Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIX | |
Entity Registrant Name | COMPX INTERNATIONAL INC. | |
Entity Central Index Key | 0001049606 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 12,307,157 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
City Area Code | 972 | |
Entity Address, Address Line One | 5430 LBJ Freeway | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | Dallas | |
Entity Address, Postal Zip Code | 75240-2620 | |
Entity Address, State or Province | TX | |
Entity Current Reporting Status | Yes | |
Entity File Number | 1-13905 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Tax Identification Number | 57-0981653 | |
Local Phone Number | 448-1400 | |
Title of 12(b) Security | Class A common stock | |
Security Exchange Name | NYSEAMER |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 53,277 | $ 76,579 |
Accounts receivable, net | 19,167 | 15,546 |
Inventories, net | 33,337 | 25,642 |
Prepaid expenses and other | 2,646 | 2,464 |
Total current assets | 108,427 | 120,231 |
Other assets: | ||
Note receivable from affiliate | 14,700 | 18,700 |
Goodwill | 23,742 | 23,742 |
Other noncurrent assets | 590 | 597 |
Total other assets | 39,032 | 43,039 |
Property and equipment: | ||
Land | 5,071 | 5,071 |
Buildings | 23,181 | 23,161 |
Equipment | 73,738 | 70,664 |
Construction in progress | 834 | 2,028 |
Gross property and equipment | 102,824 | 100,924 |
Less accumulated depreciation | 73,763 | 71,742 |
Net property and equipment | 29,061 | 29,182 |
Total assets | 176,520 | 192,452 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 16,139 | 14,724 |
Income taxes payable to affiliate | 1,375 | 1,722 |
Total current liabilities | 17,514 | 16,446 |
Noncurrent liabilities: | ||
Deferred income taxes | 2,176 | 2,918 |
Other | 61 | |
Total noncurrent liabilities | 2,237 | 2,918 |
Stockholders' equity: | ||
Additional paid-in capital | 53,155 | 54,780 |
Retained earnings | 103,491 | 118,184 |
Total stockholders' equity | 156,769 | 173,088 |
Total liabilities and stockholders' equity | 176,520 | 192,452 |
Commitments and contingencies (Note 1) | ||
Class A Common Stock | ||
Stockholders' equity: | ||
Common stock | $ 123 | $ 124 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 42,864 | $ 34,556 | $ 126,589 | $ 106,733 |
Cost of sales | 30,928 | 23,634 | 88,944 | 73,470 |
Gross margin | 11,936 | 10,922 | 37,645 | 33,263 |
Selling, general and administrative expense | 6,016 | 5,791 | 17,674 | 16,557 |
Operating income | 5,920 | 5,131 | 19,971 | 16,706 |
Interest income | 558 | 289 | 1,109 | 945 |
Income before income taxes | 6,478 | 5,420 | 21,080 | 17,651 |
Provision for income taxes | 1,528 | 1,288 | 4,970 | 4,214 |
Net income | 4,950 | 4,132 | 16,110 | 13,437 |
Net income - basic | 4,950 | 4,132 | 16,110 | 13,437 |
Net income - diluted | $ 4,950 | $ 4,132 | $ 16,110 | $ 13,437 |
Net income per basic share | $ 0.40 | $ 0.33 | $ 1.30 | $ 1.08 |
Net income per diluted share | $ 0.40 | $ 0.33 | $ 1.30 | $ 1.08 |
Weighted average shares outstanding - basic | 12,307 | 12,406 | 12,352 | 12,417 |
Weighted average shares outstanding - diluted | 12,307 | 12,406 | 12,352 | 12,417 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock Class A Common Stock | Additional paid-in Capital | Retained Earnings | Treasury Stock | Total |
Balance at Dec. 31, 2020 | $ 124 | $ 55,987 | $ 111,545 | $ 167,656 | |
Net income | 13,437 | 13,437 | |||
Issuance of common stock | 104 | 104 | |||
Cash dividends | (7,452) | (7,452) | |||
Treasury stock: | |||||
Acquired | $ (755) | (755) | |||
Retired | (755) | 755 | |||
Balance at Sep. 30, 2021 | 124 | 55,336 | 117,530 | 172,990 | |
Balance at Jun. 30, 2021 | 124 | 55,336 | 115,879 | 171,339 | |
Net income | 4,132 | 4,132 | |||
Cash dividends | (2,481) | (2,481) | |||
Balance at Sep. 30, 2021 | 124 | 55,336 | 117,530 | 172,990 | |
Balance at Dec. 31, 2021 | 124 | 54,780 | 118,184 | 173,088 | |
Net income | 16,110 | 16,110 | |||
Issuance of common stock | 118 | 118 | |||
Cash dividends | (30,803) | (30,803) | |||
