Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | KRO | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock | |
Entity Registrant Name | KRONOS WORLDWIDE INC | |
Entity Central Index Key | 0001257640 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 115,651,706 | |
Entity File Number | 1-31763 | |
Entity Tax Identification Number | 76-0294959 | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 385.8 | $ 373.3 |
Restricted cash | 1.1 | 1.4 |
Accounts and other receivables | 348.3 | 312.5 |
Inventories, net | 434.9 | 497.9 |
Prepaid expenses and other | 16.8 | 16.3 |
Total current assets | 1,186.9 | 1,201.4 |
Other assets: | ||
Investment in TiO2 manufacturing joint venture | 83.1 | 81.3 |
Marketable securities | 3.3 | 3.4 |
Note receivable from Valhi | 5 | |
Operating lease right-of-use assets | 30.1 | |
Deferred income taxes | 107.7 | 122 |
Other | 3.3 | 3.6 |
Total other assets | 232.5 | 210.3 |
Property and equipment: | ||
Land | 39.3 | 41 |
Buildings | 206.1 | 211.7 |
Equipment | 1,079.6 | 1,102.6 |
Mining properties | 113.2 | 114 |
Construction in progress | 45.8 | 38 |
Gross property and equipment | 1,484 | 1,507.3 |
Less accumulated depreciation and amortization | 1,018.5 | 1,020.9 |
Net property and equipment | 465.5 | 486.4 |
Total assets | 1,884.9 | 1,898.1 |
Current liabilities: | ||
Current maturities of long-term debt | 1.5 | 1.5 |
Accounts payable and accrued liabilities | 224.4 | 222.9 |
Income taxes | 1.6 | 9 |
Total current liabilities | 227.5 | 233.4 |
Noncurrent liabilities: | ||
Long-term debt | 434.6 | 455.1 |
Accrued pension costs | 249.3 | 262.9 |
Payable to affiliate - income taxes | 56.6 | 56.6 |
Operating lease liabilities | 23.1 | |
Deferred income taxes | 22 | 21.5 |
Other | 24.9 | 28.8 |
Total noncurrent liabilities | 810.5 | 824.9 |
Stockholders' equity: | ||
Common stock | 1.2 | 1.2 |
Additional paid-in capital | 1,397.8 | 1,399.1 |
Retained deficit | (121) | (136.2) |
Accumulated other comprehensive loss | (429.5) | (424.3) |
Treasury stock | (1.6) | |
Total stockholders' equity | 846.9 | 839.8 |
Total liabilities and stockholders' equity | 1,884.9 | 1,898.1 |
Commitments and contingencies (Notes 11 and 13) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 437.4 | $ 410.3 | $ 1,358.4 | $ 1,312.5 |
Cost of sales | 349.7 | 291.2 | 1,051.9 | 846.8 |
Gross margin | 87.7 | 119.1 | 306.5 | 465.7 |
Selling, general and administrative expense | 56.9 | 57.3 | 172.5 | 173.7 |
Other operating income (expense): | ||||
Currency transactions, net | 5.8 | (0.6) | 5.6 | 4.2 |
Other operating expense, net | (3.5) | (3.1) | (11) | (10.7) |
Income from operations | 33.1 | 58.1 | 128.6 | 285.5 |
Other income (expense): | ||||
Interest and dividend income | 1.4 | 1.5 | 5.2 | 3.7 |
Marketable equity securities | (1.9) | (4.3) | (0.1) | (6.7) |
Other components of net periodic pension and OPEB cost | (3.8) | (3.7) | (11.4) | (11.3) |
Interest expense | (4.6) | (4.9) | (14.1) | (14.7) |
Income before income taxes | 24.2 | 46.7 | 108.2 | 256.5 |
Income tax expense | 6.3 | 14.1 | 30.5 | 75.5 |
Net income | $ 17.9 | $ 32.6 | $ 77.7 | $ 181 |
Net income per basic and diluted share | $ 0.16 | $ 0.28 | $ 0.67 | $ 1.56 |
Weighted average shares used in the calculation of net income per share | 115.7 | 115.9 | 115.8 | 115.9 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 17.9 | $ 32.6 | $ 77.7 | $ 181 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation | (18.7) | 4.5 | (11.7) | (10) |
Total other comprehensive income (loss), net | (16.6) | 6.9 | (5.2) | (2.9) |
Comprehensive income | 1.3 | 39.5 | 72.5 | 178.1 |
Defined Benefit Pension Plans | ||||
Other comprehensive income (loss), net of tax: | ||||
Defined benefit plans | 2.2 | $ 2.4 | 6.7 | 7.3 |
OPEB | ||||
Other comprehensive income (loss), net of tax: | ||||
Defined benefit plans | $ (0.1) | $ (0.2) | $ (0.2) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Retained earnings (deficit) | Accumulated other comprehensive income (loss) | Treasury stock |
Beginning Balance at Dec. 31, 2017 | $ 754.3 | $ 1.2 | $ 1,399 | $ (267.2) | $ (378.7) | |
Change in accounting principle - ASU 2016-01 at Dec. 31, 2017 | 4.8 | (4.8) | ||||
Balance as adjusted at Dec. 31, 2017 | 754.3 | 1.2 | 1,399 | (262.4) | (383.5) | |
Net income | 70.7 | 70.7 | ||||
Other comprehensive income (loss), net of tax | 13 | 13 | ||||
Dividends paid | (19.7) | (19.7) | ||||
Ending Balance at Mar. 31, 2018 | 818.3 | 1.2 | 1,399 | (211.4) | (370.5) | |
Beginning Balance at Dec. 31, 2017 | 754.3 | 1.2 | 1,399 | (267.2) | (378.7) | |
Change in accounting principle - ASU 2016-01 at Dec. 31, 2017 | 4.8 | (4.8) | ||||
Balance as adjusted at Dec. 31, 2017 | 754.3 | 1.2 | 1,399 | (262.4) | (383.5) | |
Net income | 181 | |||||
Other comprehensive income (loss), net of tax | (2.9) | |||||
Ending Balance at Sep. 30, 2018 | 873.4 | 1.2 | 1,399.1 | (140.5) | (386.4) | |
Change in accounting principle - ASU 2016-01 at Sep. 30, 2018 | (4.8) | |||||
Beginning Balance at Mar. 31, 2018 | 818.3 | 1.2 | 1,399 | (211.4) | (370.5) | |
Net income | 77.7 | 77.7 | ||||
Other comprehensive income (loss), net of tax | (22.8) | (22.8) | ||||
Issuance of common stock | 0.1 | 0.1 | ||||
Dividends paid | (19.7) | (19.7) | ||||
Ending Balance at Jun. 30, 2018 | 853.6 | 1.2 | 1,399.1 | (153.4) | (393.3) | |
Balance as adjusted at Jun. 30, 2018 | (393.3) | |||||
Net income | 32.6 | 32.6 | ||||
Other comprehensive income (loss), net of tax | 6.9 | 6.9 | ||||
Dividends paid | (19.7) | (19.7) | ||||
Ending Balance at Sep. 30, 2018 | 873.4 | 1.2 | 1,399.1 | (140.5) | (386.4) | |
Change in accounting principle - ASU 2016-01 at Sep. 30, 2018 | (4.8) | |||||
Beginning Balance at Dec. 31, 2018 | 839.8 | 1.2 | 1,399.1 | (136.2) | (424.3) | |
Balance as adjusted at Dec. 31, 2018 | (424.3) | |||||
Net income | 30.3 | 30.3 | ||||
Other comprehensive income (loss), net of tax | 2.1 | 2.1 | ||||
Dividends paid | (20.9) | (20.9) | ||||
Ending Balance at Mar. 31, 2019 | 851.3 | 1.2 | 1,399.1 | (126.8) | (422.2) | |
Beginning Balance at Dec. 31, 2018 | 839.8 | 1.2 | 1,399.1 | (136.2) | (424.3) | |
Balance as adjusted at Dec. 31, 2018 | (424.3) | |||||
Net income | 77.7 | |||||
Other comprehensive income (loss), net of tax | (5.2) | |||||
Treasury stock acquired | (3) | |||||
Treasury stock retired | 1.4 | |||||
Ending Balance at Sep. 30, 2019 | 846.9 | 1.2 | 1,397.8 | (121) | (429.5) | $ (1.6) |
Beginning Balance at Mar. 31, 2019 | 851.3 | 1.2 | 1,399.1 | (126.8) | (422.2) | |
Net income | 29.5 | 29.5 | ||||
Other comprehensive income (loss), net of tax | 9.3 | 9.3 | ||||
