Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-31763 | |
Entity Registrant Name | KRONOS WORLDWIDE, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0294959 | |
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 | 233-1700 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | KRO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 115,461,627 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001257640 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 350 | $ 406 |
Restricted cash | 1.8 | 2.1 |
Accounts and other receivables, net | 416.4 | 379.1 |
Inventories, net | 464.2 | 432.3 |
Prepaid expenses and other | 47.1 | 38.5 |
Total current assets | 1,279.5 | 1,258 |
Other assets: | ||
Investment in TiO2 manufacturing joint venture | 105.7 | 101.9 |
Restricted cash | 4.4 | 4.5 |
Marketable securities | 4.3 | 4.2 |
Operating lease right-of-use assets | 21.5 | 19.9 |
Deferred income taxes | 101.4 | 106.8 |
Other | 14.7 | 14.1 |
Total other assets | 252 | 251.4 |
Property and equipment: | ||
Land | 43.8 | 43.9 |
Buildings | 221.8 | 222.2 |
Equipment | 1,119.8 | 1,122.1 |
Mining properties | 133.5 | 129.6 |
Construction in progress | 80.4 | 72.7 |
Gross property and equipment | 1,599.3 | 1,590.5 |
Less accumulated depreciation and amortization | 1,095.5 | 1,087.1 |
Net property and equipment | 503.8 | 503.4 |
Total assets | 2,035.3 | 2,012.8 |
Current liabilities: | ||
Current maturities of long-term debt | 1.4 | 1.4 |
Accounts payable and accrued liabilities | 261 | 275.1 |
Income taxes | 18.7 | 12.3 |
Total current liabilities | 281.1 | 288.8 |
Noncurrent liabilities: | ||
Long-term debt | 443.8 | 449.8 |
Accrued pension costs | 282.3 | 287.4 |
Payable to affiliate - income taxes | 44.7 | 44.7 |
Operating lease liabilities | 17.2 | 15.8 |
Deferred income taxes | 26.3 | 28.1 |
Other | 26.3 | 28 |
Total noncurrent liabilities | 840.6 | 853.8 |
Stockholders' equity: | ||
Common stock | 1.2 | 1.2 |
Additional paid-in capital | 1,395.2 | 1,395.4 |
Retained deficit | (86.5) | (122.1) |
Accumulated other comprehensive loss | (395.2) | (404.1) |
Treasury stock, at cost | (1.1) | (0.2) |
Total stockholders' equity | 913.6 | 870.2 |
Total liabilities and stockholders' equity | 2,035.3 | 2,012.8 |
Commitments and contingencies (Notes 10 and 12) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 562.9 | $ 465 |
Cost of sales | 413.6 | 369.3 |
Gross margin | 149.3 | 95.7 |
Selling, general and administrative expense | 61.4 | 58 |
Other operating income: | ||
Currency transactions, net | (1.5) | (0.5) |
Other operating expense, net | (3.1) | (3.2) |
Income from operations | 83.3 | 34 |
Other income (expense): | ||
Interest and dividend income | 0.1 | 0.1 |
Marketable equity securities | 0.1 | 0.8 |
Other components of net periodic pension and OPEB cost | (3.2) | (4.3) |
Interest expense | (4.5) | (5) |
Income before income taxes | 75.8 | 25.6 |
Income tax expense | 18.3 | 6 |
Net income | 57.5 | 19.6 |
Net income - basic | 57.5 | 19.6 |
Net income - diluted | $ 57.5 | $ 19.6 |
Net income per basic share | $ 0.50 | $ 0.17 |
Net income per diluted share | $ 0.50 | $ 0.17 |
Weighted average shares outstanding - basic | 115.5 | 115.5 |
Weighted average shares outstanding - diluted | 115.5 | 115.5 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 57.5 | $ 19.6 |
Other comprehensive income (loss), net of tax: | ||
Currency translation | 6.6 | 2.2 |
Total other comprehensive income, net | 8.9 | 5.6 |
Comprehensive income | 66.4 | 25.2 |
Defined Benefit Pension Plans | ||
Other comprehensive income (loss), net of tax: | ||
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax | 2.4 | 3.5 |
OPEB | ||
Other comprehensive income (loss), net of tax: | ||
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax | $ (0.1) | $ (0.1) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Millions | Common stock | Additional paid-in capital | Retained deficit | Accumulated other comprehensive loss | Treasury stock | Total |
Beginning Balance at Dec. 31, 2020 | $ 1.2 | $ 1,395.3 | $ (151.8) | $ (448.2) | $ 796.5 | |
Net income | 19.6 | 19.6 | ||||
Other comprehensive income, net of tax | 5.6 | 5.6 | ||||
Dividends paid | (20.8) | (20.8) | ||||
Ending Balance at Mar. 31, 2021 | 1.2 | 1,395.3 | (153) | (442.6) | 800.9 | |
Beginning Balance at Dec. 31, 2021 | 1.2 | 1,395.4 | (122.1) | (404.1) | $ (0.2) | 870.2 |
Net income | 57.5 | 57.5 | ||||
Other comprehensive income, net of tax | 8.9 | 8.9 | ||||
Dividends paid | (21.9) | (21.9) | ||||
