Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VHI | |
Entity Registrant Name | VALHI, INC. | |
Entity Central Index Key | 0000059255 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 28,279,493 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-5467 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0110150 | |
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 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 578.8 | $ 698.4 |
Restricted cash equivalents | 47.8 | 52.6 |
Marketable securities | 2.9 | 2.6 |
Accounts and other receivables, net | 386.4 | 403.7 |
Inventories, net | 545.8 | 458.7 |
Prepaid expenses and other | 67.3 | 57.2 |
Total current assets | 1,629 | 1,673.2 |
Other assets: | ||
Investment in TiO2 manufacturing joint venture | 110.4 | 101.9 |
Goodwill | 379.7 | 379.7 |
Deferred income taxes | 66 | 86.8 |
Other assets | 175.1 | 200 |
Total other assets | 731.2 | 768.4 |
Property and equipment: | ||
Land | 44.9 | 50.3 |
Buildings | 230.8 | 252.6 |
Equipment | 1,080.3 | 1,194.6 |
Mining properties | 5.6 | 26.3 |
Construction in progress | 67.3 | 82.9 |
Gross property and equipment | 1,428.9 | 1,606.7 |
Less accumulated depreciation and amortization | 944.9 | 1,043.1 |
Net property and equipment | 484 | 563.6 |
Total assets | 2,844.2 | 3,005.2 |
Current liabilities: | ||
Current maturities of long-term debt | 2 | 3.1 |
Accounts payable and accrued liabilities | 479.2 | 448.1 |
Income taxes | 6.3 | 12.3 |
Total current liabilities | 487.5 | 463.5 |
Noncurrent liabilities: | ||
Long-term debt | 538.2 | 649.9 |
Deferred income taxes | 34.9 | 46.2 |
Payable to affiliate - income taxes | 33.4 | 44.5 |
Accrued pension costs | 247.9 | 291.1 |
Accrued environmental remediation and related costs | 93.6 | 94.1 |
Other liabilities | 184.2 | 257.5 |
Total noncurrent liabilities | 1,132.2 | 1,383.3 |
Equity: | ||
Common stock | 0.3 | 0.3 |
Additional paid-in capital | 669.8 | 669 |
Retained earnings | 494 | 401.1 |
Accumulated other comprehensive loss | (223.5) | (191.3) |
Treasury stock, at cost | (49.6) | (49.6) |
Total Valhi stockholders' equity | 891 | 829.5 |
Noncontrolling interest in subsidiaries | 333.5 | 328.9 |
Total equity | 1,224.5 | 1,158.4 |
Total liabilities and equity | 2,844.2 | $ 3,005.2 |
Commitments and contingencies (Notes 6, 12 and 15) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues and other income: | ||||
Net sales | $ 556.3 | $ 578.9 | $ 1,819.9 | $ 1,613.2 |
Other income, net | 23.1 | 13.1 | 38.1 | 27.9 |
Total revenues and other income | 579.4 | 592 | 1,858 | 1,641.1 |
Cost and expenses: | ||||
Cost of sales | 435.9 | 426.2 | 1,382.1 | 1,226.6 |
Selling, general and administrative | 81.9 | 82.2 | 238.1 | 231.6 |
Fixed asset impairment | 0.4 | 16.4 | ||
Loss on deconsolidation of Basic Water Company ("BWC") | 2 | 2 | ||
Other components of net periodic pension and OPEB expense | 3.2 | 4.3 | 9.8 | 13.2 |
Interest | 7 | 7.9 | 20.9 | 25.2 |
Total costs and expenses | 530.4 | 520.6 | 1,669.3 | 1,496.6 |
Income before income taxes | 49 | 71.4 | 188.7 | 144.5 |
Income tax expense | 8.2 | 16.9 | 42.1 | 35.2 |
Net income | 40.8 | 54.5 | 146.6 | 109.3 |
Noncontrolling interest in net income of subsidiaries | 14.6 | 15.5 | 47 | 34.1 |
Net income attributable to Valhi stockholders | 26.2 | 39 | 99.6 | 75.2 |
Amounts attributable to Valhi stockholders: | ||||
Net income attributable to Valhi stockholders | $ 26.2 | $ 39 | $ 99.6 | $ 75.2 |
Net income per basic share | $ 0.92 | $ 1.36 | $ 3.49 | $ 2.64 |
Net income per diluted share | $ 0.92 | $ 1.36 | $ 3.49 | $ 2.64 |
Weighted average shares outstanding - basic | 28.5 | 28.5 | 28.5 | 28.5 |
Weighted average shares outstanding - diluted | 28.5 | 28.5 | 28.5 | 28.5 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 40.8 | $ 54.5 | $ 146.6 | $ 109.3 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation | (23.3) | (7.1) | (50.1) | (3.8) |
Defined benefit pension plans | 2.3 | 3.4 | 7 | 10.2 |
Other | (0.2) | (0.2) | (0.5) | (0.5) |
Total other comprehensive income (loss), net | (21.2) | (3.9) | (43.6) | 5.9 |
Comprehensive income | 19.6 | 50.6 | 103 | 115.2 |
Comprehensive income attributable to noncontrolling interest | 9.1 | 14.5 | 35.6 | 35.6 |
Comprehensive income attributable to Valhi stockholders | $ 10.5 | $ 36.1 | $ 67.4 | $ 79.6 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Millions | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Non-controlling interest | Total |
Balance at Dec. 31, 2020 | $ 0.3 | $ 668.3 | $ 282.9 | $ (219.4) | $ (49.6) | $ 324.4 | $ 1,006.9 |
Net income | 75.2 | 34.1 | 109.3 | ||||
Other comprehensive income (loss), net | 4.4 | 1.5 | 5.9 | ||||
Dividends paid to noncontrolling interest | (45.3) | (45.3) | |||||
Cash dividends | (6.8) | (6.8) | |||||
Equity transaction with noncontrolling interest, net and other | 1.2 | (1.5) | (0.3) | ||||
Balance at Sep. 30, 2021 | 0.3 | 669.5 | 351.3 | (215) | (49.6) | 313.2 | 1,069.7 |
Balance at Jun. 30, 2021 | 0.3 | 669.5 | 314.6 | (212.1) | (49.6) | 322.7 | 1,045.4 |
Net income | 39 | 15.5 | 54.5 | ||||
Other comprehensive income (loss), net | (2.9) | (1) | (3.9) | ||||
Dividends paid to noncontrolling interest | (24) | (24) | |||||
Cash dividends | (2.3) | (2.3) | |||||
Balance at Sep. 30, 2021 | 0.3 | 669.5 | 351.3 | (215) | (49.6) | 313.2 | 1,069.7 |
Balance at Dec. 31, 2021 | 0.3 | 669 | 401.1 | (191.3) | (49.6) | 328.9 | 1,158.4 |
Net income | 99.6 | 47 | 146.6 | ||||
Other comprehensive income (loss), net | (32.2) | (11.4) | (43.6) | ||||
Dividends paid to noncontrolling interest | (27.5) | (27.5) | |||||
Cash dividends | (6.7) | (6.7) | |||||
Equity transaction with noncontrolling interest, net and other | 0.8 | (3.5) | (2.7) | ||||
Balance at Sep. 30, 2022 | 0.3 | 669.8 | 494 | (223.5) | (49.6) | 333.5 | 1,224.5 |
Balance at Jun. 30, 2022 | 0.3 | 669.8 | 470 | (207.8) | (49.6) | 335.2 | 1,217.9 |
Net income | 26.2 | 14.6 | 40.8 | ||||
Other comprehensive income (loss), net | (15.7) | (5.5) | (21.2) | ||||
Dividends paid to noncontrolling interest | (10.8) | (10.8) | |||||
Cash dividends | (2.2) | (2.2) | |||||
Balance at Sep. 30, 2022 | $ 0.3 | $ 669.8 | $ 494 | $ (223.5) | $ (49.6) | $ 333.5 | $ 1,224.5 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends per share | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 146.6 | $ 109.3 |
Depreciation and amortization | 44.3 | 44.2 |
Gain from sale of land | (16) | |
Benefit plan expense greater than cash funding | 4.5 | 8.5 |
Deferred income taxes | 5.1 | 2.7 |
Contributions to TiO2 manufacturing joint venture, net | (8.5) | (2.2) |
Fixed asset impairment | 16.4 | |
Loss on deconsolidation of Basic Water Company ("BWC") | 2 | |
Other, net | 10.2 | 4.1 |
Change in assets and liabilities: | ||
Accounts and other receivables, net | (23.6) | (67.1) |
Inventories, net | (142) | 75.6 |
Land held for development, net | 17.8 | 6.3 |
Accounts payable and accrued liabilities | 20.1 | 25.6 |
Income taxes | (2.5) | (4.8) |
Accounts with affiliates | 5 | (19.4) |
Other, net | (67.5) | 22.4 |
Net cash provided by operating activities | 27.9 | 189.2 |
Cash flows from investing activities: | ||
Capital expenditures | (48) | (39.2) |
Cash, cash equivalents and restricted cash of BWC | 8.6 | |
Proceeds from land sales | 23.4 | |
Purchases of marketable securities | (3.5) | (3.1) |
Proceeds from disposal of marketable securities | 2.4 | 4.4 |
Other, net | 0.1 | 2.1 |
Net cash used in investing activities | (57.6) | (12.4) |
Cash flows from financing activities: | ||
Principal payments on indebtedness | (47.5) | (69.5) |
Deferred financing fees | (1.8) | |
Valhi cash dividends paid | (6.7) | (6.8) |
Distributions to noncontrolling interest in subsidiaries | (27.5) | (45.3) |
Subsidiary treasury stock acquired | (2.8) | (0.8) |
Net cash used in financing activities | (84.5) | (124.2) |
Operating, investing and financing activities | (114.2) | 52.6 |
Cash, cash equivalents and restricted cash and cash equivalents - net change from: | ||
Operating, investing and financing activities | (114.2) | 52.6 |
Effect of exchange rates on cash | (15.6) | (7.7) |
Balance at beginning of period | 792.9 | 570.3 |
Balance at end of period | 663.1 | 615.2 |
Cash paid for: | ||
Interest, net of amounts capitalized | 22.9 | 26.7 |
Income taxes, net | 37.3 | 45.9 |
Noncash investing activities: | ||
