Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CIX | ||
Entity Registrant Name | COMPX INTERNATIONAL INC | ||
Entity Central Index Key | 0001049606 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 1-13905 | ||
Entity Tax Identification Number | 57-0981653 | ||
Entity Address, Address Line One | 5430 LBJ Freeway | ||
Entity Address, Address Line Two | Suite 1700 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75240-2620 | ||
City Area Code | 972 | ||
Local Phone Number | 448-1400 | ||
Entity Incorporation, State or Country Code | DE | ||
Title of 12(b) Security | Class A common stock | ||
Security Exchange Name | NYSEAMER | ||
Entity Common Stock, Shares Outstanding | 12,380,657 | ||
Entity Public Float | $ 34.1 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | The information required by Part III is incorporated by reference from the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report. | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Dallas, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 76,579 | $ 70,637 |
Accounts receivable, net | 15,546 | 10,731 |
Inventories, net | 25,642 | 18,337 |
Prepaid expenses and other | 2,464 | 1,541 |
Total current assets | 120,231 | 101,246 |
Other assets: | ||
Note receivable from affiliate | 18,700 | 29,500 |
Goodwill | 23,742 | 23,742 |
Other noncurrent | 597 | 607 |
Total other assets | 43,039 | 53,849 |
Property and equipment: | ||
Land | 5,071 | 4,940 |
Buildings | 23,161 | 23,146 |
Equipment | 70,664 | 68,227 |
Construction in progress | 2,028 | 1,010 |
Gross property and equipment | 100,924 | 97,323 |
Less accumulated depreciation | 71,742 | 68,373 |
Net property and equipment | 29,182 | 28,950 |
Total assets | 192,452 | 184,045 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 14,724 | 12,198 |
Income taxes payable to affiliate | 1,722 | 952 |
Total current liabilities | 16,446 | 13,150 |
Noncurrent liabilities - | ||
Noncurrent liabilities - deferred income taxes | 2,918 | 3,239 |
Stockholders' equity: | ||
Common stock | 124 | 124 |
Additional paid-in capital | 54,780 | 55,987 |
Retained earnings | 118,184 | 111,545 |
Total stockholders' equity | 173,088 | 167,656 |
Total liabilities and stockholders' equity | 192,452 | 184,045 |
Commitments and contingencies (Note 10) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 12,380,657 | 12,451,157 |
Common stock, shares outstanding | 12,380,657 | 12,451,157 |
Class A Common Stock | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,451,157 | 12,451,157 |
Common stock, shares outstanding | 12,380,657 | 12,380,657 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 140,815 | $ 114,537 | $ 124,243 |
Cost of sales | 98,066 | 81,689 | 85,280 |
Gross margin | 42,749 | 32,848 | 38,963 |
Selling, general and administrative expense | 22,223 | 21,031 | 21,297 |
Operating income | 20,526 | 11,817 | 17,666 |
Interest income | 1,197 | 1,680 | 3,270 |
Income before income taxes | 21,723 | 13,497 | 20,936 |
Provision for income taxes | 5,155 | 3,174 | 4,938 |
Net income | $ 16,568 | $ 10,323 | $ 15,998 |
Net income per basic share | $ 1.34 | $ 0.83 | $ 1.29 |
Net income per diluted share | $ 1.34 | $ 0.83 | $ 1.29 |
Weighted average shares outstanding - basic | 12,411 | 12,448 | 12,440 |
Weighted average shares outstanding - diluted | 12,411 | 12,448 | 12,440 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common StockClass A Common Stock | Additional paid-in Capital | Retained Earnings | Treasury Stock | Total |
Balance at Dec. 31, 2018 | $ 124 | $ 55,751 | $ 93,687 | $ 149,562 | |
Net income | 15,998 | 15,998 | |||
Cash dividends | (3,483) | (3,483) | |||
Issuance of common stock | 118 | 118 | |||
Balance at Dec. 31, 2019 | 124 | 55,869 | 106,202 | 162,195 | |
Net income | 10,323 | 10,323 | |||
Cash dividends | (4,980) | (4,980) | |||
Issuance of common stock | 118 | 118 | |||
Balance at Dec. 31, 2020 | 124 | 55,987 | 111,545 | 167,656 | |
Net income | 16,568 | 16,568 | |||
Cash dividends | (9,929) | (9,929) | |||
Issuance of common stock | 104 | 104 | |||
Treasury stock: | |||||
Acquired | $ (1,311) | (1,311) | |||
Retired | (1,311) | $ 1,311 | |||
Balance at Dec. 31, 2021 | $ 124 | $ 54,780 | $ 118,184 | $ 173,088 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends per share | $ 0.80 | $ 0.40 | $ 0.28 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 16,568 | $ 10,323 | $ 15,998 |
Depreciation and amortization | 3,839 | 3,827 | 3,684 |
Deferred income taxes | (321) | (48) | 89 |
Other, net | 269 | 346 | 458 |
Change in assets and liabilities: | |||
Accounts receivable, net | (4,806) | 1,118 | 250 |
Inventories, net | (7,479) | (193) | (1,439) |
Accounts payable and accrued liabilities | 2,547 | 95 | (399) |
Accounts with affiliates | 854 | 449 | (203) |
Prepaids and other, net | (997) | (415) | 27 |
Net cash provided by operating activities | 10,474 | 15,502 | 18,465 |
Cash flows from investing activities: | |||
Capital expenditures | (4,094) | (1,740) | (3,166) |
Proceeds from sale of fixed assets, net | 2 | 125 | |
Note receivable from affiliate: | |||
Collections | 40,600 | 33,428 | 40,800 |
Advances | (29,800) | (34,828) | (34,900) |
Net cash provided by (used in) investing activities | 6,708 | (3,140) | 2,859 |
Cash flows from financing activities: | |||
Dividends paid | (9,929) | (4,980) | (3,483) |
Treasury stock acquired | (1,311) | ||
Net cash used in financing activities | (11,240) | (4,980) | (3,483) |
Net change for the year | 5,942 | 7,382 | 17,841 |
Balance at beginning of period | 70,637 | 63,255 | 45,414 |
Balance at end of period | 76,579 | 70,637 | 63,255 |