Treasury stock acquired | (1.1) | (1.1) | ||||
Treasury stock retired | (0.2) | 0.2 | ||||
Ending Balance at Mar. 31, 2022 | $ 1.2 | $ 1,395.2 | $ (86.5) | $ (395.2) | $ (1.1) | $ 913.6 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retained deficit | ||
Cash dividends per share | $ 0.19 | $ 0.18 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 57.5 | $ 19.6 |
Depreciation | 12.9 | 12.7 |
Amortization of operating lease right-of-use assets | 1.4 | 1.7 |
Deferred income taxes | 1.7 | 0.2 |
Benefit plan expense greater than cash funding | 1.6 | 3.7 |
Marketable equity securities | (0.1) | (0.8) |
Contributions to TiO2 manufacturing joint venture, net | (3.8) | (3.4) |
Other, net | 1.6 | 0.1 |
Change in assets and liabilities: | ||
Accounts and other receivables, net | (41.2) | (23.5) |
Inventories, net | (32.8) | 35.6 |
Prepaid expenses | (8.9) | 5 |
Accounts payable and accrued liabilities | (25.2) | 0.5 |
Income taxes | 6.4 | 0.9 |
Accounts with affiliates | 9.8 | 4.2 |
Other, net | 0.5 | 0.2 |
Net cash provided by (used in) operating activities | (18.6) | 56.7 |
Cash flows from investing activities: | ||
Capital expenditures | (14.2) | (10.8) |
Cash flows from financing activities: | ||
Payments on long-term debt | (0.2) | (0.2) |
Dividends paid | (21.9) | (20.8) |
Treasury stock acquired | (1.1) | |
Net cash used in financing activities | (23.2) | (21) |
Cash, cash equivalents and restricted cash - net change from: | ||
Operating, investing and financing activities | (56) | 24.9 |
Effect of currency exchange rate changes on cash | (0.4) | (7) |
Balance at beginning of period | 412.6 | 362 |
Balance at end of period | 356.2 | 379.9 |
Cash paid for: | ||
Interest, net of amount capitalized | 8.3 | 9.2 |
Income taxes | 5.5 | 3.9 |
Accrual for capital expenditures | $ 3.8 | $ 2.5 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 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 Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Kronos Worldwide, Inc. and its subsidiaries (NYSE: KRO) taken as a whole. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 2 - Accounts and other receivables, net: December 31, March 31, 2021 2022 (In millions) Trade receivables $ 326.3 $ 374.1 Recoverable VAT and other receivables 32.4 23.4 Receivables from affiliates: Louisiana Pigment Company, L.P. (LPC) 15.8 15.2 Other 2.6 2.8 Refundable income taxes 4.0 4.0 Allowance for doubtful accounts (2.0) (3.1) Total $ 379.1 $ 416.4 |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 3 - Inventories, net: December 31, March 31, 2021 2022 (In millions) Raw materials $ 76.3 $ 97.1 Work in process 30.4 35.6 Finished products 245.6 249.0 Supplies 80.0 82.5 Total $ 432.3 $ 464.2 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 4 - Marketable securities: Our marketable securities consist of investments in the publicly-traded shares of related parties: Valhi, NL and CompX International Inc. NL owns the majority of CompX’s outstanding common stock. All of our marketable securities are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets for each marketable security and represent a Level 1 input within the fair value hierarchy. Any unrealized gains or losses on the securities are recognized in Other income (expense) - Marketable equity securities on our Condensed Consolidated Statements of Income. Fair value measurement Market Cost Unrealized Marketable security level value basis gain (In millions) December 31, 2021: Valhi common stock 1 $ 4.1 $ 3.2 $ .9 NL and CompX common stocks 1 .1 .1 - Total $ 4.2 $ 3.3 $ .9 March 31, 2022: Valhi common stock 1 $ 4.2 $ 3.2 $ 1.0 NL and CompX common stocks 1 .1 .1 - Total $ 4.3 $ 3.3 $ 1.0 At December 31, 2021 and March 31, 2022, we held approximately 144,000 shares of Valhi’s common stock. We also held a nominal number of shares of NL and CompX common stocks. At December 31, 2021 and March 31, 2022, the per share quoted market price of Valhi’s common stock was $28.75 and $29.31, respectively. The Valhi, CompX and NL common stocks we own are subject to restrictions on resale pursuant to certain provisions of SEC Rule 144. In addition, as a majority-owned subsidiary of Valhi we cannot vote our shares of Valhi common stock under Delaware General Corporation law, but we receive dividends from Valhi on these shares when declared and paid. |
Long-Term debt