Issuance of common stock | 0.1 | 0.1 | ||||
Dividends paid | (20.8) | (20.8) | ||||
Treasury stock acquired | (1.4) | (1.4) | ||||
Ending Balance at Jun. 30, 2019 | 868 | 1.2 | 1,399.2 | (118.1) | (412.9) | (1.4) |
Balance as adjusted at Jun. 30, 2019 | (412.9) | |||||
Net income | 17.9 | 17.9 | ||||
Other comprehensive income (loss), net of tax | (16.6) | (16.6) | ||||
Dividends paid | (20.8) | (20.8) | ||||
Treasury stock acquired | (1.6) | (1.6) | ||||
Treasury stock retired | (1.4) | 1.4 | ||||
Ending Balance at Sep. 30, 2019 | $ 846.9 | $ 1.2 | $ 1,397.8 | $ (121) | $ (429.5) | $ (1.6) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (unaudited) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Cash dividends per share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 |
Retained earnings (deficit) | ||||||
Cash dividends per share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.17 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 77.7 | $ 181 |
Depreciation | 34.3 | 36.9 |
Amortization of operating lease right-of-use assets | 5.1 | |
Deferred income taxes | 6.7 | 20.5 |
Benefit plan expense greater than cash funding | 7.1 | 6.5 |
Marketable equity securities | 0.1 | 6.7 |
Distributions from (contributions to) TiO2 manufacturing joint venture, net | (1.8) | 5.5 |
Other, net | 1.7 | 1.8 |
Change in assets and liabilities: | ||
Accounts and other receivables | (59.9) | (25.6) |
Inventories | 52.1 | (70.3) |
Prepaid expenses | (1.9) | (8.1) |
Accounts payable and accrued liabilities | 5 | 13 |
Income taxes | (3.7) | 11.9 |
Accounts with affiliates | 2.1 | 17.1 |
Other, net | (0.8) | 2.1 |
Net cash provided by operating activities | 123.8 | 199 |
Cash flows from investing activities: | ||
Capital expenditures | (34.2) | (35.4) |
Net cash used in investing activities | (39.2) | (21.8) |
Cash flows from financing activities: | ||
Payments on long-term debt | (0.6) | (0.5) |
Dividends paid | (62.5) | (59.1) |
Treasury stock acquired | (3) | |
Net cash used in financing activities | (66.1) | (59.6) |
Cash, cash equivalents and restricted cash - net change from: | ||
Operating, investing and financing activities | 18.5 | 117.6 |
Currency translation | (6.3) | (7.9) |
Balance at beginning of period | 374.7 | 323.7 |
Balance at end of period | 386.9 | 433.4 |
Cash paid for: | ||
Interest, net of amount capitalized | 17.3 | 18.3 |
Income taxes | 32.3 | 36.4 |
Accrual for capital expenditures | 1.6 | 3.5 |
Valhi | ||
Cash flows from investing activities: | ||
Loans | (10.9) | (2.6) |
Collections | $ 5.9 | $ 16.2 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 - Organization and basis of presentation: Organization - At September 30, 2019, Valhi, Inc. (NYSE: VHI) held approximately 50% of our outstanding common stock and a wholly-owned subsidiary of NL Industries, Inc. (NYSE: NL) held approximately 30% of our common stock. Valhi owned approximately 83% of NL’s outstanding common stock and a wholly-owned subsidiary of Contran Corporation (“Contran”) held approximately 92% of Valhi’s outstanding common stock. At September 30, 2019, a majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and Serena Simmons Connelly and various family trusts established for the benefit of Ms. Simmons and Ms. Connelly and their children and for which Ms. Simmons or Ms. Connelly, as applicable, serves as trustee. In addition, each of Ms. Simmons and Ms. Connelly serves as co-chair of the Contran board of directors. The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and Ms. Connelly and their children and for which a third-party financial institution serves as trustee. Consequently, at September 30, 2019, Ms. Simmons, Ms. Connelly 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. Basis of presentation - The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2018 that we filed with the Securities and Exchange Commission (SEC) on March 11, 2019 (2018 Annual Report). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2018 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2018) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Our results of operations for the interim periods ended September 30, 2019 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2018 Consolidated Financial Statements contained in our 2018 Annual Report. 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 | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | Note 2 - Accounts and other receivables: December September 2018 2019 (In millions) Trade receivables $ 273.3 $ 333.9 Recoverable VAT and other receivables 23.8 14.3 Receivables from affiliates: Louisiana Pigment Company, L.P. (LPC) 10.2 - Other 2.8 2.0 Refundable income taxes 3.6 .1 Allowance for doubtful accounts (1.2 ) (2.0 ) Total $ 312.5 $ 348.3 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 3 - Inventories, net: December September 2018 2019 (In millions) Raw materials $ 93.1 $ 117.2 Work in process 23.5 29.0 Finished products 316.8 222.9 Supplies 64.5 65.8 Total $ 497.9 $ 434.9 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2019 | |
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. Any unrealized gains or losses on the securities are recognized in Marketable equity securities on our Condensed Consolidated Statements of Income. The fair value of our equity securities represent a Level 1 input within the fair value hierarchy. See Note 15. Fair measurement Market Cost Marketable security level value basis Unrealized gain (In millions) December 31, 2018: Valhi common stock 1 $ 3.3 $ 3.2 $ .1 NL and CompX common stocks 1 .1 .1 - Total $ 3.4 $ 3.3 $ .1 September 30, 2019: Valhi common stock 1 $ 3.2 $ 3.2 $ - NL and CompX common stocks 1 .1 .1 - Total $ 3.3 $ 3.3 $ - At December 31, 2018 and September 30, 2019, we held approximately 1.7 million shares of Valhi’s common stock. We also held a nominal number of shares of CompX and NL common stocks. At December 31, 2018 and September 30, 2019, the quoted per share market price of Valhi’s common stock was $1.93 and $1.90, respectively. The Valhi, CompX and NL common stocks we own are subject to the 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 do receive dividends from Valhi on these shares when declared and paid. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 5 - Leases: We enter into various arrangements (or leases) that convey the rights to use and control identified underlying assets for a period of time in exchange for consideration. We lease various manufacturing facilities and equipment. In addition, o ur principal German operating subsidiary leases the land under its Leverkusen TiO 2 production facility pursuant to a lease with Bayer AG that expires in 2050. The Leverkusen facility itself, which we own and which represents approximately one-third of our current TiO 2 production capacity, is located within Bayer’s extensive manufacturing complex. From time to time, we may also enter into an arrangement in which the right to use and control an identified underlying asset is embedded in another type of contract On January 1, 2019 we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) Right-of-use assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. For leases in effect as of the January 1, 2019 date of adoption of the new ASU, the right-of-use operating lease assets and liabilities were recognized based on the estimated present value of remaining lease payments over the remaining lease term as of the adoption date. For new leases entered into subsequent to the date of adoption of the new ASU, the right-of-use operating lease assets and liabilities are recognized based on the estimated present value of lease payments over the lease term as of the respective lease commencement dates. We use an estimated incremental borrowing rate to determine the present value of lease payments (unless we can determine the rate implicit in the lease, which is generally not the case). Our incremental borrowing rate for each of our leases is derived from available information, including our current debt and credit facilities and U.S. and European yield curves as well as publicly available data for instruments with similar characteristics, adjusted for factors such as collateralization and term. For leases in effect as of the January 1, 2019 date of adoption of the new ASU, we used an estimated incremental borrowing rate for each lease on the date of adoption. For new leases entered into subsequent to the date of adoption of the new ASU, we use an estimated incremental borrowing rate for each lease as of the respective lease commencement date. Our leases generally do not include termination or purchase options. Certain of our leases include an option to renew the lease after expiration of the initial lease term, but we have not included such renewal periods in our lease term because it is not reasonably certain that we would exercise the renewal option. Our leases generally have fixed lease payments, with no contingent or incentive payments. Certain of our leases include variable lease payments that depend on a specified index or rate, and in accordance with ASU 2016-02 the determination of the operating lease liabilities is based on the index or rate existing at the date of adoption of the new ASU (for leases in effect as of January 1, 2019) or the index or rate in effect as of the lease commencement date (for leases entered into subsequent to the date of adoption of the new ASU). Our lease agreements do not contain any residual value guarantees. With respect to our land lease associated with our Leverkusen facility, we periodically establish the amount of rent for such land lease by agreement with Bayer for periods of at least two years at a time. The lease agreement provides for no formula, index or other mechanism to determine changes in the rent of such land lease; rather, any change in the rent is subject solely to periodic negotiation between Bayer and us. As such, we will account for any change in the rent associated with such lease subsequent to the January 1, 2019 adoption of the new ASU as a lease modification. During the first nine months of 2019, our operating lease expense approximated $6.2 million (which amount approximates the amount of cash paid during the period for our operating leases included in the determination of our cash flows from operating activities). During the first nine months of 2019, variable lease expense and short-term lease expense were not material. During the first nine months of 2019, we entered into new operating leases which resulted in the recognition of $1.4 million in right-of-use operating lease assets and corresponding liabilities on our Condensed Consolidated Balance Sheet. At September 30, 2019, the weighted average remaining lease term of our operating leases was approximately 13 years, and the weighted average discount rate associated with such leases was approximately 4.6%. Such average remaining lease term is weighted based on each arrangement’s lease obligation, and such average discount rate is weighted based on each arrangement’s total remaining lease payments. At September 30, 2019, maturities of our operating lease liabilities were as follows: Years ending December 31, Amount (In millions) 2019 (remainder of year) $ 2.0 2020 6.9 2021 6.1 2022 3.5 2023 2.3 2024 and thereafter 20.8 Total remaining lease payments 41.6 Less imputed interest 12.1 Total lease obligations 29.5 Less current obligations 6.4 Long term lease obligations $ 23.1 Approximately $6.9 million of the $29.5 million total lease obligations at September 30, 2019 relates to our Leverkusen facility lease discussed above. At September 30, 2019, we have no significant lease commitments that have not yet commenced. Disclosures related to periods prior to adoption of the New Lease Standard Net rent expense approximated $14 million in 2016, $16 million in 2017 and $15 million in 2018. At December 31, 2018, future minimum payments under non-cancellable operating leases having an initial or remaining term of more than one year were as follows: Years ending December 31, Amount (In millions) 2019 $ 6.2 2020 5.0 2021 4.2 2022 3.2 2023 2.4 2024 and thereafter 21.5 Long term lease obligations $ 42.5 Approximately $17 million of the $42.5 million aggregate future minimum rental commitments at December 31, 2018 relates to our Leverkusen facility lease discussed above. The minimum commitment amounts for such lease included in the table above for each year through the 2050 expiration of the lease are based upon the current annual rental rate as of December 31, 2018. |
Other Noncurrent Assets
Other Noncurrent Assets | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Noncurrent Assets | Note 6 - Other noncurrent assets: December September 2018 2019 (In millions) Pension asset $ .8 $ 1.3 Deferred financing costs, net .9 .7 Other 1.9 1.3 Total $ 3.6 $ 3.3 |
Long-Term debt