Supplemental disclosures - | |||
Cash paid for income taxes | $ 4,700 | $ 3,261 | $ 5,027 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Organization. Unless otherwise indicated, references in this report to “we,” “us,” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. Management estimates. Principles of consolidation . Fiscal year. Cash and cash equivalents . Net sales . Revenue from Contracts with Customers, arrangements shipping and handling are considered fulfillment activities, and accordingly, such costs are accrued when the related revenue is recognized. Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our products. Prices for our products are based on terms specified in published list prices and purchase orders, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASC 606 and we have not assessed whether a contract has a significant financing component. We state sales net of price, early payment and distributor discounts as well as volume rebates (collectively, variable consideration). Variable consideration, to the extent present, is not material and is recognized as the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. Differences, if any, between estimates of the amount of variable consideration to which we will be entitled and the actual amount of such variable consideration have not been material in the past. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses). Frequently, we receive orders for products to be delivered over dates that may extend across reporting periods. We invoice for each delivery upon shipment and recognize revenue for each distinct shipment when all sales recognition criteria for that shipment have been satisfied. As scheduled delivery dates for these orders are within a one year period, under the optional exemption provided by ASC 606, we do not disclose sales allocated to future shipments of partially completed contracts. We have determined that our disclosure of sales by segment meets the requirements to disclose a disaggregation of our sales into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 2. Accounts receivable. Inventories and cost of sales . Selling, general and administrative expenses; advertising costs. Goodwill. Property and equipment; depreciation expense . We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s net carrying value to determine if impairment exists. Leases. Leases Employee benefit plans. Self-insurance. Income taxes . As a member of the Contran Tax Group, we are a party to a tax sharing agreement which provides that we compute our provision for U.S. income taxes on a separate-company basis. Pursuant to the tax sharing agreement, we make payments to or receive payments from NL in amounts we would have paid to or received from the U.S. Internal Revenue Service or the applicable state tax authority had we not been a member of the Contran Tax Group. The separate company provisions and payments are computed using the tax elections made by Contran. We made net cash payments for income taxes to NL of $5.0 million in 2019, $3.2 million in 2020 and $4.7 million in 2021. Deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amounts of assets and liabilities. Deferred income tax assets and liabilities for each tax-paying jurisdiction in which we operate are netted and presented as either a noncurrent deferred income tax asset or liability, as applicable. We periodically evaluate our deferred tax assets in the various taxing jurisdictions in which we operate and adjust any related valuation allowance based on the estimate of the amount of deferred tax assets which we believe do not meet the more-likely-than-not recognition criteria. See Notes 7 and 10. We record a reserve for uncertain tax positions for tax positions where we believe it is more-likely-than-not our position will not prevail with the applicable tax authorities. We did not have a reserve for uncertain tax positions in 2019, 2020 or 2021. |
Business and Geographic Segment
Business and Geographic Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business and Geographic Segments | Note 2 – Our operating segments are defined as components of our operations about which separate financial information is available that is regularly evaluated by our chief operating decision maker in determining how to allocate resources and in assessing performance. At December 31, 2021, we had two reportable operating segments – Security Products and Marine Components. The Security Products segment, with a facility in South Carolina and a facility shared with Marine Components in Illinois, manufactures locking mechanisms and other security products for sale to the transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and other industries. Our Marine Components segment, with a facility in Wisconsin and a facility shared with Security Products in Illinois, manufactures and distributes stainless steel exhaust systems, gauges, throttle controls, wake enhancement systems, trim tabs and related hardware and accessories primarily for performance and ski/wakeboard boats. The chief operating decision maker evaluates segment performance based on segment operating income, which is defined as income before income taxes, exclusive of certain general corporate income and expense items (primarily interest income) and certain non-recurring items (such as gains or losses on the disposition of long-lived assets outside the ordinary course of business). The accounting policies of the reportable operating segments are the same as those described in Note 1. Capital expenditures include additions to property and equipment