Change in accruals for capital expenditures | $ 2 | $ 4.3 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and basis of presentation: Organization – Basis of Presentation – The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 that we filed with the SEC on March 10, 2022 (the “2021 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, 2021 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, 2021) 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, 2022 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 2021 Consolidated Financial Statements contained in our 2021 Annual Report. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 2 – Business segment information: % controlled at Business segment Entity September 30, 2022 Chemicals Kronos 81% Component products CompX 87% Real estate management and development BMI and LandWell 63% - 77% Our control of Kronos includes approximately 50% we hold directly and approximately 31% held directly by NL. We own approximately 83% of NL. Our control of CompX is through NL. We own approximately 63% of BMI. Our control of LandWell includes the approximately 27% we hold directly and 50% held by BMI. Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Net sales: Chemicals $ 499.8 $ 459.6 $ 1,443.4 $ 1,587.8 Component products 34.5 42.9 106.7 126.6 Real estate management and development 44.6 53.8 63.1 105.5 Total net sales $ 578.9 $ 556.3 $ 1,613.2 $ 1,819.9 Cost of sales: Chemicals $ 377.1 $ 376.0 $ 1,116.7 $ 1,235.0 Component products 23.6 30.9 73.4 88.9 Real estate management and development 25.5 29.0 36.5 58.2 Total cost of sales $ 426.2 $ 435.9 $ 1,226.6 $ 1,382.1 Gross margin: Chemicals $ 122.7 $ 83.6 $ 326.7 $ 352.8 Component products 10.9 12.0 33.3 37.7 Real estate management and development 19.1 24.8 26.6 47.3 Total gross margin $ 152.7 $ 120.4 $ 386.6 $ 437.8 Operating income: Chemicals $ 60.3 $ 34.3 $ 145.4 $ 189.9 Component products 5.1 6.0 16.7 20.0 Real estate management and development 15.8 29.1 26.0 32.1 Total operating income 81.2 69.4 188.1 242.0 General corporate items: Interest income and other .9 3.3 2.9 5.6 Gain on land sales 10.4 — 16.0 — Changes in market value of Valhi common stock held by subsidiaries (.2) (4.9) 2.0 (.9) Other components of net periodic pension and OPEB expense (4.3) (3.2) (13.2) (9.8) General expenses, net (8.7) (8.6) (26.1) (27.3) Interest expense (7.9) (7.0) (25.2) (20.9) Income before income taxes $ 71.4 $ 49.0 $ 144.5 $ 188.7 Segment results we report may differ from amounts separately reported by our various subsidiaries due to purchase accounting adjustments and related amortization or differences in the way we define operating income. Intersegment sales are not material. Included in the determination of Chemicals operating income is a business interruption insurance settlement gain of $2.7 million recognized in the third quarter of 2022 (see Note 11). Infrastructure reimbursements and land related income is included in the determination of Real Estate Management and Development operating income (see Note 11). BMI provides utility services, among other things, to an industrial park located in Henderson, Nevada and is responsible for the delivery of water to the City of Henderson and various other users under long-term contracts through a water delivery system owned and operated by BWC, a wholly-owned subsidiary of BMI. BWC’s water delivery system operates on Lake Mead in Nevada. Due to the Western drought, water levels in Lake Mead have been declining for much of the last twenty years. As a result of water release curtailments upstream of Lake Mead which began late in the second quarter, Lake Mead water levels have dropped precipitously to historically low levels. On June 30, 2022 BWC was no longer able to pump water without the risk of damaging the system and consequently ceased operations at its water intake facility to best preserve the system. Current estimates of Lake Mead water levels do not indicate lake levels will be sufficient to enable BWC to resume pumping water for the foreseeable future. We considered BWC’s inability to pump water from Lake Mead to be a triggering event under the ASC 360 Property, Plant, and Equipment , which caused us to evaluate the water system fixed assets for impairment. Because BWC is unable to deliver water under its current contracts and therefore unable to generate revenue, we determined the water system’s assets were fully impaired except to the extent certain equipment had alternative use outside of BWC’s operations, in which case those assets were written down to estimated salvage value. The $16.4 million impairment charge primarily recognized in the second quarter of 2022 represents the write down of the book value to the estimated salvage value of the assets. Without the ability to pump and deliver water to its customers, BWC’s operating expenses exceed its revenues, and on September 10, 2022 BWC and its subsidiaries voluntarily filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Nevada. Because BWC has filed for bankruptcy protection, we and BMI can no longer affirmatively assert we control BWC and, as such, in accordance with ASC 810, Consolidation, we deconsolidated BWC as of the date of the bankruptcy filing and recognized a loss of $2.0 million in the third quarter of 2022 on the deconsolidation. In addition, BMI had an outstanding intercompany accounts receivable balance with BWC on the date of the bankruptcy filing, and we recognized $1.3 million of bad debt expense to fully reserve this balance during the third quarter of 2022. All of these charges are included in the determination of the Real Estate Management and Development’s operating income in the third quarter and first nine months of 2022. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 3 – Accounts and other receivables, net: December 31, September 30, 2021 2022 (In millions) Trade accounts receivable: Kronos $ 326.3 $ 304.0 CompX 15.6 19.2 BMI/LandWell 2.8 2.1 VAT and other receivables 38.0 43.6 Refundable income taxes 4.5 2.7 Receivables from affiliates: Louisiana Pigment Company, L.P. ("LPC") 15.8 16.7 Contran - trade items .1 .4 Other - trade items 2.6 2.5 Allowance for doubtful accounts (2.0) (4.8) Total $ 403.7 $ 386.4 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 4 – Inventories, net: December 31, September 30, 2021 2022 (In millions) Raw materials: Chemicals $ 76.3 $ 125.0 Component products 5.0 7.4 Total raw materials 81.3 132.4 Work in process: Chemicals 30.4 25.8 Component products 16.8 21.4 Total in-process products 47.2 47.2 Finished products: Chemicals 246.4 287.2 Component products 3.8 4.5 Total finished products 250.2 291.7 Supplies (chemicals) 80.0 74.5 Total $ 458.7 $ 545.8 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 5 – Other assets: December 31, September 30, 2021 2022 (In millions) Other noncurrent assets: Note receivables - OPA $ 38.7 $ 43.5 Restricted cash and cash equivalents 41.9 36.5 Land held for development 36.0 28.0 Operating lease right-of-use assets 19.9 20.3 IBNR receivables 34.4 19.2 Pension asset 9.0 7.8 Marketable securities 3.3 3.6 Other 16.8 16.2 Total $ 200.0 $ 175.1 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6 – Long-term debt: December 31, September 30, 2021 2022 (In millions) Valhi: Contran credit facility $ 172.9 $ 134.8 Subsidiary debt: Kronos: Senior Notes 448.8 390.2 LandWell: Note payable to Western Alliance Business Trust 13.5 13.2 BMI: BWC Bank loan from Western Alliance Bank 15.4 — Other 2.4 2.0 Total subsidiary debt 480.1 405.4 Total debt 653.0 540.2 Less current maturities 3.1 2.0 Total long-term debt $ 649.9 $ 538.2 Valhi Contran credit facility Kronos – Senior Notes Revolving credit facility repayments BMI Other – |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 7 – Accounts payable and accrued liabilities: December 31, September 30, 2021 2022 (In millions) Accounts payable: Kronos $ 143.6 $ 169.2 CompX 3.4 5.2 BMI/LandWell 5.3 13.5 Other .4 .6 Total 152.7 188.5 Payables to affiliates: Contran - income taxes 1.5 13.2 LPC 17.3 20.8 Deferred income 125.8 105.4 Employee benefits 39.9 34.1 Accrued sales discounts and rebates 28.7 22.5 Accrued litigation settlement 11.8 11.8 Interest 5.3 1.0 Operating lease liabilities 3.7 3.8 Environmental remediation and related costs 3.5 3.8 Other 57.9 74.3 Total $ 448.1 $ 479.2 The accrued litigation settlement is discussed in Note 15. |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Note 8 – Other noncurrent liabilities: December 31, September 30, 2021 2022 (In millions) Accrued development costs $ 55.4 $ 51.9 Deferred income 81.6 41.1 Accrued litigation settlement 38.5 27.3 Insurance claims and expenses 36.4 21.2 Operating lease liabilities 15.8 16.2 Other postretirement benefits 10.2 9.5 Employee benefits 6.1 5.0 Reserve for uncertain tax positions 3.5 5.8 Other 10.0 6.2 Total $ 257.5 $ 184.2 The accrued litigation settlement is discussed in Note 15. |
Revenue - Disaggregation of Sal
Revenue - Disaggregation of Sales | 9 Months Ended |
Sep. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue - Disaggregation of Sales | Note 9 – Revenue – disaggregation of sales: The following table disaggregates the net sales of our Chemicals Segment 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, 2021 2022 2021 2022 (In millions) Net sales - point of origin: United States $ 297.6 $ 330.3 $ 787.5 $ 980.4 Germany 254.2 213.5 724.2 762.0 Canada 88.6 105.1 288.8 313.1 Belgium 69.6 76.0 212.0 256.3 Norway 63.4 64.7 198.5 211.1 Eliminations (273.6) (330.0) (767.6) (935.1) Total $ 499.8 $ 459.6 $ 1,443.4 $ 1,587.8 Net sales - point of destination: Europe $ 248.0 $ 197.5 $ 712.1 $ 731.6 North America 174.3 182.5 476.9 558.4 Other 77.5 79.6 254.4 297.8 Total $ 499.8 $ 459.6 $ 1,443.4 $ 1,587.8 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line. Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Component Products: Net sales: Security products $ 25.8 $ 28.5 $ 79.3 $ 86.9 Marine components 8.7 14.4 27.4 39.7 Total $ 34.5 $ 42.9 $ 106.7 $ 126.6 Real Estate Management and Development: Net sales: Land sales $ 41.9 $ 52.8 $ 57.0 $ 100.9 Water delivery 2.3 .7 4.8 3.6 Utility and other .4 .3 1.3 1.0 Total $ 44.6 $ 53.8 $ 63.1 $ 105.5 |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 9 Months Ended |
Sep. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plans | Note 10 – Defined benefit pension plans: The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Service cost $ 3.7 $ 2.8 $ 11.1 $ 8.7 Interest cost 2.5 3.0 7.3 9.2 Expected return on plan assets (3.3) (3.5) (10.1) (10.4) Amortization of prior service cost — — .1 — Recognized actuarial losses 5.3 3.6 16.3 11.1 Total $ 8.2 $ 5.9 $ 24.7 $ 18.6 We expect to contribute the equivalent of approximately $20 million to all of our defined benefit pension plans during 2022. |