Long-Term debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 5 - Long-term debt: December 31, March 31, 2021 2022 (In millions) Kronos International, Inc. 3.75% Senior Notes $ 448.8 $ 442.9 Other 2.4 2.3 Total debt 451.2 445.2 Less current maturities 1.4 1.4 Total long-term debt $ 449.8 $ 443.8 Senior Notes Revolving credit facility borrowings Other |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 6 - Accounts payable and accrued liabilities: December 31, March 31, 2021 2022 (In millions) Accounts payable $ 143.6 $ 132.5 Accrued sales discounts and rebates 28.7 11.1 Employee benefits 28.9 31.0 Payables to affiliates: LPC 17.3 20.8 Income taxes payable to Valhi .9 5.2 Operating lease liabilities 3.7 3.9 Other 52.0 56.5 Total $ 275.1 $ 261.0 |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Note 7 - Other noncurrent liabilities: December 31, March 31, 2021 2022 (In millions) Accrued postretirement benefits $ 8.4 $ 8.6 Employee benefits 6.1 5.9 Other 13.5 11.8 Total $ 28.0 $ 26.3 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 8 - Revenue recognition: The following table disaggregates our net sales by place of manufacture (point of origin) and to the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended March 31, 2021 2022 (In millions) Net sales - point of origin: United States $ 253.9 $ 326.4 Germany 231.2 276.5 Canada 97.2 96.4 Belgium 66.5 92.8 Norway 71.0 78.4 Eliminations (254.8) (307.6) Total $ 465.0 $ 562.9 Net sales - point of destination: Europe $ 227.3 $ 269.5 North America 145.3 179.9 Other 92.4 113.5 Total $ 465.0 $ 562.9 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 9 - Employee benefit plans: The components of net periodic defined benefit pension cost are presented in the table below. Three months ended March 31, 2021 2022 (In millions) Net periodic pension cost (income): Service cost $ 3.8 $ 3.0 Interest cost 2.2 2.9 Expected return on plan assets (3.0) (3.1) Recognized actuarial losses 5.1 3.4 Total $ 8.1 $ 6.2 We expect our 2022 contributions for our pension plans to be approximately $19 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 - Income taxes: Three months ended March 31, 2021 2022 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 5.4 $ 15.9 Non-U.S. tax rates .7 2.0 Incremental net tax benefit on earnings and losses of U.S. (.7) (.4) Valuation allowance, net .5 (.1) Global intangible low-tax income, net .5 .9 Adjustment to the reserve for uncertain tax positions, net (.5) (.8) Other, net .1 .8 Income tax expense $ 6.0 $ 18.3 Comprehensive provision for income taxes allocable to: Net income $ 6.0 $ 18.3 Other comprehensive income - pension plans 1.6 1.1 Total $ 7.6 $ 19.4 The amount shown in the preceding table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate. The amount shown on such table for incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current-year earnings of all of our non-U.S. subsidiaries and (ii) current U.S. income taxes (or current income tax benefit) including U.S. personal holding company tax, as applicable, attributable to current-year income (losses) of one of our non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, to the extent the current-year income (losses) of such subsidiaries is subject to U.S. income tax under the U.S. dual-resident provisions of the Internal Revenue Code. Tax authorities are examining certain of our U.S. and non-U.S. tax returns and may propose tax deficiencies, including penalties and interest. We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations. We believe the ultimate disposition of tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. We currently estimate that our unrecognized tax benefits will decrease by approximately $1.3 million during the next twelve months primarily due to the expiration of certain statutes of limitations. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' equity | Note 11 – Stockholders’ equity: Changes in accumulated other comprehensive loss are presented in the table below. See Note 9 for discussion of our defined benefit pension plans. Three months ended March 31, 2021 2022 (In millions) Accumulated other comprehensive loss, net of tax: Currency translation: Balance at beginning of period $ (233.4) $ (240.4) Other comprehensive income 2.2 6.6 Balance at end of period $ (231.2) $ (233.8) Defined benefit pension plans: Balance at beginning of period $ (214.5) $ (163.3) Other comprehensive income - amortization 3.5 2.4 Balance at end of period $ (211.0) $ (160.9) OPEB plans: Balance at beginning of period $ (.3) $ (.4) Other comprehensive loss - amortization (.1) (.1) Balance at end of period $ (.4) $ (.5) Total accumulated other comprehensive loss: Balance at beginning of period $ (448.2) $ (404.1) Other comprehensive income 5.6 8.9 Balance at end of period $ (442.6) $ (395.2) Our board of directors has previously authorized the repurchase of up to 2.0 million shares of our 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 or other sources of liquidity to acquire the shares. Repurchased shares are added to our treasury and subsequently cancelled upon approval of the board of directors. During the fourth quarter of 2021, we acquired 14,409 shares of common stock in market transactions for an aggregate purchase price of $.2 million which were accounted for as treasury stock at December 31, 2021. We subsequently cancelled all such shares in February 2022. During the first three months of 2022, we acquired an additional 73,881 shares of our common stock in market transactions for an aggregate purchase price of $1.1 million which are accounted for as treasury stock at March 31, 2022. At March 31, 2022, 1,475,229 shares are available for repurchase under this stock repurchase program. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and contingencies: We are involved in various environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our business. At least quarterly our management discusses and evaluates the status of any pending litigation to which we are a party. The factors considered in such evaluation include, among other things, the nature of such pending cases, the status of such pending cases, the advice of legal counsel and our experience in similar cases (if any). Based on such evaluation, we make a determination as to whether we believe (i) it is probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (ii) it is reasonably possible but not probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (iii) the probability a loss has been incurred is remote. We have not accrued any amounts for litigation matters because it is not reasonably possible we have incurred a loss that would be material to our consolidated financial statements, results of operations or liquidity. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 13 - Financial instruments: See Note 4 for information on how we determine fair value of our marketable securities. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2021 March 31, 2022 Carrying Fair Carrying Fair amount value amount value (In millions) Cash, cash equivalents and restricted cash $ 412.6 $ 412.6 $ 356.2 $ 356.2 Long-term debt - Fixed rate Senior Notes 448.8 460.2 442.9 435.7 At March 31, 2022, the estimated market price of our Senior Notes was €977 per €1,000 principal amount. The fair value of our Senior Notes was based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Notes trade were not active. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 2 and 6. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Kronos Worldwide, Inc. and its subsidiaries (NYSE: KRO) taken as a whole. |
Marketable Securities | All of our marketable securities are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets for each marketable security and represent a Level 1 input within the fair value hierarchy. Any unrealized gains or losses on the securities are recognized in Other income (expense) - Marketable equity securities on our Condensed Consolidated Statements of Income. |
Commitments and Contingencies | We are involved in various environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our business. At least quarterly our management discusses and evaluates the status of any pending litigation to which we are a party. The factors considered in such evaluation include, among other things, the nature of such pending cases, the status of such pending cases, the advice of legal counsel and our experience in similar cases (if any). Based on such evaluation, we make a determination as to whether we believe (i) it is probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (ii) it is reasonably possible but not probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (iii) the probability a loss has been incurred is remote. We have not accrued any amounts for litigation matters because it is not reasonably possible we have incurred a loss that would be material to our consolidated financial statements, results of operations or liquidity. |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | December 31, March 31, 2021 2022 (In millions) Trade receivables $ 326.3 $ 374.1 Recoverable VAT