but exclude amounts attributable to business combinations. Segment assets are comprised of all assets attributable to the reportable segments. Corporate assets are not attributable to the operating segments and consist primarily of cash, cash equivalents and note receivable from affiliate. For geographic information, the point of origin (place of manufacture) for all net sales is the U.S., the point of destination for net sales is based on the location of the customer, and property and equipment are attributable to their physical location. Intersegment sales are not material. Years ended December 31, 2019 2020 2021 (In thousands) Net sales: Security Products $ 99,328 $ 87,863 $ 105,124 Marine Components 24,915 26,674 35,691 Total net sales $ 124,243 $ 114,537 $ 140,815 Operating income (loss): Security Products $ 21,013 $ 14,926 $ 21,622 Marine Components 3,644 4,088 5,591 Corporate operating expenses (6,991) (7,197) (6,687) Total operating income 17,666 11,817 20,526 Interest income 3,270 1,680 1,197 Income before income taxes $ 20,936 $ 13,497 $ 21,723 Depreciation and amortization: Security Products $ 3,056 $ 3,069 $ 2,890 Marine Components 627 757 940 Corporate 1 1 9 Total $ 3,684 $ 3,827 $ 3,839 Capital expenditures: Security Products $ 1,530 $ 1,252 $ 1,044 Marine Components 1,636 458 3,050 Corporate — 30 — Total $ 3,166 $ 1,740 $ 4,094 Net sales point of destination: United States $ 114,186 $ 107,712 $ 129,160 Canada 7,257 4,423 8,061 Mexico 922 431 589 Other 1,878 1,971 3,005 Total $ 124,243 $ 114,537 $ 140,815 December 31, 2019 2020 2021 (In thousands) Total assets: Security Products $ 73,697 $ 70,755 $ 78,193 Marine Components 15,256 15,515 18,167 Corporate 89,591 97,775 96,092 Total $ 178,544 $ 184,045 $ 192,452 Net property and equipment for 2019, 2020 and 2021 is entirely located within the United States. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 3 – December 31, December 31, 2020 2021 (In thousands) Accounts receivable, net: Security Products $ 8,797 $ 12,896 Marine Components 2,004 2,720 Allowance for doubtful accounts (70) (70) Total accounts receivable, net $ 10,731 $ 15,546 |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 4 – December 31, December 31, 2020 2021 (In thousands) Raw materials: Security Products $ 2,318 $ 3,640 Marine Components 902 1,402 Total raw materials 3,220 5,042 Work-in-process: Security Products 9,214 12,721 Marine Components 2,454 4,046 Total work-in-process 11,668 16,767 Finished goods: Security Products 2,235 2,271 Marine Components 1,214 1,562 Total finished goods 3,449 3,833 Total inventories, net $ 18,337 $ 25,642 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 5 – We assign goodwill based on reporting unit Goodwill In 2019, 2020 and 2021, our goodwill was tested for impairment only in the third quarter of each year in connection with our annual testing date. No impairment was indicated as part of such annual reviews of goodwill. As permitted by GAAP, during each of 2019, 2020 and 2021 we used the qualitative assessment of ASC 350-20-35 for our annual impairment test and determined it was not necessary to perform the quantitative goodwill impairment test. Our gross goodwill at December 31, 2021 is $33.6 million. Prior to 2019, we recorded a $9.9 million goodwill impairment in our Marine Components segment resulting in a net consolidated carrying amount of $23.7 million. There have been no changes in the carrying amount of our goodwill during the past three years. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 6 – December 31, 2020 2021 (In thousands) Accounts payable: Security Products $ 1,859 $ 2,594 Marine Components 773 814 Accrued liabilities: Employee benefits 8,431 9,797 Customer tooling 393 516 Taxes other than on income 301 391 Insurance 172 208 Sales rebates 79 48 Other 190 356 Total accounts payable and accrued liabilities $ 12,198 $ 14,724 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – The provision for income taxes and the difference between such provision for income taxes and the amount that would be expected using the U.S. federal statutory income tax rate of 21% are presented below. All of our pre-tax income relates to operations in the United States. Years ended December 31, 2019 2020 2021 (In thousands) Provision for income taxes: Currently payable $ 4,849 $ 3,222 $ 5,476 Deferred income tax expense (benefit) 89 (48) (321) Total $ 4,938 $ 3,174 $ 5,155 Expected tax expense, at the U.S. federal statutory income tax rate of 21% $ 4,397 $ 2,835 $ 4,562 State income taxes 742 378 692 FDII benefit (201) (55) (120) Other, net — 16 21 Total provision for income taxes $ 4,938 $ 3,174 $ 5,155 Under the “Tax Cuts and Jobs Act,” domestic corporations who are U.S. exporters with no foreign operations may be eligible for a deduction under the foreign derived intangible income provisions. We qualify for this deduction and recognized a current cash tax benefit of $0.2 million in 2019 ($0.1 million of such current cash tax benefit is related to 2018) and $0.1 million in each of 2020 and 2021. See also Note 10 to our Consolidated Financial Statements. The components of the net deferred tax liability are summarized below. December 31, 2020 2021 (In thousands) Tax effect of temporary differences related to: Inventories $ 356 $ 531 Property and equipment (2,887) (2,951) Accrued liabilities and other deductible differences 18 39 Accrued employee benefits 982 1,182 Goodwill (1,693) (1,693) Other taxable differences (15) (26) Total deferred tax liability $ (3,239) $ (2,918) We and Contran file income tax returns in U.S. federal and various state and local jurisdictions. Our income tax returns prior to 2018 are generally considered closed to examination by applicable tax authorities. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8 – Shares of common stock Issued Treasury Outstanding Balance at December 31, 2018 12,435,557 — 12,435,557 Issued 7,500 — 7,500 Balance at December 31, 2019 12,443,057 — 12,443,057 Issued 8,100 — 8,100 Balance at December 31, 2020 12,451,157 — 12,451,157 Issued 4,500 — 4,500 Acquired — (75,000) (75,000) Retired (75,000) 75,000 — Balance at December 31, 2021 12,380,657 — 12,380,657 Common stock. Share repurchases and cancellations. Incentive compensation plan. Dividends. and dependent upon our results of operations, financial condition, cash requirements for our businesses, contractual requirements and restrictions and other factors deemed relevant by our board of directors. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 – Related party transactions: We may be deemed to be controlled by Ms. Lisa Simmons and the Family Trust. See Note 1. Corporations that may be deemed to be controlled by or affiliated with these individuals sometimes engage in (a) intercorporate transactions such as guarantees, management and expense sharing arrangements, shared fee arrangements, joint ventures, partnerships, loans, options, advances of funds on open account, and sales, leases and exchanges of assets, including securities issued by both related and unrelated parties and (b) common investment and acquisition strategies, business combinations, reorganizations, recapitalizations, securities repurchases, and purchases and sales (and other acquisitions and dispositions) of subsidiaries, divisions or other business units, which transactions have involved both related and unrelated parties and have included transactions that resulted in the acquisition by one related party of a publicly-held minority equity interest in another related party. We continuously consider, review and evaluate, and understand that Contran and related entities consider, review and evaluate such transactions. Depending upon the business, tax and other objectives then relevant, it is possible that we might be a party to one or more such transactions in the future. From time to time, we may have loans and advances outstanding between us and various related parties pursuant to term and demand notes. We generally enter into these loans and advances for cash management purposes. When we loan funds to related parties, we are generally able to earn a higher rate of return on the loan than we would earn if we invested the funds in other instruments. While certain of these loans may be of a lesser credit quality than cash equivalent instruments otherwise available to us, we believe we have evaluated the credit risks in the terms of the applicable loans. In this regard, prior to 2019, we entered into an unsecured revolving demand promissory note with Valhi under which, as amended, we have agreed to loan Valhi up to $30 million. Our loan to Valhi, as amended, bears interest at prime plus 1.00%, payable quarterly, with all principal due on demand, but in any event no earlier than December 31, 2023. Loans made to Valhi at any time under the agreement are at our discretion. At the end of our fiscal year in 2020 and 2021, the outstanding principal balance receivable from Valhi under the promissory note was $29.5 million and $18.7 million, respectively. Interest income (including unused commitment fees) on our loan to Valhi was $2.4 million in 2019, $1.5 million in 2020 and $1.2 million in 2021. Under the terms of an Intercorporate Service Agreement (“ISA”) with Contran, employees of Contran perform certain management, tax planning, financial, legal and administrative services for us on a fee basis. Such fees are based upon the compensation of individual Contran employees providing services for us and/or estimates of time devoted to our affairs by such persons. Because of the number of companies affiliated with Contran, we believe we benefit from cost savings and economies of scale gained by not having certain management, financial and administrative staffs duplicated at each entity, thus allowing certain individuals to provide services to multiple companies but only be compensated by one entity. We negotiate ISA fees annually and agreements renew quarterly. Fees pursuant to these agreements aggregated $3.4 million in each of 2019, 2020, and 2021. Contran and certain of its subsidiaries and affiliates, including us, purchase certain of their insurance policies as a group, with the costs of the jointly-owned policies being apportioned among the participating companies. Tall Pines Insurance Company (“Tall Pines”), a subsidiary of Valhi, underwrites certain insurance policies for Contran and certain of its subsidiaries and affiliates, including us. Tall Pines purchases reinsurance from third-party insurance carriers with an A.M. Best Company rating of generally at least A-(Excellent) for substantially all of the risks it underwrites. EWI RE, Inc., a subsidiary of NL, brokered certain of our insurance policies, provided claims and risk management services and, where appropriate, engaged certain third-party risk management consultants prior to NL’s sale of EWI’s insurance and risk management business to a third party in November 2019. Consistent with insurance industry practices, Tall Pines receives commissions from reinsurance underwriters and/or assesses fees for certain of the policies that it underwrites, and prior to November 2019 EWI received commissions from the insurance and