Treasury stock: | |||||
Acquired | (1,744) | (1,744) | |||
Retired | (1) | (1,743) | $ 1,744 | ||
Balance at Sep. 30, 2022 | 123 | 53,155 | 103,491 | 156,769 | |
Balance at Jun. 30, 2022 | 123 | 53,155 | 123,155 | 176,433 | |
Net income | 4,950 | 4,950 | |||
Cash dividends | (24,614) | (24,614) | |||
Balance at Sep. 30, 2022 | $ 123 | $ 53,155 | $ 103,491 | $ 156,769 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends per share | $ 2 | $ 0.20 | $ 2.50 | $ 0.60 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 16,110 | $ 13,437 |
Depreciation and amortization | 2,962 | 2,861 |
Deferred income taxes | (742) | 426 |
Other, net | 287 | 323 |
Change in assets and liabilities: | ||
Accounts receivable, net | (3,634) | (4,374) |
Inventories, net | (7,846) | (5,417) |
Accounts payable and accrued liabilities | 1,454 | 1,908 |
Accounts with affiliates | (347) | 523 |
Prepaids and other, net | (122) | (1,592) |
Net cash provided by operating activities | 8,122 | 8,095 |
Cash flows from investing activities: | ||
Capital expenditures | (3,008) | (2,266) |
Proceeds from sale of fixed assets, net | 131 | |
Note receivable from affiliate: | ||
Collections | 21,100 | 33,100 |
Advances | (17,100) | (25,400) |
Net cash provided by investing activities | 1,123 | 5,434 |
Cash flows from financing activities: | ||
Dividends paid | (30,803) | (7,452) |
Treasury stock acquired | (1,744) | (755) |
Net cash used in financing activities | (32,547) | (8,207) |
Cash and cash equivalents - net change from: | ||
Operating, investing and financing activities | (23,302) | 5,322 |
Balance at beginning of period | 76,579 | 70,637 |
Balance at end of period | 53,277 | 75,959 |
Supplemental disclosures - | ||
Cash paid for income taxes | $ 6,080 | $ 3,361 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and basis of presentation: Organization Basis of presentation. Cash dividends in 2022 include a $1.75 per share special dividend. Our operations are reported on a 52 or 53-week year. For presentation purposes, annual and quarterly information in the Condensed Consolidated Financial Statements and accompanying notes are presented as ended September 30, 2021 December 31, 2021 and September 30, 2022. The actual dates of our annual and quarterly periods are October 3, 2021, January 2, 2022 and October 2, 2022, respectively. Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 2 – Business segment information: Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In thousands) Net sales: Security Products $ 25,829 $ 28,493 $ 79,301 $ 86,911 Marine Components 8,727 14,371 27,432 39,678 Total net sales $ 34,556 $ 42,864 $ 106,733 $ 126,589 Operating income: Security Products $ 5,529 $ 4,904 $ 16,864 $ 17,645 Marine Components 1,255 2,716 4,796 7,449 Corporate operating expenses (1,653) (1,700) (4,954) (5,123) Total operating income 5,131 5,920 16,706 19,971 Interest income 289 558 945 1,109 Income before income taxes $ 5,420 $ 6,478 $ 17,651 $ 21,080 Intersegment sales are not material. |
Accounts Receivable, Net
Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 3 – Accounts receivable, net: December 31, September 30, 2021 2022 (In thousands) Accounts receivable, net: Security Products $ 12,896 $ 14,106 Marine Components 2,720 5,131 Allowance for doubtful accounts (70) (70) Total accounts receivable, net $ 15,546 $ 19,167 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 4 – Inventories, net: December 31, September 30, 2021 2022 (In thousands) Raw materials: Security Products $ 3,640 $ 4,670 Marine Components 1,402 2,722 Total raw materials 5,042 7,392 Work-in-process: Security Products 12,721 15,301 Marine Components 4,046 6,085 Total work-in-process 16,767 21,386 Finished goods: Security Products 2,271 2,917 Marine Components 1,562 1,642 Total finished goods 3,833 4,559 Total inventories, net $ 25,642 $ 33,337 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 5 – Accounts payable and accrued liabilities: December 31, September 30, 2021 2022 (In thousands) Accounts payable: Security Products $ 2,594 $ 3,120 Marine Components 814 2,051 Accrued liabilities: Employee benefits 9,797 8,931 Taxes other than on income 391 520 Customer tooling 516 350 Advances from customers — 271 Insurance 208 268 Deferred revenue — 258 Other 404 370 Total accounts payable and accrued liabilities $ 14,724 $ 16,139 |
