Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 04, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VHI | ||
Entity Registrant Name | VALHI INC /DE/ | ||
Entity Central Index Key | 59,255 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 339,142,949 | ||
Entity Public Float | $ 108.2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 202.3 | $ 255.8 |
Restricted cash equivalents | 7.2 | 10.6 |
Marketable securities | 2 | 2.7 |
Accounts and other receivables, net | 228.9 | 271.3 |
Refundable income taxes | 7.4 | 8.7 |
Receivable from affiliates | 10.3 | 23.9 |
Land held for development | 9.9 | 15 |
Inventories, net | 405.2 | 443 |
Other current assets | 23 | 17.6 |
Total current assets | 896.2 | 1,048.6 |
Other assets: | ||
Marketable securities | 254.9 | 255.6 |
Investment in TiO2 manufacturing joint venture | 82.9 | 89 |
Goodwill | 379.7 | 379.7 |
Deferred income taxes | 1.3 | 160.9 |
Pension asset | 1.7 | |
Other assets | 255 | 277.8 |
Total other assets | 975.5 | 1,163 |
Property and equipment: | ||
Land | 45.4 | 49.1 |
Buildings | 239.7 | 263.1 |
Equipment | 1,061.6 | 1,139.9 |
Treatment, storage and disposal facilities | 159.5 | 159.9 |
Mining properties | 35.5 | 52 |
Construction in progress | 33.1 | 26.2 |
Gross property and equipment | 1,574.8 | 1,690.2 |
Less accumulated depreciation | 909.1 | 956.6 |
Net property and equipment | 665.7 | 733.6 |
Total assets | 2,537.4 | 2,945.2 |
Current liabilities: | ||
Current maturities of long-term debt | 9.5 | 9.3 |
Accounts payable | 104.8 | 136.2 |
Accrued liabilities | 121.1 | 128 |
Payable to affiliates | 45.5 | 46 |
Income taxes | 5.7 | 7.8 |
Total current liabilities | 286.6 | 327.3 |
Noncurrent liabilities: | ||
Long-term debt | 951 | 919.7 |
Deferred income taxes | 321 | 399.8 |
Accrued pension costs | 216.8 | 249.4 |
Accrued environmental remediation and related costs | 108.7 | 108.3 |
Accrued postretirement benefits costs | 11.8 | 14.1 |
Other liabilities | 114.6 | 112.7 |
Total noncurrent liabilities | 1,723.9 | 1,804 |
Equity: Valhi stockholders' equity: | ||
Preferred stock, $.01 par value; 5,000 shares authorized; 5,000 shares issued | 667.3 | 667.3 |
Common stock, $.01 par value; 500.0 million shares authorized; 355.2 million shares issued and outstanding | 3.6 | 3.6 |
Retained earnings (deficit) | (155.6) | 4.9 |
Accumulated other comprehensive loss | (197) | (148.6) |
Treasury stock, at cost—13.2 million shares | (49.6) | (49.6) |
Total Valhi stockholders’ equity | 268.7 | 477.6 |
Noncontrolling interest in subsidiaries | 258.2 | 336.3 |
Total equity | 526.9 | 813.9 |
Total liabilities and equity | $ 2,537.4 | $ 2,945.2 |
Commitments and contingencies (Notes 9, 12, 16 and 17) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 5,000 | 5,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 355,200,000 | 355,200,000 |
Common stock, shares outstanding | 355,200,000 | 355,200,000 |
Treasury stock, shares | 13,200,000 | 13,200,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues and other income: | |||
Net sales | $ 1,532.9 | $ 1,862.6 | $ 1,863.6 |
Other income, net | 32 | 42 | 88 |
Total revenues and other income | 1,564.9 | 1,904.6 | 1,951.6 |
Costs and expenses: | |||
Cost of sales | 1,310 | 1,459.8 | 1,729.4 |
Selling, general and administrative | 269.7 | 276.1 | 375.1 |
Loss on prepayment of debt, net | 8.9 | ||
Interest | 59 | 56.7 | 56.1 |
Total costs and expenses | 1,638.7 | 1,792.6 | 2,169.5 |
Income (loss) before income taxes | (73.8) | 112 | (217.9) |
Income tax expense (benefit) | 97.3 | 32.5 | (91) |
Net income (loss) | (171.1) | 79.5 | (126.9) |
Noncontrolling interest in net income (loss) of subsidiaries | (37.5) | 25.7 | (28.9) |
Net income (loss) attributable to Valhi stockholders | $ (133.6) | $ 53.8 | $ (98) |
Basic and diluted net income (loss) per share | $ (0.39) | $ 0.16 | $ (0.29) |
Cash dividends per share | $ 0.08 | $ 0.11 | $ 0.20 |
Basic and diluted weighted average shares outstanding | 342 | 342 | 342 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ (171.1) | $ 79.5 | $ (126.9) |
Other comprehensive income (loss), net of tax: | |||
Currency translation | (77) | (105.8) | 7.5 |
Interest rate swap | (1.8) | ||
Marketable securities | (7.5) | (22.1) | 10.3 |
Total other comprehensive income (loss), net | (74.4) | (202) | 53.1 |
Comprehensive loss | (245.5) | (122.5) | (73.8) |
Comprehensive loss attributable to noncontrolling interest | (63.5) | (35.7) | (9.8) |
Comprehensive loss attributable to Valhi stockholders | (182) | (86.8) | (64) |
Defined Benefit Pension Plans | |||
Other comprehensive income (loss), net of tax: | |||
Pension and other postretirement benefit plan | 12.6 | (71.6) | 32.1 |
OPEB | |||
Other comprehensive income (loss), net of tax: | |||
Pension and other postretirement benefit plan | $ (0.7) | $ (2.5) | $ 3.2 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings (deficit) | Accumulated other comprehensive income (loss) | Treasury stock | Non-controlling interest |
Balance at Dec. 31, 2012 | $ 1,091.7 | $ 667.3 | $ 3.6 | $ 78.9 | $ 75.4 | $ (42) | $ (49.6) | $ 358.1 |
Net income (loss) | (126.9) | (98) | (28.9) | |||||
Cash dividends | (86.1) | (50.9) | (17) | (18.2) | ||||
Other comprehensive income (loss), net | 53.1 | 34 | 19.1 | |||||
Noncontrolling interest of businesses acquired | 61.5 | 61.5 | ||||||
Equity transactions with noncontrolling interest, net | (0.5) | (0.4) | (0.1) | |||||
Balance at Dec. 31, 2013 | 992.8 | 667.3 | 3.6 | 27.6 | (39.6) | (8) | (49.6) | 391.5 |
Net income (loss) | 79.5 | 53.8 | 25.7 | |||||
Cash dividends | (56.6) | (28) | (9.3) | (19.3) | ||||
Other comprehensive income (loss), net | (202) | (140.6) | (61.4) | |||||
Equity transactions with noncontrolling interest, net | 0.2 | 0.4 | (0.2) | |||||
Balance at Dec. 31, 2014 | 813.9 | 667.3 | 3.6 | 4.9 | (148.6) | (49.6) | 336.3 | |
Net income (loss) | (171.1) | (133.6) | (37.5) | |||||
Cash dividends | (41.7) | (0.2) | (26.9) | (14.6) | ||||
Other comprehensive income (loss), net | (74.4) | (48.4) | (26) | |||||
Equity transactions with noncontrolling interest, net | 0.2 | $ 0.2 | ||||||
Balance at Dec. 31, 2015 | $ 526.9 | $ 667.3 | $ 3.6 | $ (155.6) | $ (197) | $ (49.6) | $ 258.2 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (171.1) | $ 79.5 | $ (126.9) |
Depreciation and amortization | 69.9 | 78.4 | 74.5 |
Net (gain) loss from: | |||
Bargain purchase and re-measurement of our existing investment in acquiree | (54.6) | ||
Securities transactions, net | (0.3) | (0.2) | |
Disposal of property and equipment, net | 0.8 | 0.9 | 0.5 |
Loss on prepayment of debt, net | 8.9 | ||
Noncash interest expense | 2.5 | 2.3 | 1.5 |
Benefit plan expense greater (less) than cash funding | 2.9 | (3.1) | 7 |
Deferred income taxes | 85.7 | 10 | (114.8) |
Distributions from TiO2 manufacturing joint venture, net | 6.5 | 10.6 | 10.9 |
Other, net | 7.8 | 8 | 6 |
Change in assets and liabilities: | |||
Accounts and other receivables, net | 22.2 | (27.2) | 22.9 |
Land held for development, net | 7.1 | (6.8) | |
Inventories, net | (8.4) | (55.1) | 220 |
Accounts payable and accrued liabilities | (13.9) | (26.4) | 73.4 |
Income taxes | (0.9) | 5.4 | (9.6) |
Accounts with affiliates | 17.1 | (13.2) | (18.7) |
Other noncurrent assets | (2.5) | 2.8 | (2.1) |
Other noncurrent liabilities | 2.7 | 4.8 | 0.2 |
Other, net | (5.9) | (3.3) | 18.2 |
Net cash provided by operating activities | 22.5 | 67.3 | 117.1 |
Cash flows from investing activities: | |||
Capital expenditures | (54.6) | (72.7) | (74.6) |
Capitalized permit costs | (1.3) | (0.3) | (1.5) |
Acquisition of a businesses | (5.3) | ||
Cash of businesses acquired | 27.4 | ||
Purchases of marketable securities | (13.6) | (16.3) | (7.9) |
Proceeds from: | |||
Disposal of marketable securities | 15 | 15.1 | 11.1 |
Collection of real-estate related note receivable | 3 | ||
Disposal of assets held for sale | 1.6 | ||
Change in restricted cash equivalents, net | (2.9) | 18.6 | (9.9) |
Other, net | 0.4 | 0.5 | (0.1) |
Net cash used in investing activities | (57) | (55.1) | (56.2) |
Indebtedness: | |||
Borrowings | 84.9 | 515.6 | 493.8 |
Principal payments | (53.4) | (343.1) | (693.3) |
Deferred financing costs paid | (6.1) | ||
Valhi cash dividends paid | (27.1) | (37.3) | (67.9) |
Distributions to noncontrolling interest in subsidiaries | (15) | (18.9) | (18.2) |
Purchase of Kronos common stock | (0.7) | ||
Other, net | 0.1 | ||
Net cash provided by (used in) financing activities | (10.6) | 110.2 | (286.2) |
Net increase (decrease) | (45.1) | 122.4 | (225.3) |
Cash and cash equivalents—net change from: | |||
Net increase (decrease) | (45.1) | 122.4 | (225.3) |
Effect of exchange rates on cash | (8.4) | (9.4) | 1.2 |
Net change for the year | (53.5) | 113 | (224.1) |
Balance at beginning of year | 255.8 | 142.8 | 366.9 |
Balance at end of year | 202.3 | 255.8 | 142.8 |
Cash paid for: | |||
Interest, net of amounts capitalized | 56.6 | 53.9 | 55 |
Income taxes, net | 10.2 | 33.4 | 15.6 |
Noncash investing activities: | |||
Change in accruals for capital expenditures | $ 6.7 | 6.5 | 4.6 |
Accruals for capital lease additions | $ 8.9 | ||
Noncash Amounts Issued In Connection With Business Combination | |||
Noncash financing activities: | |||
Promissory note | 19.1 | ||
Deferred payment obligation | 8.2 | ||
Construction retainage payable converted into note payable | |||
Noncash financing activities: | |||
Promissory note | $ 2.8 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1—Summary of significant accounting policies: Nature of our business. Valhi, Inc. (NYSE: VHI) is primarily a holding company. We operate through our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Waste Control Specialists LLC (“WCS”), Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL), and CompX (NYSE MKT: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). Organization. We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 93% of our outstanding common stock at December 31, 2015. All of Contran's outstanding voting stock is held by a family trust established for the benefit of Lisa K. Simmons and Serena Simmons Connelly and their children, for which Ms. Simmons and Ms. Connelly are co-trustees, or is held directly by Ms. Simmons and Ms. Connelly or entities related to them. Consequently, Ms. Simmons and Ms. Connelly may be deemed to control Contran and us. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries, taken as a whole. Management’s estimates. The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and disclosures of contingent assets and liabilities at each balance sheet date and the reported amounts of our revenues and expenses during each reporting period. Actual results may differ significantly from previously-estimated amounts under different assumptions or conditions. Principles of consolidation. Our consolidated financial statements include the financial position, results of operations and cash flows of Valhi and our majority-owned and wholly-owned subsidiaries. We eliminate all material intercompany accounts and balances. Changes in ownership are accounted for as equity transactions with no gain or loss recognized on the transaction unless there is a change in control. See Note 3. Foreign currency translation. The financial statements of our foreign subsidiaries are translated to U.S. dollars. The functional currency of our foreign subsidiaries is generally the local currency of the country. Accordingly, we translate the assets and liabilities at year-end rates of exchange, while we translate their revenues and expenses at average exchange rates prevailing during the year. We accumulate the resulting translation adjustments in stockholders’ equity as part of accumulated other comprehensive income (loss), net of related deferred income taxes and noncontrolling interest. We recognize currency transaction gains and losses in income. Derivatives and hedging activities. We recognize derivatives as either an asset or liability measured at fair value in accordance with Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging . We recognize the effect of changes in the fair value of derivatives either in net income or other comprehensive income (loss), depending on the intended use of the derivative. See Note 18. Cash and cash equivalents. We classify bank time deposits and government and commercial notes and bills with original maturities of three months or less as cash equivalents. Restricted cash, cash equivalents and marketable debt securities. We classify cash, cash equivalents and marketable debt securities that have been segregated or are otherwise limited in use as restricted. To the extent the restricted amount relates to a recognized liability, we classify the restricted amount as current or noncurrent according to the corresponding liability. To the extent the restricted amount does not relate to a recognized liability, we classify restricted cash as a current asset and we classify the restricted debt security as either a current or noncurrent asset depending upon the maturity date of the security. Marketable securities and securities transactions. We carry marketable debt and equity securities at fair value. ASC Topic 820, Fa ir Value Measurements and Disclosures , establishes a consistent framework for measuring fair value and (with certain exceptions) this framework is generally applied to all financial statements items required to be measured at fair value. The standard requires fair value measurements to be classified and disclosed in one of the following three categories: Level 1 —Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 —Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the assets or liability; and Level 3 —Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. We recognize unrealized and realized gains and losses on trading securities in income. We accumulate unrealized gains and losses on available-for-sale securities as part of accumulated other comprehensive income (loss), net of related deferred income taxes and noncontrolling interest. Realized gains and losses are based on specific identification of the securities sold. Accounts receivable. We provide an allowance for doubtful accounts for known and estimated potential losses arising from our sales to customers based on a periodic review of these accounts. Inventories and cost of sales. We state inventories at the lower of cost or market, net of allowance for obsolete and slow-moving inventories. We generally base inventory costs for all inventory categories on average cost that approximates the first-in, first-out method. Inventories include the costs for raw materials, the cost to manufacture the raw materials into finished goods and overhead. Depending on the inventory’s stage of completion, our manufacturing costs can include the costs of packing and finishing, utilities, maintenance, depreciation, shipping and handling, and salaries and benefits associated with our manufacturing process. We allocate fixed manufacturing overhead costs based on normal production capacity. Unallocated overhead costs resulting from periods with abnormally low production levels are charged to expense as incurred. As inventory is sold to third parties, we recognize the cost of sales in the same period the sale occurs. We periodically review our inventory for estimated obsolescence or instances when inventory is no longer marketable for its intended use, and we record any write-down equal to the difference between the cost of inventory and its estimated net realizable value based on assumptions about alternative uses, market conditions and other factors. Land held for development. Land held for development relates to BMI and LandWell, for which we acquired a controlling interest in December 2013, see Note 3. The primary asset of LandWell is certain real property in Henderson, Nevada some of which we are developing for residential lots in a master planned community. Land held for development was recorded at the estimated acquisition date fair value based on a value per developable acre at the time of purchase. Development costs, including infrastructure improvements, real estate taxes, capitalized interest and other costs, some of which may be allocated, are capitalized during the period incurred. We allocate costs to each parcel sold on a pro-rata basis associated with the relevant development activity. As land parcels are sold, costs of land sales, including land and development costs, are allocated based on specific identification, relative sales value, square footage or a combination of these methods. All sales and marketing activities and general overhead are charged to selling, general and administrative expense as incurred. Investment in TiO 2 We account for our investment in a 50%-owned manufacturing joint venture by the equity method. See Note 7. Goodwill and other intangible assets; amortization expense. Goodwill represents the excess of cost over fair value of individual net assets acquired in business combinations. Goodwill is not subject to periodic amortization. We amortize other intangible assets by the straight-line method over their estimated lives and state them net of accumulated amortization. We evaluate goodwill for impairment, annually, or when circumstances indicate the carrying value may not be recoverable. We evaluate other intangible assets for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. See Note 8. Capitalized operating permits. Our Waste Management Segment capitalizes direct costs related to the acquisition or renewal of operating permits and amortizes such costs by the straight-line method over the term of the applicable permit. Our net capitalized operating permit costs include (i) costs to renew certain permits for which the renewal application is pending with the applicable regulatory agency and (ii) costs to apply for certain new permits which have not yet been issued by the applicable regulatory authority. We currently expect renewal of the permits for which application is still pending will occur in the ordinary course of business, and we are amortizing costs related to such renewals from the date the prior permit expired. All operating permits are generally subject to renewal at the option of the issuing governmental agency. See Note 7. Property and equipment; depreciation expense. We state property and equipment at acquisition cost, including capitalized interest on borrowings during the actual construction period of major capital projects. In 2013, 2014 and 2015 we capitalized $1.6 million, $2.9 million and $1.1 million, respectively, of interest costs. We compute depreciation of property and equipment for financial reporting purposes (including mining equipment) principally by the straight-line method over the estimated useful lives of the assets as follows: Asset Useful lives Buildings and improvements 10 to 40 years Machinery and equipment 3 to 20 years Mine development costs Units-of-production Landfill disposal costs Units-of-consumption We use accelerated depreciation methods for income tax purposes, as permitted. Upon the sale or retirement of an asset, we remove the related cost and accumulated depreciation from the accounts and recognize any gain or loss in income currently. We expense expenditures for maintenance, repairs and minor renewals as incurred that do not improve or extend