reinsurance underwriters for the policies that it brokered. The aggregate amounts we paid under the group insurance program was approximately $2.3 million through the date of the sale in 2019. This amount principally represents insurance premiums paid to Tall Pines or EWI, including amounts paid to EWI that EWI then remitted, net of brokerage commissions, to insurers. Following the sale of EWI’s insurance and risk management business, Contran engaged the third-party insurance broker that purchased the business to provide many of the services previously provided by EWI, and we continue to utilize Tall Pines to underwrite certain insurance risks. During 2020 and 2021, we paid $2.8 million and $2.9 million, respectively under the group insurance program, which amounts principally represent insurance premiums, including $.7 million and $.9 million, respectively, for policies written by Tall Pines. Amounts paid under the group insurance program also include payments to insurers or reinsurers (which prior to the sale were made through EWI) for the reimbursement of claims within our applicable deductible or retention ranges that such insurers and reinsurers paid to third parties on our behalf, as well as amounts for claims and risk management services and various other third-party fees and expenses incurred by the program. We expect that these relationships in place during 2021 will continue in 2022. With respect to certain of such jointly-owned insurance policies, it is possible that unusually large losses incurred by one or more insureds during a given policy period could leave the other participating companies without adequate coverage under that policy for the balance of the policy period. As a result, and in the event that the available coverage under a particular policy would become exhausted by one or more claims, Contran and certain of its subsidiaries and affiliates, including us, have entered into a loss sharing agreement under which any uninsured loss arising because the available coverage had been exhausted by one or more claims will be shared ratably amongst those entities that had submitted claims under the relevant policy. We believe the benefits, in the form of reduced premiums and broader coverage associated with the group coverage for such policies, justifies the risk associated with the potential for any uninsured loss. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 – Legal proceedings Environmental matters and litigation Income taxes. We are a party to a tax sharing agreement with Contran and NL providing for the allocation of tax liabilities and tax payments as described in Note 1. Under applicable law, we, as well as every other member of the Contran Tax Group, are each jointly and severally liable for the aggregate federal income tax liability of Contran and the other companies included in the Contran Tax Group for all periods in which we are included in the Contran Tax Group. NL has agreed, however, to indemnify us for any liability for income taxes of the Contran Tax Group in excess of our tax liability in accordance with the tax sharing agreement. Concentration of credit risk |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 11 – The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2020 December 31, 2021 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 70,637 $ 70,637 $ 76,579 $ 76,579 Accounts receivable, net 10,731 10,731 15,546 15,546 Accounts payable 2,632 2,632 3,408 3,408 Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization. Unless otherwise indicated, references in this report to “we,” “us,” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. |
Management Estimates | Management estimates. |
Principles of Consolidation | Principles of consolidation . |
Fiscal Year | Fiscal year. |
Cash and Cash Equivalents | Cash and cash equivalents . |
Net Sales | Net sales . Revenue from Contracts with Customers, arrangements shipping and handling are considered fulfillment activities, and accordingly, such costs are accrued when the related revenue is recognized. Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our products. Prices for our products are based on terms specified in published list prices and purchase orders, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASC 606 and we have not assessed whether a contract has a significant financing component. We state sales net of price, early payment and distributor discounts as well as volume rebates (collectively, variable consideration). Variable consideration, to the extent present, is not material and is recognized as the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. Differences, if any, between estimates of the amount of variable consideration to which we will be entitled and the actual amount of such variable consideration have not been material in the past. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses). Frequently, we receive orders for products to be delivered over dates that may extend across reporting periods. We invoice for each delivery upon shipment and recognize revenue for each distinct shipment when all sales recognition criteria for that shipment have been satisfied. As scheduled delivery dates for these orders are within a one year period, under the optional exemption provided by ASC 606, we do not disclose sales allocated to future shipments of partially completed contracts. We have determined that our disclosure of sales by segment meets the requirements to disclose a disaggregation of our sales into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 2. |
Accounts Receivable | Accounts receivable. |