Provision for Income Taxes
Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Note 6 – Provision for income taxes: Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In thousands) Expected tax expense, at the U.S. federal statutory $ 1,138 $ 1,361 $ 3,707 $ 4,427 State income taxes 170 194 570 633 FDII benefit (33) (34) (73) (106) Other, net 13 7 10 16 Total provision for income taxes $ 1,288 $ 1,528 $ 4,214 $ 4,970 On August 16, 2022, the Inflation Reduction Act was signed into law. Among other things, this legislation provides for a 15% corporate alternative minimum tax on certain large corporations, imposes a 1% excise tax on qualifying stock buybacks for transactions occurring after December 31, 2022, and provides for certain energy-related tax credits. We have evaluated the relevant provisions of the Act and do not expect them to have a material impact on our tax provision. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ equity: Our board of directors has previously authorized the repurchase of our Class A common stock in open market transactions, including block purchases, or in privately-negotiated transactions at unspecified prices and over an unspecified period of time. We may repurchase our common stock from time to time as market conditions permit. The stock repurchase program does not include specific price targets or timetables and may be suspended at any time. Depending on market conditions, we may terminate the program prior to its completion. We use cash on hand to acquire the shares. Repurchased shares are added to our treasury and cancelled. During the second quarter of 2022, we acquired 78,900 shares of our Class A common stock for an aggregate amount of approximately $1.7 million under the prior repurchase authorizations. Of these shares, 70,000 shares were purchased in a market transaction, and 8,900 shares were purchased from two of our affiliates in two separate private transactions that were also approved in advance by our independent directors. During the first quarter of 2021, we purchased 50,000 shares of our Class A common stock in a market transaction for approximately $.8 million. We cancelled these treasury shares and allocated their cost to common stock at par value and additional paid-in capital. At September 30, 2022, 523,647 shares were available for purchase under prior repurchase authorizations. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 8 – Financial instruments: The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2021 September 30, 2022 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 76,579 $ 76,579 $ 53,277 $ 53,277 Accounts receivable, net 15,546 15,546 19,167 19,167 Accounts payable 3,408 3,408 5,171 5,171 Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 – Related party transactions: 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, and when we borrow from related parties, we are generally able to pay a lower rate of interest than we would pay if we had incurred third-party indebtedness. While certain of these loans to affiliates may be of a lesser credit quality than cash equivalent instruments otherwise available to us, we believe we have considered the credit risks in the terms of the applicable loans. In this regard, we have an unsecured revolving demand promissory note with Valhi under which, as amended, we 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 September 30, 2022, the outstanding principal balance receivable from Valhi under the promissory note was $14.7 million. Interest income (including unused commitment fees) on our loan to Valhi was $.9 million and $.7 million for the nine months ended September 30, 2021 and 2022, respectively. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization |
Basis of Presentation | Basis of presentation. Cash dividends in 2022 include a $1.75 per share special dividend. Our operations are reported on a 52 or 53-week year. For presentation purposes, annual and quarterly information in the Condensed Consolidated Financial Statements and accompanying notes are presented as ended September 30, 2021 December 31, 2021 and September 30, 2022. The actual dates of our annual and quarterly periods are October 3, 2021, January 2, 2022 and October 2, 2022, respectively. Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In thousands) Net sales: Security Products $ 25,829 $ 28,493 $ 79,301 $ 86,911 Marine Components 8,727 14,371 27,432 39,678 Total net sales $ 34,556 $ 42,864 $ 106,733 $ 126,589 Operating income: Security Products $ 5,529 $ 4,904 $ 16,864 $ 17,645 Marine Components 1,255 2,716 4,796 7,449 Corporate operating expenses (1,653) (1,700) (4,954) (5,123) Total operating income 5,131 5,920 16,706 19,971 Interest income 289 558 945 1,109 Income before income taxes $ 5,420 $ 6,478 $ 17,651 $ 21,080 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | December 31, September 30, 2021 2022 (In thousands) Accounts receivable, net: Security Products $ 12,896 $ 14,106 Marine Components 2,720 5,131 Allowance for doubtful accounts (70) (70) Total accounts receivable, net $ 15,546 $ 19,167 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December 31, September 30, 2021 2022 (In thousands) Raw materials: Security Products $ 3,640 $ 4,670 Marine Components 1,402 2,722 Total raw materials 5,042 7,392 Work-in-process: Security Products 12,721 15,301 Marine Components 4,046 6,085 Total work-in-process 16,767 21,386 Finished goods: Security Products 2,271 2,917 Marine Components 1,562 1,642 Total finished goods 3,833 4,559 Total inventories, net $ 25,642 $ 33,337 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | December 31, September 30, 2021 2022 (In thousands) Accounts payable: Security Products $ 2,594 $ 3,120 Marine Components 814 2,051 Accrued liabilities: Employee benefits 9,797 8,931 Taxes other than on income 391 520 Customer tooling 516 350 Advances from customers — 271 Insurance 208 268 Deferred revenue — 258 Other 404 370 Total accounts payable and accrued liabilities $ 14,724 $ 16,139 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In thousands) Expected tax expense, at the U.S. federal statutory $ 1,138 $ 1,361 $ 3,707 $ 4,427 State income taxes 170 194 570 633 FDII benefit (33) (34) (73) (106) Other, net 13 7 10 16 Total provision for income taxes $ 1,288 $ 1,528 $ 4,214 $ 4,970 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Value of Financial Instruments | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2021 September 30, 2022 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 76,579 $ 76,579 $ 53,277 $ 53,277 Accounts receivable, net 15,546 15,546 19,167 19,167 Accounts payable 3,408 3,408 5,171 5,171 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Special cash dividends per share | $ 1.75 |
NL Industries | CompX International Inc | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Percentage of ownership held by parent company | 87% |
Valhi Inc | NL Industries | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Percentage of ownership held by parent company | 83% |
Contran Corporation | Valhi Inc | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Percentage of ownership held by parent company | 92% |
Business Segment Information -
Business Segment Information - Schedule of Business Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales: | ||||
Total net sales | $ 42,864 | $ 34,556 | $ 126,589 | $ 106,733 |
Operating income (loss): | ||||
Total operating income | 5,920 | 5,131 | 19,971 | 16,706 |
Interest income | 558 | 289 | 1,109 | 945 |
Income before income taxes | 6,478 | 5,420 | 21,080 | 17,651 |
Depreciation and amortization | 2,962 | 2,861 | ||
Total capital expenditures | 3,008 | 2,266 | ||
Security Products | ||||
Net sales: | ||||
Total net sales | 28,493 | 25,829 | 86,911 | 79,301 |