and other receivables 32.4 23.4 Receivables from affiliates: Louisiana Pigment Company, L.P. (LPC) 15.8 15.2 Other 2.6 2.8 Refundable income taxes 4.0 4.0 Allowance for doubtful accounts (2.0) (3.1) Total $ 379.1 $ 416.4 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | December 31, March 31, 2021 2022 (In millions) Raw materials $ 76.3 $ 97.1 Work in process 30.4 35.6 Finished products 245.6 249.0 Supplies 80.0 82.5 Total $ 432.3 $ 464.2 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Classification of Marketable Securities | Fair value measurement Market Cost Unrealized Marketable security level value basis gain (In millions) December 31, 2021: Valhi common stock 1 $ 4.1 $ 3.2 $ .9 NL and CompX common stocks 1 .1 .1 - Total $ 4.2 $ 3.3 $ .9 March 31, 2022: Valhi common stock 1 $ 4.2 $ 3.2 $ 1.0 NL and CompX common stocks 1 .1 .1 - Total $ 4.3 $ 3.3 $ 1.0 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Components of Long Term Debt | December 31, March 31, 2021 2022 (In millions) Kronos International, Inc. 3.75% Senior Notes $ 448.8 $ 442.9 Other 2.4 2.3 Total debt 451.2 445.2 Less current maturities 1.4 1.4 Total long-term debt $ 449.8 $ 443.8 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | December 31, March 31, 2021 2022 (In millions) Accounts payable $ 143.6 $ 132.5 Accrued sales discounts and rebates 28.7 11.1 Employee benefits 28.9 31.0 Payables to affiliates: LPC 17.3 20.8 Income taxes payable to Valhi .9 5.2 Operating lease liabilities 3.7 3.9 Other 52.0 56.5 Total $ 275.1 $ 261.0 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Noncurrent Liabilities | December 31, March 31, 2021 2022 (In millions) Accrued postretirement benefits $ 8.4 $ 8.6 Employee benefits 6.1 5.9 Other 13.5 11.8 Total $ 28.0 $ 26.3 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Net Sales by Place of Manufacture and to Location of Customer | Three months ended March 31, 2021 2022 (In millions) Net sales - point of origin: United States $ 253.9 $ 326.4 Germany 231.2 276.5 Canada 97.2 96.4 Belgium 66.5 92.8 Norway 71.0 78.4 Eliminations (254.8) (307.6) Total $ 465.0 $ 562.9 Net sales - point of destination: Europe $ 227.3 $ 269.5 North America 145.3 179.9 Other 92.4 113.5 Total $ 465.0 $ 562.9 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | Three months ended March 31, 2021 2022 (In millions) Net periodic pension cost (income): Service cost $ 3.8 $ 3.0 Interest cost 2.2 2.9 Expected return on plan assets (3.0) (3.1) Recognized actuarial losses 5.1 3.4 Total $ 8.1 $ 6.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation | Three months ended March 31, 2021 2022 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 5.4 $ 15.9 Non-U.S. tax rates .7 2.0 Incremental net tax benefit on earnings and losses of U.S. (.7) (.4) Valuation allowance, net .5 (.1) Global intangible low-tax income, net .5 .9 Adjustment to the reserve for uncertain tax positions, net (.5) (.8) Other, net .1 .8 Income tax expense $ 6.0 $ 18.3 Comprehensive provision for income taxes allocable to: Net income $ 6.0 $ 18.3 Other comprehensive income - pension plans 1.6 1.1 Total $ 7.6 $ 19.4 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | Three months ended March 31, 2021 2022 (In millions) Accumulated other comprehensive loss, net of tax: Currency translation: Balance at beginning of period $ (233.4) $ (240.4) Other comprehensive income 2.2 6.6 Balance at end of period $ (231.2) $ (233.8) Defined benefit pension plans: Balance at beginning of period $ (214.5) $ (163.3) Other comprehensive income - amortization 3.5 2.4 Balance at end of period $ (211.0) $ (160.9) OPEB plans: Balance at beginning of period $ (.3) $ (.4) Other comprehensive loss - amortization (.1) (.1) Balance at end of period $ (.4) $ (.5) Total accumulated other comprehensive loss: Balance at beginning of period $ (448.2) $ (404.1) Other comprehensive income 5.6 8.9 Balance at end of period $ (442.6) $ (395.2) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments not Carried at Fair Value but which Require Fair Value Disclosure | December 31, 2021 March 31, 2022 Carrying Fair Carrying Fair amount value amount value (In millions) Cash, cash equivalents and restricted cash $ 412.6 $ 412.6 $ 356.2 $ 356.2 Long-term debt - Fixed rate Senior Notes 448.8 460.2 442.9 435.7 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Valhi Inc | Parent Company | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 50.00% |
Valhi Inc | NL Industries Inc. | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage in company | 83.00% |