Inventories and Cost of Sales | Inventories and cost of sales . |
Selling, General and Administrative Expenses; Advertising Costs | Selling, general and administrative expenses; advertising costs. |
Goodwill | Goodwill. |
Property and Equipment; Depreciation Expense | Property and equipment; depreciation expense . We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s net carrying value to determine if impairment exists. |
Leases | Leases. Leases |
Employee Benefit Plans | Employee benefit plans. |
Self-Insurance | Self-insurance. |
Income Taxes | Income taxes . As a member of the Contran Tax Group, we are a party to a tax sharing agreement which provides that we compute our provision for U.S. income taxes on a separate-company basis. Pursuant to the tax sharing agreement, we make payments to or receive payments from NL in amounts we would have paid to or received from the U.S. Internal Revenue Service or the applicable state tax authority had we not been a member of the Contran Tax Group. The separate company provisions and payments are computed using the tax elections made by Contran. We made net cash payments for income taxes to NL of $5.0 million in 2019, $3.2 million in 2020 and $4.7 million in 2021. Deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amounts of assets and liabilities. Deferred income tax assets and liabilities for each tax-paying jurisdiction in which we operate are netted and presented as either a noncurrent deferred income tax asset or liability, as applicable. We periodically evaluate our deferred tax assets in the various taxing jurisdictions in which we operate and adjust any related valuation allowance based on the estimate of the amount of deferred tax assets which we believe do not meet the more-likely-than-not recognition criteria. See Notes 7 and 10. We record a reserve for uncertain tax positions for tax positions where we believe it is more-likely-than-not our position will not prevail with the applicable tax authorities. We did not have a reserve for uncertain tax positions in 2019, 2020 or 2021. |
Business and Geographic Segme_2
Business and Geographic Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Years ended December 31, 2019 2020 2021 (In thousands) Net sales: Security Products $ 99,328 $ 87,863 $ 105,124 Marine Components 24,915 26,674 35,691 Total net sales $ 124,243 $ 114,537 $ 140,815 Operating income (loss): Security Products $ 21,013 $ 14,926 $ 21,622 Marine Components 3,644 4,088 5,591 Corporate operating expenses (6,991) (7,197) (6,687) Total operating income 17,666 11,817 20,526 Interest income 3,270 1,680 1,197 Income before income taxes $ 20,936 $ 13,497 $ 21,723 Depreciation and amortization: Security Products $ 3,056 $ 3,069 $ 2,890 Marine Components 627 757 940 Corporate 1 1 9 Total $ 3,684 $ 3,827 $ 3,839 Capital expenditures: Security Products $ 1,530 $ 1,252 $ 1,044 Marine Components 1,636 458 3,050 Corporate — 30 — Total $ 3,166 $ 1,740 $ 4,094 |
Business Segment Information by Geographical Areas | Net sales point of destination: United States $ 114,186 $ 107,712 $ 129,160 Canada 7,257 4,423 8,061 Mexico 922 431 589 Other 1,878 1,971 3,005 Total $ 124,243 $ 114,537 $ 140,815 December 31, 2019 2020 2021 (In thousands) Total assets: Security Products $ 73,697 $ 70,755 $ 78,193 Marine Components 15,256 15,515 18,167 Corporate 89,591 97,775 96,092 Total $ 178,544 $ 184,045 $ 192,452 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | December 31, December 31, 2020 2021 (In thousands) Accounts receivable, net: Security Products $ 8,797 $ 12,896 Marine Components 2,004 2,720 Allowance for doubtful accounts (70) (70) Total accounts receivable, net $ 10,731 $ 15,546 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, net | December 31, December 31, 2020 2021 (In thousands) Raw materials: Security Products $ 2,318 $ 3,640 Marine Components 902 1,402 Total raw materials 3,220 5,042 Work-in-process: Security Products 9,214 12,721 Marine Components 2,454 4,046 Total work-in-process 11,668 16,767 Finished goods: Security Products 2,235 2,271 Marine Components 1,214 1,562 Total finished goods 3,449 3,833 Total inventories, net $ 18,337 $ 25,642 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | December 31, 2020 2021 (In thousands) Accounts payable: Security Products $ 1,859 $ 2,594 Marine Components 773 814 Accrued liabilities: Employee benefits 8,431 9,797 Customer tooling 393 516 Taxes other than on income 301 391 Insurance 172 208 Sales rebates 79 48 Other 190 356 Total accounts payable and accrued liabilities $ 12,198 $ 14,724 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Pre-tax Income and Provision for Income Taxes | Years ended December 31, 2019 2020 2021 (In thousands) Provision for income taxes: Currently payable $ 4,849 $ 3,222 $ 5,476 Deferred income tax expense (benefit) 89 (48) (321) Total $ 4,938 $ 3,174 $ 5,155 Expected tax expense, at the U.S. federal statutory income tax rate of 21% $ 4,397 $ 2,835 $ 4,562 State income taxes 742 378 692 FDII benefit (201) (55) (120) Other, net — 16 21 Total provision for income taxes $ 4,938 $ 3,174 $ 5,155 |