the life of the assets, including planned major maintenance. We have a governmental concession with an unlimited term to operate our ilmenite mines in Norway. Mining properties consist of buildings and equipment used in our Norwegian ilmenite mining operations. While we own the land and ilmenite reserves associated with the mining operations, such land and reserves were acquired for nominal value and we have no material asset recognized for the land and reserves related to our mining operations. We operate waste disposal facilities. We capitalize preparation costs for landfill disposal cells, including costs relating to excavation and grading and the design and construction of liner and leachate collection system. We recognize closure and post closure costs as part of the carrying value of our disposal facilities. We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows (exclusive of interest expense) associated with the asset or asset group to the asset’s net carrying value to determine if a write-down to fair value is required. Closure and post closure costs. The closure and post closure obligations related to our Waste Management Segment’s waste disposal sites are covered by the scope of ASC Topic 410, Asset Retirement and Environmental Obligations . We recognize the fair value of a liability for an asset retirement obligation in accordance with ASC Topic 410 in the period in which the liability is incurred, with an offsetting increase in the carrying amount of the related long-lived asset. Over time, we accrete the liability to its future value, and we depreciate the capitalized cost over the useful life of the related asset. The accretion and depreciation expenses are reported as a component of cost of sales in the accompanying statement of operations. We account for future revisions in the estimated fair value of the asset retirement obligation due to changes in the amount and/or timing of the expected future cash flows to settle the retirement obligation, prospectively as an adjustment to the previously-recognized asset retirement cost. Upon settlement of the liability, we will either settle the obligation for its recorded amount or incur a gain or loss upon settlement. See Note 10. Long-term debt. We state long-term debt net of any unamortized original issue premium, discount or deferred financing costs. We classify amortization of deferred financing costs and any premium or discount associated with the issuance of indebtedness as interest expense, and compute amortization by either the interest method or the straight-line method over the term of the applicable issue. Employee benefit plans. Accounting and funding policies for our retirement plans are described in Note 11. Income taxes. We and our qualifying subsidiaries are members of Contran’s consolidated U.S federal income tax group (the “Contran Tax Group”). We and certain of our qualifying subsidiaries also file consolidated income tax returns with Contran in various U.S. state jurisdictions. As a member of the Contran Tax Group, we are jointly and severally liable for the federal income tax liability of Contran and the other companies included in the Contran Tax Group for all periods in which we are included in the Contran Tax Group. See Note 17. As a member of the Contran Tax Group, we are a party to a tax sharing agreement which provides that we compute our tax provision for U.S. income taxes on a separate-company basis using the tax elections made by Contran. Pursuant to the tax sharing agreement, we make payments to or receive payments from Contran in amounts we would have paid to or received from the U.S. Internal Revenue Service or the applicable state tax authority had we not been a member of the Contran Tax Group. We made net cash payments for income taxes to Contran of $6.5 million in 2013, $19.3 million in 2014 and $2.5 million in 2015. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between amounts recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities, including investments in our subsidiaries and affiliate who are not members of the Contran Tax Group and undistributed earnings of foreign subsidiaries which are not deemed to be permanently reinvested. Deferred income tax assets and liabilities for each tax-paying jurisdiction in which we operate are netted and presented as either a noncurrent deferred income tax asset or liability as applicable. In addition, we recognize deferred income taxes with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock because the exemption under GAAP to avoid recognition of such deferred income taxes is not available to us. The earnings of our foreign subsidiaries subject to permanent reinvestment plans aggregated $645 million at December 31, 2015. It is not practical for us to determine the amount of the unrecognized deferred income tax liability related to these earnings due to the complexities associated with the U.S. taxation on earnings of foreign subsidiaries repatriated to the U.S. We periodically evaluate our deferred tax assets in the various taxing jurisdictions in which we operate and adjust any related valuation allowance based on the estimate of the amount of such deferred tax assets we believe does not meet the more-likely-than-not recognition criteria. We record a reserve for uncertain tax positions where we believe it is more-likely-than-not our position will not prevail with the applicable tax authorities. The amount of the benefit associated with our uncertain tax positions that we recognize is limited to the largest amount for which we believe the likelihood of realization is greater than 50%. We accrue penalties and interest on the difference between tax positions taken on our tax returns and the amount of benefit recognized for financial reporting purposes. We classify our reserves for uncertain tax positions in a separate current or noncurrent liability, depending on the nature of the tax position. See Note 12. Environmental remediation and related costs. We record liabilities related to environmental remediation and related costs when estimated future expenditures are probable and reasonably estimable. We adjust these accruals as further information becomes available to us or as circumstances change. We generally do not discount estimated future expenditures to its present value due to the uncertainty of the timing of the ultimate payout. We recognize any recoveries of remediation costs from other parties when we deem their receipt to be probable. We expense any environmental remediation related legal costs as incurred. At December 31, 2014 and 2015, we had not recognized any material receivables for recoveries. See Note 17. Net sales. We record sales when products are shipped and title and other risks and rewards of ownership have passed to the customer, or when we perform services. We include amounts charged to customers for shipping and handling costs in net sales. We state sales net of price, early payment and distributor discounts and volume rebates. We report taxes assessed by a governmental authority such as sales, use, value added, excise taxes and fees from the State of Texas and Andrews County, Texas on a net basis (meaning we do not recognize these taxes in either our revenues or in our costs and expenses). Certain retail land sales of our Real Estate Management and Development Segment are recognized under the under the percentage-of-completion method when we are required to complete property development and improvements after title passes to the buyer and when all of the criteria of ASC 970-605-30 are met. Under such method, revenues and profits are recognized in the same proportion of our progress towards completion of our contractual obligations, with our progress measured by costs incurred as a percentage of total costs estimated to be incurred. Such costs incurred and total estimated costs include amounts specifically identifiable with the parcels sold as well as certain development costs for the entire residential/planned community which are allocated to the parcels sold under applicable GAAP. Other retail land sales are generally recognized by the full accrual method of accounting at closing, in which title passes to the customer and we have no remaining contractual obligations to the buyer. Selling, general and administrative expenses; shipping and handling costs; advertising costs; research and development costs. Selling, general and administrative expenses include costs related to marketing, sales, distribution, shipping and handling, research and development, legal, environmental remediation and administrative functions such as accounting, treasury and finance, and includes costs for salaries and benefits not associated with our manufacturing process, travel and entertainment, promotional materials and professional fees. Shipping and handling costs of our Chemicals Segment were approximately $93 million in 2013, $95 million in 2014 and $87 million in 2015. Shipping and handling costs of our Component Products and Waste Management Segments are not material. We expense advertising and research, development and sales technical support costs as incurred. Advertising costs were approximately $2 million in 2013 and $1 million in each of 2014 and 2015. Research, development and certain sales technical support costs were approximately $18 million in 2013, $19 million in 2014 and $16 million in 2015. |
Business and Geographic Segment
Business and Geographic Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business and Geographic Segments | Note 2—Business and geographic segments: Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 87 % Waste management WCS 100 % Real estate management and development BMI and LandWell 63% - 77 % Our control of Kronos includes 50% we hold directly and 30% held directly by NL. We own 83% of NL. Our control of CompX is through NL. We own 63% of BMI. Our control of LandWell includes the 27% we hold directly and 50% held by BMI. See Note 3. We are organized based upon our operating subsidiaries. Our operating segments are defined as components of our consolidated operations about which separate financial information is available that is regularly evaluated by our chief operating decision maker in determining how to allocate resources and in assessing performance. Each operating segment is separately managed, and each operating segment represents a strategic business unit offering different products. We have the following four consolidated reportable operating segments. Chemicals —Our chemicals segment is operated through our majority control of Kronos. Kronos is a leading global producer and marketer of value-added titanium dioxide pigments (“TiO 2 ”). TiO 2 is used to impart whiteness, brightness, opacity and durability to a wide variety of products, including paints, plastics, paper, fibers and ceramics. Additionally, TiO 2 is a critical component of everyday applications, such as coatings, plastics and paper, as well as many specialty products such as inks, foods and cosmetics. See Note 7. Component Products —We operate in the component products industry through our majority control of CompX. CompX is a leading manufacturer of security products used in the recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and a variety of other industries. CompX is also a leading manufacturer of stainless steel exhaust systems, gauges, throttle controls and trim tabs for the recreational marine industry. All of CompX production facilities are in the United States. Waste Management— WCS is our subsidiary which operates a West Texas facility for the processing, treatment, storage and disposal of a broad range of low-level radioactive, hazardous, toxic and other wastes. WCS obtained a byproduct disposal license in 2008 and began disposal operations at this facility in October 2009. WCS received a low-level radioactive waste (“LLRW”) disposal license in September 2009. The Compact LLRW disposal facility commenced operations in 2012, and the Federal LLRW site commenced operations in 2013. We reached an agreement for the sale of our Waste Management Segment in November 2015, see Note 3. Real Estate Management and Development— We operate in real estate management and development through our majority control of BMI and LandWell. BMI provides utility services to certain industrial and municipal customers and owns real property in Henderson, Nevada. LandWell is engaged in efforts to develop certain land holdings for commercial, industrial and residential purposes in Henderson, Nevada. In December 2013, we acquired a controlling interest in each of these companies, and they are included in our results of operations and cash flows beginning on January 1, 2014. See Note 3. We evaluate segment performance based on segment operating income, which we define as income before income taxes and interest expense, exclusive of certain non-recurring items (such as gains or losses on disposition of business units and other long-lived assets outside the ordinary course of business and certain legal settlements) and certain general corporate income and expense items (including securities transactions gains and losses and interest and dividend income), which are not attributable to the operations of the reportable operating segments. The accounting policies of our reportable operating segments are the same as those described in Note 1. Segment results we report may differ from amounts separately reported by our various subsidiaries and affiliates due to purchase accounting adjustments and related amortization or differences in how we define operating income. Intersegment sales are not material. Interest income included in the calculation of segment operating income is not material in 2013, 2014 or 2015. Capital expenditures include additions to property and equipment but exclude amounts we paid for business units acquired in business combinations. Depreciation and amortization related to each reportable operating segment includes amortization of any intangible assets attributable to the segment. Amortization of deferred financing costs and any premium or discount associated with the issuance of indebtedness is included in interest expense. Segment assets are comprised of all assets attributable to each reportable operating segment, including goodwill and other intangible assets. Our investment in the TiO 2 Years ended December 31, 2013 2014 2015 (In millions) Net sales: Chemicals $ 1,732.4 $ 1,651.9 $ 1,348.8 Component products 92.0 103.9 109.0 Waste management 39.2 66.5 45.0 Real estate management and development — 40.3 30.1 Total net sales $ 1,863.6 $ 1,862.6 $ 1,532.9 Cost of sales: Chemicals $ 1,622.6 $ 1,304.6 $ 1,158.5 Component products 64.5 71.6 75.6 Waste management 42.3 49.7 50.5 Real estate management and development — 33.9 25.4 Total cost of sales $ 1,729.4 $ 1,459.8 $ 1,310.0 Gross margin: Chemicals $ 109.8 $ 347.3 $ 190.3 Component products 27.5 32.3 33.4 Waste management (3.1 ) 16.8 (5.5 ) Real estate management and development — 6.4 4.7 Total gross margin $ 134.2 $ 402.8 $ 222.9 Operating income (loss): Chemicals $ (125.4 ) $ 156.8 $ 7.1 Component products 9.3 13.6 14.0 Waste management (22.6 ) (2.2 ) (26.5 ) Real estate management and development — 2.0 — Total operating income (loss) (138.7 ) 170.2 (5.4 ) Equity in earnings of investee .5 — — General corporate items: Securities earnings 26.6 26.9 26.5 Insurance recoveries 9.4 10.4 3.7 Gain on bargain purchase and remeasurement of our existing investment in acquiree 54.6 — — General expenses, net (105.3 ) (38.8 ) (39.6 ) Loss on prepayment of debt, net (8.9 ) — — Interest expense (56.1 ) (56.7 ) (59.0 ) Income (loss) before income taxes $ (217.9 ) $ 112.0 $ (73.8 ) Years ended December 31, 2013 2014 2015 (In millions) Depreciation and amortization: Chemicals $ 52.8 $ 51.9 $ 44.3 Component products 3.3 3.5 3.5 Waste management 18.4 20.3 19.3 Real estate management and development — 2.7 2.8 Total $ 74.5 $ 78.4 $ 69.9 Capital expenditures: Chemicals $ 67.6 $ 61.3 $ 47.5 Component products 3.5 2.8 4.2 Waste management 3.5 4.5 1.7 Real estate management and development — 4.0 1 .2 Corporate — .1 — Total $ 74.6 $ 72.7 $ 54.6 December 31, 2013 2014 2015 (In millions) Total assets: Operating segments: Chemicals $ 1,975.8 $ 2,001.2 $ 1,617.6 Component products 80.6 83.1 88.7 Waste management 270.1 257.7 231.9 Real estate management and 253.6 246.1 232.9 Corporate and eliminations 371.6 357.1 366.3 Total $ 2,951.7 $ 2,945.2 $ 2,537.4 Geographic information . We attribute net sales to the place of manufacture (point-of-origin) and the location of the customer (point-of-destination); we attribute property and equipment to their physical location. At December 31, 2015 the net assets of our non-U.S. subsidiaries included in consolidated net assets approximated $422 million (in 2014 the total was $703 million). Years ended December 31, 2013 2014 2015 (In millions) Net sales—point of origin: United States $ 961.5 $ 993.7 $ 841.9 Germany 915.8 844.1 690.0 Canada 246.5 252.3 216.9 Belgium 254.6 249.3 198.8 Norway 261.3 256.8 183.5 Eliminations (776.1 ) (733.6 ) (598.2 ) Total $ 1,863.6 $ 1,862.6 $ 1,532.9 Net sales—point of destination: North America $ 690.5 $ 753.2 $ 604.0 Europe 905.0 883.6 700.9 Asia and other 268.1 225.8 228.0 Total $ 1,863.6 $ 1,862.6 $ 1,532.9 December 31, 2013 2014 2015 (In millions) Net property and equipment: United States $ 232.8 $ 234.4 $ 227.1 Germany 292.9 259.5 229.9 Canada 67.1 63.4 55.0 Norway 100.9 85.5 71.9 Belgium 102.7 90.8 81.8 Total $ 796.4 $ 733.6 $ 665.7 |
Business Combinations, Disposit
