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Quarterly Results of Operations (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure Quarterly Results Of Operations Schedule Of Quarterly Results Of Operations [Abstract]  
Schedule of Quarterly Results of Operations

 

 

  

Quarter ended

 

 

  

March 31

 

 

June 30

 

 

Sept. 30

 

 

Dec. 31

 

 

  

(In millions, except per share data)

 

Year ended December 31, 2017

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

  

$

405.3

  

 

$

481.7

  

 

$

496.5

 

 

$

495.9

 

Gross margin

  

 

114.0

  

 

 

141.2

  

 

 

161.5

 

 

 

185.3

 

Operating income

  

 

64.1

 

 

 

83.1

 

 

 

103.1

 

 

 

130.0

 

Net income (loss) from continuing operations

  

$

23.5

  

 

$

163.3

 

 

$

62.2

 

 

$

162.8

 

Amounts attributable to Valhi stockholders:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations(2)

  

$

14.4

  

 

$

117.0

 

 

$

44.2

 

 

$

141.1

 

Loss from discontinued operations (2)

 

 

(1.7

)

 

 

(108.2

)

 

 

1.7

 

 

 

(1.0

)

Net income (loss)

 

$

12.7

 

 

$

8.8

 

 

$

45.9

 

 

$

140.1

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

.04

 

 

$

.34

 

 

$

.13

 

 

$

.41

 

Loss from discontinued operations

 

 

— 

 

 

 

(.31

)

 

 

—  

 

 

 

—

 

Basic and diluted income (loss) per share

 

$

.04

  

 

$

.03

 

 

$

.13

 

 

$

.41

 

Year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

466.0

  

 

$

510.2

 

 

$

455.2

 

 

$

388.7

 

Gross margin

 

 

185.3

  

 

 

184.0

 

 

 

132.7

 

 

 

107.2

 

Operating income

 

 

118.8

 

 

 

130.0

 

 

 

69.2

 

 

 

52.7

 

Net income from continuing operations

 

$

70.2

  

 

$

20.0

 

 

$

148.3

 

 

$

28.4

 

Amounts attributable to Valhi stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations(2)

 

$

51.7

  

 

$

11.3

 

 

$

142.8

 

 

$

22.3

 

Income (loss) from discontinued operations (2)

 

 

37.6

 

 

 

.4

 

 

 

.7

 

 

 

(4.6

)

Net income

 

$

89.3

 

 

$

11.7

 

 

$

143.5

 

 

$

17.7

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

.15

 

 

$

.03

 

 

$

.42

 

 

$

.07

 

Loss from discontinued operations

 

 

.11

 

 

 

— 

 

 

 

— 

 

 

 

(.01

)

Basic and diluted income per share

  

$

.26

  

 

$

.03

 

 

$

.42

 

 

$

.06

 

   

(1)We recognized the following amounts during 2017:

 

•

 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 Chemicals Segment’s German and Belgian operations, (see Note 14);

 

•

a pre-tax charge of $7.1 million in the third quarter related to the loss on prepayment of debt (see Note 9);

 

•

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 ;

 

•

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 14);

 

•

non-cash deferred income tax benefit of $77.1 million in the fourth quarter related to the revaluation of our net deferred income tax liability resulting from the reduction in the U.S. federal corporate income

 

•

non-cash deferred income tax benefit of $18.7 million in the fourth quarter 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 14); and

 

•

 aggregate provisional non-cash deferred income tax expense of $5.3 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 14).    

We recognized the following amounts during 2018:

 

•

a pre-tax gain of $12.5 million in the first quarter related to the sale of land not used in our operations (see Note 13);

 

•

a pre-tax charge of $62 million related to the litigation settlement expense recognized in the second quarter (see Note 18);

 

•

a non-cash deferred income tax benefit of $112 million in the third quarter related to a change in the deferred income tax liability related to our investment in Kronos as a result of the 2017 Tax Act (see Note 14);

 

•

a pre-tax gain of $12.5 related to a securities transaction gain recognized in the third quarter related to the sale of our interest in Amalgamated Sugar Company LLC (see Note 6);  

 

•

a current cash income tax expense of $4.0 million in the fourth quarter of 2018 related to GILTI (see Note 14).

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.