Components of Net Deferred Tax Liability | December 31, 2020 2021 (In thousands) Tax effect of temporary differences related to: Inventories $ 356 $ 531 Property and equipment (2,887) (2,951) Accrued liabilities and other deductible differences 18 39 Accrued employee benefits 982 1,182 Goodwill (1,693) (1,693) Other taxable differences (15) (26) Total deferred tax liability $ (3,239) $ (2,918) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Stockholders' Equity | Shares of common stock Issued Treasury Outstanding Balance at December 31, 2018 12,435,557 — 12,435,557 Issued 7,500 — 7,500 Balance at December 31, 2019 12,443,057 — 12,443,057 Issued 8,100 — 8,100 Balance at December 31, 2020 12,451,157 — 12,451,157 Issued 4,500 — 4,500 Acquired — (75,000) (75,000) Retired (75,000) 75,000 — Balance at December 31, 2021 12,380,657 — 12,380,657 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Value of Financial Instruments | December 31, 2020 December 31, 2021 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 70,637 $ 70,637 $ 76,579 $ 76,579 Accounts receivable, net 10,731 10,731 15,546 15,546 Accounts payable 2,632 2,632 3,408 3,408 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Defined contribution plan expense | $ 3.7 | $ 3 | $ 3.2 |
Income tax payments to NL | $ 4.7 | $ 3.2 | $ 5 |
Minimum | Building | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 15 years | ||
Minimum | Equipment and software | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 3 years | ||
Maximum | Building | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 40 years | ||
Maximum | Equipment and software | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 20 years | ||
NL Industries | CompX International Inc | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership held by parent company | 87.00% | ||
Valhi Inc | NL Industries | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership held by parent company | 83.00% | ||
Contran Corporation | Valhi Inc | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership held by parent company | 92.00% |
Business and Geographic Segme_3
Business and Geographic Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Business and Geographic Segme_4
Business and Geographic Segments - Schedule of Business Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 140,815 | $ 114,537 | $ 124,243 |
Total operating income (loss) | 20,526 | 11,817 | 17,666 |
Interest income | 1,197 | 1,680 | 3,270 |
Income before income taxes | 21,723 | 13,497 | 20,936 |
Depreciation and amortization | 3,839 | 3,827 | 3,684 |
Total capital expenditures | 4,094 | 1,740 | 3,166 |
Operating Segments | Security Products | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 105,124 | 87,863 | 99,328 |
Total operating income (loss) | 21,622 | 14,926 | 21,013 |
Depreciation and amortization | 2,890 | 3,069 | 3,056 |
Total capital expenditures | 1,044 | 1,252 | 1,530 |
Operating Segments | Marine Components | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 35,691 | 26,674 | 24,915 |
Total operating income (loss) | 5,591 | 4,088 | 3,644 |
Depreciation and amortization | 940 | 757 | 627 |
Total capital expenditures | 3,050 | 458 | 1,636 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total operating income (loss) | (6,687) | (7,197) | (6,991) |
Depreciation and amortization | $ 9 | 1 | $ 1 |
Total capital expenditures | $ 30 |
Business and Geographic Segme_5
Business and Geographic Segments - Business Segment Information by Geographical Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 140,815 | $ 114,537 | $ 124,243 |
Total assets | 192,452 | 184,045 | 178,544 |
Operating Segments | Security Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | 105,124 | 87,863 | 99,328 |
Total assets | 78,193 | 70,755 | 73,697 |
Operating Segments | Marine Components | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35,691 | 26,674 | 24,915 |
Total assets | 18,167 | 15,515 | 15,256 |
Corporate and eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 96,092 | 97,775 | 89,591 |
Point Of Destination | United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 129,160 | 107,712 | 114,186 |
Point Of Destination | Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 8,061 | 4,423 | 7,257 |
Point Of Destination | Mexico | |||
Segment Reporting Information [Line Items] | |||
Net sales | 589 | 431 | 922 |
Point Of Destination | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,005 | $ 1,971 | $ 1,878 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (70) | $ (70) |
Total accounts receivable, net | 15,546 | 10,731 |
Security Products | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | 12,896 | 8,797 |
Marine Components | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | $ 2,720 | $ 2,004 |
Inventories, net - Inventories
Inventories, net - Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories, net [Line Items] | ||
Total raw materials | $ 5,042 | $ 3,220 |
Total work-in-process | 16,767 | 11,668 |
Total finished goods | 3,833 | 3,449 |
Total inventories, net | 25,642 | 18,337 |
Security Products | ||
Inventories, net [Line Items] | ||
Total raw materials | 3,640 | 2,318 |
Total work-in-process | 12,721 | 9,214 |
Total finished goods | 2,271 | 2,235 |
Marine Components | ||
Inventories, net [Line Items] | ||
Total raw materials | 1,402 | 902 |
Total work-in-process | 4,046 | 2,454 |
Total finished goods | $ 1,562 | $ 1,214 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 | |
Goodwill, gross | 33,600,000 | |||
Goodwill | 23,742,000 | 23,742,000 | ||
Increase (decrease) in carrying amount of goodwill | $ 0 | $ 0 | $ 0 | |
Marine Components | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 9,900,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued liabilities: | ||
Employee benefits | $ 9,797 | $ 8,431 |
Customer tooling | 516 | 393 |
Taxes other than on income | 391 | 301 |
Insurance | 208 | 172 |
Sales rebates | 48 | 79 |
Other | 356 | 190 |
Total accounts payable and accrued liabilities | 14,724 | 12,198 |
Security Products | ||
Accounts payable: | ||