Business Combinations, Dispositions and Related Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations, Dispositions and Related Transactions | Note 3—Business combinations, dispositions and related transactions: Kronos Worldwide, Inc. Prior to 2013, Kronos’ board of directors authorized the repurchase of up to 2.0 million shares of its common stock in open market transactions, including block purchases, or in privately-negotiated transactions at unspecified prices and over an unspecified period of time. Kronos may repurchase its common stock from time to time as market conditions permit. The stock repurchase program does not include specific price targets or timetables and may be suspended at any time. Depending on market conditions, Kronos may terminate the program prior to its completion. Kronos would use cash on hand to acquire the shares. Repurchased shares will be added to Kronos’ treasury and cancelled. During 2013 Kronos repurchased approximately 49,000 shares for an aggregate of $.7 million in cash under its repurchase program. The 2013 purchases are the only purchases Kronos has made to date under the plan and at December 31, 2015 approximately 1.95 million shares are available for repurchase. CompX International Inc. Prior to 2013, CompX’s board of directors authorized various repurchases of its Class A common stock in open market transactions, including block purchases, or in privately-negotiated transactions at unspecified prices and over an unspecified period of time. CompX may repurchase its common stock from time to time as market conditions permit. The stock repurchase program does not include specific price targets or timetables and may be suspended at any time. Depending on market conditions, CompX may terminate the program prior to its completion. CompX would generally use cash on hand to acquire the shares. Repurchased shares will be added to CompX’s treasury and cancelled. CompX did not make any repurchases under the plan during 2013, 2014 or 2015, and at December 31, 2015 approximately 678,000 shares were available for purchase under these authorizations. Basic Management, Inc. and The LandWell Company Prior to December 2013, we owned a 32% interest in BMI, which among other things provides utility services to an industrial park located in Henderson, Nevada, and is responsible for the delivery of water to the city of Henderson, Nevada and various other users through a water distribution system owned by BMI. We also had a 12% interest in LandWell, which is actively engaged in efforts to develop certain real estate in Henderson, Nevada. BMI owns an additional 50% interest in LandWell. We accounted for our 32% interest in BMI and 12% interest in LandWell by the equity method of accounting. See Note 7. Three other entities owned the remaining ownership interest in BMI (a 32% interest, a 31% interest and a 5% interest) and LandWell (a 21% interest, a 15% interest and a 2% interest). Provisions in the governing documents of BMI and LandWell give BMI and LandWell and their owners a right of first refusal upon any proposed transfer of an ownership interest in BMI and LandWell. Prior to November 2010, the 31% ownership interest in BMI and the 15% ownership interest in LandWell indicated above were held by Tronox Incorporated, which among other things conducted operations at the Henderson industrial complex. Tronox filed for bankruptcy protection in January 2009. As part of Tronox’s plan of reorganization, in November 2010 such BMI and LandWell interests were transferred to the Nevada Environmental Response Trust (“NERT”), with the consent of BMI and LandWell and its owners (including us), and the parties agreed to negotiate to establish the price at which such BMI and LandWell interests would be transferred to BMI and LandWell or their owners. Such negotiations continued until February 2012, when the parties reached agreement as to the basic monetary terms of such transfer. Further negotiations over all of the terms and conditions of a definitive agreement continued until December 2013, when the parties reached agreement as to all terms and conditions, including the fact that we would acquire the BMI and LandWell interests formerly owned by Tronox, with the consent of BMI and LandWell and their other owners (who elected not to exercise their right-of-first-refusal rights). As a result, in December 2013 we completed the acquisition of the 31% ownership interest in BMI and the 15% ownership interest in LandWell held by NERT. We completed this acquisition because it allowed us to obtain control of BMI and LandWell (with the consent of BMI and LandWell and their other owners), which increased our direct ownership interest of BMI to 63% and our direct ownership interest of LandWell to 27%, which also resulted in our control of 77% of LandWell (given BMI’s 50% ownership interest in LandWell, our controlling ownership interest of BMI and our 27% direct ownership interest of LandWell). The other owners did not exercise their first refusal or participation rights and accordingly did not participate in the acquisition of the additional BMI and LandWell interests. As part of this transaction with NERT, we also acquired one parcel of real property located in Henderson, and acquired an option to purchase four additional parcels of real property located in Henderson, without the payment of additional consideration to NERT. These five additional parcels, which NERT had also acquired as part of Tronox’s plan of reorganization, are not part of the land currently being developed by LandWell but are located in or are adjacent to the industrial park. The aggregate fair value of the total consideration we gave for the acquisition of BMI and LandWell interest, the parcel of real property acquired and the option to acquire the four other parcels was $32.6 million consisting of $5.3 million in cash, a $19.1 million promissory note secured by the real property acquired, and a $11.1 million deferred payment obligation (which was discounted to present value of $8.2 million, as discussed below). The acquisition of the BMI and LandWell interests, the parcel of real property and the option for the four additional parcels was accounted for as a business combination under GAAP. The application of the purchase method of accounting for business combinations required us to use significant estimates and assumptions in the determination of the estimated fair value of assets acquired and liabilities assumed; it also required us to re-measure our existing ownership interest in BMI and LandWell to their estimated fair value. Our estimates of the fair values of assets acquired and liabilities assumed were based upon assumptions we believed were reasonable, and where appropriate, included assistance from independent third-party valuation firms. The $19.1 million promissory note bears interest at 3% per annum, with interest payable annually and all principal due in December 2023. The promissory note is collateralized by the BMI and LandWell interests acquired as well as the real property acquired from NERT as part of the transaction. The note may be prepaid at any time, without penalty. We must make mandatory prepayments on the note in specified amounts whenever we receive distributions from BMI or LandWell, or in the event we sell any of the real property acquired. The acquisition date estimated fair value of this promissory note was equal to its $19.1 million face amount. We made $1.7 million and $.3 million in principal prepayments during 2014 and 2015, respectively, under the terms of the note. The $11.1 million deferred payment obligation bears interest at 3% per annum, commencing in December 2023, and is collateralized by the BMI and LandWell interests acquired. The deferred payment obligation has no specified maturity date. We are required to make repayments on the deferred payment obligation, in specified amounts, whenever we receive distributions from BMI and LandWell, and we may make voluntary repayments on the deferred payment obligation at any time, in each case without any penalty, but in any case only after the promissory note discussed above has been repaid in full. For financial reporting purposes, the acquisition date estimated fair value of the deferred payment obligation was approximately $8.2 million, which was determined by discounting the $11.1 million face amount to its present value using a 3% discount rate from December 2023 (when it becomes interest bearing at 3%). Upon gaining ownership of the BMI and LandWell interests formerly held by Tronox in 2010, NERT concluded that it would not be appropriate to take part in any corporate activities of BMI and LandWell, due to (i) the inherent conflict of interest associated with the fact that NERT was responsible to the Nevada Department of Environmental Protection with respect to the remediation of property NERT had acquired as a result of the Tronox plan of reorganization (including the five parcels of real property discussed above as well as other real property formerly owned by Tronox in Nevada), (ii) BMI and LandWell were involved in certain environmental remediation activities associated with the real property owned by LandWell which was under development, and (iii) NERT was also charged with maximizing the value of its assets, including the interests in BMI and LandWell as well as the real property it held directly. Accordingly, NERT never appointed any representatives to the board of directors of BMI, representatives of NERT never attended any BMI and LandWell board meetings, and at NERT’s request NERT was not provided any financial statements or other information regarding BMI and LandWell and their respective activities. In addition, NERT (which received some cash and other assets at its formation as part of the Tronox plan of reorganization and also received the BMI/LandWell interests as well as the real property formerly owned by Tronox) knew it would need to raise funds in order to continue the environmental remediation obligation it assumed as part of its formation because the cash it received at its formation was substantially less than the amount it would need in order to continue such remediation. We believe that due to these conflicts and its desire to raise cash, NERT determined it needed to divest itself of the BMI and LandWell interests as soon as was practicable. And given the provisions of the governing documents of BMI and LandWell that gave BMI and LandWell and their other owners a right-of-first-refusal, there were a limited number of potential buyers for the BMI and LandWell interests held by NERT. In January 2014, we engaged an independent third-party valuation firm to assist us with the overall fair value determination for a portion of the assets acquired for financial reporting purposes in accordance with ASC 805. The third-party valuation firm assisted us in the valuation of the land held for development we acquired, substantially all of the property, plant and equipment acquired and a portion of the other noncurrent assets acquired. The land held for development we acquired consisted of approximately 2,100 acres zoned for residential/planned community purposes and approximately 400 acres zoned for commercial and light industrial use. In estimating the value of the land held for development we acquired, the valuation firm used a sales comparison (or market) approach, in which the value of each parcel acquired was estimated by comparing it to similar properties that had recently been sold or were currently being marketed for sale. The firm consulted local brokers, appraisers and databases for recent sales of comparable property within the Henderson, Nevada area. The available market data was then investigated, analyzed and compared to each parcel. The material factors considered by the valuation firm when investigating, analyzing and comparing the recent sales include characteristics of such other sales (e.g., type of property rights conveyed, non-market oriented financing (if any), any atypical conditions of the sale) and the physical characteristics of the property underlying such sales (e.g., location, topography, configuration, exposure/frontage, condition, zoning). As applicable, the valuation firm made appropriate adjustments to such factors for any dissimilar characteristics between such other sales and LandWell’s land held for development. In addition, we (as well as management of BMI and LandWell) reviewed the fair value amounts we received from such valuation firm to determine that such fair values were reasonable and consistent with our knowledge and experience with the local market, including the consideration of certain acreage in the residential/ planned community that was under contract with homebuilders in December 2013 or in the final stages of negotiation with homebuilders in December 2013 and subsequently became under contract in early 2014. For financial reporting purposes, the assets acquired and liabilities assumed of BMI and LandWell were included in our Consolidated Balance Sheet beginning as of December 31, 2013, and the results of the operations and cash flows of BMI and LandWell are included in our Consolidated Statements of Operations and Cash Flows beginning January 1, 2014. Our costs associated with the acquisition were not material. We remeasured our existing ownership interests in BMI and LandWell to their estimated fair value at the acquisition date in accordance with ASC 805-10-25, for a business combination which occurs in stages (because we previously had an ownership interest in BMI and LandWell). As a result of such remeasurement, we recognized a pre-tax gain of $26.6 million in December 2013, representing the difference between the $43.4 million estimated fair value of our existing ownership interests in BMI and LandWell at the acquisition date and their aggregate $16.8 million carrying value at the acquisition date. Under ASC 805-30-25, a “bargain purchase” occurs when the acquisition-date amounts for the identifiable net assets acquired (measured as required by applicable GAAP) exceeds the sum of (i) the fair value of the consideration transferred to gain control of the acquiree, (ii) the fair value of any previously-held ownership interests in the acquiree and (iii) the fair value of any noncontrolling interest in the acquiree that exits at the acquisition date. If a bargain purchase is initially identified, the acquirer is to reassess whether all of the assets acquired and liabilities assumed have been appropriately identified, recognized and measured, and whether the fair value of the consideration transferred, previously-held ownership interests and noncontrolling interests that exist at the acquisition date have been appropriately measured. If after this reassessment, a bargain purchase is still indicated, it is recognized as a gain in earnings. After performing such reassessment with respect to this acquisition, we determined a bargain purchase exists. We believe this acquisition gave rise to a bargain purchase because of NERT’s decision to sell the BMI and LandWell interests it acquired as part of the Tronox plan of reorganization (for the reasons discussed above), the right-of-first-refusal rights granted to BMI and LandWell and their owners under the governing documents of BMI and LandWell and the time (22 months) it took to reach agreement on the terms and conditions of a definitive agreement after reaching agreement on the basic monetary terms. In addition following the 2008 economic downturn, LandWell’s sales were substantially reduced as compared to prior years and LandWell did not recognize any material land sales in the 2008 to 2013 time period. As a result, we recognized a pre-tax bargain purchase gain of $28.0 million in December 2013. The following table summarizes the aggregate fair value of the consideration we paid to gain control of BMI and LandWell, the one parcel of real property acquired and the option to acquire the remaining four parcels of real property (which one parcel and option to acquire the remaining four parcels collectively were estimated to have an aggregate fair value of $14.9 million), and our current estimates for the fair value of our existing ownership interests in BMI and LandWell, the gain on bargain purchase recognized (which along with the gain on remeasurement of our existing investment in BMI and LandWell, aggregated $54.6 million and was recognized in the fourth quarter of 2013), the amounts assigned to the identifiable assets acquired and liabilities assumed at the acquisition date and the fair value of the noncontrolling interest in BMI and LandWell that exists as the acquisition date. Our final purchase price allocation indicated below was based upon the final fair value appraisal report issued by the independent valuation firm of the assets acquired and liabilities assumed of BMI and LandWell, including the fair value of the noncontrolling interest in BMI and LandWell at the acquisition date, using the fair value measurement principles of ASC 820. Such independent appraisal is considered a Level 3 input under ASC 820. Such final purchase price allocation did not change from our previously-reported preliminary purchase price allocation. Based on our analysis of the amounts of the transaction at December 31, 2013 we recognized the following: Amount (In millions) Consideration: Cash $ 5.3 Promissory note payable 19.1 Deferred payment, obligation ($11.1 million face value) 8.2 Total fair value of consideration 32.6 Fair value of our existing equity interest in BMI and LandWell 43.4 Bargain purchase gain recognized 28.0 Total $ 104.0 Allocation of purchase price to identifiable assets acquired and liabilities assumed: Cash $ 27.4 Land held for development: Current 14.3 Noncurrent 158.1 Other current assets 9.4 Property, plant and equipment 29.0 Intangible asset 5.1 Other noncurrent assets 3.4 Long-term debt (14.3 ) Other liabilities (66.9 ) Total net identifiable assets 165.5 Noncontrolling interest in BMI and LandWell (61.5 ) Total $ 104.0 The pro forma effect on our Consolidated Statement of Operations for 2013, assuming the acquisition of BMI and LandWell had occurred at the beginning of such period, is not material. Waste Control Specialists LLC On November 18, 2015, we entered into an agreement with Rockwell Holdco, Inc. ("Rockwell"), for the sale of WCS to Rockwell for $270 million in cash, $20 million face amount in Series A Preferred Stock of Rockwell plus the assumption of all of WCS’ third-party indebtedness incurred prior to the date of the agreement. Additionally, Rockwell and its affiliates will assume all financial assurance obligations related to the WCS business. Rockwell is the parent company of Energy Solutions including December 31, 2014 2015 (In millions) ASSETS Current assets $ 14.6 $ 10.1 Operating permits 53.2 48.1 Restricted cash 11.0 16.2 Property and equipment, net 161.5 150.0 LIABILITIES Current portion of long-term debt $ 4.5 $ 4.9 Payable to Contran 26.1 26.1 Long-term debt 76.4 71.4 Accrued noncurrent closure and post closure costs 25.7 27.4 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 4—Marketable securities: Market Cost Unrealized (In millions) December 31, 2014: Current assets $ 2.7 $ 2.7 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 5.6 5.8 (.2 ) Total $ 255.6 $ 255.8 $ (.2 ) December 31, 2015: Current assets $ 2.0 $ 2.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 4.9 5.1 (.2 ) Total $ 254.9 $ 255.1 $ (.2 ) Fair Value Measurements Total Quoted Significant Significant (In millions) December 31, 2014: Current assets $ 2.7 $ 1.7 $ 1.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ — $ — $ 250.0 Fixed income securities 3.1 — 3.1 — Mutual funds and common stocks 2.5 2.5 — — Total $ 255.6 $ 2.5 $ 3.1 $ 250.0 December 31, 2015: Current assets $ 2.0 $ — $ 2.