Other Income, Net
Other Income, Net | 9 Months Ended |
Sep. 30, 2022 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Note 11 – Other income, net: Nine months ended September 30, 2021 2022 (In millions) Interest income and other: Interest and dividends $ 2.8 $ 6.2 Securities transactions, net .1 (.6) Total 2.9 5.6 Infrastructure reimbursement 6.2 10.8 Gain on land sales 16.0 — Currency transactions, net 1.2 17.1 Insurance recoveries — 2.7 Other, net 1.6 1.9 Total $ 27.9 $ 38.1 In the first nine months of 2021 we sold excess property not used in our operations for net proceeds of approximately $23.4 million and recognized a pre-tax gain of $16.0 million. Infrastructure reimbursement LandWell also has an agreement with the energy utility providing electric power to the Cadence master planned community under which certain costs incurred for the development of power infrastructure may be reimbursed to LandWell. During the first nine months of 2022, LandWell received $.8 million (all in the second quarter) in reimbursement for past costs incurred. Insurance recoveries On August 24, 2020, LPC temporarily halted production due to Hurricane Laura. Although storm damage to core processing facilities was not extensive, a variety of factors, including loss of utilities and limited access and availability of employees and raw materials, prevented the resumption of operations until September 25, 2020. The majority of Kronos’ losses from property damage and its share of LPC’s lost production and other costs resulting from the disruption of operations were covered by insurance. Kronos recognized a gain of $2.7 million related to its business interruption claim in the third quarter of 2022. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income taxes: Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Expected tax expense at U.S. federal statutory income tax $ 14.9 $ 10.3 $ 30.3 $ 39.6 Non-U.S. tax rates 1.3 (2.0) 3.1 1.3 Incremental net tax benefit on earnings and losses of U.S. (.7) 1.2 (2.6) (.1) Valuation allowance (.7) (3.5) .8 (3.3) Global intangible low-tax income, net .9 .5 1.9 1.9 Adjustment to the reserve for uncertain tax positions, net .3 .5 .1 .1 Nondeductible expenses .3 .6 .7 1.2 U.S. state income taxes and other, net .6 .6 .9 1.4 Income tax expense $ 16.9 $ 8.2 $ 35.2 $ 42.1 Comprehensive provision for income taxes allocable to: Net income $ 16.9 $ 8.2 $ 35.2 $ 42.1 Other comprehensive income (loss): Currency translation (.8) (3.0) (.4) (6.4) Pension plans 2.0 1.3 6.2 4.1 Other (.1) — (.2) .2 Total $ 18.0 $ 6.5 $ 40.8 $ 40.0 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 benefit on earnings and losses on non-U.S. and non-tax group companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current year earnings of all our Chemicals Segment’s non-U.S. subsidiaries, (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 Chemicals Segment’s 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 subsidiary is subject to U.S. income tax under the U.S. dual-resident provisions of the Internal Revenue Code, (iii) deferred income taxes associated with our direct investment in Kronos and (iv) current and deferred income taxes associated with distributions and earnings from our investments in LandWell and BMI. The 2017 Tax Act limited our business interest expense to the sum of our business interest income and 30% of our adjusted taxable income as defined in the Tax Act. Any business interest expense not allowed as a deduction as a result of the limitation may be carried forward indefinitely. We previously determined our interest expense was limited under these provisions and we recorded deferred tax assets for the carryforwards associated with the nondeductible portion of our interest expense. We also concluded we were required to recognize a valuation allowance for such deferred tax asset under the more-likely-than-not recognition criteria. During the first nine months of 2022, we recognized an aggregate non-cash income tax benefit of $3.3 million as a reduction of the valuation allowance related to the utilization of a portion of the business interest expense carryforward. On August 16, 2022, the Inflation Reduction Act was signed into law. Among other things, this legislation provides for a 15% corporate alternative minimum tax on certain large corporations, imposes a 1% excise tax on qualifying stock buybacks occurring after December 31, 2022, and provides for certain energy-related tax credits. We have evaluated the relevant provisions of the Act and do not expect them to have a material impact on our tax provision. Tax authorities are examining certain of our U.S. and non-U.S. income 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 $3.4 million during the next twelve months primarily due to the expiration of certain statutes of limitations. |
Noncontrolling Interest in Subs
Noncontrolling Interest in Subsidiaries | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Subsidiaries | Note 13 – Noncontrolling interest in subsidiaries: December 31, September 30, 2021 2022 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 226.6 $ 225.1 NL Industries 75.7 75.8 CompX International 22.5 20.4 BMI 8.3 7.1 LandWell (4.2) 5.1 Total $ 328.9 $ 333.5 Nine months ended September 30, 2021 2022 (In millions) Noncontrolling interest in net income of subsidiaries: Kronos Worldwide $ 15.8 $ 23.9 NL Industries 6.2 6.8 CompX International 1.8 2.0 BMI 4.0 1.6 LandWell 6.3 12.7 Total $ 34.1 $ 47.0 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 14 – Stockholders’ equity: Accumulated other comprehensive loss – Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Accumulated other comprehensive income (loss) (net of tax and Marketable securities: Balance at beginning of period $ 1.7 $ 1.7 $ 1.8 $ 1.7 Other comprehensive loss: Unrealized loss arising during the period — (.1) (.1) (.1) Balance at end of period $ 1.7 $ 1.6 $ 1.7 $ 1.6 Currency translation: Balance at beginning of period $ (64.8) $ (92.1) $ (67.4) $ (72.2) Other comprehensive loss arising during the period (5.3) (17.2) (2.7) (37.1) Balance at end of period $ (70.1) $ (109.3) $ (70.1) $ (109.3) Defined benefit pension plans: Balance at beginning of period $ (149.1) $ (117.3) $ (154.1) $ (120.9) Other comprehensive income: Amortization of prior service cost and net losses 2.5 1.7 7.5 5.3 Balance at end of period $ (146.6) $ (115.6) $ (146.6) $ (115.6) OPEB plans: Balance at beginning of period $ .1 $ (.1) $ .3 $ .1 Other comprehensive loss: Amortization of prior service credit and net losses (.1) (.1) (.3) (.3) Balance at end of period $ — $ (.2) $ — $ (.2) Total accumulated other comprehensive loss: Balance at beginning of period $ (212.1) $ (207.8) $ (219.4) $ (191.3) Other comprehensive income (loss) (2.9) (15.7) 4.4 (32.2) Balance at end of period $ (215.0) $ (223.5) $ (215.0) $ (223.5) Other – During the second quarter of 2022, CompX acquired 78,900 shares of its Class A common stock for an aggregate amount of approximately $1.7 million. Of these shares, 70,000 shares were purchased in a market transaction, and 8,900 shares were purchased from two affiliates in two separate private transactions that were approved in advance by CompX’s independent directors. During the first quarter of 2021, CompX purchased 50,000 shares of its Class A common stock in a market transaction for approximately $.8 million. At September 30, 2022, approximately .5 million shares were available for purchase under CompX’s prior repurchase authorizations. During the second quarter of 2022, NL purchased 2,000 shares of its common stock from Kronos for a nominal amount in a private transaction that was approved in advance by NL’s independent directors. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 – Commitments and contingencies: Lead pigment litigation – NL NL’s former operations included the manufacture of lead pigments for use in paint and lead-based paint. NL, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (LIA), which discontinued business operations in 2002, have been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions have been filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others have been asserted as class actions. These lawsuits seek recovery under a variety of theories, including public and private nuisance, negligent product design, negligent failure to warn, strict liability, breach of warranty, conspiracy/concert of action, aiding and abetting, enterprise liability, market share or risk contribution liability, intentional tort, fraud and misrepresentation, violations of state consumer protection statutes, supplier negligence and similar claims. The plaintiffs in these actions generally seek to impose on the defendants responsibility for lead paint abatement and health concerns associated with the use of lead-based paints, including damages for personal injury, contribution and/or indemnification for medical expenses, medical monitoring expenses and costs for educational programs. To the extent the plaintiffs seek compensatory or punitive damages in these actions, such damages are generally unspecified. In some cases, the damages are unspecified pursuant to the requirements of applicable