Accounts payable | 2,594 | 1,859 |
Marine Components | ||
Accounts payable: | ||
Accounts payable | $ 814 | $ 773 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | |
Foreign-derived intangible income benefit | $ (120) | $ (55) | $ (201) | $ (100) |
Income Taxes - Components of Pr
Income Taxes - Components of Pre-tax Income and Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for income taxes: | ||||
Currently payable | $ 5,476 | $ 3,222 | $ 4,849 | |
Deferred income tax expense (benefit) | (321) | (48) | 89 | |
Provision for income taxes | 5,155 | 3,174 | 4,938 | |
Expected tax expense, at the U.S. federal statutory income tax rate of 21% | 4,562 | 2,835 | 4,397 | |
State income taxes | 692 | 378 | 742 | |
Foreign-derived intangible income benefit | (120) | (55) | (201) | $ (100) |
Other, net | 21 | 16 | ||
Provision for income taxes | $ 5,155 | $ 3,174 | $ 4,938 |
Income Taxes - Components of _2
Income Taxes - Components of Pre-tax Income and Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Inventories | $ 531 | $ 356 |
Property and equipment | (2,951) | (2,887) |
Accrued liabilities and other deductible differences | 39 | 18 |
Accrued employee benefits | 1,182 | 982 |
Goodwill | (1,693) | (1,693) |
Other taxable differences | (26) | (15) |
Total deferred tax liability | $ (2,918) | $ (3,239) |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stockholders' Equity (Detail) - shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class Of Stock [Line Items] | |||||
Common stock, shares issued, beginning balance | 12,451,157 | 12,451,157 | 12,443,057 | 12,435,557 | |
Common stock, shares outstanding, beginning balance | 12,451,157 | 12,451,157 | 12,443,057 | 12,435,557 | |
Issued | 4,500 | 8,100 | 7,500 | ||
Acquired | (75,000) | 0 | 0 | ||
Acquired, Outstanding | (75,000) | ||||
Retired, Issued | (75,000) | ||||
Retired | 75,000 | ||||
Common stock, shares issued, ending balance | 12,380,657 | 12,380,657 | 12,451,157 | 12,443,057 | |
Common stock, shares outstanding, ending balance | 12,380,657 | 12,380,657 | 12,451,157 | 12,443,057 | |
Class A Common Stock | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares issued, beginning balance | 12,451,157 | 12,451,157 | |||
Common stock, shares outstanding, beginning balance | 12,380,657 | 12,380,657 | |||
Acquired, Outstanding | (25,000) | (50,000) | (75,000) | ||
Common stock, shares issued, ending balance | 12,451,157 | 12,451,157 | 12,451,157 | ||
Common stock, shares outstanding, ending balance | 12,380,657 | 12,380,657 | 12,380,657 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 12,380,657 | 12,380,657 | 12,451,157 | 12,443,057 | 12,435,557 | |
Common stock, shares outstanding | 12,380,657 | 12,380,657 | 12,451,157 | 12,443,057 | 12,435,557 | |
Preferred stock, shares authorized | 1,000 | 1,000 | 1,000 | |||
Treasury stock purchases | 75,000 | 0 | 0 | |||
Purchase of common shares | 75,000 | |||||
Shares available for purchase | 602,547 | 602,547 | ||||
Common Stock Dividend declared by directors | $ 0.20 | $ 0.10 | $ 0.07 | |||
Class A Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 12,451,157 | 12,451,157 | 12,451,157 | |||
Common stock, shares outstanding | 12,380,657 | 12,380,657 | 12,380,657 | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||
Purchase of common shares | 25,000 | 50,000 | 75,000 | |||
Purchase of common shares value | $ 1.3 | |||||
Class A Common Stock | 2013 Director Stock Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for award | 136,450 | 136,450 | ||||
Class A Common Stock | Non-Employee | 2013 Director Stock Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock shares authorized to be issued under the plan | 200,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 11 Months Ended | 12 Months Ended | |||
Nov. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Note receivable from affiliate | $ 18,700,000 | $ 29,500,000 | |||
Contran Corporation | Intercorporate Services Agreements Fees | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction expense | 3,400,000 | 3,400,000 | $ 3,400,000 | ||
Tall Pines Insurance Company or EWI RE Inc | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction expense | $ 2,300,000 | 2,900,000 | 2,800,000 | ||
Tall Pines Insurance Company or EWI RE Inc | Policies Written by Tall Pines Insurance Company | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction expense | 900,000 | 700,000 | |||
Unsecured Revolving Demand Promissory | Valhi Inc | |||||
Related Party Transaction [Line Items] | |||||
Maximum loan amount | $ 30,000,000 | ||||
Interest rate on loans repayment | 1.00% | ||||
Principal due on demand effective date | Dec. 31, 2023 | ||||
Note receivable from affiliate | 18,700,000 | 29,500,000 | |||
Interest income including unused commitment fees on our loan | $ 1,200,000 | $ 1,500,000 | $ 2,400,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Customer Concentration Risk - Consolidated Sales - customer | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Number of customers accounted for sale | 10 | ||
Sales Revenue, percentage | 51.00% | 48.00% | 47.00% |
Customer One | Security Products | |||
Concentration Risk [Line Items] | |||
Number of customers accounted for sale | 1 | ||
Sales Revenue, percentage | 16.00% | 17.00% | 14.00% |
Financial Instruments - Carryin
Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 76,579 | $ 70,637 |
Accounts receivable, net | 15,546 | 10,731 |
Accounts payable | 3,408 | 2,632 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 76,579 | 70,637 |
Accounts receivable, net | 15,546 | 10,731 |
Accounts payable | $ 3,408 | $ 2,632 |