Long-Term debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7 - Long-term debt: December 31, September 30, 2018 2019 (In millions) Kronos International, Inc. 3.75% Senior Secured Notes $ 452.4 $ 432.3 Other 4.2 3.8 Total debt 456.6 436.1 Less current maturities 1.5 1.5 Total long-term debt $ 455.1 $ 434.6 Senior Secured Notes - At September 30, 2019, the carrying value of our 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $5.3 million. Revolving credit facilities - During the first nine months of 2019, we had no borrowings or repayments under our North American revolving credit facility and our European revolving credit facility. At September 30, 2019, approximately $118.4 million was available for borrowing under the North American revolving credit facility. Our European revolving credit facility requires the maintenance of certain financial ratios, and one of such requirements is based on the ratio of net debt to last twelve months earnings before income tax, interest, depreciation and amortization expense (EBITDA) of the borrowers. Based upon the borrowers’ last twelve months EBITDA as of September 30, 2019 and the net debt to EBITDA financial test, the full €90.0 million amount of the credit facility ($98.5 million) is available for borrowing at September 30, 2019. Other We are in compliance with all of our debt covenants at September 30, 2019. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 8 - Accounts payable and accrued liabilities: December September 2018 2019 (In millions) Accounts payable $ 103.2 $ 113.2 Employee benefits 27.9 25.1 Accrued sales discounts and rebates 29.7 25.0 Operating lease liabilities - 6.4 Payables to affiliates: LPC 16.7 13.3 Income taxes, net - Valhi 10.4 5.4 Other 35.0 36.0 Total $ 222.9 $ 224.4 |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Note 9 - Other noncurrent liabilities: December 31, September 30, 2018 2019 (In millions) Accrued postretirement benefits $ 7.4 $ 7.7 Employee benefits 7.3 6.3 Other 14.1 10.9 Total $ 28.8 $ 24.9 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 10 - 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 Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Net sales - point of origin: Germany $ 211.9 $ 238.3 $ 704.1 $ 706.0 United States 234.5 227.7 640.2 762.3 Canada 82.3 84.0 236.1 258.4 Belgium 66.4 58.3 205.0 205.7 Norway 49.8 46.0 159.4 145.2 Eliminations (234.6 ) (216.9 ) (632.3 ) (719.2 ) Total $ 410.3 $ 437.4 $ 1,312.5 $ 1,358.4 Net sales - point of destination: Europe $ 191.8 $ 201.6 $ 664.2 $ 646.2 North America 142.0 147.8 412.6 456.1 Other 76.5 88.0 235.7 256.1 Total $ 410.3 $ 437.4 $ 1,312.5 $ 1,358.4 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 11 - Employee benefit plans: The components of net periodic defined benefit pension cost are presented in the table below. Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Service cost $ 2.9 $ 2.7 $ 8.8 $ 8.3 Interest cost 3.5 3.5 10.7 10.5 Expected return on plan assets (3.3 ) (3.1 ) (9.9 ) (9.3 ) Amortization of prior service cost .1 .1 .2 .2 Recognized actuarial losses 3.3 3.3 10.3 10.0 Total $ 6.5 $ 6.5 $ 20.1 $ 19.7 We expect our 2019 contributions for our pension plans to be approximately $17 million. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 - Income taxes: Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 9.8 $ 5.1 $ 53.9 $ 22.7 Non-U.S. tax rates 3.6 1.2 18.6 5.9 Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. companies 1.8 (1.1 ) 2.9 (2.2 ) Global intangible low-tax income, net - .1 - 1.6 Transition tax (1.7 ) - (1.7 ) - Adjustment to reserve for uncertain tax positions, net - .2 1.4 .6 Canada-Germany APA - - (1.4 ) - Other, net .6 .8 1.8 1.9 Income tax expense $ 14.1 $ 6.3 $ 75.5 $ 30.5 Comprehensive provision for income taxes allocable to: Net income $ 14.1 $ 6.3 $ 75.5 $ 30.5 Other comprehensive income (loss): Pension plans 1.0 1.2 3.2 3.6 OPEB plans - - (.1 ) (.1 ) Total $ 15.1 $ 7.5 $ 78.6 $ 34.0 The amount shown in the above 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 of 21%. 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 state and non-U.S. income taxes (or deferred income tax benefits) and deferred withholding taxes, as applicable, associated with the current-year change in the aggregate amount of undistributed earnings of all of our non-U.S. subsidiaries, which earnings are not permanently reinvested and (ii) current U.S. income taxes (or current income tax benefit) 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. We record global intangible low-tax income (GILTI) tax as a current-period expense when incurred under the period cost method. We have evaluated the tax impact of GILTI and base erosion anti abuse tax (BEAT) provisions and related U.S. tax credit provisions applicable to tax years beginning in 2018 based on the relevant statutes, including final GILTI and foreign tax credit regulations issued by the IRS in June 2019 which did not materially impact our determinations with respect to such items. None of our U.S. and non-U.S. tax returns are currently under examination. As a result of prior audits in certain jurisdictions, which are now settled, in 2008 we filed Advance Pricing Agreement Requests with the tax authorities in the U.S., Canada and Germany. During the first quarter of 2018, our German subsidiary executed and finalized the related Advance Pricing Agreement with the Competent Authority for Germany (the “Canada-Germany APA”) effective for tax years 2005 - 2017. In the first quarter of 2018, we recognized a net $1.4 million non-cash income tax benefit related to an APA tax settlement payment between our German and Canadian subsidiaries. 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 any future tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. We do not expect our unrecognized tax benefits to materially change during the next twelve months. |
Stockholders' equity