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ — $ — $ 250.0 Fixed income securities 1.4 — 1.4 — Mutual funds and common stocks 3.5 3.5 — — Total $ 254.9 $ 3.5 $ 1.4 $ 250.0 Amalgamated Sugar. Prior to 2013, we transferred control of the refined sugar operations previously conducted by our wholly-owned subsidiary, The Amalgamated Sugar Company, to Snake River Sugar Company, an Oregon agricultural cooperative formed by certain sugar beet growers in Amalgamated’s areas of operations. Pursuant to the transaction, we contributed substantially all of the net assets of our refined sugar operations to The Amalgamated Sugar Company LLC, a limited liability company controlled by Snake River, on a tax-deferred basis in exchange for a non-voting ownership interest in the LLC. The cost basis of the net assets we transferred to the LLC was approximately $34 million. When we transferred control of our operations to Snake River in return for our interest in the LLC, we recognized a gain in earnings equal to the difference between $250 million (the fair value of our investment in the LLC as evidenced by its $250 million redemption price, as discussed below) and the $34 million cost basis of the net assets we contributed to the LLC, net of applicable deferred income taxes. Therefore, the cost basis of our investment in the LLC is $250 million. As part of this transaction, Snake River made certain loans to us aggregating $250 million. These loans are collateralized by our interest in the LLC. See Notes 9 and 15. We and Snake River share in distributions from the LLC up to an aggregate of $26.7 million per year (the “base” level), with a preferential 95% share going to us. To the extent the LLC’s distributions are below this base level in any given year, we are entitled to an additional 95% preferential share of any future annual LLC distributions in excess of the base level until the shortfall is recovered. Under certain conditions, we are entitled to receive additional cash distributions from the LLC. At our option, we may require the LLC to redeem our interest in the LLC, and the LLC has the right to redeem, at their option, our interest in the LLC beginning in 2027. The redemption price is generally $250 million plus the amount of certain undistributed income allocable to us. If we require the LLC to redeem our interest in the LLC, Snake River has the right to accelerate the maturity of and call our $250 million loans from Snake River. The LLC Company Agreement contains certain restrictive covenants intended to protect our interest in the LLC, including limitations on capital expenditures and additional indebtedness of the LLC. We also have the ability to temporarily take control of the LLC if our cumulative distributions from the LLC fall below specified levels, subject to satisfaction of certain conditions imposed by Snake River’s current third-party senior lenders. Prior to 2013, Snake River agreed that the annual amount of distributions we receive from the LLC would exceed the annual amount of interest payments we owe to Snake River on our $250 million in loans from Snake River by at least $1.8 million. If we receive less than the required minimum amount, certain agreements we previously made with Snake River and the LLC, including a reduction in the amount of cumulative distributions that we must receive from the LLC in order to prevent us from becoming able to temporarily take control of the LLC, would retroactively become null and void and we would be able to temporarily take control of the LLC if we so desired. Through December 31, 2015, Snake River and the LLC maintained the applicable minimum required levels of cash flows to us. We report the cash distributions received from the LLC as dividend income. We recognize distributions when they are declared by the LLC, which is generally the same month we receive them, although in certain cases distributions may be paid on the first business day of the following month. See Note 15. The amount of such future distributions we will receive from the LLC is dependent upon, among other things, the future performance of the LLC’s operations. Because we receive preferential distributions from the LLC and we have the right to require the LLC to redeem our interest for a fixed and determinable amount beginning at a fixed and determinable date, we account for our investment in the LLC as a marketable security carried at its cost basis of $250 million. The cost basis is also the fair value of our investment determined using Level 3 inputs as the $250 million redemption price of our investment in the LLC as well as the amount of our debt owed to Snake River Company that is collateralized by our investment in the LLC. There has been no change to the fair value of our Amalgamated Sugar investment during 2013, 2014 or 2015. We do not expect to report a gain on the redemption at the time our LLC interest is redeemed, as the redemption price of $250 million is expected to equal the carrying value of our investment in the LLC at the time of redemption. Other. The fair value of our other marketable securities are either determined using Level 1 inputs (because the securities are actively traded) or determined using Level 2 inputs (because although these securities are traded, in many cases the market is not active and the year-end valuation is generally based on the last trade of the year, which may be several days prior to December 31). |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 5—Accounts and other receivables, net: December 31, 2014 2015 (In millions) Trade accounts receivable: Kronos $ 230.9 $ 194.8 CompX 8.8 8.8 WCS 7.7 5.2 BMI/LandWell 1.4 1.2 VAT and other receivables 24.3 20.1 Allowance for doubtful accounts (1.8 ) (1.2 ) Total $ 271.3 $ 228.9 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 6—Inventories, net: December 31, 2014 2015 (In millions) Raw materials: Chemicals $ 76.0 $ 75.9 Component products 3.4 2.8 Total raw materials 79.4 78.7 Work in process: Chemicals 32.9 21.1 Component products 10.3 9.3 Total in-process products 43.2 30.4 Finished products: Chemicals 253.2 233.1 Component products 3.2 3.0 Total finished products 256.4 236.1 Supplies (primarily chemicals) 64.0 60.0 Total $ 443.0 $ 405.2 |
Investment in TiO2 Manufacturin
Investment in TiO2 Manufacturing Joint Venture and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investment in TiO2 Manufacturing Joint Venture and Other Assets | Note 7—Investment in TiO 2 December 31, 2014 2015 (In millions) Other assets: Land held for development $ 165.1 $ 157.2 Waste disposal site operating permits, net 53.2 48.1 Restricted cash 13.9 19.6 IBNR receivables 6.8 7.0 Capital lease deposit 6.2 6.2 Intangible assets 5.1 5.1 Other 27.5 11.8 Total $ 277.8 $ 255.0 Investment in TiO 2 Our Chemicals Segment and another Ti0 2 producer, Tioxide Americas LLC (“Tioxide”), are equal owners of a manufacturing joint venture (Louisiana Pigment Company, L.P., or “LPC”) that owns and operates a TiO 2 plant in Lake Charles, Louisiana. Tioxide is a wholly-owned subsidiary of Huntsman Corporation. We and Tioxide are both required to purchase one-half of the TiO 2 2 2 Years ended December 31, 2013 2014 2015 (In millions) Distributions from LPC $ 70.7 $ 48.0 $ 48.2 Contributions to LPC (59.8 ) (37.4 ) (41.7 ) Net distributions $ 10.9 $ 10.6 $ 6.5 Summary balance sheets of LPC are shown below: December 31, 2014 2015 (In millions) ASSETS Current assets $ 107.4 $ 96.2 Property and equipment, net 110.6 110.1 Total assets $ 218.0 $ 206.3 LIABILITIES AND PARTNERS’ EQUITY Other liabilities, primarily current $ 37.3 $ 37.8 Partners’ equity 180.7 168.5 Total liabilities and partners’ equity $ 218.0 $ 206.3 Summary income statements of LPC are shown below: Years ended December 31, 2013 2014 2015 (In millions) Revenues and other income: Kronos $ 224.5 $ 193.1 $ 176.5 Tioxide 224.6 193.8 162.5 Total 449.1 386.9 339.0 Cost and expenses: Cost of sales 448.7 386.4 338.5 General and administrative .4 .5 .5 Total 449.1 386.9 339.0 Net income $ — $ — $ — Investment in Basic Management and LandWell. As discussed in Note 3, prior to December 2013 we owned a 32% interest in BMI and a 12% interest in LandWell. BMI owns an additional 50% interest in LandWell, and we accounted for our ownership interests in BMI and LandWell by the equity method of accounting. In December 2013, we acquired a controlling interest in BMI and LandWell, and we ceased to account for BMI and LandWell by the equity method and began to account for BMI and LandWell as a consolidated subsidiary. For federal income tax purposes LandWell is treated as a partnership, and accordingly the combined results of operations of BMI and LandWell include a provision for income taxes on LandWell’s earnings only to the extent that such earnings accrue to BMI. We previously recorded our equity in earnings of BMI and LandWell on a one-quarter lag because their financial statements were generally not available to us on a timely basis. Upon gaining control of BMI and LandWell in December 2013, we eliminated the one-quarter lag by recognizing, in the fourth quarter of 2013, equity in earnings of BMI and LandWell attributable to the six-month period ended December 31, 2013. The effect of this one-quarter lag, as well as the effect of us recognizing five quarters of equity in earnings of BMI and LandWell in 2013, was not material to any period presented. Certain selected combined financial information of BMI and LandWell is summarized below. Twelve Months ended September 30, 2013 (in millions) Total revenues $ 9.5 Loss before income taxes (3.9 ) Net loss (3.7 ) Land held for development. The land held for development relates to BMI and LandWell and is discussed in Notes 1 and 3. Capitalized permit costs. We obtained our byproducts disposal license in 2008 and began amortizing such license when the byproduct disposal facility began operations in October 2009. We obtained our LLRW license in September 2009. Our LLRW facilities commenced operations in 2012, at which time we began amortizing such license. Amortization of capitalized operating permit costs was $6.5 million in 2013, $6.6 million in 2014 and $6.3 million in 2015. Our estimated aggregate amortization expense for all our of capitalized permit costs as of December 31, 2015 is approximately $6.3 million in each of 2016 and 2017, $5.7 million in 2018 and $5.3 million in each of 2019 and 2020. Capitalized permit costs are stated net of accumulated amortization of $25.3 million at December 31, 2014 and $31.6 million at December 31, 2015. The components of net capitalized permit costs are presented in the table below. December 31, 2014 2015 (In millions) Net permit costs for issued permits which are being amortized: LLRW license (expires in 2024) $ 49.6 $ 44.7 Byproduct license (expires in 2018) 3.5 2.5 Other (expires 2015—2024) .1 .1 Total amortized permits 53.2 47.3 Permits not being amortized — .8 Total $ 53.2 $ 48.1 Other. We have certain related party transactions with LPC, as more fully described in Note 16. The IBNR receivables relate to certain insurance liabilities, the risk of which we have reinsured with certain third party insurance carriers. We report the insurance liabilities related to these IBNR receivables which have been reinsured as part of noncurrent accrued insurance claims and expenses. Certain of our insurance liabilities are classified as current liabilities and the related IBNR receivables are classified with other current assets. See Notes 10 and 16. Restricted cash relates primarily relates to our Waste Management Segment. In April 2014, $18.0 million of such restricted cash was released to WCS. See Note 17. The capital lease deposit relates to certain indebtedness of our Waste Management Segment and is discussed in Note 9. Upon acquiring a controlling interest in our Real Estate Management and Development segment in December 2013, we recognized an indefinite-lived customer relations intangible asset of $5.1 million for long-term contracts related to water delivery services to the City of Henderson, Nevada and various other users through a water system owned by BMI. See Note 3. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 8—Goodwill: We have assigned goodwill to each of our reporting units (as that term is defined in ASC Topic 350-20-20, Goodwill Operating segment Chemicals Component Total (In millions) Balance at December 31, 2013, 2014 and 2015 $ 352.6 $ 27.1 $ 379.7 We test for goodwill impairment at the reporting unit level. In determining the estimated fair value of the reporting units, we use appropriate valuation techniques, such as discounted cash flows and, with respect to our Chemicals Segment, we consider quoted market prices, a Level 1 input, while discounted cash flows are a Level 3 input. We also consider control premiums when assessing fair value using quoted market prices. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recorded. We review goodwill for each of our reporting units for impairment during the third quarter of each year. Goodwill is also evaluated for impairment at other times whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. If the fair value of an evaluated asset is less than its book value, the asset is written down to fair value. Prior to 2013, we used a quantitative assessment in determining the estimated fair value of our Component Products security products reporting unit, using appropriate valuation techniques such as discounted cash flows. Such discounted cash flows are a Level 3 input as defined by ASC 820-10-35. If the carrying amount of goodwill exceeds its implied fair value, an impairment charge is recorded. In 2013 we adopted the guidance in ASU No. 2011-08 for testing goodwill for impairment by assessing qualitative factors solely as it relates to our security products reporting unit, to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. We performed our annual goodwill impairment test in the third quarter of 2015 for each of our reporting units and concluded there was no impairment of the goodwill for those reporting units. The impairment test as it relates to our security products reporting unit was based on our qualitative assessment, and as a result a quantitative assessment was not required for such reporting unit for 2015. We also tested our goodwill for impairment in connection with our annual goodwill impairment test during the third quarter of 2013 and 2014. No impairment was indicated as part of such 2013, 2014 or 2015 annual review of goodwill. Prior to 2013, we recorded an aggregate $16.5 million goodwill impairment, mostly with respect to our Component Products Segment. Our consolidated gross goodwill at December 31, 2015 is $396.2 million. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 9—Long-term debt: December 31, 2014 2015 (In millions) Valhi: Snake River Sugar Company $ 250.0 $ 250.0 Contran credit facility 223.7 263.8 Total Valhi debt 473.7 513.8 Subsidiary debt: Kronos — Term loan 340.9 338.0 WCS — Financing capital lease 67.1 65.6 Tremont — Promissory note payable 17.4 17.1 BMI — Bank note payable 10.2 9.3 LandWell — Note payable to the City of Henderson 3.1 3.1 Other 16.6 13.6 Total subsidiary debt 455.3 446.7 Total debt 929.0 960.5 Less current maturities 9.3 9.5 Total long-term debt $ 919.7 $ 951.0 Valhi— Snake River Sugar Company Our $250 million in loans from Snake River Sugar Company are collateralized by our interest in The Amalgamated Sugar Company LLC. The loans bear interest at a weighted average fixed interest rate of 9.4% and are due in January 2027. At December 31, 2015, $37.5 million of the loans are recourse to us and the remaining $212.5 million is nonrecourse to us. Under certain conditions, Snake River has the ability to accelerate the maturity of these loans. See Note 4. Contran credit facility — We also have an unsecured revolving credit facility with Contran which, as amended, provides for borrowings from Contran of up to $325 million. The facility, as amended, bears interest at prime plus 1% (4.50% at December 31, 2015), and is due on demand, but in any event no earlier than December 31, 2017. The facility contains no financial covenants or other financial restrictions. Valhi pays an unused commitment fee quarterly to Contran on the available balance (except during periods during which Contran would be a net borrower from Valhi). The average interest rate on the term loan borrowings for the year ended December 31, 2015 was 4.26%. During 2015 we borrowed an additional net $40.1 million and at December 31, 2015 an additional $61.2 million was available for borrowings under the amended facility. Kronos— Term loans In 2013, Kronos voluntarily repaid its entire $400 million term loan that was issued in June 2012. Kronos prepaid an aggregate $390 million principal amount and recognized a non-cash pre-tax interest charge of $8.9 million in 2013 related to this prepayment consisting of the write-off of unamortized original issue discount costs and deferred financing costs associated with such prepayment. Funds for the aggregate prepayment were provided by $150 million of cash on hand, borrowings of $190 million under a 2013 loan agreement with Contran as described below, $50 million of cash on hand and borrowings of $50 million under its revolving North American credit facility. In February 2014, Kronos entered into a new $350 million term loan. The term loan was issued at 99.5% of the principal amount, or an aggregate of $348.3 million. Kronos used $170 million of the net proceeds of the new term loan to prepay the outstanding principal balance of its note payable to Contran (along with accrued and unpaid interest through the prepayment date), and such note payable was cancelled. The remaining net proceeds of the term loan are available for Kronos’ general corporate purposes. The new term loan: bears interest, at Kronos’ option, at LIBOR (with LIBOR no less than 1.0%) plus 3.75%, or the base rate, as defined in the agreement, plus 2.75%; requires quarterly principal repayments of $875,000 which commenced in June 2014, other mandatory principal repayments of formula-determined amounts under specified conditions with all remaining principal balance due in February 2020. Voluntary principal prepayments are permitted at any time; is collateralized by, among other things, a first priority lien on (i) 100% of the common stock of certain of Kronos’ U.S. wholly-owned subsidiaries, (ii) 65% of the common stock or other ownership interest of Kronos’ Canadian subsidiary (Kronos Canada, Inc.) and certain first-tier European subsidiaries (Kronos Titan GmbH and Kronos Denmark ApS) and (iii) a $395.7 million unsecured promissory note issued by Kronos’ wholly-owned subsidiary, Kronos International, Inc. (KII) to Kronos; is also collateralized by a second priority lien on all of the U.S. assets which collateralize Kronos’ North American revolving facility, as discussed below; contains a number of covenants and restrictions which, among other things, restrict Kronos’ ability to incur additional debt, incur liens, pay dividends or merge or consolidate with, or sell or transfer substantially all of Kronos’ assets to, another entity, contains other provisions and restrictive covenants customary in lending transactions of this type (however, there are no ongoing financial maintenance covenants); and contains customary default provisions, including a default under any of Kronos’ other indebtedness in excess of $50 million. In May 2015 Kronos entered into an amendment to its term loan due in February 2020. As a result of the amendment: · The applicable margin on outstanding LIBOR-based borrowings was reduced from 3.75% to 3.00%, and the applicable margin on outstanding base rate borrowings was reduced from 2.75% to 2.00%; and · A provision was added whereby if we elected to call all or a portion of the outstanding principal balance within six months of completing the amendment (i.e. before November 2015), a 1% call premium of the aggregate principal amount so prepaid would apply. There is no prepayment penalty applicable to any call after November 2015. We made no such call prior to November 2015. We accounted for such amendment to our term loan as a modification of the terms of the term loan. All other terms of the term loan, including principal repayments, maturity and collateral remain unchanged. We paid a $750,000 refinancing fee in connection with this amendment, which along with the existing unamortized deferred financing costs associated with the term loan are being amortized