NL Industries Inc. | Parent Company | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 31.00% |
Contran | |
Organization And Basis Of Presentation [Line Items] | |
Controlling interest description | Consequently, at March 31, 2022, Ms. Simmons and the Family Trust may be deemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran, Valhi, NL and us. |
Contran | Valhi Inc | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage of parent company held by related party | 92.00% |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Accounts and Other Receivables, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (3.1) | $ (2) |
Total | 416.4 | 379.1 |
Trade receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts and other receivables | 374.1 | 326.3 |
Recoverable VAT and other receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts and other receivables | 23.4 | 32.4 |
Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Receivables from affiliates | 2.8 | 2.6 |
Refundable income taxes | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Refundable income taxes | 4 | 4 |
Louisiana Pigment Company, L.P. ("LPC'') | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Receivables from affiliates | $ 15.2 | $ 15.8 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 97.1 | $ 76.3 |
Work in process | 35.6 | 30.4 |
Finished products | 249 | 245.6 |
Supplies | 82.5 | 80 |
Total | $ 464.2 | $ 432.3 |
Marketable Securities - Classif
Marketable Securities - Classification of Marketable Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | ||
Market value | $ 4.3 | $ 4.2 |
Cost basis | 3.3 | 3.3 |
Unrealized gain | 1 | 0.9 |
Level 1 | Common stock | Valhi | ||
Marketable Securities [Line Items] | ||
Market value | 4.2 | 4.1 |
Cost basis | 3.2 | 3.2 |
Unrealized gain | 1 | 0.9 |
Level 1 | Common stock | NL And CompX | ||
Marketable Securities [Line Items] | ||
Market value | 0.1 | 0.1 |
Cost basis | $ 0.1 | $ 0.1 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - Valhi Inc - Common stock - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Investments in publicly-traded shares | 144,000 | 144,000 |
Quoted market price of per share | $ 29.31 | $ 28.75 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) € in Millions, $ in Millions | Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |||
Kronos International, Inc. 3.75% Senior Notes | $ 442.9 | $ 448.8 | |
Other | 2.3 | 2.4 | |
Total debt | 445.2 | 451.2 | |
Less current maturities | 1.4 | 1.4 | |
Total long-term debt | 443.8 | 449.8 | |
Kronos International, Inc | 3.75% Senior Notes | |||
Debt Instrument [Line Items] | |||
Kronos International, Inc. 3.75% Senior Notes | $ 442.9 | € 400 | $ 448.8 |
Long-Term Debt - Senior Notes -
Long-Term Debt - Senior Notes - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate principal amount outstanding | $ 442.9 | $ 448.8 | |
Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount outstanding | $ 442.9 | € 400 | $ 448.8 |
Debt instrument interest rate | 3.75% | 3.75% | |
Unamortized debt issuance costs | $ 3.2 | ||
Debt instrument maturity date | Sep. 15, 2025 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facilities - Additional Information (Detail) - Global Revolver $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 225 |
Borrowings under credit facility during the period | 0 |
Repayments of lines of credit | 0 |
Amount available for Borrowing | $ 225 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accounts payable | $ 132.5 | $ 143.6 |
Employee benefits | 11.1 | 28.7 |
Accrued sales discounts and rebates | 31 | 28.9 |
Operating lease liabilities | $ 3.9 | $ 3.7 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Other | $ 56.5 | $ 52 |
Total | 261 | 275.1 |
LPC | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Payables to affiliate | 20.8 | 17.3 |
Valhi | Income taxes | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Payables to affiliate | $ 5.2 | $ 0.9 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Components of Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Other Liabilities Noncurrent [Abstract] | ||
Accrued postretirement benefits | $ 8.6 | $ 8.4 |
Employee benefits | 5.9 | 6.1 |
Other | 11.8 | 13.5 |
Total | $ 26.3 | $ 28 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Net Sales by Place of Manufacture and to Location of Customer (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | $ 562.9 | $ 465 |