Stockholders' equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' equity | Note 13 – Stockholders’ equity: Changes in accumulated other comprehensive loss are presented in the table below. See Note 4 for further discussion of our marketable securities and Note 11 for discussion of our defined benefit pension plans. Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Accumulated other comprehensive loss, net of tax: Currency translation: Balance at beginning of period $ (226.4 ) $ (238.0 ) $ (211.9 ) $ (245.0 ) Other comprehensive income (loss) 4.5 (18.7 ) (10.0 ) (11.7 ) Balance at end of period $ (221.9 ) $ (256.7 ) $ (221.9 ) $ (256.7 ) Defined benefit pension plans: Balance at beginning of period $ (167.9 ) $ (175.5 ) $ (172.8 ) $ (180.0 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 2.4 2.2 7.3 6.7 Balance at end of period $ (165.5 ) $ (173.3 ) $ (165.5 ) $ (173.3 ) OPEB plans: Balance at beginning of period $ 1.0 $ .6 $ 1.2 $ .7 Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost - (.1 ) (.2 ) (.2 ) Balance at end of period $ 1.0 $ .5 $ 1.0 $ .5 Marketable securities: Balance at beginning of period $ - $ - $ 4.8 $ - Change in accounting principle - - (4.8 ) - Balance at beginning of period, as adjusted - - - - Other comprehensive loss - unrealized losses arising during the period - - - - Balance at end of period $ - $ - $ - $ - Total accumulated other comprehensive loss: Balance at beginning of period $ (393.3 ) $ (412.9 ) $ (378.7 ) $ (424.3 ) Change in accounting principle - - (4.8 ) - Balance at beginning of period, as adjusted (393.3 ) (412.9 ) (383.5 ) (424.3 ) Other comprehensive income (loss) 6.9 (16.6 ) (2.9 ) (5.2 ) Balance at end of period $ (386.4 ) $ (429.5 ) $ (386.4 ) $ (429.5 ) In December 2010, our board of directors 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. At December 31, 2018, 1,951,000 shares were available for repurchase under this authorization. During the first nine months of 2019, we acquired 264,992 shares of our common stock in market transactions for an aggregate purchase price of $3.0 million and subsequently cancelled 110,303, representing $1.4 million, of such shares. At September 30, 2019 an additional 1,686,008 shares are available for repurchase under this stock repurchase program. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 - 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 condition, results of operations or liquidity. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 15 - Financial instruments: The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2018 and September 30, 2019. Fair Value Measurements Quoted Significant prices in other Significant active observable unobservable markets inputs inputs Total (Level 1) (Level 2) (Level 3) (In millions) Asset: December 31, 2018 - Noncurrent marketable securities (See Note 4) $ 3.4 $ 3.4 $ - $ - September 30, 2019 - Noncurrent marketable securities (See Note 4) $ 3.3 $ 3.3 $ - $ - Our earnings and cash flows are subject to fluctuations due to changes in currency exchange rates and interest rates. Our risk management policy allows for the use of derivative financial instruments to prudently manage exposure to currency exchange rates and interest rates. Derivatives that we use are primarily currency forward contracts and interest rate swaps. We have not entered into these contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2018 September 30, 2019 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash $ 374.7 $ 374.7 $ 386.9 $ 386.9 Long-term debt - Fixed rate Senior Secured Notes 452.4 412.9 432.3 438.0 Common stockholders' equity 839.8 1,335.3 846.9 1,430.6 At September 30, 2019, the estimated market price of our Senior Secured Notes was €1,001 per €1,000 principal amount. The fair value of our Senior Secured Notes is based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Secured Notes trade are not active. The fair value of our common stockholders’ equity is based upon quoted market prices at each balance sheet date, which represent Level 1 inputs. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. |
Recent Accounting Pronouncement
Recent Accounting Pronouncement | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncement | Note 16 - Recent accounting pronouncement: On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization - At September 30, 2019, Valhi, Inc. (NYSE: VHI) held approximately 50% of our outstanding common stock and a wholly-owned subsidiary of NL Industries, Inc. (NYSE: NL) held approximately 30% of our common stock. Valhi owned approximately 83% of NL’s outstanding common stock and a wholly-owned subsidiary of Contran Corporation (“Contran”) held approximately 92% of Valhi’s outstanding common stock. At September 30, 2019, a majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and Serena Simmons Connelly and various family trusts established for the benefit of Ms. Simmons and Ms. Connelly and their children and for which Ms. Simmons or Ms. Connelly, as applicable, serves as trustee. In addition, each of Ms. Simmons and Ms. Connelly serves as co-chair of the Contran board of directors. The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and Ms. Connelly and their children and for which a third-party financial institution serves as trustee. Consequently, at September 30, 2019, Ms. Simmons, Ms. Connelly 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. |
Basis of Presentation | Basis of presentation - The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2018 that we filed with the Securities and Exchange Commission (SEC) on March 11, 2019 (2018 Annual Report). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2018 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2018) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Our results of operations for the interim periods ended September 30, 2019 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2018 Consolidated Financial Statements contained in our 2018 Annual Report. 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. |
Recent Accounting Pronouncement | On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Accounts and Other Receivables | December September 2018 2019 (In millions) Trade receivables $ 273.3 $ 333.9 Recoverable VAT and other receivables 23.8 14.3 Receivables from affiliates: Louisiana Pigment Company, L.P. (LPC) 10.2 - Other 2.8 2.0 Refundable income taxes 3.6 .1 Allowance for doubtful accounts (1.2 ) (2.0 ) Total $ 312.5 $ 348.3 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | December September 2018 2019 (In millions) Raw materials $ 93.1 $ 117.2 Work in process 23.5 29.0 Finished products 316.8 222.9 Supplies 64.5 65.8 Total $ 497.9 $ 434.9 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Classification of Marketable Securities | Fair measurement Market Cost Marketable security level value basis Unrealized gain (In millions) December 31, 2018: Valhi common stock 1 $ 3.3 $ 3.2 $ .1 NL and CompX common stocks 1 .1 .1 - Total $ 3.4 $ 3.3 $ .1 September 30, 2019: Valhi common stock 1 $ 3.2 $ 3.2 $ - NL and CompX common stocks 1 .1 .1 - Total $ 3.3 $ 3.3 $ - |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Payment under Non-Cancellable Operating Lease Liabilities | At September 30, 2019, maturities of our operating lease liabilities were as follows: Years ending December 31, Amount (In millions) 2019 (remainder of year) $ 2.0 2020 6.9 2021 6.1 2022 3.5 2023 2.3 2024 and thereafter 20.8 Total remaining lease payments 41.6 