Concepts increased the global footprint of the Company’s Rubbermaid Commercial Products business.
The acquisition of Technical Concepts was accounted for using the purchase method of accounting.
On April 1, 2008, the Company acquired substantially all of the assets of Aprica Childcare Institute Aprica Kassai, Inc.  (“Aprica”), a maker of strollers, car seats and other children’s products, headquartered in Osaka, Japan.
The Company acquired Aprica’s assets for $145.7 million, which includes transaction costs and the repayment of Aprica’s outstanding debt obligations at closing.
Aprica is a Japanese brand of premium strollers, car seats and other related juvenile products.
The acquisition provides the opportunity for the Company’s Baby & Parenting business to broaden its presence worldwide, including expanding the scope of Aprica’s sales outside Asia.
The acquisition of Aprica was accounted for using the purchase method of accounting.
On July 1, 2007, the Company acquired all of the outstanding equity interests of PSI Systems, Inc.  (“Endicia”), provider of Endicia Internet Postage, for $51.2 million plus related acquisition costs and contingent payments of up to $25.0 million based on future revenues.
The Company has incurred $10.0 million, $1.5 million and $10.0 million in 2011, 2010 and 2009, respectively, of the contingent payments based on Endicia’s revenues.
This acquisition was accounted for using the purchase method of accounting.
quaRteRly SummaRieS Summarized quarterly data for the last two years is as follows (in millions, except per share data) (unaudited):
## Table 1 ##
(1) The first and second quarters of 2011 and all Statement of Operations data for 2010 have been adjusted to reclassify the results of operations of the hand torch and solder business to discontinued operations.
2011 Financial Statements and Related Information outlook For the year ending December 31, 2012, the Company expects to generate cash flows from operations of $550 to $600 million after restructuring and restructuring-related cash payments of $110 to $120 million.
The Company plans to fund capital expenditures of approximately $200 to $225 million, which include expenditures associated with the implementation of SAP in Europe.
Overall, the Company believes that available cash and cash equivalents, cash flows generated from future operations, access to capital markets, and availability under the Facility and receivables facility will be adequate to support the cash needs of existing businesses.
The Company plans to use available cash, borrowing capacity, cash flows from future operations and alternative financing arrangements to repay debt maturities as they come due, including short-term debt of $103.6 million, primarily representing borrowings under the receivables facility, and $250.0 million principal amount of medium-term notes due March 2012.
Resolution of income tax contingencies In 2011, 2010 and 2009, the Company recorded $49.0 million, $79.3 million and $3.1 million, respectively, in net income tax benefits as a result of the favorable resolution of certain tax matters with taxing authorities and the expiration of the statute of limitations on certain tax matters.
These benefits are reflected in the Company’s 2011, 2010 and 2009 Consolidated Statements of Operations.
The ultimate resolution of outstanding tax matters may be different than that reflected in the historical income tax provisions and accruals, which may adversely impact future operating results and cash flows.
contRactual oBliGationS, commitmentS and oFF-Balance SHeet aRRanGementS The Company has outstanding debt obligations maturing at various dates through 2028.
Certain other items, such as purchase commitments and other executory contracts, are not recognized as liabilities in the Company’s consolidated financial statements but are required to be disclosed.
Examples of items not recognized as liabilities in the Company’s consolidated financial statements are commitments to purchase raw materials or inventory that has not yet been received as of December 31, 2011 and future minimum lease payments for the use of property and equipment under operating lease agreements.
The following table summarizes the effect that lease and other material contractual obligations are expected to have on the Company’s cash flow in the indicated period.
In addition, the table reflects the timing of principal and interest payments on borrowings outstanding as of December 31, 2011.
Additional details regarding these obligations are provided in the Notes to Consolidated Financial Statements (in millions):
## Table 2 ##
(1) Amounts represent contractual obligations based on the earliest date that the obligation may become due, excluding interest, based on borrowings outstanding as of December 31, 2011.
For further information relating to these obligations, see Footnote 9 of the Notes to Consolidated Financial Statements.