state law. A number of cases are inactive or have been dismissed or withdrawn. Most of the remaining cases are in various pre-trial stages. Some are on appeal following dismissal or summary judgment rulings or a trial verdict in favor of either the defendants or the plaintiffs. NL believes these actions are without merit, and intends to continue to deny all allegations of wrongdoing and liability and to defend against all actions vigorously. We do not believe it is probable we have incurred any liability with respect to pending lead pigment litigation cases to which NL is a party, and with respect to all such lead pigment litigation cases to which NL is a party, we believe liability to NL that may result, if any, in this regard cannot be reasonably estimated, because: ● NL has never settled any of the market share, intentional tort, fraud, nuisance, supplier negligence, breach of warranty, conspiracy, misrepresentation, aiding and abetting, enterprise liability, or statutory cases (other than the Santa Clara case discussed below), ● no final, non-appealable adverse judgments have ever been entered against NL, and ● NL has never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a thirty-year period for which NL was previously a party and for which NL has been dismissed without any finding of liability . Accordingly, we do not have any amounts accrued for any of the pending lead pigment and lead-based paint litigation cases filed by or on behalf of states, counties, cities or their public housing authorities and school districts, or those asserted as class actions. In addition, we have determined that liability to NL which may result, if any, cannot be reasonably estimated at this time because there is no prior history of a loss of this nature on which an estimate could be made and there is no substantive information available upon which an estimate could be based. In the terms of the County of Santa Clara v. Atlantic Richfield Company, et al. million New cases may continue to be filed against NL. We cannot assure you that we will not incur liability in the future with respect to any of the pending or possible litigation in view of the inherent uncertainties involved in court and jury rulings. In the future, if new information regarding such matters becomes available to us (such as a final, non-appealable adverse verdict against NL or otherwise ultimately being found liable with respect to such matters), at that time we would consider such information in evaluating any remaining cases then-pending against NL as to whether it might then have become probable we have incurred liability with respect to these matters, and whether such liability, if any, could have become reasonably estimable. The resolution of any of these cases could result in the recognition of a loss contingency accrual that could have a material adverse impact on our net income for the interim or annual period during which such liability is recognized and a material adverse impact on our consolidated financial condition and liquidity. Environmental matters and litigation Our operations are governed by various environmental laws and regulations. Certain of our businesses are and have been engaged in the handling, manufacture or use of substances or compounds that may be considered toxic or hazardous within the meaning of applicable environmental laws and regulations. As with other companies engaged in similar businesses, certain of our past and current operations and products have the potential to cause environmental or other damage. Our businesses have implemented and continue to implement various policies and programs in an effort to minimize these risks. Our policy is to maintain compliance with applicable environmental laws and regulations at all of our plants and to strive to improve environmental performance. From time to time, our businesses may be subject to environmental regulatory enforcement under U.S. and non-U.S. statutes, the resolution of which typically involves the establishment of compliance programs. It is possible that future developments, such as stricter requirements of environmental laws and enforcement policies, could adversely affect our production, handling, use, storage, transportation, sale or disposal of such substances. We believe all of our facilities are in substantial compliance with applicable environmental laws. Certain properties and facilities used in our former operations (primarily NL’s former operations), including divested primary and secondary lead smelters and former mining locations, are the subject of civil litigation, administrative proceedings or investigations arising under federal and state environmental laws and common law. Additionally, in connection with past operating practices, we are currently involved as a defendant, potentially responsible party (“PRP”) or both, pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (“CERCLA”), and similar state laws in various governmental and private actions associated with waste disposal sites, mining locations, and facilities that we or our predecessors, and NL or its predecessors, our subsidiaries or their predecessors currently or previously owned, operated or used, certain of which are on the United States Environmental Protection Agency’s (“EPA”) Superfund National Priorities List or similar state lists. These proceedings seek cleanup costs, damages for personal injury or property damage and/or damages for injury to natural resources. Certain of these proceedings involve claims for substantial amounts. Although we may be jointly and severally liable for these costs, in most cases we are only one of a number of PRPs who may also be jointly and severally liable, and among whom costs may be shared or allocated. In addition, we are occasionally named as a party in a number of personal injury lawsuits filed in various jurisdictions alleging claims related to environmental conditions alleged to have resulted from our operations. Obligations associated with environmental remediation and related matters are difficult to assess and estimate for numerous reasons including the: ● complexity and differing interpretations of governmental regulations, ● number of PRPs and their ability or willingness to fund such allocation of costs, ● financial capabilities of the PRPs and the allocation of costs among them, ● solvency of other PRPs, ● multiplicity of possible solutions, ● number of years of investigatory, remedial and monitoring activity required, ● uncertainty over the extent, if any, to which our former operations might have contributed to the conditions allegedly giving rise to such personal injury, property damage, natural resource and related claims, and ● number of years between former operations and notice of claims and lack of information and documents about the former operations. In addition, the imposition of more stringent standards or requirements under environmental laws or regulations, new developments or changes regarding site cleanup costs or the allocation of costs among PRPs, solvency of other PRPs, the results of future testing and analysis undertaken with respect to certain sites or a determination that we are potentially responsible for the release of hazardous substances at other sites, could cause our expenditures to exceed our current estimates. Actual costs could exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and costs may be incurred for sites where no estimates presently can be made. Further, additional environmental and related matters may arise in the future. If we were to incur any future liability, this could have a material adverse effect on our consolidated financial statements, results of operations and liquidity. We record liabilities related to environmental remediation and related matters (including costs associated with damages for personal injury or property damage and/or damages for injury to natural resources) when estimated future expenditures are probable and reasonably estimable. We adjust such accruals as further information becomes available to us or as circumstances change. Unless the amounts and timing of such estimated future expenditures are fixed and reasonably determinable, we generally do not discount estimated future expenditures to their present value due to the uncertainty of the timing of the payout. We recognize recoveries of costs from other parties, if any, as assets when their receipt is deemed probable. We do not know and cannot estimate the exact time frame over which we will make payments for our accrued environmental and related costs. The timing of payments depends upon a number of factors, including but not limited to the timing of the actual remediation process; which in turn depends on factors outside of our control. At each balance sheet date, we estimate the amount of the accrued environmental and related costs which we expect to pay within the next twelve months, and we classify this estimate as a current liability. We classify the remaining accrued environmental costs as a noncurrent liability. The table below presents a summary of the activity in our accrued environmental costs during the first nine months of 2022. Amount (In millions) Balance at the beginning of the period $ 97.6 Additions charged to expense, net 1.3 Payments, net (1.5) Balance at the end of the period $ 97.4 Amounts recognized in the Consolidated Balance Sheet at the end of the period: Current liabilities $ 