Less imputed interest 12.1 Total lease obligations 29.5 Less current obligations 6.4 Long term lease obligations $ 23.1 Years ending December 31, Amount (In millions) 2019 $ 6.2 2020 5.0 2021 4.2 2022 3.2 2023 2.4 2024 and thereafter 21.5 Long term lease obligations $ 42.5 |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Noncurrent Assets | December September 2018 2019 (In millions) Pension asset $ .8 $ 1.3 Deferred financing costs, net .9 .7 Other 1.9 1.3 Total $ 3.6 $ 3.3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long Term Debt | December 31, September 30, 2018 2019 (In millions) Kronos International, Inc. 3.75% Senior Secured Notes $ 452.4 $ 432.3 Other 4.2 3.8 Total debt 456.6 436.1 Less current maturities 1.5 1.5 Total long-term debt $ 455.1 $ 434.6 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | December September 2018 2019 (In millions) Accounts payable $ 103.2 $ 113.2 Employee benefits 27.9 25.1 Accrued sales discounts and rebates 29.7 25.0 Operating lease liabilities - 6.4 Payables to affiliates: LPC 16.7 13.3 Income taxes, net - Valhi 10.4 5.4 Other 35.0 36.0 Total $ 222.9 $ 224.4 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Noncurrent Liabilities | December 31, September 30, 2018 2019 (In millions) Accrued postretirement benefits $ 7.4 $ 7.7 Employee benefits 7.3 6.3 Other 14.1 10.9 Total $ 28.8 $ 24.9 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Net Sales by Place of Manufacture and to Location of Customer | 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 Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Net sales - point of origin: Germany $ 211.9 $ 238.3 $ 704.1 $ 706.0 United States 234.5 227.7 640.2 762.3 Canada 82.3 84.0 236.1 258.4 Belgium 66.4 58.3 205.0 205.7 Norway 49.8 46.0 159.4 145.2 Eliminations (234.6 ) (216.9 ) (632.3 ) (719.2 ) Total $ 410.3 $ 437.4 $ 1,312.5 $ 1,358.4 Net sales - point of destination: Europe $ 191.8 $ 201.6 $ 664.2 $ 646.2 North America 142.0 147.8 412.6 456.1 Other 76.5 88.0 235.7 256.1 Total $ 410.3 $ 437.4 $ 1,312.5 $ 1,358.4 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic defined benefit pension cost are presented in the table below. Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Service cost $ 2.9 $ 2.7 $ 8.8 $ 8.3 Interest cost 3.5 3.5 10.7 10.5 Expected return on plan assets (3.3 ) (3.1 ) (9.9 ) (9.3 ) Amortization of prior service cost .1 .1 .2 .2 Recognized actuarial losses 3.3 3.3 10.3 10.0 Total $ 6.5 $ 6.5 $ 20.1 $ 19.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation | Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 9.8 $ 5.1 $ 53.9 $ 22.7 Non-U.S. tax rates 3.6 1.2 18.6 5.9 Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. companies 1.8 (1.1 ) 2.9 (2.2 ) Global intangible low-tax income, net - .1 - 1.6 Transition tax (1.7 ) - (1.7 ) - Adjustment to reserve for uncertain tax positions, net - .2 1.4 .6 Canada-Germany APA - - (1.4 ) - Other, net .6 .8 1.8 1.9 Income tax expense $ 14.1 $ 6.3 $ 75.5 $ 30.5 Comprehensive provision for income taxes allocable to: Net income $ 14.1 $ 6.3 $ 75.5 $ 30.5 Other comprehensive income (loss): Pension plans 1.0 1.2 3.2 3.6 OPEB plans - - (.1 ) (.1 ) Total $ 15.1 $ 7.5 $ 78.6 $ 34.0 |
Stockholders' equity (Tables)
Stockholders' equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss are presented in the table below. See Note 4 for further discussion of our marketable securities and Note 11 for discussion of our defined benefit pension plans. Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In millions) Accumulated other comprehensive loss, net of tax: Currency translation: Balance at beginning of period $ (226.4 ) $ (238.0 ) $ (211.9 ) $ (245.0 ) Other comprehensive income (loss) 4.5 (18.7 ) (10.0 ) (11.7 ) Balance at end of period $ (221.9 ) $ (256.7 ) $ (221.9 ) $ (256.7 ) Defined benefit pension plans: Balance at beginning of period $ (167.9 ) $ (175.5 ) $ (172.8 ) $ (180.0 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 2.4 2.2 7.3 6.7 Balance at end of period $ (165.5 ) $ (173.3 ) $ (165.5 ) $ (173.3 ) OPEB plans: Balance at beginning of period $ 1.0 $ .6 $ 1.2 $ .7 Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost - (.1 ) (.2 ) (.2 ) Balance at end of period $ 1.0 $ .5 $ 1.0 $ .5 Marketable securities: Balance at beginning of period $ - $ - $ 4.8 $ - Change in accounting principle - - (4.8 ) - Balance at beginning of period, as adjusted - - - - Other comprehensive loss - unrealized losses arising during the period - - - - Balance at end of period $ - $ - $ - $ - Total accumulated other comprehensive loss: Balance at beginning of period $ (393.3 ) $ (412.9 ) $ (378.7 ) $ (424.3 ) Change in accounting principle - - (4.8 ) - Balance at beginning of period, as adjusted (393.3 ) (412.9 ) (383.5 ) (424.3 ) Other comprehensive income (loss) 6.9 (16.6 ) (2.9 ) (5.2 ) Balance at end of period $ (386.4 ) $ (429.5 ) $ (386.4 ) $ (429.5 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Valuation of Financial Instruments Recorded on Fair Value Basis | The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2018 and September 30, 2019. Fair Value Measurements Quoted Significant prices in other Significant active observable unobservable markets inputs inputs Total (Level 1) (Level 2) (Level 3) (In millions) Asset: December 31, 2018 - Noncurrent marketable securities (See Note 4) $ 3.4 $ 3.4 $ - $ - September 30, 2019 - Noncurrent marketable securities (See Note 4) $ 3.3 $ 3.3 $ - $ - |
Financial Instruments not Carried at Fair Value but which Require Fair Value Disclosure | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2018 September 30, 2019 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash $ 374.7 $ 374.7 $ 386.9 $ 386.9 Long-term debt - Fixed rate Senior Secured Notes 452.4 412.9 432.3 438.0 Common stockholders' equity 839.8 1,335.3 846.9 1,430.6 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Valhi Inc | Kronos Worldwide, Inc. | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage in subsidiary | 50.00% |
Valhi Inc | NL Industries Inc. | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage in company | 83.00% |
NL Industries Inc. | Kronos Worldwide, Inc. | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage | 30.00% |
Contran | |
Organization And Basis Of Presentation [Line Items] | |
Controlling interest description | Consequently, at September 30, 2019, Ms. Simmons, Ms. Connelly 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_2
Accounts and Other Receivables - Accounts and Other Receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (2) | $ (1.2) |