(2) Amounts represent estimated interest payable on borrowings outstanding as of December 31, 2011, excluding the impact of interest rate swaps that adjust the fixed rate to a floating rate for $250.0 million of medium-term notes.
Interest on floating-rate debt was estimated using the rate in effect as of December 31, 2011.
For further information, see Footnote 9 of the Notes to Consolidated Financial Statements.
(3) Amounts represent contractual minimum lease obligations on operating leases as of December 31, 2011.
For further information relating to these obligations, see Footnote 12 of the Notes to Consolidated Financial Statements.
(4) Primarily consists of purchase commitments entered into as of December 31, 2011 for finished goods, raw materials, components and services pursuant to legally enforceable and binding obligations, which include all significant terms.
(5) Total does not include contractual obligations reported on the December 31, 2011 balance sheet as current liabilities, except for current portion of long-term debt and short-term debt.
The Company also has liabilities for uncertain tax positions and unrecognized tax benefits.
As a large taxpayer, the Company is under audit from time-to-time by the IRS and other taxing authorities, and it is possible that the amount of the liability for uncertain tax positions and unrecognized tax benefits could change in the coming year.
While it is possible that one or more of these examinations may be resolved in the next year, the Company is not able to reasonably estimate the timing or the amount by which the liability will increase or decrease over time; therefore, the $100.5 million in unrecognized tax benefits, including interest and penalties, at December 31, 2011 is excluded from the preceding table.
See Footnote 16 of the Notes to Consolidated Financial Statements for additional information.
Additionally, the Company has obligations with respect to its pension and other postretirement benefit plans, which are excluded from the preceding table.
The timing and amounts of the funding requirements are uncertain because they are dependent on interest rates and actual returns on plan assets, among other factors.
As of December 31, 2011, the Company had liabilities of $660.9 million related to its unfunded and underfunded pension and other postretirement benefit plans for which the Company expects to make contributions of $105.0 million in 2012.
See Footnote 13 of the Notes to Consolidated Financial Statements for further information.
As of December 31, 2011, the Company had $46.5 million in standby letters of credit primarily related to the Company’s selfinsurance programs, including workers’ compensation, product liability and medical.
See Footnote 20 of the Notes to Consolidated Financial Statements for further information.
As of December 31, 2011, the Company did not have any significant off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.

<table><tr><td></td><td>As of December</td></tr><tr><td><i>$ in millions</i></td><td>2013</td><td>2012</td></tr><tr><td>Tier 1 capital</td><td>$ 20,086</td><td>$ 20,704</td></tr><tr><td>Tier 2 capital</td><td>$ 116</td><td>$ 39</td></tr><tr><td>Total capital</td><td>$ 20,202</td><td>$ 20,743</td></tr><tr><td>Risk-weighted assets</td><td>$134,935</td><td>$109,669</td></tr><tr><td>Tier 1 capital ratio</td><td>14.9%</td><td>18.9%</td></tr><tr><td>Total capital ratio</td><td>15.0%</td><td>18.9%</td></tr><tr><td>Tier 1 leverage ratio</td><td>16.9%</td><td>17.6%</td></tr></table>