Operating income (loss): | ||||
Total operating income | 4,904 | 5,529 | 17,645 | 16,864 |
Marine Components | ||||
Net sales: | ||||
Total net sales | 14,371 | 8,727 | 39,678 | 27,432 |
Operating income (loss): | ||||
Total operating income | 2,716 | 1,255 | 7,449 | 4,796 |
Corporate | ||||
Operating income (loss): | ||||
Total operating income | $ (1,700) | $ (1,653) | $ (5,123) | $ (4,954) |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (70) | $ (70) |
Total accounts receivable, net | 19,167 | 15,546 |
Security Products | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | 14,106 | 12,896 |
Marine Components | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | $ 5,131 | $ 2,720 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Total raw materials | $ 7,392 | $ 5,042 |
Total work-in-process | 21,386 | 16,767 |
Total finished goods | 4,559 | 3,833 |
Total inventories, net | 33,337 | 25,642 |
Security Products | ||
Inventory [Line Items] | ||
Total raw materials | 4,670 | 3,640 |
Total work-in-process | 15,301 | 12,721 |
Total finished goods | 2,917 | 2,271 |
Marine Components | ||
Inventory [Line Items] | ||
Total raw materials | 2,722 | 1,402 |
Total work-in-process | 6,085 | 4,046 |
Total finished goods | $ 1,642 | $ 1,562 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued liabilities: | ||
Employee benefits | $ 8,931 | $ 9,797 |
Customer tooling | 350 | 516 |
Taxes other than on income | 520 | 391 |
Insurance | 268 | 208 |
Advances from customers | 271 | |
Deferred revenue | 258 | |
Other | 370 | 404 |
Total accounts payable and accrued liabilities | 16,139 | 14,724 |
Security Products | ||
Accounts payable: | ||
Accounts payable | 3,120 | 2,594 |
Marine Components | ||
Accounts payable: | ||
Accounts payable | $ 2,051 | $ 814 |
Provision for Income Taxes - Pr
Provision for Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for income taxes: | ||||
Deferred income tax expense (benefit) | $ (742) | $ 426 | ||
Total provision for income taxes | $ 1,528 | $ 1,288 | 4,970 | 4,214 |
Expected tax expense, at the U.S. federal statutory income tax rate of 21% | 1,361 | 1,138 | 4,427 | 3,707 |
State income taxes | 194 | 170 | 633 | 570 |
FDII benefit | (34) | (33) | (106) | (73) |
Other, net | 7 | 13 | 16 | 10 |
Total provision for income taxes | $ 1,528 | $ 1,288 | $ 4,970 | $ 4,214 |
Provision for Income Taxes - _2
Provision for Income Taxes - Provision for Income Taxes (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory income tax rate | 21% | 21% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 USD ($) item Transaction shares | Sep. 30, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for purchase | 523,647 | |
Shares Repurchased in Market Transaction | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase of common shares | 70,000 | |
Shares Repurchased from Affiliates | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase of common shares | 8,900 | |
Number of affiliates | item | 2 | |
Number of private transactions | Transaction | 2 | |
Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase of common shares | 78,900 | 50,000 |
Purchase of common shares value | $ | $ 1.7 | $ 0.8 |
Financial Instruments - Carryin
Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 53,277 | $ 76,579 |
Accounts receivable, net | 19,167 | 15,546 |
Accounts payable | 5,171 | 3,408 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 53,277 | 76,579 |
Accounts receivable, net | 19,167 | 15,546 |
Accounts payable | $ 5,171 | $ 3,408 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2016 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Note receivable from affiliate | $ 14,700 | $ 18,700 | ||
Unsecured Revolving Demand Promissory | Valhi Inc | ||||
Related Party Transaction [Line Items] | ||||
Maximum loan amount | $ 30,000 | |||
Interest rate on loans repayment | 1% | |||
Principal due on demand effective date | Dec. 31, 2023 | |||
Note receivable from affiliate | 14,700 | |||
Interest income including unused commitment fees on our loan | $ 700 | $ 900 |