Total | 348.3 | 312.5 |
Trade receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts and other receivables | 333.9 | 273.3 |
Recoverable VAT and other receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts and other receivables | 14.3 | 23.8 |
Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Receivables from affiliates | 2 | 2.8 |
Refundable income taxes | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Refundable income taxes | $ 0.1 | 3.6 |
Louisiana Pigment Company, L.P. ("LPC'') | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Receivables from affiliates | $ 10.2 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 117.2 | $ 93.1 |
Work in process | 29 | 23.5 |
Finished products | 222.9 | 316.8 |
Supplies | 65.8 | 64.5 |
Total | $ 434.9 | $ 497.9 |
Marketable Securities - Classif
Marketable Securities - Classification of Marketable Securities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Market value | $ 3.3 | $ 3.4 |
Cost basis | 3.3 | 3.3 |
Unrealized gain | 0.1 | |
Level 1 | Common stock | Valhi | ||
Marketable Securities [Line Items] | ||
Market value | 3.2 | 3.3 |
Cost basis | 3.2 | 3.2 |
Unrealized gain | 0.1 | |
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 shares in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Investments in publicly-traded shares | 1.7 | 1.7 |
Quoted market price of per share | $ 1.90 | $ 1.93 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lessee Lease Description [Line Items] | ||||
Operating lease payment | $ 6.2 | |||
Operating lease, expense | 6.2 | |||
Operating lease right-of-use assets | 30.1 | |||
Operating lease, liability | $ 29.5 | |||
Operating lease, weighted average remaining lease term | 13 years | |||
Operating lease, weighted average discount rate | 4.60% | |||
Aggregate future minimum rental commitments | $ 41.6 | $ 42.5 | ||
New Operating Leases | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use assets | 1.4 | |||
Operating lease, liability | $ 1.4 | |||
Non-cancellable Operating Leases | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, expense | 15 | $ 16 | $ 14 | |
Aggregate future minimum rental commitments | 42.5 | |||
Leverkusen Facility Lease | ||||
Lessee Lease Description [Line Items] | ||||
Agreements expiry period | 2050 | |||
Current Tio2 production capacity in Leverkusen facility | 33.00% | |||
Operating lease, liability | $ 6.9 | |||
Leverkusen Facility Lease | Non-cancellable Operating Leases | ||||
Lessee Lease Description [Line Items] | ||||
Aggregate future minimum rental commitments | $ 17 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payment under Non-Cancellable Operating Lease Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 (remainder of year) | $ 2 | |
2019 | $ 6.2 | |
2020 | 6.9 | 5 |
2021 | 6.1 | 4.2 |
2022 | 3.5 | 3.2 |
2023 | 2.3 | 2.4 |
2024 and thereafter | 20.8 | 21.5 |
Total remaining lease payments | 41.6 | $ 42.5 |
Less imputed interest | 12.1 | |
Total lease obligations | 29.5 | |
Less current obligations | 6.4 | |
Operating lease liabilities | $ 23.1 |
Other Noncurrent Assets - Sched
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Disclosure Other Non Current Assets Schedule Of Other Non Current Assets [Abstract] | ||
Pension asset | $ 1.3 | $ 0.8 |
Deferred financing costs, net | 0.7 | 0.9 |
Other | 1.3 | 1.9 |
Total | $ 3.3 | $ 3.6 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) € in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||
Kronos International, Inc. 3.75% Senior Secured Notes | $ 432.3 | $ 452.4 | |
Other | 3.8 | 4.2 | |
Total debt | 436.1 | 456.6 | |
Less current maturities | 1.5 | 1.5 | |
Total long-term debt | 434.6 | 455.1 | |
Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | |||
Debt Instrument [Line Items] | |||
Kronos International, Inc. 3.75% Senior Secured Notes | $ 432.3 | € 400 | $ 452.4 |
Long-Term Debt - Senior Secured
Long-Term Debt - Senior Secured Notes - Additional Information (Detail) € in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate principal amount outstanding | $ 432.3 | $ 452.4 | |
Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount outstanding | $ 432.3 | € 400 | $ 452.4 |
Debt instrument interest rate | 3.75% | 3.75% | |
Unamortized debt issuance costs | $ 5.3 | ||
Debt instrument maturity date | Sep. 15, 2025 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facilities - Additional Information (Detail) - 9 months ended Sep. 30, 2019 € in Millions | USD ($) | EUR (€) |
European Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowings under credit facility during the period | $ 0 | |
Repayments of Lines of Credit | 0 | |
Amount available for Borrowing | 98,500,000 | € 90 |
North American Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Borrowings under credit facility during the period | 0 | |
Repayments of Lines of Credit | 0 | |
Amount available for Borrowing | $ 118,400,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accounts payable | $ 113.2 | $ 103.2 |
Employee benefits | 25.1 | 27.9 |
Accrued sales discounts and rebates | 25 | 29.7 |
Operating lease liabilities | 6.4 | |
Other | 36 | 35 |
Total | 224.4 | 222.9 |
LPC | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Payables to affiliate | 13.3 | 16.7 |
Valhi | Income taxes, net | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Payables to affiliate | $ 5.4 | $ 10.4 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Components of Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Noncurrent [Abstract] | ||
Accrued postretirement benefits | $ 7.7 | $ 7.4 |
Employee benefits | 6.3 | 7.3 |
Other | 10.9 | 14.1 |
Total | $ 24.9 | $ 28.8 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | $ 437.4 | $ 410.3 | $ 1,358.4 | $ 1,312.5 |
Point of origin | Reportable Geographical Components | Germany | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 238.3 | 211.9 | 706 | 704.1 |
Point of origin | Reportable Geographical Components | United States | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 227.7 | 234.5 | 762.3 | 640.2 |
Point of origin | Reportable Geographical Components | Canada | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 84 | 82.3 | 258.4 | 236.1 |
Point of origin | Reportable Geographical Components | Belgium | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 58.3 | 66.4 | 205.7 | 205 |
Point of origin | Reportable Geographical Components | Norway | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 46 | 49.8 | 145.2 | 159.4 |
Point of origin | Eliminations | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | (216.9) | (234.6) | (719.2) | (632.3) |
