Quarterly Results of Operations

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Information [Abstract]

Note 20 - 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, 2015
Net sales	$	365.1		$	360.2		$	336.5		$	287.0
Gross margin		77.4			46.5			43.2			25.2
Net income (loss)		18.4			(159.8	)		(11.8	)		(20.4	)
Basic and diluted income (loss) per share	$	.16		$	(1.38	)	$	(.10	)	$	(.18	)
Year ended December 31, 2016
Net sales	$	318.4		$	356.1		$	356.1		$	333.7
Gross margin		40.4			55.5			75.5			85.6
Net income (loss)		(3.8	)		1.7			22.2			23.2
Basic and diluted income (loss) per share	$	(.03	)	$	.01		$	.19		$	.20

We recognized the following amounts during 2015:

•

pretax charges of $21.1 million, $.4 million and $.2 million in the second, third and fourth quarters, respectively, in workforce reduction charges (see Note 13),

•

a $12.0 million non-cash pretax impairment charge in the third quarter due to other-than-temporary impairment on our investment in a marketable security held for sale (see Note 6), and

•

non-cash deferred income tax expense of $150.3 million, $2.3 million and $6.4 million in the second, third and fourth quarters, respectively, related to the recognition of a deferred income tax asset valuation allowance related to our German and Belgium operations (see Note 14).

We recognized the following amounts during 2016:

•

pre-tax insurance settlement gains of $2.0 million, $1.4 million and $.9 million in the first, second and fourth quarters, respectively, (see Note 12),

•

current income tax benefit of $5.6 million in the third quarter, and current income tax expense of $2.2 million in the fourth quarter, related to the execution and finalization of an Advance Pricing Agreement between the U.S. and Canada (see Note 14),

•

non-cash deferred income tax expense (benefit) of $2.9 million, $(.8) million and $(4.3) million in the second, third and fourth quarters, respectively, as the result of a net decrease in our deferred income tax asset valuation allowance related to our German and Belgian operations (see Note 14), and

•

non-cash income tax expense of $2.4 million related to an increase in our reserve for uncertain tax positions, mostly in the fourth quarter.

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.