3.8 Noncurrent liabilities 93.6 Total $ 97.4 NL – NL believes that it is not reasonably possible to estimate the range of costs for certain sites. At September 30, 2022, there were approximately five sites for which NL is not currently able to reasonably estimate a range of costs. For these sites, generally the investigation is in the early stages, and NL is unable to determine whether or not NL actually had any association with the site, the nature of its responsibility, if any, for the contamination at the site, if any, and the extent of contamination at and cost to remediate the site. The timing and availability of information on these sites is dependent on events outside of NL’s control, such as when the party alleging liability provides information to NL. At certain of these previously inactive sites, NL has received general and special notices of liability from the EPA and/or state agencies alleging that NL, sometimes with other PRPs, is liable for past and future costs of remediating environmental contamination allegedly caused by former operations. These notifications may assert that NL, along with any other alleged PRPs, is liable for past and/or future clean-up costs. As further information becomes available to us for any of these sites which would allow us to estimate a range of costs, we would at that time adjust our accruals. Any such adjustment could result in the recognition of an accrual that would have a material effect on our consolidated financial statements, results of operations and liquidity. Other – Insurance coverage claims – NL NL is involved in certain legal proceedings with a number of its former insurance carriers regarding the nature and extent of the carriers’ obligations to NL under insurance policies with respect to certain lead pigment and asbestos lawsuits. The issue of whether insurance coverage for defense costs or indemnity or both will be found to exist for NL’s lead pigment and asbestos litigation depends upon a variety of factors, and we cannot assure you that such insurance coverage will be available. NL has agreements with certain of its former insurance carriers pursuant to which the carriers reimburse it for a portion of its future lead pigment litigation defense costs, and one such carrier reimburses NL for a portion of its future asbestos litigation defense costs. We are not able to determine how much NL will ultimately recover from these carriers for defense costs incurred by NL because of certain issues that arise regarding which defense costs qualify for reimbursement. While NL continues to seek additional insurance recoveries, we do not know if we will be successful in obtaining reimbursement for either defense costs or indemnity. Accordingly, we recognize insurance recoveries in income only when receipt of the recovery is probable and we are able to reasonably estimate the amount of the recovery. For a complete discussion of certain litigation involving NL and certain of its former insurance carriers, please refer to our 2021 Annual Report. Other litigation In addition to the litigation described above, we and our affiliates are also involved in various other environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our present and former businesses. In certain cases, we have insurance coverage for these items, although we do not expect additional material insurance coverage for our environmental matters. We currently believe the disposition of all of these various other claims and disputes (including asbestos-related claims), individually and in the aggregate, should not have a material adverse effect on our consolidated financial position, results of operations or liquidity beyond the accruals already provided. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Note 16 – Fair value measurements and financial instruments: The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2021 September 30, 2022 Carrying Fair Carrying Fair amount value amount value (In millions) Cash, cash equivalents and restricted cash equivalents $ 792.9 $ 792.9 $ 663.1 $ 663.1 Long-term debt (excluding capitalized leases): Kronos Senior Notes 448.8 460.2 390.2 341.4 Valhi credit facility with Contran 172.9 172.9 134.8 134.8 LandWell bank note payable 13.5 13.5 13.2 13.2 BWC bank note payable 15.4 15.9 — — At September 30, 2022, the estimated market price of Kronos’ Senior Notes was €869 per €1,000 principal amount. The fair value of Kronos’ Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the term loan trades were not active. The fair value of variable interest rate debt and other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying values. See Note 6. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 7. BWC is no longer consolidated in our Condensed Consolidated Financial Statements at September 30, 2022 (see Notes 2 and 6). |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization – |
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 included in our Annual Report on Form 10-K for the year ended December 31, 2021 that we filed with the SEC on March 10, 2022 (the “2021 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, 2021 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, 2021) 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, 2022 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 2021 Consolidated Financial Statements contained in our 2021 Annual Report. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Holding Percentage of Subsidiaries | % controlled at Business segment Entity September 30, 2022 Chemicals Kronos 81% Component products CompX 87% Real estate management and development BMI and LandWell 63% - 77% |
Segment Operating Performance | Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Net sales: Chemicals $ 499.8 $ 459.6 $ 1,443.4 $ 1,587.8 Component products 34.5 42.9 106.7 126.6 Real estate management and development 44.6 53.8 63.1 105.5 Total net sales $ 578.9 $ 556.3 $ 1,613.2 $ 1,819.9 Cost of sales: Chemicals $ 377.1 $ 376.0 $ 1,116.7 $ 1,235.0 Component products 23.6 30.9 73.4 88.9 Real estate management and development 25.5 29.0 36.5 58.2 Total cost of sales $ 426.2 $ 435.9 $ 1,226.6 $ 1,382.1 Gross margin: Chemicals $ 122.7 $ 83.6 $ 326.7 $ 352.8 Component products 10.9 12.0 33.3 37.7 Real estate management and development 19.1 24.8 26.6 47.3 Total gross margin $ 152.7 $ 120.4 $ 386.6 $ 437.8 Operating income: Chemicals $ 60.3 $ 34.3 $ 145.4 $ 189.9 Component products 5.1 6.0 16.7 20.0 Real estate management and development 15.8 29.1 26.0 32.1 Total operating income 81.2 69.4 188.1 242.0 General corporate items: Interest income and other .9 3.3 2.9 5.6 Gain on land sales 10.4 — 16.0 — Changes in market value of Valhi common stock held by subsidiaries (.2) (4.9) 2.0 (.9) Other components of net periodic pension and OPEB expense (4.3) (3.2) (13.2) (9.8) General expenses, net (8.7) (8.6) (26.1) (27.3) Interest expense (7.9) (7.0) (25.2) (20.9) Income before income taxes $ 71.4 $ 49.0 $ 144.5 $ 188.7 |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Components of Accounts and Other Receivables | December 31, September 30, 2021 2022 (In millions) Trade accounts receivable: Kronos $ 326.3 $ 304.0 CompX 15.6 19.2 BMI/LandWell 2.8 2.1 VAT and other receivables 38.0 43.6 Refundable income taxes 4.5 2.7 Receivables from affiliates: Louisiana Pigment Company, L.P. ("LPC") 15.8 16.7 Contran - trade items .1 .4 Other - trade items 2.6 2.5 Allowance for doubtful accounts (2.0) (4.8) Total $ 403.7 $ 386.4 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December 31, September 30, 2021 2022 (In millions) Raw materials: Chemicals $ 76.3 $ 125.0 Component products 5.0 7.4 Total raw materials 81.3 132.4 Work in process: Chemicals 30.4 25.8 Component products 16.8 21.4 Total in-process products 47.2 47.2 Finished products: Chemicals 246.4 287.2 Component products 3.8 4.5 Total finished products 250.2 291.7 Supplies (chemicals) 80.0 74.5 Total $ 458.7 $ 545.8 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | December 31, September 30, 2021 2022 (In millions) Other noncurrent assets: Note receivables - OPA $ 38.7 $ 43.5 Restricted cash and cash equivalents 41.9 36.5 Land held for development 36.0 28.0 Operating lease right-of-use assets 19.9 20.3 IBNR receivables 34.4 19.2 Pension asset 9.0 7.8 Marketable securities 3.3 3.6 Other 16.8 16.2 Total $ 200.0 $ 175.1 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31, September 30, 2021 2022 (In millions) Valhi: Contran credit facility $ 172.9 $ 134.8 Subsidiary debt: Kronos: Senior Notes 448.8 390.2 LandWell: Note payable to Western Alliance Business Trust 13.5 13.2 BMI: BWC Bank loan from Western Alliance Bank 15.4 — Other 2.4 2.0 Total subsidiary debt 480.1 405.4 Total debt 653.0 540.2 Less current maturities 3.1 2.0 Total long-term debt $ 649.9 $ 538.2 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, September 30, 2021 2022 (In millions) Accounts payable: Kronos $ 143.6 $ 169.2 CompX 3.4 5.2 BMI/LandWell 5.3 13.5 Other .4 .6 Total 152.7 188.5 Payables to affiliates: Contran - income taxes 1.5 13.2 LPC 17.3 20.8 Deferred income 125.8 105.4 Employee benefits 39.9 34.1 Accrued sales discounts and rebates 28.7 22.5 Accrued litigation settlement 11.8 11.8 Interest 5.3 1.0 Operating lease liabilities 3.7 3.8 Environmental remediation and related costs 3.5 3.8 Other 57.9 74.3 Total $ 448.1 $ 479.2 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | December 31, September 30, 2021 2022 (In millions) Accrued development costs $ 55.4 $ 51.9 Deferred income 81.6 41.1 Accrued litigation settlement 38.5 27.3 Insurance claims and expenses 36.4 21.2 Operating lease liabilities 15.8 16.2 Other postretirement benefits 10.2 9.5 Employee benefits 6.1 5.0 Reserve for uncertain tax positions 3.5 5.8 Other 10.0 6.2 Total $ 257.5 $ 184.2 |