Point of destination | Europe | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 201.6 | 191.8 | 646.2 | 664.2 |
Point of destination | North America | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | 147.8 | 142 | 456.1 | 412.6 |
Point of destination | Other | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Net sales | $ 88 | $ 76.5 | $ 256.1 | $ 235.7 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2.7 | $ 2.9 | $ 8.3 | $ 8.8 |
Interest cost | 3.5 | 3.5 | 10.5 | 10.7 |
Expected return on plan assets | (3.1) | (3.3) | (9.3) | (9.9) |
Amortization of prior service cost | 0.1 | 0.1 | 0.2 | 0.2 |
Recognized actuarial losses | 3.3 | 3.3 | 10 | 10.3 |
Total | $ 6.5 | $ 6.5 | $ 19.7 | $ 20.1 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
Expected contributions for pension plans in 2019 | $ 17 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Income Tax [Line Items] | ||||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 5.1 | $ 9.8 | $ 22.7 | $ 53.9 |
Non-U.S. tax rates | 1.2 | 3.6 | 5.9 | 18.6 |
Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. companies | (1.1) | 1.8 | (2.2) | 2.9 |
Global intangible low-tax income, net | 0.1 | 1.6 | ||
Transition tax | (1.7) | (1.7) | ||
Adjustment to reserve for uncertain tax positions, net | 0.2 | 0.6 | 1.4 | |
Other, net | 0.8 | 0.6 | 1.9 | 1.8 |
Income tax expense | 6.3 | 14.1 | 30.5 | 75.5 |
Comprehensive provision for income taxes allocable to: | ||||
Net income | 6.3 | 14.1 | 30.5 | 75.5 |
Other comprehensive income (loss): | ||||
Total | 7.5 | 15.1 | 34 | 78.6 |
Defined Benefit Pension Plans | ||||
Other comprehensive income (loss): | ||||
Benefit plans | $ 1.2 | $ 1 | 3.6 | 3.2 |
OPEB | ||||
Other comprehensive income (loss): | ||||
Benefit plans | $ (0.1) | (0.1) | ||
Canada - Germany APA | ||||
Schedule Of Income Tax [Line Items] | ||||
Canada-Germany APA | $ (1.4) |
Income Taxes - Components of _2
Income Taxes - Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
U.S. Federal statutory income tax rate | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Mar. 31, 2018 | Sep. 30, 2019 | |
Income Tax [Line Items] | ||
U.S. Federal statutory income tax rate | 21.00% | |
Canada - Germany APA | ||
Income Tax [Line Items] | ||
Advance Pricing Agreement, description | None of our U.S. and non-U.S. tax returns are currently under examination. As a result of prior audits in certain jurisdictions, which are now settled, in 2008 we filed Advance Pricing Agreement Requests with the tax authorities in the U.S., Canada and Germany. | |
German Subsidiary | Canada - Germany APA | ||
Income Tax [Line Items] | ||
Noncash income tax benefit related to APA tax settlement payment | $ 1.4 |
Stockholders' equity - Schedule
Stockholders' equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | $ 868 | $ 853.6 | $ 839.8 | $ 754.3 | |
Balance as adjusted | 754.3 | ||||
Ending Balance | 846.9 | 873.4 | 846.9 | 873.4 | |
Currency Translation | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | (238) | (226.4) | (245) | (211.9) | |
Other comprehensive income (loss) | (18.7) | 4.5 | (11.7) | (10) | |
Ending Balance | (256.7) | (221.9) | (256.7) | (221.9) | |
Marketable Securities | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | 4.8 | ||||
Change in accounting principle | (4.8) | (4.8) | |||
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | (175.5) | (167.9) | (180) | (172.8) | |
Other comprehensive income (loss) | 2.2 | 2.4 | 6.7 | 7.3 | |
Ending Balance | (173.3) | (165.5) | (173.3) | (165.5) | |
Accumulated Defined Benefit Plans Adjustment | OPEB Plans | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | 0.6 | 1 | 0.7 | 1.2 | |
Other comprehensive income (loss) | (0.1) | (0.2) | (0.2) | ||
Ending Balance | 0.5 | 1 | 0.5 | 1 | |
Total Accumulated Other Comprehensive Loss | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning Balance | (412.9) | (393.3) | (424.3) | (378.7) | |
Change in accounting principle | (4.8) | (4.8) | $ (4.8) | ||
Balance as adjusted | (412.9) | (393.3) | (424.3) | (383.5) | |
Other comprehensive income (loss) | (16.6) | 6.9 | (5.2) | (2.9) | |
Ending Balance | $ (429.5) | $ (386.4) | $ (429.5) | $ (386.4) |
Stockholders' equity - Addition
Stockholders' equity - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2010 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Number of shares authorized for repurchase | 2,000,000 | ||||
Shares available for repurchase under the plan | 1,686,008 | 1,686,008 | 1,951,000 | ||
Aggregate purchase price | $ 1.6 | $ 1.4 | |||
Common stock | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Stock repurchased and acquired in market transactions | 264,992 | ||||
Aggregate purchase price | $ 3 | ||||
Number of shares cancelled | 110,303 | ||||
Treasury stock retired | $ 1.4 |
Financial Instruments - Valuati
Financial Instruments - Valuation of Financial Instruments Recorded on Fair Value Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Noncurrent marketable securities | $ 3.3 | $ 3.4 |
Fair Value Measurements Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Noncurrent marketable securities | 3.3 | 3.4 |
Fair Value Measurements Recurring | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Noncurrent marketable securities | $ 3.3 | $ 3.4 |
Financial Instruments - Financi
Financial Instruments - Financial Instruments not Carried at Fair Value but which Require Fair Value Disclosure (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||||||||
Cash, cash equivalents and restricted cash, Carrying amount | $ 386.9 | $ 374.7 | $ 433.4 | $ 323.7 | ||||
Long-term debt - Fixed rate Senior Secured Notes, Carrying amount | 432.3 | 452.4 | ||||||
Common stockholders' equity, Carrying amount | 846.9 | $ 868 | $ 851.3 | 839.8 | $ 873.4 | $ 853.6 | $ 818.3 | $ 754.3 |
Cash, cash equivalents and restricted cash, Fair value | 386.9 | 374.7 | ||||||
Long-term debt - Fixed rate Senior Secured Notes, Fair value | 438 | 412.9 | ||||||
Common stockholders' equity, Fair value | $ 1,430.6 | $ 1,335.3 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Senior Secured Notes | Sep. 30, 2019EUR (€) |
Financial Instrument At Fair Value [Line Items] | |
Debt instrument base principal amount | € 1,000 |
Debt instrument estimated market price per €1,000 principal amount | € 1,001 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncement - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 30.1 | |
Operating lease, liability | $ 29.5 | |
ASU 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 35.1 | |
Operating lease, liability | $ 34.5 |