<table><tr><td>Calendar Year</td><td>1st<sup>-1</sup></td><td>2nd<sup>-1</sup></td><td>3rd</td><td>4th</td><td>Year</td></tr><tr><td>2011</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales</td><td>$1,274.2</td><td>$1,545.3</td><td>$1,549.9</td><td>$1,495.2</td><td>$5,864.6</td></tr><tr><td>Gross margin</td><td>$484.9</td><td>$584.4</td><td>$579.3</td><td>$556.6</td><td>$2,205.2</td></tr><tr><td>Income (loss) from continuing operations</td><td>$73.9</td><td>$145.4</td><td>$-166.4</td><td>$81.7</td><td>$134.6</td></tr><tr><td>Income (loss) from discontinued operations</td><td>$1.8</td><td>$1.3</td><td>$-11.2</td><td>$-1.3</td><td>$-9.4</td></tr><tr><td>Net income (loss)</td><td>$75.7</td><td>$146.7</td><td>$-177.6</td><td>$80.4</td><td>$125.2</td></tr><tr><td>Earnings per share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income (loss) from continuing operations</td><td>$0.25</td><td>$0.49</td><td>$-0.57</td><td>$0.28</td><td>$0.46</td></tr><tr><td>Income (loss) from discontinued operations</td><td>0.01</td><td>—</td><td>-0.04</td><td>—</td><td>-0.03</td></tr><tr><td>Net income (loss)</td><td>$0.26</td><td>$0.50</td><td>$-0.61</td><td>$0.28</td><td>$0.43</td></tr><tr><td>Diluted</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income (loss) from continuing operations</td><td>$0.25</td><td>$0.49</td><td>$-0.57</td><td>$0.28</td><td>$0.45</td></tr><tr><td>Income (loss) from discontinued operations</td><td>0.01</td><td>—</td><td>-0.04</td><td>—</td><td>-0.03</td></tr><tr><td>Net income (loss)</td><td>$0.25</td><td>$0.49</td><td>$-0.61</td><td>$0.27</td><td>$0.42</td></tr><tr><td>2010<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales</td><td>$1,279.4</td><td>$1,471.8</td><td>$1,465.5</td><td>$1,441.5</td><td>$5,658.2</td></tr><tr><td>Gross margin</td><td>$465.3</td><td>$582.4</td><td>$563.4</td><td>$537.6</td><td>$2,148.7</td></tr><tr><td>Income from continuing operations</td><td>$57.1</td><td>$129.4</td><td>$28.3</td><td>$73.4</td><td>$288.2</td></tr><tr><td>Income from discontinued operations</td><td>$1.3</td><td>$1.0</td><td>$—</td><td>$2.3</td><td>$4.6</td></tr><tr><td>Net income</td><td>$58.4</td><td>$130.4</td><td>$28.3</td><td>$75.7</td><td>$292.8</td></tr><tr><td>Earnings per share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations</td><td>$0.20</td><td>$0.46</td><td>$0.10</td><td>$0.25</td><td>$1.02</td></tr><tr><td>Income from discontinued operations</td><td>—</td><td>—</td><td>—</td><td>0.01</td><td>0.02</td></tr><tr><td>Net income</td><td>$0.21</td><td>$0.46</td><td>$0.10</td><td>$0.26</td><td>$1.04</td></tr><tr><td>Diluted</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income from continuing operations</td><td>$0.19</td><td>$0.41</td><td>$0.09</td><td>$0.25</td><td>$0.94</td></tr><tr><td>Income from discontinued operations</td><td>—</td><td>—</td><td>—</td><td>0.01</td><td>0.02</td></tr><tr><td>Net income</td><td>$0.19</td><td>$0.41</td><td>$0.09</td><td>$0.25</td><td>$0.96</td></tr></table>
<table><tr><td></td><td colspan="5">Payments Due by Period</td></tr><tr><td></td><td>Total</td><td>Less than 1 Year</td><td>1-3 Years</td><td>3-5 Years</td><td>More than 5 Years</td></tr><tr><td>Debt<sup>-1</sup></td><td>$2,176.8</td><td>$367.5</td><td>$503.0</td><td>$—</td><td>$1,306.3</td></tr><tr><td>Interest on debt<sup>-2</sup></td><td>762.5</td><td>91.1</td><td>145.2</td><td>134.4</td><td>391.8</td></tr><tr><td>Operating lease obligations<sup>-3</sup></td><td>408.2</td><td>110.7</td><td>139.8</td><td>71.3</td><td>86.4</td></tr><tr><td>Purchase obligations<sup>-4</sup></td><td>630.3</td><td>477.3</td><td>153.0</td><td>—</td><td>—</td></tr><tr><td>Total contractual obligations<sup>-5</sup></td><td>$3,977.8</td><td>$1,046.6</td><td>$941.0</td><td>$205.7</td><td>$1,784.5</td></tr></table>

Question: The Net income of quarter what in Calendar Year 2011 ranks first?