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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 479.6 |  |  | $ | 528.6 |  |  | $ | 475.2 |  |  | $ | 414.1 |
Gross margin |  | 121.8 |  |  |  | 123.2 |  |  |  | 98.4 |  |  |  | 91.2 |
Operating income |  | 60.4 |  |  |  | 65.9 |  |  |  | 41.4 |  |  |  | 25.0 |
Net income from continuing operations |  | 28.4 |  |  |  | 18.2 |  |  |  | 17.2 |  |  |  | 14.4 |
Amounts attributable to Valhi stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 18.2 |  |  | $ | 7.1 |  |  | $ | 13.1 |  |  | $ | 10.8 |
Basic and diluted income per share | $ | .64 |  |  | $ | .25 |  |  | $ | .46 |  |  | $ | .38 |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 459.3 |  |  | $ | 415.0 |  |  | $ | 458.6 |  |  | $ | 516.8 |
Gross margin |  | 99.7 |  |  |  | 104.0 |  |  |  | 89.7 |  |  |  | 118.7 |
Operating income |  | 71.0 |  |  |  | 39.3 |  |  |  | 28.9 |  |  |  | 46.9 |
Net income from continuing operations |  | 37.9 |  |  |  | (4.2 | ) |  |  | 19.4 |  |  |  | 31.6 |
Amounts attributable to Valhi stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 24.4 |  |  | $ | (9.1 | ) |  | $ | 15.4 |  |  | $ | 20.2 |
Income from discontinued operations |  | - |  |  |  | - |  |  |  | - |  |  |  | 4.3 |
Net income | $ | 24.4 |  |  | $ | (9.1 | ) |  | $ | 15.4 |  |  | $ | 24.5 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | .86 |  |  | $ | (.32 | ) |  | $ | .54 |  |  | $ | .71 |
Income from discontinued operations |  | - |  |  |  | - |  |  |  | - |  |  |  | .15 |
Basic and diluted income per share | $ | .86 |  |  | $ | (.32 | ) |  | $ | .54 |  |  | $ | .86 |
We recognized the following amounts during 2019:
| • | a pre-tax charge of $19.3 million related to a litigation settlement expense primarily recognized in the second quarter (see Note 18);
| • | pre-tax income from tax increment infrastructure reimbursement of $8.8 million primarily recognized in the second quarter (see Note 7);
| • | pre-tax insurance recoveries of $7.7 million primarily related to a single insurance recovery settlement recognized in the second quarter (see Note 13);
| • | a pre-tax gain on sale of land of $4.4 million in the third quarter (see Note 13); and
| • | a pre-tax gain of $3.0 million related to NL’s sale of its insurance and risk management business recognized in the fourth quarter (see Note 13).
We recognized the following amounts during 2020:
| • | pre-tax income from tax increment infrastructure reimbursement of $19.1 million recognized in the first quarter (see Note 7);
| • | a pre-tax gain of $4.0 million recognized in the third quarter for proceeds received related to a prior land sale (see Note 13); and
| • | a pre-tax gain of $4.9 million for the settlement of an earn-out provision related to the sale of our Waste Management Segment recognized in the fourth quarter (see Note 3).
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.

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