Revenue - Disaggregation of S_2
Revenue - Disaggregation of Sales (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregates of Net Sales | The following table disaggregates the net sales of our Chemicals Segment 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, 2021 2022 2021 2022 (In millions) Net sales - point of origin: United States $ 297.6 $ 330.3 $ 787.5 $ 980.4 Germany 254.2 213.5 724.2 762.0 Canada 88.6 105.1 288.8 313.1 Belgium 69.6 76.0 212.0 256.3 Norway 63.4 64.7 198.5 211.1 Eliminations (273.6) (330.0) (767.6) (935.1) Total $ 499.8 $ 459.6 $ 1,443.4 $ 1,587.8 Net sales - point of destination: Europe $ 248.0 $ 197.5 $ 712.1 $ 731.6 North America 174.3 182.5 476.9 558.4 Other 77.5 79.6 254.4 297.8 Total $ 499.8 $ 459.6 $ 1,443.4 $ 1,587.8 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line. Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Component Products: Net sales: Security products $ 25.8 $ 28.5 $ 79.3 $ 86.9 Marine components 8.7 14.4 27.4 39.7 Total $ 34.5 $ 42.9 $ 106.7 $ 126.6 Real Estate Management and Development: Net sales: Land sales $ 41.9 $ 52.8 $ 57.0 $ 100.9 Water delivery 2.3 .7 4.8 3.6 Utility and other .4 .3 1.3 1.0 Total $ 44.6 $ 53.8 $ 63.1 $ 105.5 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Defined Benefit Pension Plans | |
Components of Net Periodic Defined Benefit Cost | The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Service cost $ 3.7 $ 2.8 $ 11.1 $ 8.7 Interest cost 2.5 3.0 7.3 9.2 Expected return on plan assets (3.3) (3.5) (10.1) (10.4) Amortization of prior service cost — — .1 — Recognized actuarial losses 5.3 3.6 16.3 11.1 Total $ 8.2 $ 5.9 $ 24.7 $ 18.6 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income And Expenses [Abstract] | |
Schedule of Components of Other Income | Nine months ended September 30, 2021 2022 (In millions) Interest income and other: Interest and dividends $ 2.8 $ 6.2 Securities transactions, net .1 (.6) Total 2.9 5.6 Infrastructure reimbursement 6.2 10.8 Gain on land sales 16.0 — Currency transactions, net 1.2 17.1 Insurance recoveries — 2.7 Other, net 1.6 1.9 Total $ 27.9 $ 38.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Component of Income Taxes Expenses | Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Expected tax expense at U.S. federal statutory income tax $ 14.9 $ 10.3 $ 30.3 $ 39.6 Non-U.S. tax rates 1.3 (2.0) 3.1 1.3 Incremental net tax benefit on earnings and losses of U.S. (.7) 1.2 (2.6) (.1) Valuation allowance (.7) (3.5) .8 (3.3) Global intangible low-tax income, net .9 .5 1.9 1.9 Adjustment to the reserve for uncertain tax positions, net .3 .5 .1 .1 Nondeductible expenses .3 .6 .7 1.2 U.S. state income taxes and other, net .6 .6 .9 1.4 Income tax expense $ 16.9 $ 8.2 $ 35.2 $ 42.1 Comprehensive provision for income taxes allocable to: Net income $ 16.9 $ 8.2 $ 35.2 $ 42.1 Other comprehensive income (loss): Currency translation (.8) (3.0) (.4) (6.4) Pension plans 2.0 1.3 6.2 4.1 Other (.1) — (.2) .2 Total $ 18.0 $ 6.5 $ 40.8 $ 40.0 |
Noncontrolling Interest in Su_2
Noncontrolling Interest in Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Net Assets of Subsidiaries | December 31, September 30, 2021 2022 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 226.6 $ 225.1 NL Industries 75.7 75.8 CompX International 22.5 20.4 BMI 8.3 7.1 LandWell (4.2) 5.1 Total $ 328.9 $ 333.5 |
Schedule of Noncontrolling Interest in Net Income of Subsidiaries | Nine months ended September 30, 2021 2022 (In millions) Noncontrolling interest in net income of subsidiaries: Kronos Worldwide $ 15.8 $ 23.9 NL Industries 6.2 6.8 CompX International 1.8 2.0 BMI 4.0 1.6 LandWell 6.3 12.7 Total $ 34.1 $ 47.0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Three months ended Nine months ended September 30, September 30, 2021 2022 2021 2022 (In millions) Accumulated other comprehensive income (loss) (net of tax and Marketable securities: Balance at beginning of period $ 1.7 $ 1.7 $ 1.8 $ 1.7 Other comprehensive loss: Unrealized loss arising during the period — (.1) (.1) (.1) Balance at end of period $ 1.7 $ 1.6 $ 1.7 $ 1.6 Currency translation: Balance at beginning of period $ (64.8) $ (92.1) $ (67.4) $ (72.2) Other comprehensive loss arising during the period (5.3) (17.2) (2.7) (37.1) Balance at end of period $ (70.1) $ (109.3) $ (70.1) $ (109.3) Defined benefit pension plans: Balance at beginning of period $ (149.1) $ (117.3) $ (154.1) $ (120.9) Other comprehensive income: Amortization of prior service cost and net losses 2.5 1.7 7.5 5.3 Balance at end of period $ (146.6) $ (115.6) $ (146.6) $ (115.6) OPEB plans: Balance at beginning of period $ .1 $ (.1) $ .3 $ .1 Other comprehensive loss: Amortization of prior service credit and net losses (.1) (.1) (.3) (.3) Balance at end of period $ — $ (.2) $ — $ (.2) Total accumulated other comprehensive loss: Balance at beginning of period $ (212.1) $ (207.8) $ (219.4) $ (191.3) Other comprehensive income (loss) (2.9) (15.7) 4.4 (32.2) Balance at end of period $ (215.0) $ (223.5) $ (215.0) $ (223.5) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Change in Accrued Environmental Remediation and Related Costs | The table below presents a summary of the activity in our accrued environmental costs during the first nine months of 2022. Amount (In millions) Balance at the beginning of the period $ 97.6 Additions charged to expense, net 1.3 Payments, net (1.5) Balance at the end of the period $ 97.4 Amounts recognized in the Consolidated Balance Sheet at the end of the period: Current liabilities $ 3.8 Noncurrent liabilities 93.6 Total $ 97.4 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments not Carried at Fair Value | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2021 September 30, 2022 Carrying Fair Carrying Fair amount value amount value (In millions) Cash, cash equivalents and restricted cash equivalents $ 792.9 $ 792.9 $ 663.1 $ 663.1 Long-term debt (excluding capitalized leases): Kronos Senior Notes 448.8 460.2 390.2 341.4 Valhi credit facility with Contran 172.9 172.9 134.8 134.8 LandWell bank note payable 13.5 13.5 13.2 13.2 BWC bank note payable 15.4 15.9 — — |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | Sep. 30, 2022 |
Contran | Valhi Incorporation | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Parent company ownership interest | 92% |
Business Segment Information -
Business Segment Information - Holding Percentage of Subsidiaries (Detail) | Sep. 30, 2022 |
Chemicals | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 81% |
Component Products | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 87% |
Real Estate Management And Development | BMI | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 63% |
Real Estate Management And Development | LandWell | Aggregate General And Limited Interests | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 77% |
Business Segment Information _2
Business Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||
Insurance recoveries | $ 2.7 | $ 2.7 | |
Fixed asset impairment | 0.4 | $ 16.4 | 16.4 |
Loss on deconsolidation of BWC | $ (2) | $ (2) | |
Kronos Worldwide, Inc. | Valhi Incorporation | |||
Segment Reporting Information [Line Items] | |||
Direct ownership percentage by parent | 50% | 50% | 50% |
Kronos Worldwide, Inc. | NL | |||
Segment Reporting Information [Line Items] | |||
Indirect controlling interest in subsidiary | 31% | 31% | 31% |
NL | Valhi Incorporation | |||
Segment Reporting Information [Line Items] | |||
Direct ownership percentage by parent | 83% | 83% | 83% |
LandWell | Valhi Incorporation | |||
Segment Reporting Information [Line Items] | |||
Direct ownership percentage by parent | 27% | 27% | 27% |
LandWell | BMI | |||
Segment Reporting Information [Line Items] | |||
Indirect controlling interest in subsidiary | 50% | 50% | 50% |
BMI | |||
Segment Reporting Information [Line Items] | |||
Loss on deconsolidation of BWC | $ 2 | ||
Bad debt expense recognized | $ 1.3 | ||
BMI | Valhi Incorporation | |||
Segment Reporting Information [Line Items] | |||
Direct ownership percentage by parent | 63% | 63% | 63% |
Business Segment Information _3
Business Segment Information - Segment Operating Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 556.3 | $ 578.9 | $ 1,819.9 | $ 1,613.2 |
Cost of sales | 435.9 | 426.2 | 1,382.1 | 1,226.6 |
Gross margin | 120.4 | 152.7 | 437.8 | 386.6 |
Operating income (loss) | 69.4 | 81.2 | 242 | 188.1 |
Interest income and other | 3.3 | 0.9 | 5.6 | 2.9 |
Insurance recoveries | 2.7 | 2.7 | ||
Gain on land and related sales | 10.4 | 16 | ||
Changes in market value of Valhi common stock held by subsidiaries | (4.9) | (0.2) | (0.9) | 2 |
Other components of net periodic pension and OPEB expense | (3.2) | (4.3) | (9.8) | (13.2) |
General expenses, net | (8.6) | (8.7) | (27.3) | (26.1) |
Interest expense | (7) | (7.9) | (20.9) | (25.2) |
Income before income taxes | 49 | 71.4 | 188.7 | 144.5 |
Chemicals | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 459.6 | 499.8 | 1,587.8 | 1,443.4 |
Cost of sales | 376 | 377.1 | 1,235 | 1,116.7 |
Gross margin | 83.6 | 122.7 | 352.8 | 326.7 |