Point of origin | Reportable Geographical Components | United States | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 326.4 | 253.9 |
Point of origin | Reportable Geographical Components | Germany | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 276.5 | 231.2 |
Point of origin | Reportable Geographical Components | Canada | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 96.4 | 97.2 |
Point of origin | Reportable Geographical Components | Belgium | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 92.8 | 66.5 |
Point of origin | Reportable Geographical Components | Norway | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 78.4 | 71 |
Point of origin | Eliminations | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | (307.6) | (254.8) |
Point of destination | Europe | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 269.5 | 227.3 |
Point of destination | North America | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 179.9 | 145.3 |
Point of destination | Other | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | $ 113.5 | $ 92.4 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 3.8 |
Interest cost | 2.9 | 2.2 |
Expected return on plan assets | (3.1) | (3) |
Recognized actuarial losses | 3.4 | 5.1 |
Total | $ 6.2 | $ 8.1 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
Expected contributions for pension plans in 2021 | $ 19 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Income Tax [Line Items] | ||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 15.9 | $ 5.4 |
Non-U.S. tax rates | 2 | 0.7 |
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. companies | (0.4) | (0.7) |
Valuation allowance, net | (0.1) | 0.5 |
Global intangible low-tax income, net | 0.9 | 0.5 |
Adjustment to the reserve for uncertain tax positions, net | (0.8) | (0.5) |
Other, net | 0.8 | 0.1 |
Income tax expense | 18.3 | 6 |
Comprehensive provision for income taxes allocable to: | ||
Net income | 18.3 | 6 |
Other comprehensive income (loss): | ||
Total | 19.4 | 7.6 |
Defined Benefit Pension Plans | ||
Other comprehensive income (loss): | ||
Benefit plans | $ 1.1 | $ 1.6 |
Income Taxes - Components of _2
Income Taxes - Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
U.S. Federal statutory income tax rate | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Income Tax Disclosure [Abstract] | |
Estimated unrecognized tax benefits decrease amount for next twelve months | $ 1.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Number of shares authorized for repurchase | 2,000,000 | |
Aggregate purchase price | $ 1.1 | |
Shares available for repurchase under the plan | 1,475,229 | |
Common stock | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Stock repurchased and acquired in market transactions | 73,881 | 14,409 |
Treasury Stock, Common | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Aggregate purchase price | $ 1.1 | $ 0.2 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 870.2 | $ 796.5 |
Ending Balance | 913.6 | 800.9 |
Currency Translation | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (240.4) | (233.4) |
Other comprehensive income (loss) | 6.6 | 2.2 |
Ending Balance | (233.8) | (231.2) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (163.3) | (214.5) |
Other comprehensive income (loss) | 2.4 | 3.5 |
Ending Balance | (160.9) | (211) |
Accumulated Defined Benefit Plans Adjustment | OPEB Plans | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (0.4) | (0.3) |
Other comprehensive income (loss) | (0.1) | (0.1) |
Ending Balance | (0.5) | (0.4) |
Total Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (404.1) | (448.2) |
Other comprehensive income (loss) | 8.9 | 5.6 |
Ending Balance | $ (395.2) | $ (442.6) |
Financial Instruments - Financi
Financial Instruments - Financial Instruments not Carried at Fair Value but which Require Fair Value Disclosure (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||||
Cash, cash equivalents and restricted cash, Carrying amount | $ 356.2 | $ 412.6 | $ 379.9 | $ 362 |
Long-term debt - Fixed rate Senior Notes, Carrying amount | 442.9 | 448.8 | ||
Cash, cash equivalents and restricted cash, Fair value | 356.2 | 412.6 | ||
Long-term debt - Fixed rate Senior Notes, Fair value | $ 435.7 | $ 460.2 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Senior Notes | Mar. 31, 2022EUR (€) |
Financial Instrument At Fair Value [Line Items] | |
Debt instrument base principal amount | € 1,000 |
Debt instrument estimated market price per 1000 principal amount | € 977 |