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Note 19 – Quarterly results of operations (unaudited):
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Quarter ended |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
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(In millions, except per share data) |
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Year ended December 31, 2017 |
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Net sales |
$ |
369.8 |
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$ |
441.4 |
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$ |
464.5 |
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$ |
453.3 |
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Gross margin |
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106.0 |
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132.4 |
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155.0 |
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176.3 |
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Net income |
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36.8 |
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196.5 |
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73.8 |
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47.4 |
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Basic and diluted income per share |
$ |
.32 |
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$ |
1.70 |
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$ |
.64 |
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$ |
.41 |
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Year ended December 31, 2018 |
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Net sales |
$ |
430.4 |
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$ |
471.8 |
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$ |
410.3 |
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$ |
349.4 |
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Gross margin |
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174.8 |
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171.8 |
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119.1 |
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96.5 |
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Net income |
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70.7 |
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77.7 |
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32.6 |
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24.0 |
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Basic and diluted income per share |
$ |
.61 |
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$ |
.67 |
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$ |
.28 |
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$ |
.21 |
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We recognized the following amounts during 2017:
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pre-tax charge of $7.1 million in the third quarter related to the loss on prepayment of debt (see Note 8), |
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non-cash deferred income tax benefit of $5.0 million, $157.6 million, $7.8 million and $16.3 million in the first, second, third and fourth quarters, respectively, as a result of the reversal of our deferred income tax asset valuation allowances associated with our German and Belgian operations (see Note 13), |
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provisional current income tax expense of $76.2 million in the fourth quarter as a result of the 2017 Tax Act for the one-time repatriation tax imposed on the post-1986 undistributed earnings of our non-U.S. subsidiaries (see Note 13), |
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non-cash deferred income tax benefit of $18.7 million as a result of the reversal of our deferred income tax asset valuation allowance related to certain U.S. deferred income tax assets of one of our non-U.S. subsidiaries (which subsidiary is treated as a dual resident for U.S. income tax purposes) (see Note 13), |
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aggregate income tax benefit of $11.8 million related to the execution and finalization of an Advance Pricing Agreement between Canada and Germany, mostly in the third quarter (see Note 13), and |
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aggregate provisional non-cash deferred income tax expense of $4.5 million in the fourth quarter related to a change in our conclusions regarding our permanent reinvestment assertion with respect to the post-1986 undistributed earnings of our European subsidiaries (see Note 13). |
We recognized the following amounts during 2018:
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current cash income tax expense of $3.7 million in the fourth quarter of 2018 related to GILTI (see Note 13), |
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non-cash income tax expense of $1.4 million and $.7 million in the first and fourth quarters, respectively, related to an increase in our reserve for uncertain tax positions (see Note 13). |
The sum of the quarterly per share amounts may not equal the annual per share amounts due to relative changes in the weighted average number of shares used in the per share computations.
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