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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2013
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, 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(1) | $ | 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 |
Year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 499.2 |  |  | $ | 516.1 |  |  | $ | 448.2 |  |  | $ | 400.1 |
Gross margin |  | 12.9 |  |  |  | 17.2 |  |  |  | 48.6 |  |  |  | 55.5 |
Operating income (loss) |  | (45.2 | ) |  |  | (46.8 | ) |  |  | (42.5 | ) |  |  | (4.2 | )
Net income (loss) | $ | (48.2 | ) |  | $ | (48.6 | ) |  | $ | (40.9 | ) |  | $ | 10.8 |
Amounts attributable to Valhi stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss)(2) | $ | (39.8 | ) |  | $ | (39.7 | ) |  | $ | (34.2 | ) |  | $ | 15.7 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | (.12 | ) |  | $ | (.12 | ) |  | $ | (.10 | ) |  | $ | .05 |
(1) | 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;
· | a $13.2 million after-tax and noncontrolling interest securities transaction gain in the fourth quarter, see Note 4;
· | a $5.3 million net of noncontrolling interest charge in the fourth quarter for a goodwill impairment, see Note 8;
· | an $.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;
· | an $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 of 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.
(2) | We recognized the following amounts during 2013:
· | a $3.4 million after-tax and noncontrolling interest charge related to the February voluntary prepayment of an aggregate $290 million principal amount of Kronos’ term loan in the first quarter; see Note 9;
· | a $17.9 million after-tax and noncontrolling interest litigation settlement charge included in operating income in the third quarter; see Note 17;
· | a $1.2 million after-tax and noncontrolling interest charge related to the July voluntary prepayment of the remaining $100 million principal amount of Kronos’ term loan in the third quarter; see Note 9;
· | pre-tax charges aggregating approximately $28 million consisting of unabsorbed fixed production and other costs as a result of Kronos’ Canadian plant lockout in the third and fourth quarters of approximately $19 million, $7 million as a result of the pension curtailment charge discussed in Note 11, and $2 million for severance and other back-to-work expenses associated with reaching terms of the new Canadian collective bargaining agreement. Approximately $7 million of the costs (primarily related to unabsorbed fixed production costs) related to the third quarter of 2013 with the remaining costs recognized in the fourth quarter of 2013;
· | aggregate insurance recoveries of $4.7 million, after-tax and noncontrolling interest in the fourth quarter; and
· | a $46.6 million after-tax gain on bargain purchase and remeasurement of existing investment related to our acquisition of a controlling interest in BMI and Landwell; see Notes 3 and 12.

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + 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=25249566&loc=d3e1280-108306 + Details
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