Operating income (loss) | 34.3 | 60.3 | 189.9 | 145.4 |
Insurance recoveries | 2.7 | |||
Component Products | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 42.9 | 34.5 | 126.6 | 106.7 |
Cost of sales | 30.9 | 23.6 | 88.9 | 73.4 |
Gross margin | 12 | 10.9 | 37.7 | 33.3 |
Operating income (loss) | 6 | 5.1 | 20 | 16.7 |
Real Estate Management And Development | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 53.8 | 44.6 | 105.5 | 63.1 |
Cost of sales | 29 | 25.5 | 58.2 | 36.5 |
Gross margin | 24.8 | 19.1 | 47.3 | 26.6 |
Operating income (loss) | $ 29.1 | $ 15.8 | $ 32.1 | $ 26 |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Trade accounts receivable: | ||
VAT and other receivables | $ 43.6 | $ 38 |
Refundable income taxes | 2.7 | 4.5 |
Allowance for doubtful accounts | (4.8) | (2) |
Total | 386.4 | 403.7 |
Trade Accounts Receivable | Kronos Worldwide, Inc. | ||
Trade accounts receivable: | ||
Accounts receivable | 304 | 326.3 |
Trade Accounts Receivable | CompX | ||
Trade accounts receivable: | ||
Accounts receivable | 19.2 | 15.6 |
Trade Accounts Receivable | BMI/LandWell | ||
Trade accounts receivable: | ||
Accounts receivable | 2.1 | 2.8 |
Louisiana Pigment Company, L.P. ("LPC") | ||
Trade accounts receivable: | ||
Receivables from affiliates | 16.7 | 15.8 |
Contran | Trade Items | ||
Trade accounts receivable: | ||
Receivables from affiliates | 0.4 | 0.1 |
Other | Trade Items | ||
Trade accounts receivable: | ||
Receivables from affiliates | $ 2.5 | $ 2.6 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Raw materials | $ 132.4 | $ 81.3 |
Work in process | 47.2 | 47.2 |
Finished products | 291.7 | 250.2 |
Supplies (chemicals) | 74.5 | 80 |
Total | 545.8 | 458.7 |
Chemicals | ||
Inventory [Line Items] | ||
Raw materials | 125 | 76.3 |
Work in process | 25.8 | 30.4 |
Finished products | 287.2 | 246.4 |
Component Products | ||
Inventory [Line Items] | ||
Raw materials | 7.4 | 5 |
Work in process | 21.4 | 16.8 |
Finished products | $ 4.5 | $ 3.8 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Other noncurrent assets: | ||
Note receivables - OPA | $ 43.5 | $ 38.7 |
Restricted cash and cash equivalents | 36.5 | 41.9 |
Land held for development | 28 | 36 |
Operating lease right-of-use assets | 20.3 | 19.9 |
IBNR receivables | 19.2 | 34.4 |
Pension asset | 7.8 | 9 |
Marketable securities | 3.6 | 3.3 |
Other | 16.2 | 16.8 |
Total | $ 175.1 | $ 200 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Long-term debt | ||
Total debt | $ 540.2 | $ 653 |
Less current maturities | (2) | (3.1) |
Total long-term debt | 538.2 | 649.9 |
VALHI, INC. | Contran Credit Facility | ||
Long-term debt | ||
Total debt | 134.8 | 172.9 |
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | ||
Long-term debt | ||
Total debt | 390.2 | 448.8 |
BMI | Bank loan | Western Alliance Bank | ||
Long-term debt | ||
Total debt | 15.4 | |
LandWell | Unsecured Debt | Western Alliance Bank | ||
Long-term debt | ||
Total debt | 13.2 | 13.5 |
Other Subsidiary | Other | ||
Long-term debt | ||
Total debt | 2 | 2.4 |
Subsidiary | ||
Long-term debt | ||
Total debt | $ 405.4 | $ 480.1 |
Long-Term Debt - Valhi Contran
Long-Term Debt - Valhi Contran Credit Facility - Additional Information (Detail) - VALHI, INC. - Contran Credit Facility $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate at period end | 7.25% |
Debt instrument, Interest rate during period | 5.20% |
Amount available for borrowing | $ 90.2 |
Borrowings of credit facility | 0.1 |
Repayments of credit facility | $ 38.2 |
Long-Term Debt - Kronos Senior
Long-Term Debt - Kronos Senior Secured Notes - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 - Kronos International, Inc € in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.75% | 3.75% |
Debt instrument maturity date | Sep. 15, 2025 | |
Debt instrument principal amount | € | € 400 | |
Unamortized debt issuance costs | $ | $ 2.4 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Kronos Worldwide, Inc. - Global Revolver Credit Facility $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Line Of Credit Facility [Line Items] | |
Line of credit maximum borrowing capacity | $ 225,000 |
Borrowings on credit facilities | 0 |
Repayment of credit facility | 0 |
Amount available for borrowing | $ 207,000 |
Long-Term Debt - Notes Payable
Long-Term Debt - Notes Payable to BMI - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 09, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Feb. 28, 2017 | |
Debt Instrument [Line Items] | ||||
Repayment of note payable | $ 47.5 | $ 69.5 | ||
BMI | 2017 Bank Loan | Western Alliance Bank | Bank note payable | ||||
Debt Instrument [Line Items] | ||||
Principal amount of loan agreement | $ 20.5 | |||
Repayment of note payable | $ 8.4 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts payable: | ||
Accounts payable | $ 188.5 | $ 152.7 |
Payable to affiliates: | ||
Deferred income | 105.4 | 125.8 |
Employee benefits | 34.1 | 39.9 |
Accrued sales discounts and rebates | 22.5 | 28.7 |
Accrued litigation settlement | 11.8 | 11.8 |
Interest | 1 | 5.3 |
Operating lease liabilities | $ 3.8 | $ 3.7 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Environmental remediation and related costs | $ 3.8 | $ 3.5 |
Other | 74.3 | 57.9 |
Total | 479.2 | 448.1 |
Kronos Worldwide, Inc. | ||
Accounts payable: | ||
Accounts payable | 169.2 | 143.6 |
CompX | ||
Accounts payable: | ||
Accounts payable | 5.2 | 3.4 |
BMI/LandWell | ||
Accounts payable: | ||
Accounts payable | 13.5 | 5.3 |
Other | ||
Accounts payable: | ||
Accounts payable | 0.6 | 0.4 |
Contran | Income Taxes Payable | ||
Payable to affiliates: | ||
Payable to affiliates | 13.2 | 1.5 |
LPC | ||
Payable to affiliates: | ||
Payable to affiliates | $ 20.8 | $ 17.3 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Accrued development costs | $ 51.9 | $ 55.4 |
Deferred income | 41.1 | 81.6 |
Accrued litigation settlement | 27.3 | 38.5 |
Insurance claims and expenses | 21.2 | 36.4 |
Operating lease liabilities | $ 16.2 | $ 15.8 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Other postretirement benefits | $ 9.5 | $ 10.2 |
Employee benefits | 5 | 6.1 |
Reserve for uncertain tax positions | 5.8 | 3.5 |
Other | 6.2 | 10 |
Total | $ 184.2 | $ 257.5 |
Revenue - Disaggregation of S_3
Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Chemicals Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 556.3 | $ 578.9 | $ 1,819.9 | $ 1,613.2 |
Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 459.6 | 499.8 | 1,587.8 | 1,443.4 |
Point of Origin | Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 459.6 | 499.8 | 1,587.8 | 1,443.4 |
Point of Origin | Chemicals | United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 330.3 | 297.6 | 980.4 | 787.5 |
Point of Origin | Chemicals | Germany | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 213.5 | 254.2 | 762 | 724.2 |
Point of Origin | Chemicals | Canada | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 105.1 | 88.6 | 313.1 | 288.8 |
Point of Origin | Chemicals | Belgium | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 76 | 69.6 | 256.3 | 212 |
Point of Origin | Chemicals | Norway | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 64.7 | 63.4 | 211.1 | 198.5 |
Point of Origin | Chemicals | Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (330) | (273.6) | (935.1) | (767.6) |
Point of Destination | Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 459.6 | 499.8 | 1,587.8 | 1,443.4 |
Point of Destination | Chemicals | Europe | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 197.5 | 248 | 731.6 | 712.1 |
Point of Destination | Chemicals | North America | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 182.5 | 174.3 | 558.4 | 476.9 |
Point of Destination | Chemicals | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 79.6 | $ 77.5 | $ 297.8 | $ 254.4 |
Revenue - Disaggregation of S_4
Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Component Products and Real Estate Management and Development Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 556.3 | $ 578.9 | $ 1,819.9 | $ 1,613.2 |
Component Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 42.9 | 34.5 | 126.6 | 106.7 |
Component Products | Security Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 28.5 | 25.8 | 86.9 | 79.3 |
Component Products | Marine Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 14.4 | 8.7 | 39.7 | 27.4 |
Real Estate Management And Development | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 53.8 | 44.6 | 105.5 | 63.1 |
Real Estate Management And Development | Land Sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 52.8 | 41.9 | 100.9 | 57 |
Real Estate Management And Development | Water Delivery | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 0.7 | 2.3 | 3.6 | 4.8 |
Real Estate Management And Development | Utility and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 0.3 | $ 0.4 | $ 1 | $ 1.3 |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2.8 | $ 3.7 | $ 8.7 | $ 11.1 |
Interest cost | 3 | 2.5 | 9.2 | 7.3 |
Expected return on plan assets | (3.5) | (3.3) | (10.4) | (10.1) |
Amortization of prior service cost | 0.1 | |||
Recognized actuarial losses | 3.6 | 5.3 | 11.1 | 16.3 |
Total | $ 5.9 | $ 8.2 | $ 18.6 | $ 24.7 |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Additional Information (Detail) $ in Millions | Sep. 30, 2022 USD ($) |
Defined Benefit Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution | $ 20 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income and other: | |||||
Interest and dividends | $ 6.2 | $ 2.8 | |||
Securities transactions, net | (0.6) | 0.1 | |||
Total | 5.6 | 2.9 | |||
Infrastructure reimbursement | $ 0.8 | 10.8 | 6.2 | ||
Gain on land sales | 16 | ||||
Currency transactions, net | 17.1 | 1.2 | |||
Insurance recoveries | $ 2.7 | 2.7 | |||
Other, net | 1.9 | 1.6 | |||
Total | $ 23.1 | $ 13.1 | $ 38.1 | $ 27.9 |
Other Income, Net - Additional
Other Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Other Income Net Additional Information Detail [Line Items] | ||||||
Dividends and interest income | $ 6.2 | $ 2.8 | ||||
Gain on securities transaction recognized | (0.6) | 0.1 | ||||
Insurance recoveries | $ 2.7 | 2.7 | ||||
Pre-tax gain on sale of land | $ 10.4 | 16 | ||||
Net proceeds | 23.4 | |||||
Infrastructure reimbursement | $ 0.8 | $ 10.8 | $ 6.2 | |||
City Of Henderson | ||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | ||||||
Infrastructure reimbursement | $ 10 | $ 6.2 |
Income Taxes - Components of Co
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Income Tax [Line Items] | ||||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 10.3 | $ 14.9 | $ 39.6 | $ 30.3 |
Non-U.S. tax rates | (2) | 1.3 | 1.3 | 3.1 |
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. tax group companies | 1.2 | (0.7) | (0.1) | (2.6) |
Valuation allowance | (3.5) | (0.7) | (3.3) | 0.8 |
Global intangible low-tax income, net | 0.5 | 0.9 | 1.9 | 1.9 |
Adjustment to the reserve for uncertain tax positions, net | 0.5 | 0.3 | 0.1 | 0.1 |
Nondeductible expenses | 0.6 | 0.3 | 1.2 | 0.7 |
U.S. state income taxes and other, net | 0.6 | 0.6 | 1.4 | 0.9 |
Income tax expense | 8.2 | 16.9 | 42.1 | 35.2 |
Comprehensive provision for income taxes allocable to: | ||||
Net income | 8.2 | 16.9 | 42.1 | 35.2 |
Other comprehensive income (loss): | ||||
Currency translation | (3) | (0.8) | (6.4) | (0.4) |
Other | (0.1) | 0.2 | (0.2) | |
Total | 6.5 | 18 | 40 | 40.8 |
Pension Plans | ||||
Other comprehensive income (loss): | ||||
Defined benefit plans | $ 1.3 | $ 2 | $ 4.1 | $ 6.2 |
Income Taxes - Components of _2
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory income tax rate | 21% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Business interest income, adjusted taxable income | 30% | |||
Valuation allowance | $ (3.5) | $ (0.7) | $ (3.3) | $ 0.8 |
Decrease in unrecognized tax benefits due to the expiration of certain statutes of limitations | $ 3.4 |
Noncontrolling Interest in Su_3
Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Net Assets of Subsidiaries (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 333.5 | $ 328.9 |
Kronos Worldwide, Inc. | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 225.1 | 226.6 |
NL Industries | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 75.8 | 75.7 |
CompX International | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 20.4 | 22.5 |
BMI | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 7.1 | 8.3 |
LandWell | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 5.1 | $ (4.2) |
Noncontrolling Interest in Su_4
Noncontrolling Interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income of Subsidiaries (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | $ 14.6 | $ 15.5 | $ 47 | $ 34.1 |
Kronos Worldwide, Inc. | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 23.9 | 15.8 | ||
NL | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 6.8 | 6.2 | ||
CompX | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 2 | 1.8 | ||
BMI | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 1.6 | 4 | ||
LandWell | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | $ 12.7 | $ 6.3 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 829.5 | |||
Balance at end of period | $ 891 | 891 | ||
Marketable Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 1.7 | $ 1.7 | 1.7 | $ 1.8 |
Other comprehensive income (loss) | (0.1) | (0.1) | (0.1) | |
Balance at end of period | 1.6 | 1.7 | 1.6 | 1.7 |
Currency Translation | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (92.1) | (64.8) | (72.2) | (67.4) |
Other comprehensive income (loss) | (17.2) | (5.3) | (37.1) | (2.7) |
Balance at end of period | (109.3) | (70.1) | (109.3) | (70.1) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (117.3) | (149.1) | (120.9) | (154.1) |
Other comprehensive income (loss) | 1.7 | 2.5 | 5.3 | 7.5 |
Balance at end of period | (115.6) | (146.6) | (115.6) | (146.6) |
Accumulated Defined Benefit Plans Adjustment | OPEB | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (0.1) | 0.1 | 0.1 | 0.3 |
Other comprehensive income (loss) | (0.1) | (0.1) | (0.3) | (0.3) |
Balance at end of period | (0.2) | (0.2) | ||
Total Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (207.8) | (212.1) | (191.3) | (219.4) |
Other comprehensive income (loss) | (15.7) | (2.9) | (32.2) | 4.4 |
Balance at end of period | $ (223.5) | $ (215) | $ (223.5) | $ (215) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ in Millions | 3 Months Ended | |||
Jun. 30, 2022 USD ($) Transaction item shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 USD ($) shares | Sep. 30, 2022 shares | |
Kronos Worldwide, Inc. | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares acquired | 73,881 | |||
Shares acquired, value | $ | $ 1.1 | |||
Shares available for purchase | 1,500,000 | |||
CompX | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares available for purchase | 500,000 | |||
NL | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock, Repurchased | 2,000 | |||
Shares Repurchased in Market Transaction | CompX | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock, Repurchased | 70,000 | |||
Shares Repurchased from Affiliates | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Number of affiliates | item | 2 | |||
Number of private transactions | Transaction | 2 | |||
Shares Repurchased from Affiliates | CompX | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock, Repurchased | 8,900 | |||
Class A | CompX | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock, Repurchased | 78,900 | 50,000 | ||
Stock repurchase, aggregate purchase price | $ | $ 1.7 | $ 0.8 |
Commitments and Contingencies -
Commitments and Contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2022 USD ($) site case | Dec. 31, 2021 USD ($) | |
Commitments And Contingent Liabilities [Line Items] | ||
Litigation settlement | $ 11,800,000 | $ 11,800,000 |
Litigation settlement net present value | 27,300,000 | 38,500,000 |
Accrual for reasonably estimable environmental remediation and related matters | 97,400,000 | $ 97,600,000 |
Other Environmental Cleanup Matters | ||
Commitments And Contingent Liabilities [Line Items] | ||
Accrual for reasonably estimable environmental remediation and related matters | 4,000,000 | |
NL | Environmental Remediation Sites NL Named As PRP Or Defendant | ||
Commitments And Contingent Liabilities [Line Items] | ||
Accrual for reasonably estimable environmental remediation and related matters | $ 93,000,000 | |
Number of sites associated with remediation and related costs | site | 32 | |
Number of sites for which NL not currently able to reasonably estimate range of costs | site | 5 | |
NL | Maximum | Environmental Remediation Sites NL Named As PRP Or Defendant | ||
Commitments And Contingent Liabilities [Line Items] | ||
Upper end range, estimate costs for remediation and related matters | $ 107,000,000 | |
Lead Pigment Litigation | NL | ||
Commitments And Contingent Liabilities [Line Items] | ||
Number of cases settled and dismissed and found not liable | case | 100 | |
Period by which loss contingency claims settled and dismissed | 30 years | |
C A Lead Paint Litigation | NL | ||
Commitments And Contingent Liabilities [Line Items] | ||
Number of annual installment payments | 3 | |
Remaining litigation settlement charge due in first installment | $ 12,000,000 | |
Remaining litigation settlement charge due in second installment | 12,000,000 | |
Remaining litigation settlement charge due in third installment | $ 16,700,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Environmental Remediation Obligations [Abstract] | ||
Balance at the beginning of the period | $ 97.6 | |
Additions charged to expense, net | 1.3 | |
Payments, net | (1.5) | |
Balance at the end of the period | 97.4 | |
Amounts recognized in the Consolidated Balance Sheet at the end of the period: | ||
Current liabilities | 3.8 | $ 3.5 |
Noncurrent liabilities | 93.6 | 94.1 |
Total | $ 97.4 | $ 97.6 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | $ 663.1 | $ 792.9 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 663.1 | 792.9 |
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 390.2 | 448.8 |
Long term debt, fair value | 341.4 | 460.2 |
VALHI, INC. | Contran Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 134.8 | 172.9 |
Long term debt, fair value | 134.8 | 172.9 |
BMI | Bank note payable | Meadows Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 15.4 | |
Long term debt, fair value | 15.9 | |
LandWell | Bank note payable | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 13.2 | 13.5 |
Long term debt, fair value | $ 13.2 | $ 13.5 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 - Kronos International, Inc | Sep. 30, 2022 EUR (€) |
Financial Instrument At Fair Value [Line Items] | |
Estimated market price of the notes | € 869 |
Principal amount of debt instrument | € 1,000 |