XML 133 R27.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Quarterly results of operations (unaudited): | 12 Months Ended
--- | ---
Dec. 31, 2012
Quarterly results of operations (unaudited): | Note 20—Quarterly results of operations (unaudited):
|  | Quarter ended |
|  | March 31 |  |  | June 30 |  |  | Sept. 30 |  |  | Dec. 31 |
|  | (In millions, except per share data) |
Year ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 440.9 |  |  | $ | 558.9 |  |  | $ | 568.6 |  |  | $ | 456.7 |
Gross margin |  |  | 146.3 |  |  |  | 197.3 |  |  |  | 210.2 |  |  |  | 192.9 |
Operating income |  |  | 96.4 |  |  |  | 139.1 |  |  |  | 149.4 |  |  |  | 136.5 |
Net income |  | $ | 53.2 |  |  | $ | 72.9 |  |  | $ | 93.1 |  |  | $ | 75.8 |
Amounts attributable to Valhi stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 35.9 |  |  | $ | 52.2 |  |  | $ | 71.1 |  |  | $ | 55.3 |
Income from discontinued operations |  |  | 2.1 |  |  |  | .2 |  |  |  | .4 |  |  |  | .3 |
Net income(1) |  | $ | 38.0 |  |  | $ | 52.4 |  |  | $ | 71.5 |  |  | $ | 55.6 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | .10 |  |  | $ | .15 |  |  | $ | .21 |  |  | $ | .16 |
Income from discontinued operations |  |  | .01 |  |  |  | — |  |  |  | — |  |  |  | — |
Net income |  | $ | .11 |  |  | $ | .15 |  |  | $ | .21 |  |  | $ | .16 |
Year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 582.8 |  |  | $ | 568.4 |  |  | $ | 508.7 |  |  | $ | 427.4 |
Gross margin |  |  | 260.4 |  |  |  | 162.1 |  |  |  | 97.4 |  |  |  | 55.3 |
Operating income (loss) |  |  | 203.3 |  |  |  | 103.2 |  |  |  | 41.1 |  |  |  | (2.2 | )
Net income |  | $ | 119.6 |  |  | $ | 61.5 |  |  | $ | 31.8 |  |  | $ | 9.2 |
Amounts attributable to Valhi stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 88.5 |  |  | $ | 43.7 |  |  | $ | 21.8 |  |  | $ | (12.6 | )
Income from discontinued operations |  |  | .5 |  |  |  | .6 |  |  |  | 1.2 |  |  |  | 16.1 |
Net income(2) |  | $ | 89.0 |  |  | $ | 44.3 |  |  | $ | 23.0 |  |  | $ | 3.5 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing Operations |  | $ | .26 |  |  | $ | .13 |  |  | $ | .06 |  |  | $ | (.04 | )
Income from discontinued operations |  |  | — |  |  |  | — |  |  |  | .01 |  |  |  | .05 |
Net income |  | $ | .26 |  |  | $ | .13 |  |  | $ | .07 |  |  | $ | .01 |
(1) | We recognized the following amounts during 2011:
| • |  | a $1.7 million after-tax and noncontrolling interest loss on the prepayment of debt in the first quarter, see Note 9;
| • |  | a $8.7 million after-tax and noncontrolling interest gain in the third quarter for insurance settlement, see Note 15;
| • |  | a $.9 million after-tax and noncontrolling interest charge in the third quarter as a result of an asset held for sale write-down, see Note 7; and
| • |  | $8.4 million benefit in the third quarter to our tax provision related to a net decrease in our reserves for uncertain tax positions.
(2) | We recognized the following amounts during 2012:
| • |  | a $3.7 million after-tax and noncontrolling interest loss on the prepayment of debt in the second quarter, see Note 9;
| • |  | a $7.8 million after-tax and noncontrolling interest real-estate related litigation settlement gain in the second quarter, see Note 15; and
| • |  | a $13.2 million after-tax and noncontrolling interest securities transaction gain in the fourth quarter, see Note 4; and
| • |  | a $5.3 million net of noncontrolling interest charge in the fourth quarter for a goodwill impairment, see Note 8;
| • |  | $.8 million after-tax and noncontrolling interest charge in the primarily in the fourth quarter as a result of an asset held for sale write-down, see Note 7;
| • |  | $1.7 million after-tax and noncontrolling interest gain on sale of excess property in the fourth quarter, see Note 15; and
| • |  | an incremental tax charge of $6.1 million (net of noncontrolling interest) in the fourth quarter as a result of a change in circumstances related to our sale of TIMET common stock, which sale provided an opportunity for us to elect to claim foreign tax credits, we determined that we could tax-efficiently remit non-cash dividends from our non-U.S. jurisdictions before the end of the year that absent the TIMET sale would not have been considered. Our provision for income taxes recognized in the fourth quarter also includes a $2.1 million expense (net of noncontrolling interest) related to an increase in our reserve for uncertain tax positions. In addition, an aggregate $2.7 million (net on noncontrolling interest) of such fourth quarter 2012 provision for income taxes is a correction of amounts that should have been recognized in the third quarter of 2011 and is not material to any current or prior periods.
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.

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration