Quarterly Results of Operations

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

Quarterly Results of Operations

Note 18 – Quarterly results of operations (unaudited):

	Quarter ended
	March 31		June 30		September 30		December 31
	(In millions, except per share data)
Year ended December 31, 2019
Net sales	$	436.5	$	484.5	$	437.4	$	372.7
Gross margin		109.3		109.5		87.7		79.7
Net income		30.3		29.5		17.9		9.4
Basic and diluted income per share	$	.26	$	.25	$	.16	$	.08
Year ended December 31, 2020
Net sales	$	421.0	$	386.0	$	416.9	$	414.9
Gross margin		88.1		95.8		80.6		86.7
Net income		27.0		18.6		8.1		10.2
Basic and diluted income per share	$	.23	$	.16	$	.07	$	.09

We recognized the following amounts during 2019:

• non-cash deferred income tax expense of $5.5 million in the fourth quarter primarily related to the revaluation of our net deferred income tax asset in Germany resulting from a decrease in the German trade tax rate (see Note 12),

• income tax benefit of $3.0 million in the fourth quarter related to the favorable settlement of a prior year tax matter in Germany (see Note 12), and

• pre-tax insurance settlement gain of $2.6 million in the fourth quarter related to a property damage claim.

In the first quarter of 2020, we recognized a pre-tax insurance settlement gain of $1.5 million related to a property damage claim.

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.