Quarterly Results of Operations

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [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, 2019
Net sales	$	31.2	$	33.7	$	29.7		$	29.6
Gross margin		9.6		11.0		9.4			9.0
Net income (loss)		15.7		6.6		(1.0	)		6.7
Amounts attributable to NL stockholders:
Net income (loss)	$	15.2	$	5.9	$	(1.6	)	$	6.3
Income (loss) per common share	$	.31	$	.12	$	(.03	)	$	.13

Year ended December 31, 2020
Net sales	$	32.3	$	23.8	$	28.4		$	30.0
Gross margin		10.4		7.4		7.3			7.7
Net income		2.5		4.9		4.1			4.6
Amounts attributable to NL stockholders:
Net income	$	1.9	$	4.6	$	3.9		$	4.3
Income per common share	$	.04	$	.09	$	.08		$	.09

We recognized the following amounts during 2019:

•

loss of $15.2 million, net of income tax expense, mainly in the second quarter related to the litigation settlement expense (see Note 17);

•

income of $3.5 million, net of income tax expense, in the third quarter related to a gain from a sale of excess property (see Note 13);

•

income of $2.4 million, net of income tax expense, in the fourth quarter related to a gain from the sale of our insurance and risk management business (see Note 13);

•

income of $4.1 million, net of income tax expense, ($.2 million, $3.7 million and $.2 million in the first, second and third quarters, respectively) related to insurance recoveries (see Note 17);

•

loss of $1.3 million included in our equity in earnings of Kronos related to Kronos’ fourth quarter recognition of a non-cash deferred income tax expense primarily related to the revaluation of Kronos’ net deferred income tax asset in Germany as a result of a decrease in the German trade tax rate (see Note 14);

•

income of $.7 million included in our equity in earnings of Kronos related to Kronos’ fourth quarter recognition of an income tax benefit related to the favorable settlement of a prior year tax matter in Germany (see Note 14); and

•

income of $.5 million, included in our equity in earnings of Kronos, related to Kronos’ insurance settlement gain recognized in the fourth quarter.

We recognized the following amounts during 2020:

•

income of $.3 million, included in our equity in earnings of Kronos, related to Kronos’ insurance settlement gain recognized in the first quarter; and

•

income of $.1 million, net of income tax expense related to insurance recoveries in the second quarter (see Note 17).