over the remaining term of the loan. The average interest rate on the term loan borrowings as of and for the year ended December 31, 2015 was 4.0% and 4.29%, respectively. The carrying value of the term loan at December 31, 2015 is stated net of unamortized original issue discount of $1.2 million and debt issuance costs of $4.7 million (at December 31, 2014 the amounts were $1.5 million and $5.0 million). See Note 20. See Note 18 for a discussion of the interest rate swap we entered into in the third quarter of 2015 pursuant to our interest rate risk management strategy. Note payable to Contran —As discussed above, in February 2013 Kronos entered into a promissory note with Contran. This loan from Contran contained terms and conditions similar to the terms and conditions of the prior $400 million term loan, except that the loan from Contran was unsecured and contained no ongoing financial maintenance covenant. The independent members of Kronos’ board of directors approved the terms and conditions of the loan from Contran. In 2013, Kronos borrowed $190 million and subsequently repaid $20 million. In February 2014 Kronos used $170 million of the proceeds from its new term loan and prepaid the remaining balance owed to Contran under this note payable (without penalty), and the note payable to Contran was cancelled. Revolving North American credit facility —In June 2012, Kronos entered into a $125 million revolving bank credit facility which matures in June 2017. Borrowings under the revolving credit facility are available for Kronos’ general corporate purposes. Available borrowings on this facility are based on formula-determined amounts of eligible trade receivables and inventories, as defined in the agreement, of certain of Kronos’ North American subsidiaries less any outstanding letters of credit up to $15 million issued under the facility (with revolving borrowings by Kronos’ Canadian subsidiary limited to $25 million). Any amounts outstanding under the revolving credit facility bear interest, at Kronos’ option, at LIBOR plus a margin ranging from 1.5% to 2.0% or at the applicable base rate, as defined in the agreement, plus a margin ranging from .5% to 1.0%. The credit facility is collateralized by, among other things, a first priority lien on the borrowers’ trade receivables and inventories. The facility contains a number of covenants and restrictions which, among other things, restricts the borrowers’ ability to incur additional debt, incur liens, pay dividends or merge or consolidate with, or sell or transfer all or substantially all of their assets to, another entity, contains other provisions and restrictive covenants customary in lending transactions of this type and under certain conditions requires the maintenance of a specified financial covenant (fixed charge coverage ratio, as defined) to be at least 1.1 to 1.0. During 2014, Kronos borrowed $81.0 million and repaid an aggregate of $92.1 million under this facility. Kronos had no borrowings or repayments under this facility during 2015, and at December 31, 2015 Kronos had approximately $68.3 million available for borrowing under this revolving facility. Revolving European credit facility— Kronos’ operating subsidiaries in Germany, Belgium, Norway and Denmark have a €120 million secured revolving bank credit facility that, matures in September 2017. Kronos may denominate borrowings in Euros, Norwegian kroner or U.S. dollars. Outstanding borrowings bear interest at LIBOR plus 1.90%. The facility is collateralized by the accounts receivable and inventories of the borrowers, plus a limited pledge of all of the other assets of the Belgian borrower. The facility contains certain restrictive covenants that, among other things, restrict the ability of the borrowers to incur debt, incur liens, pay dividends or merge or consolidate with, or sell or transfer all or substantially all of the assets to, another entity, and requires the maintenance of certain financial ratios. In addition, the credit facility contains customary cross-default provisions with respect to other debt and obligations of the borrowers, KII and its other subsidiaries. Kronos had no borrowing or repayments under this facility during 2015 and at December 31, 2015, there were no outstanding borrowings under this facility. Kronos’ European credit facility requires the maintenance of certain financial ratios. Kronos’ European revolving credit facility requires the maintenance of certain financial ratios, and one of such requirements is based on the ratio of net debt to last twelve months earnings before income tax, interest, depreciation and amortization expense (EBITDA) of the borrowers. Based upon the borrowers’ last twelve months EBITDA as of December 31, 2015 and the net debt to EBITDA financial test, Kronos’ borrowing availability at December 30, 2015 is approximately 19% of the credit facility, or €23.1 million ($25.3 million). Canada —In December 2011, Kronos’ Canadian subsidiary entered into an agreement with an economic development agency of the Province of Quebec, Canada pursuant to which we may borrow up to Cdn. $4.5 million through December 31, 2015 (no additional amounts are expected to be borrowed under this facility). Borrowings may only be used to fund capital improvements at its Canadian plant and are limited to a specified percentage of such capital improvements. Borrowings are non-interest bearing, with equal monthly payments commencing in 2018. The agreement contains certain restrictive covenants, which, among other things, restricts the subsidiary’s ability to sell assets or enter into mergers, and requires Kronos’ subsidiary to maintain certain financial ratios and maintain specified levels of employment. At December 31, 2015, Kronos had Cdn. $4.5 million (USD $3.3 million) outstanding under this agreement. Prior to December 31, 2014, Kronos’ Canadian subsidiary had an aggregate of Cdn. $7.9 million of letters of credit outstanding issued by a bank its behalf. These letters of credit were issued in connection with the appeal of a Canadian income tax assessment discussed in Note 12. Upon the successful completion of the appeal in 2014, such letters of credit were cancelled, and an equivalent amount of restricted cash deposits which had been collateralizing such letters of credit, classified as noncurrent restricted cash, were released. WCS —Financing capital lease— Prior to 2013, WCS closed under a Sale and Purchase Agreement with the County of Andrews, Texas whereby WCS sold certain real and personal property constituting a substantial portion of its property and equipment (“Transferred Assets”) to the County for gross proceeds of $75 million. WCS used the net proceeds received under the Agreement to finance the construction of its Federal and Texas Compact LLRW disposal facilities. As a condition under the Agreement, WCS also concurrently entered into a Lease Agreement (“Lease”) with the County pursuant to which WCS agreed to lease the Transferred Assets back from the County for a period of 25 years. The Lease requires monthly rental payments payable through August 2035, and during the Lease term WCS is responsible for all costs associated with the use, occupancy, possession and operation of the Transferred Assets. Under the terms of the Agreement, WCS was also required to pay all of the County’s costs associated with the transactions, and the proceeds WCS received from the County upon closing under the Sale and Purchase Agreement were net of the County’s cost, which aggregated approximately $2.6 million At the end of the Lease term, title to the Transferred A ssets automatically reverts back to WCS without further payment obligation. Prior to the end of the Lease term, WCS may, at its option, terminate the Lease early upon payment of specified amounts to the County, at which time the Transferred Assets would also revert back to WCS. For financial reporting purposes, we have accounted for these transactions in tandem as a financing capital lease, in which we continue to recognize the Transferred Assets on our Consolidated Balance Sheet and our rental payments due under the Lease are accounted for as debt. The capital lease has an effective interest rate of approximately 7.0%. At the inception of the Lease, WCS was required to prepay to the County an amount ($6.2 million) equal to its aggregate lease rentals due to the County in the final year of the Lease, the County will hold the funds as a prepaid deposit. The deposit serves as collateral for WCS’ performance under the Lease and is included in our other noncurrent assets. See Notes 7 and 16. Other . Tremont’s promissory note payable is discussed in Notes 3 and 16. In January 2013, BMI entered into an $11.9 million bank note payable to Meadows Bank. The proceeds of the note were used to refinance previously outstanding debt obligations. The note requires monthly installments of $.1 million through the maturity date in January 2025. The note bears interest at a variable rate equal to the prime rate with a floor of 3.25% and a ceiling of 9.0%. The note is secured by certain real property. In addition we are required to maintain cash collateral of $750,000 with the lender, which collateral is classified as noncurrent restricted cash in our Consolidated Balance Sheets. At December 31, 2015 the note had an outstanding balance of $9.4 million and is stated net of debt issuance costs of $.1 million. The interest rate as of and for the year ended December 31, 2015 was 3.50% and 3.25%, respectively. In May 2012, LandWell entered into a $3.9 million promissory note payable to the City of Henderson, Nevada. The note requires semi-annual principal payments of $250,000 payable solely from cash received from certain specified revenue sources with any remaining unpaid balance due in October 2020, see Note 17. The loan bears interest at a 3% fixed rate. Due to the uncertainty in timing of the cash to be received from the specified revenue sources, the outstanding balance of $3.1 million is deemed to be maturing in 2020. Aggregate maturities of long-term debt at December 31, 2015 Aggregate maturities of debt at December 31, 2015 are presented in the table below. Years ending December 31, Amount (In millions) Gross amounts due each year: 2016 $ 14.7 2017 276.3 2018 12.7 2019 12.3 2020 341.8 2021 and thereafter 366.0 Subtotal 1,023.8 Less amounts representing interest on capital leases, original issue discount and debt issuance costs 63.3 Total long-term debt $ 960.5 We are in compliance with all of our debt covenants at December 31, 2015. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 10—Accounts payable and accrued liabilities: December 31, 2014 2015 (In millions) Accounts payable: Kronos $ 121.4 $ 96.1 CompX 3.9 2.7 WCS 1.4 1.3 BMI/LandWell 7.0 2.1 NL 2.3 1.9 Other .2 .7 Total $ 136.2 $ 104.8 Current accrued liabilities: Employee benefits $ 34.6 $ 24.7 Accrued sales discounts and rebates 23.0 23.9 Deferred income 19.8 21.8 Environmental remediation and related costs 10.2 11.7 Accrued workforce reduction costs — 5.3 Interest rate swap contract — 3.3 Other 40.4 30.4 Total $ 128.0 $ 121.1 Noncurrent accrued liabilities: Reserve for uncertain tax positions $ 34.1 $ 32.9 Asset retirement obligations 27.2 28.8 Deferred income 18.9 20.2 Employee benefits 8.1 7.1 Insurance claims and expenses 9.5 9.6 Deferred payment obligation 8.5 8.8 Other 6.4 7.2 Total $ 112.7 $ 114.6 The risks associated with certain of our accrued insurance claims and expenses have been reinsured, and the related IBNR receivables are recognized as noncurrent assets to the extent the related liability is classified as a noncurrent liability. See Note 7. Our reserve for uncertain tax positions is discussed in Note 12. Our asset retirement obligations include amounts related to the closure and post-closure obligations associated with our Waste Management Segment’s facility in West Texas. We recognized accretion expense of $1.7 million in 2013, $1.8 million in 2014 and $2.0 million in 2015 on the closure and post-closure obligations. We are required to provide certain financial assurance to Texas government agencies with respect to the decommissioning obligations related to such facility, as more fully described in Note 17. Certain of our affiliates have provided or assisted us in providing such financial assurance, as discussed in Note 16. Estimates of the ultimate cost to be incurred to settle our closure and post closure obligation require a number of assumptions, are inherently difficult to develop and the ultimate outcome may differ materially from current estimates. However, we believe our experience in the environmental services business provides a reasonable basis for estimating such costs. As additional information becomes available, cost estimates will be adjusted as necessary. It is possible that technological, regulatory or enforcement developments, the results of studies or other factors could necessitate the recording of additional liabilities which could be material. The deferred payment obligation relates to Tremont and is discussed in Notes 3 and 16. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 11—Employee benefit plans: Defined contribution plans. Certain of our subsidiaries maintain various defined contribution pension plans for our employees worldwide. Defined contribution plan expense approximated $4.2 million in 2013, $5.7 million in 2014 and $5.8 million in 2015. Defined benefit plans. Kronos and NL sponsor various defined benefit pension plans worldwide. The benefits under our defined benefit plans are based upon years of service and employee compensation. Our funding policy is to contribute annually the minimum amount required under ERISA (or equivalent foreign) regulations plus additional amounts as we deem appropriate. We expect to contribute the equivalent of $15.8 million to all of our defined benefit pension plans during 2016. Benefit payments to plan participants out of plan assets are expected to be the equivalent of: 2016 $ 23.4 million 2017 23.7 million 2018 24.2 million 2019 24.7 million 2020 25.6 million Next 5 years 141.2 million The funded status of our U.S. defined benefit pension plans is presented in the table below. Years ended December 31, 2014 2015 (In millions) Change in projected benefit obligations (“PBO”): Balance at beginning of the year $ 62.0 $ 70.2 Interest cost 2.9 2.7 Actuarial loss (gain) 9.9 (2.2 ) Benefits paid (4.6 ) (4.1 ) Balance at end of the year $ 70.2 $ 66.6 Change in plan assets: Fair value at beginning of the year $ 54.9 $ 53.6 Actual return on plan assets 2.0 (2.3 ) Employer contributions 1.3 .4 Benefits paid (4.6 ) (4.1 ) Fair value at end of year $ 53.6 $ 47.6 Funded status $ 16.6 $ 19.0 Amounts recognized in the Consolidated Balance Sheets: Accrued pension costs: Current $ (.3 ) $ (.3 ) Noncurrent (16.3 ) (18.7 ) Total (16.6 ) (19.0 ) Accumulated other comprehensive loss—Actuarial loss 39.5 42.0 Total $ 22.9 $ 23.0 Accumulated benefit obligations (“ABO”) $ 70.2 $ 66.6 The components of our net periodic defined benefit pension benefit cost (credit) for U.S. plans are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial losses for 2013, 2014 and 2015 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2012, 2013 and 2014, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2013 2014 2015 (In millions) Net periodic pension benefit cost (credit) for U.S. plans: Interest cost $ 2.4 $ 2.9 $ 2.7 Expected return on plan assets (4.9 ) (4.0 ) (3.9 ) Amortization of unrecognized net 1.6 1.2 1.7 Total $ (.9 ) $ .1 $ .5 Certain information concerning our U.S. defined benefit pension plans is presented in the table below. December 31, 2014 2015 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 70.2 $ 66.6 Accumulated benefit obligations 70.2 66.6 Fair value of plan assets 53.6 47.6 The discount rate assumptions used in determining the actuarial present value of the benefit obligation for our U.S. defined benefit pension plans as of December 31, 2014 and 2015 are 3.8% and 4.1%, respectively. The impact of assumed increases in future compensation levels does not have an effect on the benefit obligation as the plans are frozen with regards to compensation. The weighted-average rate assumptions used in determining the net periodic pension cost for our U.S. defined benefit pension plans for 2013, 2014 and 2015 are presented in the table below. The impact of assumed increases in future compensation levels does not have an effect on the periodic pension cost as the plans are frozen with regards to compensation. Years ended December 31, Rate 2013 2014 2015 Discount rate 3.6 % 4.5 % 3.8 % Long-term return on plan assets 10.0 % 7.5 % 7.5 % Variances from actuarially assumed rates will result in increases or decreases in accumulated pension obligations, pension expense and funding requirements in future periods. The funded status of our foreign defined benefit pension plans is presented in the table below. Years ended December 31, 2014 2015 (In millions) Change in PBO: Balance at beginning of the year $ 604.9 $ 659.2 Service cost 9.9 11.2 Interest cost 22.2 15.1 Participants’ contributions 2.0 1.6 Actuarial loss (gain) 122.2 (10.0 ) Change in currency exchange rates (75.3 ) (76.9 ) Benefits paid (26.7 ) (21.3 ) Balance at end of the year $ 659.2 $ 578.9 Change in plan assets: Fair value at beginning of the year $ 441.6 $ 425.5 Actual return on plan assets 40.7 10.8 Employer contributions 20.4 17.6 Participants’ contributions 2.0 1.6 Change in currency exchange rates (52.5 ) (51.7 ) Benefits paid (26.7 ) (21.3 ) Fair value at end of year $ 425.5 $ 382.5 Funded status $ (233.7 ) $ (196.4 ) Amounts recognized in the Consolidated Balance Sheets: Pension asset $ — $ 1.7 Accrued pension costs: Current (.6 ) — Noncurrent (233.1 ) (198.1 ) Total (233.7 ) (196.4 ) Accumulated other comprehensive loss: Actuarial loss 252.3 234.1 Prior service cost 2.2 1.9 Total 254.5 236.0 Total $ 20.8 $ 39.6 ABO $ 627.5 $ 554.4 The components of our net periodic defined benefit pension benefit cost for our foreign plans are presented in the table below. In December 2013, we amended one of Kronos’ Canadian plans in which participation with respect to hourly workers was closed to new participants in December 2013, and existing hourly plan participants will no longer accrue additional benefits after December 2013, resulting in a $7.1 million curtailment charge for recognition of previously unamortized prior service cost and transition obligation and $.2 million for special termination benefits. In 2014, we amended the other Kronos Canadian plan in which participation with respect to salaried workers was closed to new participants in December 2014, and existing hourly plan participants will no longer accrue additional benefits after December 2014, resulting in a nominal curtailment charge. The amounts shown below for the amortization of unrecognized prior service cost, net transition obligations and actuarial losses for 2013, 2014 and 2015 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2012, 2013 and 2014, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2013 2014 2015 (In millions) Net periodic pension cost for foreign plans: Service cost $ 13.1 $ 9.9 $ 11.2 Interest cost 21.6 22.2 15.1 Settlement gain — (.3 ) — Curtailment loss 7.3 .1 — Expected return on plan assets (18.9 ) (20.6 ) (17.3 ) Amortization of unrecognized: Prior service cost 1.1 .5 .4 Net transition obligations .4 — — Net actuarial loss 12.5 10.1 13.8 Total $ 37.1 $ 21.9 $ 23.2 Certain information concerning our foreign defined benefit pension plans is presented in the table below. December 31, 2014 2015 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 632.6 $ 518.1 Accumulated benefit obligations 603.4 498.7 Fair value of plan assets 401.2 321.6 A summary of our key actuarial assumptions used to determine foreign benefit obligations as of December 31, 2014 and 2015 was: December 31, Rate 2014 2015 Discount rate 2.5 % 2.6 % Increase in future compensation levels 2.6 % 2.9 % A summary of our key actuarial assumptions used to determine foreign net periodic benefit cost for 2013, 2014 and 2015 are as follows: Years ended December 31, Rate 2013 2014 2015 Discount rate 3.7 % 3.8 % 2.5 % Increase in future compensation levels 3.1 % 2.7 % 2.6 % Long-term return on plan assets 5.0 % 5.0 % 4.6 % Variances from actuarially assumed rates will result in increases or decreases in accumulated pension obligations, pension expense and funding requirements in future periods. The amounts shown for all of our defined benefit plans for unrecognized actuarial losses and prior service cost at December 31, 2014 and 2015 have not been recognized as components of our periodic defined benefit pension cost as of those dates. These amounts will be recognized as components of our periodic defined benefit cost in future years. These amounts, net of deferred income taxes and noncontrolling interest, are recognized in our accumulated other comprehensive income (loss) at December 31, 2014 and 2015. We expect approximately $12.8 million and $.2 million of the unrecognized actuarial losses and prior service cost, respectively, will be recognized as components of our periodic defined benefit pension cost in 2016. The table below details the changes in other comprehensive income (loss) during 2013, 2014 and 2015. Years ended December 31, 2013 2014 2015 (In millions) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial gain (loss) $ 19.8 $ (113.0 ) $ .3 Plan curtailment 7.1 — — Plan settlement — (.2 ) — Amortization of unrecognized: Prior service cost 1.1 .5 .4 Net transition obligations .4 — — Net actuarial losses 14.2 11.3 15.4 Total $ 42.6 $ (101.4 ) $ 16.1 At December 31, 2014 and 2015, all of the assets attributable to our U.S. plan were invested in the Combined Master Retirement Trust (“CMRT”), a collective investment trust sponsored by Contran to permit the collective investment by certain master trusts that fund certain employee benefits plans sponsored by Contran and certain of its affiliates. Prior to his death in December 2013, Mr. Harold C. Simmons was the sole trustee of the CMRT, and he along with the CMRT’s investment committee, of which Mr. Simmons was a member, actively managed the investments of the CMRT. The CMRT’s long-term investment objective was to provide a rate of return exceeding a composite of broad market equity and fixed income indices (including the S&P 500 and certain Russell indices) while utilizing both third-party investment managers as well as investments directed by Mr. Simmons (prior to his death). Following the death of Mr. Simmons in December 2013, the Contran board of directors in January 2014 appointed a financial institution as the new directed trustee of the CMRT, and the Contran board appointed five individuals (all executive officers of Contran) as the new investment committee of the CMRT. During 2014, the new investment committee began a process of reallocating to current and/or new investment managers or various mutual funds and commingled funds the portion of the CMRT assets that had previously been under direct and active management by Mr. Simmons. The reallocation process was done prudently over a period of time, given the diverse asset composition of this portion of the portfolio, and was substantially complete at December 31, 2015. Concurrent with this change in investment strategy in which there is no longer a portion of the CMRT’s assets under direct and active management by Mr. Simmons, and considering the long-term asset mix of the assets of the CMRT and the expected long-term rates of return for such asset components as well as advice from Contran’s actuaries, beginning in 2014 the assumed long-term rate of return for plan assets invested in the CMRT was reduced to 7.5%. The CMRT unit value is determined semi-monthly, and the plans have the ability to redeem all or any portion of their investment in the CMRT at any time based on the most recent semi-monthly valuation. However, the plans do not have the right to individual assets held by the CMRT and the CMRT has the sole discretion in determining how to meet any redemption request. For purposes of our plan asset disclosure, we consider the investment in the CMRT as a Level 2 input because (i) the CMRT value is established semi-monthly and the plans have the right to redeem their investment in the CMRT, in part or in whole, at anytime based on the most recent value and (ii) observable inputs from Level 1 or Level 2 were used to value approximately 80% and 81% of the assets of the CMRT at December 31, 2014 and 2015, respectively, as noted below. The aggregate fair value of all of the CMRT assets, including funds of Contran and its other affiliates that also invest in the CMRT, and supplemental asset mix details of the CMRT are as follows: December 31, 2014 2015 (In millions) CMRT asset value $ 715.5 $ 648.8 CMRT fair value input: Level 1 67 % 54 % Level 2 13 27 Level 3 20 19 100 % 100 % CMRT asset mix: Domestic equities, principally publicly 48 % 29 % International equities, principally publicly traded 11 22 Fixed income securities, principally publicly traded 32 38 Privately managed limited partnerships 7 5 Hedge funds — 5 Other, primarily cash 2 1 100 % 100 % In determining the expected long-term rate of return on non-U.S. plan asset assumptions, we consider the long-term asset mix (e.g. equity vs. fixed income) for the assets for each of our plans and the expected long-term rates of return for such asset components. In addition, we receive third-party advice about appropriate long-term rates of return. Such assumed asset mixes are summarized below: In Germany, the composition of our plan assets is established to satisfy the requirements of the German insurance commissioner. Our German pension plan assets represent an investment in a large collective investment fund established and maintained by Bayer AG in which several pension plans, including our German pension plan and Bayer’s pension plans, have invested. Our plan assets represent a very nominal portion of the total collective investment fund maintained by Bayer. These plan assets are a Level 3 input because there is not an active market that approximates the value of our investment in the Bayer investment fund. We determine the fair value of the Bayer plan assets based on periodic reports we receive from the managers of the Bayer plan. These periodic reports are subject to audit by the German pension regulator. In Canada, we currently have a plan asset target allocation of 38% to equity securities, 55% to fixed income securities and 7% to other investments and cash. We expect the long-term rate of return for such investments to average approximately 125 basis points above the applicable equity or fixed income index. The Canadian assets are Level 1 inputs because they are traded in active markets. In Norway, we currently have a plan asset target allocation of 11% to equity securities, 79% to fixed income securities, 7% to real estate and the remainder primarily to other investments and liquid investments such as money markets. The expected long-term rate of return for such investments is approximately 7%, 3%, 5% and 5%, respectively. The majority of Norwegian plan assets are Level 1 inputs because they are traded in active markets; however approximately 11% of our Norwegian plan assets are invested in real estate and other investments not actively traded and are therefore a Level 3 input. We also have plan assets in Belgium and the United Kingdom. The Belgian plan assets are invested in certain individualized fixed income insurance contracts for the benefit of each plan participant as required by the local regulators and are therefore a Level 3 input. The United Kingdom plan assets consist of marketable securities which are Level 1 inputs because they trade in active markets. We regularly review our actual asset allocation for each plan, and will periodically rebalance the investments in each plan to more accurately reflect the targeted allocation and/or maximize the overall long-term return when considered appropriate. The composition of our December 31, 2014 and 2015 pension plan assets by asset category and fair value level is shown in the table below. The amounts shown for plan assets invested in the CMRT include a nominal amount of cash held by our U.S. pension plan which is not part of the plan’s investment in the CMRT. Fair Value Measurements at December 31, 2014 Total Quoted Significant Significant (In millions) Germany $ 240.7 $ — $ — $ 240.7 Canada: Local currency equities 12.4 12.4 — — Foreign currency equities 34.4 34.4 — — Local currency fixed income 50.3 50.3 — — Global mutual fund 10.1 10.1 — — Cash and other .6 .6 — — Norway: Local currency equities 1.9 1.9 — — Foreign currency equities 5.1 5.1 — — Local currency fixed income 29.3 29.3 — — Foreign currency fixed income 3.8 3.8 — — Real estate 4.5 — — 4.5 Cash and other 10.3 9.2 — 1.1 US — CMRT 53.6 — 53.6 — Other 22.1 14.3 — 7.8 Total $ 479.1 $ 171.4 $ 53.6 $ 254.1 Fair Value Measurements at December 31, 2015 Total Quoted Significant Significant (In millions) Germany $ 223.1 $ — $ — $ 223.1 Canada: Local currency equities 9.6 9.6 — — Foreign currency equities 23.3 23.3 — — Local currency fixed income 50.6 50.6 — — Global mutual fund 6.8 6.8 — — Cash and other .5 .5 — — Norway: Local currency equities 2.0 2.0 — — Foreign currency equities 3.6 3.6 — — Local currency fixed income 24.5 24.5 — — Foreign currency fixed income 4.7 4.7 — — Real estate 4.2 — — 4.2 Cash and other 7.9 6.7 — 1.2 US — CMRT 47.6 — 47.6 — Other 21.7 14.0 — 7.7 Total $ 430.1 $ 146.3 $ 47.6 $ 236.2 A rollforward of the change in fair value of Level 3 assets follows. Years ended December 31, 2014 2015 (In millions) Fair value at beginning of year $ 261.5 $ 254.1 Gain on assets held at end of year 24.5 6.5 Gain on assets sold during the year .3 .3 Assets purchased 16.9 13.7 Assets sold (15.2 ) (12.4 ) Currency exchange rate fluctuations (33.9 ) (26.0 ) Fair value at end of year $ 254.1 $ 236.2 Postretirement benefits other than pensions (“OPEB”). NL, Kronos and Tremont provide certain health care and life insurance benefits for their eligible retired employees. We have no OPEB plan assets, rather, we fund benefit payments as they are paid. At December 31, 2015, we expect to contribute the equivalent of approximately $1.1 million to all of our OPEB plans during 2016. Benefit payments to OPEB plan participants are expected to be the equivalent of: 2016 $ 1.1 million 2017 1.1 million 2018 1.0 million 2019 1.0 million 2020 .9 million Next 5 years 4.2 million The funded status of our OPEB plans is presented in the table below. Years ended December 31, 2014 2015 (In millions) Actuarial present value of accumulated OPEB obligations: Obligations at beginning of the year $ 15.1 $ 15.4 Service cost .1 .1 Interest cost .6 .5 Actuarial loss (gain) 1.4 (.8 ) Change in currency exchange rates (.6 ) (1.2 ) Benefits paid from employer contributions (1.2 ) (1.1 ) Obligations at end of the year 15.4 $ 12.9 Fair value of plan assets — — Funded status $ (15.4 ) $ (12.9 ) Accrued OPEB costs recognized in the Consolidated Balance Sheets: Current $ (1.3 ) $ (1.1 ) Noncurrent (14.1 ) (11.8 ) Total (15.4 ) (12.9 ) Accumulated other comprehensive income (loss): Net actuarial losses 3.2 2.4 Prior service credit (10.6 ) (8.6 ) Total (7.4 ) (6.2 ) Total $ (22.8 ) $ (19.1 ) The amounts shown in the table above for unrecognized actuarial losses and prior service credit at December 31, 2014 and 2015 have not been recognized as components of our periodic OPEB cost as of those dates. These amounts will be recognized as components of our periodic OPEB cost in future years. These amounts, net of deferred income taxes and noncontrolling interest, are now recognized in our accumulated other comprehensive loss at December 31, 2014 and 2015. We expect to recognize approximately $1.8 million of prior service credit and $.2 million of unrecognized actuarial losses as components of our periodic OPEB cost in 2016. The table below details the changes in other comprehensive income (loss) during 2013, 2014 and 2015. In the fourth quarter of 2013, we amended the benefit formula for most Canadian participants of our plans effective January 1, 2014, resulting in a curtailment gain as of December 31, 2013. Key assumptions including the service cost and benefit duration as of December 31, 2014 and 2015 now reflect these plan revisions to the benefit formula. Years ended December 31, 2013 2014 2015 (In millions) Changes in benefit obligations recognized in other comprehensive income (loss): Net actuarial gain (loss) arising during the year $ 2.2 $ (1.4 ) $ .8 Plan amendments/curtailment 4.5 (.2 ) — Amortization of unrecognized prior service credit (2.4 ) (2.0 ) (1.9 ) Total $ 4.3 $ (3.6 ) $ (1.1 ) The components of our periodic OPEB costs are presented in the table below. The amounts shown below for amortization of prior service credit and recognized actuarial losses for 2013, 2014 and 2015 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2012, 2013 and 2014, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2013 2014 2015 (In millions) Net periodic OPEB cost (credit): Service cost $ .3 $ .1 $ .1 Interest cost .7 .6 .5 Curtailment gain (.6 ) — — Amortization of unrecognized: Prior service credit (1.8 ) (2.0 ) (1.9 ) Net actuarial loss — (.2 ) — Total $ (1.4 ) $ (1.5 ) $ (1.3 ) A summary of our key actuarial assumptions used to determine the net benefit obligations as of December 31, 2014 and 2015 follows: December 31, 2014 2015 Healthcare inflation: Initial rate 7.0 % 7.0 % Ultimate rate 5.0 % 5.0 % Year of ultimate rate achievement 2021 2021 Discount rate 3.4 % 3.6 % Assumed health care cost trend rates affect the amounts we report for health care plans. A one percent change in assumed health care trend rates would not have a material effect on the net periodic OPEB cost for 2015 or on the accumulated OPEB obligations at December 31, 2015. The weighted average discount rate used in determining the net periodic OPEB cost for 2015 was 3.4% (the rate was 4.0% in 2014 and 3.5% in 2013). The weighted average rate was determined using the projected benefit obligations as of the beginning of each year. The impact of assumed increases in future compensation levels does not have a material effect on the net periodic OPEB cost as substantially all of such benefits relate solely to eligible retirees, for which compensation is not applicable. The impact of the assumed rate of return on plan assets also does not have a material effect on the net periodic OPEB cost as there were no plan assets as of December 31, 2014 or 2015. Variances from actuarially-assumed rates will result in additional increases or decreases in accumulated OPEB obligations, net periodic OPEB cost and funding requirements in future periods. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12—Income taxes: Years ended December 31, 2013 2014 2015 (In millions) Pre-tax income (loss): United States $ (70.4 ) $ 40.1 $ (35.3 ) Non-U.S. subsidiaries (147.5 ) 71.9 (38.5 ) Total $ (217.9 ) $ 112.0 $ (73.8 ) Expected tax expense (benefit) at U.S. federal statutory income tax rate of 35% $ (76.3 ) $ 39.2 $ (25.8 ) Non-U.S. tax rates 4.3 (4.1 ) .6 Incremental net benefit on earnings (losses) of non-U.S. and U.S. subsidiaries (18.5 ) (2.2 ) (37.6 ) Valuation allowance — — 159.0 U.S. state income taxes, net (3.4 ) 4.1 (1.3 ) Adjustment to the reserve for uncertain tax positions, net 2.1 (3.7 ) .8 Nondeductible expenses 2.9 2.8 3.0 Tax rate changes (.2 ) — — Other, net (1.9 ) (3.6 ) (1.4 ) Provision for income taxes (benefit) $ (91.0 ) $ 32.5 $ 97.3 Components of income tax expense (benefit): Currently payable (refundable): U.S. federal and state $ 9.1 $ 7.4 $ 7.6 Non-U.S. (1.2 ) 15.2 3.3 Total 7.9 22.6 10.9 Deferred income taxes (benefit): U.S. federal and state (57.9 ) 3.8 (58.5 ) Non-U.S. (41.0 ) 6.1 144.9 Total (98.9 ) 9.9 86.4 Provision for income taxes (benefit) $ (91.0 ) $ 32.5 $ 97.3 Comprehensive provision for income taxes (benefit) allocable to: Net income (loss) $ (91.0 ) $ 32.5 $ 97.3 Other comprehensive income (loss): Marketable securities 5.1 (11.3 ) (4.1 ) Currency translation 5.5 (16.9 ) (17.3 ) Pension plans 14.1 (33.2 ) 4.1 OPEB plans 1.0 (1.2 ) (.4 ) Interest rate swap — — (1.7 ) Total $ (65.3 ) $ (30.1 ) $ 77.9 The amount shown in the above table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate of 35%. The amount shown on such table for incremental net tax (benefit) on earnings and losses on non-U.S. companies and U.S. subsidiaries includes, as applicable, (i) current income taxes (including withholding taxes, if applicable), if any, associated with any current-year earnings of our Chemicals Segments non-U.S. subsidiaries to the extent such current-year earnings were distributed to us in the current year, (ii) deferred income taxes (or deferred income tax benefits) associated with the current-year change in the aggregate amount of undistributed earnings of our Chemicals Segment’s Canadian subsidiary, which earnings are not subject to a permanent reinvestment plan, in an amount representing the current-year change in the aggregate current income tax that would be generated (including withholding taxes, if applicable) when such aggregate undistributed earnings are distributed to us, (iii) 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 Kronos’ 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, and (iv) certain and deferred income taxes associated with distributions and earnings from our investment in LandWell and BMI. The components of the net deferred tax liability at December 31, 2014 and 2015 are summarized below. See Note 20. December 31, 2014 2015 Assets Liabilities Assets Liabilities (In millions) Tax effect of temporary differences related to: Inventories $ 5.4 $ (5.2 ) $ 3.7 $ (3.7 ) Marketable securities — (126.4 ) — (98.2 ) Property and equipment — (109.2 ) — (96.6 ) Accrued OPEB costs 4.8 — 4.0 — Accrued pension costs 52.0 — 44.0 — Currency revaluation on intercompany debt 5.6 — 18.6 — Accrued environmental liabilities 38.8 — 39.9 — Other deductible differences 34.7 — 45.7 — Other taxable differences — (21.6 ) — (21.7 ) Investments in subsidiaries and affiliates — (278.7 ) — (238.8 ) Tax on unremitted earnings of non-U.S. subsidiaries — (2.6 ) — (2.0 ) Tax loss and tax credit carryforwards 163.6 — 154.3 — Valuation allowance (.1 ) — (168.9 ) — Adjusted gross deferred tax assets (liabilities) 304.8 (543.7 ) 141.3 (461.0 ) Netting of items by tax jurisdiction (143.9 ) 143.9 (140.0 ) (140.0 ) Net noncurrent deferred tax asset (liability) $ 160.9 $ (399.8 ) $ 1.3 $ (321.0 ) Our acquisition of an additional ownership interest in BMI in December 2013, discussed in Note 3, increased our ownership interest in BMI from 32% to 63%. As a result, effective December 31, 2013 we no longer account for our ownership interest in BMI by the equity method of accounting but instead BMI is a consolidated subsidiary. Prior to December 31, 2013, we recognized a deferred income tax liability for the excess of our book basis over our tax basis of our investment in BMI at capital gains rates, because we did not have the ability to control BMI and hence we could assume we would only realize such excess upon a disposition of our ownership interest in BMI. Upon gaining control of BMI in December 2013, we now have the ability to control the means in which such excess would be realized, and accordingly the deferred income tax liability we now recognize for such excess is based on the assumption that we would realize such excess from dividend distributions from BMI (which are taxed at a lower rate, after considering the effect of the dividends received deduction). Our income tax benefit in 2013 includes an aggregate $11.1 million benefit (classified in the table above as part of our incremental U.S. tax on earnings of non-U.S. and non-tax group companies) related to the remeasurement of such deferred income tax liability with respect to our investment in BMI from capital gains rates to dividend received deduction rates, including the deferred income taxes related to (i) the gain from the re-measurement of our existing investment in BMI to estimated fair value and (ii) the bargain purchase gain related to the additional ownership interest in BMI acquired in December 2013. Tax authorities are examining certain of our U.S. and non-U.S. tax returns and have or may propose tax deficiencies, including penalties and interest. Because of the inherent uncertainties involved in settlement initiatives and court and tax proceedings, we cannot guarantee that these tax matters will be resolved in our favor, and therefore our potential exposure, if any, is also uncertain. In 2011 and 2012 Kronos received notices of re-assessment from the Canadian federal and provincial tax authorities related to the years 2002 through 2004. We objected to the re-assessments and believed the position was without merit. Accordingly, we appealed the re-assessments and in connection with such appeal we were required to post letters of credit aggregating Cdn. $7.9 million (see Note 9). In 2014, the Appeals Division of the Canadian Revenue Authority ruled in our favor and reversed in their entirety such notices of re-assessment. As a result, we recognized a non-cash income tax benefit of $3.0 million related to the release of a portion of our reserve for uncertain tax positions in 2014 related to the completion of this Canadian income tax audit. In addition, the related letters of credit have been cancelled. Also during 2014, we recognized a non-cash income tax benefit of $3.1 million related to the release of a portion of our reserve for uncertain tax positions in conjunction with the completion of an audit of our U.S. income tax return for 2009. 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. The following table shows the changes in the amount of our uncertain tax positions (exclusive of the effect of interest and penalties) during 2013, 2014 and 2015: Years ended December 31, 2013 2014 2015 (In millions) Unrecognized tax benefits: Amount beginning of year $ 33.4 $ 47.9 $ 30.1 Net increase (decrease): Tax positions taken in prior periods .5 (19.6 ) (.4 ) Tax positions taken in current period 11.3 3.6 6.4 Lapse due to applicable statute of limitations 3.4 (.7 ) (6.0 ) Acquisition of BMI and LandWell .1 — — Changes in currency exchange rates (.8 ) (1.1 ) (1.3 ) Amount at end of year $ 47.9 $ 30.1 $ 28.8 If our uncertain tax positions were recognized, a benefit of $29.2 million, $24.2 million and $23.4 million at December 31, 2013, 2014 and 2015, respectively, would affect our effective income tax rate. We currently estimate that our unrecognized tax benefits will decrease by approximately $6.6 million during the next twelve months due to the reversal of certain timing differences and the expiration of certain statutes of limitations. We file income tax returns in various U.S. federal, state and local jurisdictions. We also file income tax returns in various foreign jurisdictions, principally in Germany, Canada, Belgium and Norway. Our U.S. income tax returns prior to 2012 are generally considered closed to examination by applicable tax authorities. Our foreign income tax returns are generally considered closed to examination for years prior to: 2006 for Norway; 2010 for Canada; 2011 for Germany; and 2012 for Belgium. We accrue interest and penalties on our uncertain tax positions as a component of our provision for income taxes. We accrued interest and penalties of $1.3 million during 2013 and $1.2 million during 2014 and $1.3 million during 2015, and at December 31, 2014 and 2015 we had $4.1 million and $4.2 million, respectively, accrued for interest and an immaterial amount accrued for penalties for our uncertain tax positions. Our Chemicals Segment has substantial net operating loss (“NOL”) carryforwards in Germany (the equivalent of $683 million and $96 million for German corporate and trade tax purposes, respectively, at December 31, 2015) and in Belgium (the equivalent of $86 million for Belgian corporate tax purposes at December 31, 2015), all of which have an indefinite carryforward period. As a result, we have net deferred income tax assets recognized with respect to these two jurisdictions, primarily related to these NOL carryforwards. The German corporate tax is similar to the U.S. federal income tax, and the German trade tax is similar to the U.S. state income tax. Prior to June 30, 2015, and using all available evidence, we had concluded no deferred income tax asset valuation allowance was required to be recognized with respect to these net deferred income tax assets under the more-likely-than-not recognition criteria, primarily because (i) the carryforwards have an indefinite carryforward period, (ii) we utilized a portion of such carryforwards during the most recent three-year period, and (iii) we expected to utilize the remainder of the carryforwards over the long term. We had also previously indicated that facts and circumstances could change, which might in the future result in the recognition of a valuation allowance against some or all of such deferred income tax assets. However, as of June 30, 2015, and given our operating results during the second quarter of 2015 and our expectations at that time for our operating results for the remainder of 2015, we did not have sufficient positive evidence to overcome the significant negative evidence of having cumulative losses in the most recent twelve consecutive quarters in both our German and Belgian jurisdictions at June 30, 2015 (even considering that the carryforward period of our German and Belgium NOL carryforwards is indefinite, one piece of positive evidence). Accordingly, at June 30, 2015, we concluded that we were required to recognize a non-cash deferred income tax asset valuation allowance under the more-likely-than-not recognition criteria with respect to our German and Belgian net deferred income tax assets. Such valuation allowance aggregated $150.3 million at June 30, 2015. We recognized an additional $8.7 million non-cash deferred income tax valuation allowance under the more-likely-than-not recognition criteria during the third and fourth quarters of 2015, due to losses recognized by Kronos’ German and Belgium operations during such period. In addition to the aggregate $159.0 million increase in the deferred income tax asset valuation allowance recognized as part of the provision for income taxes in 2015, the deferred income tax asset valuation allowance also increased by an aggregate of $9.8 million in 2015 due to amounts recognized in other comprehensive loss. We recognize deferred income taxes with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock because the exemption under GAAP to avoid such recognition of deferred income taxes is not available to us. There is a maximum amount (or cap) of such deferred income taxes we are required to recognize with respect to our direct investment in Kronos, and we previously reached such maximum amount in the fourth quarter of 2010. Since that time and through March 31, 2015, we were not required to recognize any additional deferred income taxes with respect to our direct investment in Kronos because the deferred income taxes associated with the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock continued to be above such cap. However, at June 30, 2015, the deferred income taxes associated with the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock was, for the first time since the fourth quarter of 2010, below such cap, in large part due to the net loss reported by Kronos in the second quarter of 2015. Accordingly, our provision for income taxes in 2015 includes an aggregate non-cash income tax benefit of $29.3 million, recognized in the second, third and fourth quarters of, 2015, for the reduction in the deferred income taxes required to be recognized with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock, to the extent such reduction related to our equity in Kronos’ net loss. Such amount is included in the above table of our income tax rate reconciliation for incremental net benefit on earnings and losses on non-U.S. and U.S. subsidiaries (in addition to the other items indicated above). A portion of such reduction also related to our equity in Kronos’ other comprehensive income (loss) items, and the amounts shown in the table above for income tax expense (benefit) allocated to other comprehensive income (loss) includes amounts related to our equity in Kronos’ other comprehensive income (loss) items. |
Noncontrolling Interest in Subs
Noncontrolling Interest in Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Subsidiaries | Note 13—Noncontrolling interest in subsidiaries: December 31, 2014 2015 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 211.0 $ 147.9 NL Industries 54.4 39.5 CompX International 14.4 15.3 BMI 31.7 31.6 LandWell 24.8 23.9 Total $ 336.3 $ 258.2 Years ended December 31, 2013 2014 2015 (In millions) Noncontrolling interest in net income (loss) of subsidiaries: Kronos Worldwide $ (20.3 ) $ 19.2 $ (34.3 ) NL Industries (9.4 ) 4.8 (4.0 ) CompX International .8 1.1 1.2 BMI — .3 .1 LandWell — .3 (.5 ) Total $ (28.9 ) $ 25.7 $ (37.5 ) |
Valhi Stockholder's Equity
Valhi Stockholder's Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Valhi Stockholders' Equity | Note 14—Valhi stockholders’ equity: Shares of common stock Issued Treasury Outstanding (In millions) Balance at December 31, 2013, 2014 and 2015 355.2 (13.2 ) 342.0 Valhi authorized shares . Prior to 2013, we amended our certificate of incorporation to increase the authorized number of shares of our common stock to 500 million. We issued a nominal number of shares of Valhi common stock during 2013, 2014 and 2015, associated with annual stock awards to members of our board of directors. Valhi share repurchases and cancellations. Prior to 2013, our board of directors authorized the repurchase of up to 10.0 million shares of our common stock in open market transactions, including block purchases, or in privately negotiated transactions, which may include transactions with our affiliates or subsidiaries. We may purchase the stock from time to time as market conditions permit. The stock repurchase program does not include specific price targets or timetables and may be suspended at any time. Depending on market conditions, we may terminate the program prior to completion. We will use cash on hand to acquire the shares. Repurchased shares could be retired and cancelled or may be added to our treasury stock and used for employee benefit plans, future acquisitions or other corporate purposes. We did not make any such purchases under the plan in 2013, 2014 or 2015. Treasury stock. The treasury stock we reported for financial reporting purposes at December 31, 2013, 2014 and 2015 represents our proportional interest in the shares of our common stock held by NL and Kronos. NL held approximately 14.4 million shares of our common stock at December 31, 2014 and 2015. At December 31, 2014 and 2015 Kronos held an aggregate of 1.7 million shares of our common stock. Under Delaware Corporation Law, 100% (and not the proportionate interest) of a parent company’s shares held by a majority-owned subsidiary of the parent is considered to be treasury stock for voting purposes. As a result, our common shares outstanding for financial reporting purposes differ from those outstanding for legal purposes. Preferred stock. Our outstanding preferred stock consists of 5,000 shares of our Series A Preferred Stock having a liquidation preference of $133,466.75 per share, or an aggregate liquidation preference of $667.3 million. The outstanding shares of Series A Preferred Stock are held by Contran and represent all of the shares of Series A Preferred Stock we are authorized to issue. The preferred stock has a par value of $.01 per share and pays a non-cumulative cash dividend at an annual rate of 6% of the aggregate liquidation preference only when authorized and declared by our board of directors. The shares of Series A Preferred Stock are non-convertible, and the shares do not carry any redemption or call features (either at our option or the option of the holder). A holder of the Series A shares does not have any voting rights, except in limited circumstances, and is not entitled to a preferential dividend right that is senior to our shares of common stock. Upon the liquidation, dissolution or winding up of our affairs, a holder of the Series A shares is entitled to be paid a liquidation preference of $133,466.75 per share, plus an amount (if any) equal to any declared but unpaid dividends, before any distribution of assets is made to holders of our common stock. Through December 31, 2015, we have not declared any dividends on the Series A Preferred Stock since its issuance prior to 2013. Valhi long-term incentive compensation plan. Prior to 2013, our board of directors adopted a plan that provides for the award of stock to our board of directors, and up to a maximum of 200,000 shares could be awarded. Under the plan, we awarded 5,000 shares in 2013, 12,000 shares in 2014 and 10,500 shares in 2015, and at December 31, 2015 166,500 shares are available for future award under this new plan. Stock plans of subsidiaries. Kronos, NL and CompX each maintain plans which provide for the award of their common stock to their board of directors. At December 31, 2015, Kronos and NL each had 177,000 shares of common stock available for future grant under its respective plan and CompX had 181,000 shares available for award. Earnings per share. Basic earnings per share of common stock is based upon the weighted average number of our common shares actually outstanding during each period. Diluted earnings per share of common stock includes the impact of our outstanding dilutive stock options as well as the dilutive effect, if any, of diluted earnings per share reported by Kronos, NL or CompX. The dilutive effect of dilutive earnings per share for Kronos, NL and CompX in 2013, 2014 and 2015 was not significant. Accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) attributable to Valhi stockholders comprises changes in equity as presented in the table below. Years ended December 31, 2013 2014 2015 (In millions) Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest): Marketable securities: Balance at beginning of year $ 2.1 $ 2.8 $ 1.6 Other comprehensive income (loss): Unrealized losses arising during the year — (1.0 ) — Less reclassification adjustments for amounts included in realized loss (gain) .7 (.2 ) — Balance at end of year $ 2.8 $ 1.6 $ 1.6 Interest rate swap: Balance at beginning of year $ — $ — $ — Other comprehensive loss: Unrealized losses during the year — — (1.7 ) Less reclassification adjustments for amounts included in interest expense — — .4 Balance at end of year $ — $ — $ (1.3 ) Currency translation:: Balance at beginning of year $ 53.3 $ 59.2 $ (22.6 ) Other comprehensive income (loss) arising during the year 5.9 (81.8 ) (55.5 ) Balance at end of year $ 59.2 $ (22.6 ) $ (78.1 ) Defined benefit pension plans: Balance at beginning of year $ (101.5 ) $ (76.5 ) $ (132.0 ) Other comprehensive income (loss): Amortization of prior service cost and net losses included in net periodic pension cost 8.4 6.3 6.7 Net actuarial gain (loss) arising during the year 12.6 (61.7 ) 2.3 Plan curtailment 4.0 (.1 ) — Balance at end of year $ (76.5 ) $ (132.0 ) $ (123.0 ) OPEB plans: Balance at beginning of year $ 4.1 $ 6.5 $ 4.4 Other comprehensive loss: Amortization of prior service credit and net losses included in net periodic OPEB cost (1.4 ) (1.3 ) (1.0 ) Net actuarial gain (loss) arising during the year 1.3 (.8 ) .4 Plan amendment 2.5 — — Balance at end of year $ 6.5 $ 4.4 $ 3.8 Total accumulated other comprehensive income (loss): Balance at beginning of year $ (42.0 ) $ (8.0 ) $ (148.6 ) Other comprehensive income (loss) 34.0 (140.6 ) (48.4 ) Balance at end of year $ (8.0 ) $ (148.6 ) $ (197.0 ) See Note 11 for amounts related to our defined benefit pension plans and OPEB plans. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Note 15—Other income, net: Years ended December 31, 2013 2014 2015 (In millions) Securities earnings: Dividends and interest $ 26.4 $ 26.6 $ 26.5 Securities transactions, net .2 .3 — Total 26.6 26.9 26.5 Equity in earnings of investees .5 — — Insurance recoveries 9.4 10.4 3.7 Currency transactions, net (3.8 ) 4.0 (.1 ) Disposal of property and equipment, net (.5 ) (.9 ) (.8 ) Gain on bargain purchase and remeasurement of our existing investment in acquiree 54.6 — — Other, net 1.2 1.6 2.7 Total $ 88.0 $ 42.0 $ 32.0 Dividends and interest income includes distributions from The Amalgamated Sugar Company LLC of $25.4 million in each of 2013, 2014 and 2015 (see Note 4). Insurance recoveries relate primarily to amounts NL received from certain of its former insurance carriers, and relate principally to the recovery of prior lead pigment and asbestos litigation defense costs incurred by us. We have agreements with four former insurance carriers pursuant to which the carriers reimburse us for a portion of our future lead pigment litigation defense costs, and one such carrier reimburses us for a portion of our future asbestos litigation defense costs. We are not able to determine how much we will ultimately recover from these carriers for defense costs incurred by us because of certain issues that arise regarding which defense costs qualify for reimbursement. While we continue to seek additional insurance recoveries for lead pigment and asbestos litigation matters, we do not know the extent to which we will be successful in obtaining additional reimbursement for either defense costs or indemnity. Substantially all of $10.4 million in the insurance recoveries we recognized in 2014 relate to a settlement NL reached with one of its insurance carriers in September 2014 in which it agreed to reimburse NL for a portion of its past litigation defense costs. Any additional insurance recoveries would be recognized when the receipt is probable and the amount is determinable. See Note 17. Equity in earnings of investees relates to our investment in BMI and LandWell. The gain on bargain purchase and remeasurement of our existing investment in acquiree relates to our acquisition of a controlling interest in BMI and LandWell. See Note 3. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16—Related party transactions: We may be deemed to be controlled by Ms. Simmons and Ms. Connelly. See Note 1. Corporations that may be deemed to be controlled by or affiliated with such individuals sometimes engage in (a) intercorporate transactions such as guarantees, management and expense sharing arrangements, shared fee arrangements, joint ventures, partnerships, loans, options, advances of funds on open account, and sales, leases and exchanges of assets, including securities issued by both related and unrelated parties and (b) common investment and acquisition strategies, business combinations, reorganizations, recapitalizations, securities repurchases, and purchases and sales (and other acquisitions and dispositions) of subsidiaries, divisions or other business units, which transactions have involved both related and unrelated parties and have included transactions which resulted in the acquisition by one related party of a publicly-held noncontrolling interest in another related party. While no transactions of the type described above are planned or proposed with respect to us other than as set forth in these financial statements, we continuously consider, review and evaluate, and understand that Contran and related entities consider, review and evaluate such transactions. Depending upon the business, tax and other objectives then relevant, it is possible that we might be a party to one or more such transactions in the future. From time to time, we may have loans and advances outstanding between us and various related parties, including Contran, pursuant to term and demand notes. We generally enter into these loans and advances for cash management purposes. When we loan funds to related parties, we are generally able to earn a higher rate of return on the loan than we would earn if we invested the funds in other instruments. While certain of these loans may be of a lesser credit quality than cash equivalent instruments otherwise available to us, we believe we have evaluated the credit risks involved and appropriately reflect those credit risks in the terms of the applicable loans. When we borrow from related parties, we are generally able to pay a lower rate of interest than we would pay if we borrowed from unrelated parties. See Note 9 for more information on the Valhi and Kronos credit facilities with Contran. We paid Contran $19.0 million, $11.0 million and $10.3 million in interest on borrowings under credit facilities in 2013, 2014 and 2015, respectively. A subsidiary of Contran has guaranteed (i) WCS’s obligation under its financing capital lease with the County of Andrews, Texas discussed in Note 9, (ii) Tremont’s obligation under its $17.1 million promissory note payable discussed in Notes 3 and 9 and (iii) Tremont’s $8.8 million ($11.1 million face value) deferred payment obligation discussed in Notes 3 and 10. The guaranty obligation would only arise upon our failure to make any required repayments. We currently do not expect such Contran subsidiary will be required to perform under such guarantees for the foreseeable future. Under the terms of various intercorporate services agreements (“ISAs”) we enter into with Contran, employees of Contran provide us certain management, tax planning, financial and administrative services on a fee basis. Such charges are based upon estimates of the time devoted by the Contran employees to our affairs, and the compensation and other expenses associated with those persons. Because of the large number of companies affiliated with Contran, we believe we benefit from cost savings and economies of scale gained by not having certain management, financial and administrative staffs duplicated at all of our subsidiaries, thus allowing certain Contran employees to provide services to multiple companies but only be compensated by Contran. The net ISA fees charged to us by Contran and approved by the independent members of the applicable board of directors aggregated $36.1 million in 2013, $33.4 million in 2014 and $35.8 million in 2015. These agreements are renewed annually, and we expect to pay a net amount of $36.5 We had an aggregate 12.0 million shares at December 31, 2014 and 31.2 million shares at December 31, 2015 of our Kronos common stock pledged as collateral for certain debt obligations of Contran. We receive a fee from Contran for pledging these Kronos shares, determined by a formula based on the market value of the shares pledged. We received $.8 million in 2013, $.9 million in 2014 and $.8 million in 2015 from Contran for this pledge. Our subsidiaries Tall Pines Insurance Company and EWI RE, Inc. provide for or broker certain insurance or reinsurance policies for Contran and certain of its subsidiaries and affiliates, including us. Tall Pines purchases reinsurance for substantially all of the risks it underwrites from third party insurance carriers with an A.M. Best Company rating of generally at least A- (Excellent). Consistent with insurance industry practices, Tall Pines and EWI receive commissions from insurance and reinsurance underwriters and/or assess fees for the policies that they provide or broker to us. We received cash payments for insurance premiums from Contran and certain other affiliates not members of our consolidated financial reporting group of $5.7 million in each of 2013 and 2014 and $5.4 million in 2015. These amounts also include payments to insurers or reinsurers through EWI for the reimbursement of claims within our applicable deductible or retention ranges that such insurers or reinsurers paid to third parties on our behalf, as well as amounts for claims and risk management services and various other third-party fees and expenses incurred by the program. We expect these relationships with Tall Pines and EWI will continue in 2016. With respect to certain of such jointly-owned policies, it is possible that unusually large losses incurred by one or more insureds during a given policy period could leave the other participating companies without adequate coverage under that policy for the balance of the policy period. As a result, Contran and certain of its subsidiaries and affiliates, including us, have entered into a loss sharing agreement under which any uninsured loss is shared by those entities who have submitted claims under the relevant policy. We believe the benefits, in the form of reduced premiums and broader coverage associated with the group coverage for such policies, justifies the risk associated with the potential for any uninsured loss. Contran and certain of its subsidiaries, including us, participate in a combined information technology data recovery program that Contran provides from a data recovery center that it established. Pursuant to the program, Contran and certain of its subsidiaries, including us, as a group share information technology data recovery services. The program apportions its costs among the participating companies. We paid Contran $186,000 in 2013, $243,000 in 2014 and $298,000 in 2015 for such services. We expect that this relationship with Contran will continue in 2016. WCS is required to provide certain financial assurances to the Texas government agencies with respect to certain decommissioning obligations related to our facility in West Texas. See Note 17. Such financial assurances may be provided by various means. We and certain of our affiliates have provided or assisted WCS with providing such financial assurance, as specified below. Upon completing the pending sale of WCS to Rockwell discussed in Note 3,we and our affiliates would no longer be required to provide or assist with such financial assurance. During 2013, 2014 and 2015, a subsidiary of Contran guaranteed certain of WCS’ specified decommissioning obligations as it relates to its LLRW treatment and storage facility and RCRA permits, currently estimated at $3.9 million. Such Contran subsidiary was eligible to provide this guarantee because it met certain specified financial tests. The obligations would arise only upon a closure of our West Texas facility and our failure to perform the required decommissioning activities. We do not currently expect that such subsidiary will be required to perform under such guarantee for the foreseeable future. During 2013, 2014 and 2015, Contran issued a letter of credit (“LOC”) under its bank credit facility to the state of Texas related to specified decommissioning obligations associated with our byproduct facility. At December 31, 2015, the amount of such LOC was $6.1 million. The LOC would only be drawn down upon the closure of our byproduct facility and our failure to perform the required decommissioning activities. We do not currently expect that the LOC will have to be drawn down for the foreseeable future. We reimbursed Contran for costs related to the LOC of $.1 million in each of 2013, 2014 and 2015. Prior to 2013, we, certain of our subsidiaries, Contran and certain subsidiaries of Contran guaranteed WCS’ obligations under the surety bond (currently valued at $87.9 million) discussed in Note 17. The obligations would arise upon our failure to make the required quarterly payments into the surety bond trust discussed in Note 17. We do not currently expect that we, certain of our subsidiaries, Contran and such certain Contran subsidiaries will be required to perform under such guarantee for the foreseeable future. Receivables from and payables to affiliates are summarized in the table below. December 31, 2014 2015 (In millions) Current receivables from affiliates: Louisiana Pigment Company, L.P $ 13.0 $ — Contran: Trade items .2 .2 Income taxes 9.2 7.6 Other 1.5 2.5 Total $ 23.9 $ 10.3 Current payables to affiliates: Louisiana Pigment Company, L.P. $ 19.9 $ 19.4 Contran - trade items 26.1 26.1 Total $ 46.0 $ 45.5 Payables to affiliate included in long-term debt: Valhi—Contran credit facility $ 223.7 $ 263.8 Amounts payable to LPC are generally for the purchase of TiO 2 2 2 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17—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 that these actions are without merit, and NL intends to continue to deny all allegations of wrongdoing and liability and to defend against all actions vigorously. NL does not believe it is probable that it has incurred any liability with respect to all of the lead pigment litigation cases to which NL is a party, and liability to us 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, no final, non-appealable adverse verdicts 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 twenty-year period for which NL was previously a party and for which NL has been dismissed without any finding of liability. Accordingly, neither we nor NL have accrued any amounts 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 us which may result, if any, cannot be reasonably estimated 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 one of these lead pigment cases, in April 2000 NL was served with a complaint in County of Santa Clara v. Atlantic Richfield Company, et al. ( The Santa Clara case is unusual in that this is the second time that an adverse verdict in the lead pigment litigation has been entered against NL (the first adverse verdict against NL was ultimately overturned on appeal). We have concluded that the likelihood of a loss in this case has not reached a standard of “probable” as contemplated by ASC 450, given (i) the substantive, substantial and meritorious grounds on which the adverse verdict in the Santa Clara case will be appealed, (ii) the uniqueness of the Santa Clara verdict (i.e. no final, non-appealable verdicts have ever been rendered against NL, or any of the other former lead pigment manufacturers, based on the public nuisance theory of liability or otherwise), and (iii) the rejection of the public nuisance theory of liability as it relates to lead pigment matters in many other jurisdictions (no jurisdiction in which a plaintiff has asserted a public nuisance theory of liability has ever successfully been upheld). In addition, liability that may result, if any, cannot be reasonably estimated, as NL continues to have no basis on which an estimate of liability could be made, as discussed above. However, as with any legal proceeding, there is no assurance that any appeal would be successful, and it is reasonably possible, based on the outcome of the appeals process, that NL may in the future incur some liability resulting in the recognition of a loss contingency accrual that could have a material adverse impact on our results of operations, financial position and liquidity. New cases may continue to be filed against NL. We cannot assure you that we will not incur liability in the future in respect of 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 us 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 us 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. We 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, we 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 that all of our facilities are in substantial compliance with applicable environmental laws. Certain properties and facilities used in 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, 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. We cannot assure you that actual costs will not exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and we cannot assure you that costs will not 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. At December 31, 2014 and 2015, receivables for recoveries were not significant. 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 our 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 past three years. The amount charged to expense is included in corporate expense on our Consolidated Statements of Operations. Years ended December 31, 2013 2014 2015 (In millions) Balance at the beginning of the year $ 50.2 $ 122.7 $ 118.5 Additions charged to expense, net 69.0 6.6 5.7 Acquired 7.0 — — Payments, net (3.4 ) (13.0 ) (3.5 ) Changes in currency exchange rates and other (.1 ) 2.2 (.3 ) Balance at the end of the year $ 122.7 $ 118.5 $ 120.4 Amounts recognized in our Consolidated Balance Sheet at the end of the year: Current liabilities $ 9.1 $ 10.2 $ 11.7 Noncurrent liabilities 113.6 108.3 108.7 Total $ 122.7 $ 118.5 $ 120.4 NL— On a quarterly basis, NL evaluates the potential range of its liability for environmental remediation and related costs at sites where it has been named as a PRP or defendant. At December 31, 2015, NL had accrued approximately $113 million related to approximately 42 sites associated with remediation and related matters that it believes are at the present time and/or in their current phase reasonably estimable. The upper end of the range of reasonably possible costs to NL for remediation and related matters for which we believe it is possible to estimate costs is approximately $166 million, including the amount currently accrued. NL believes that it is not reasonably possible to estimate the range of costs for certain sites. At December 31, 2015, there were approximately 5 sites for which NL is not currently able to 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 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 our control, such as when the party alleging liability provides information to us. 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, are 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, are 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. WCS – Effective December 2015, WCS entered an Agreed Order with the TCEQ with regard to the disposition of certain U.S. Department of Energy (“DOE”) waste currently stored at the WCS facility. WCS entered into the Agreed Order as the licensee of the storage facility, and DOE entered into a similar order with the TCEQ as the owner of the waste. WCS asserts that the alleged violations set forth in the orders are due to the acts and omissions of DOE and its contractor. WCS expects to work with TCEQ and DOE to develop a compliance plan regarding the stored waste. While the cost of the compliance plan is not currently estimable, the amount of such compliance costs could be material. On October 21, 2015 the U.S. Nuclear Regulatory Commission (“NRC”) Office of Investigations commenced an investigation of WCS’s handling of the DOE waste described above. WCS is cooperating fully, and no formal demands or claims have been asserted by the NRC. WCS believes the DOE or its contractor is required to reimburse WCS for its cost to comply with the Agreed Order and the NRC investigation under the terms of the storage contract and pursuant to law, and as such we believe the cost of compliance with the Agreed Order and the NRC investigation should not have a material effect on our consolidated financial condition, results of operations or liquidity. Other— We have also accrued approximately $7.4 million at December 31, 2015 for other environmental cleanup matters. This accrual is near the upper end of the range of our estimate of reasonably possible costs for such matters. Insurance coverage claims We are involved in certain legal proceedings with a number of our former insurance carriers regarding the nature and extent of the carriers’ obligations to us 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 our lead pigment and asbestos litigation depends upon a variety of factors and we cannot assure you that such insurance coverage will be available. We have agreements with three former insurance carriers pursuant to which the carriers reimburse us for a portion of our future lead pigment litigation defense costs, and one such carrier reimburses us for a portion of our future asbestos litigation defense costs. We are not able to determine how much we will ultimately recover from these carriers for defense costs incurred by us because of certain issues that arise regarding which defense costs qualify for reimbursement. While we continue 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. In January 2014, NL was served with a complaint in Certain Underwriters at Lloyds, London, et al v. NL Industries, Inc. In February 2014, NL was served with a complaint in Zurich American Insurance Company, as successor-in-interest to Zurich Insurance Company, U.S. Branch vs. NL Industries, Inc., and The People of the State of California, acting by and through county Counsels of Santa Clara, Alameda, Los Angeles, Monterey, San Mateo, Solano and Ventura Counties and the city Attorneys of Oakland, San Diego, and San Francisco, et al Other litigation NL—– NL has been named as a defendant in various lawsuits in several jurisdictions, alleging personal injuries as a result of occupational exposure primarily to products manufactured by our former operations containing asbestos, silica and/or mixed dust. In addition, some plaintiffs allege exposure to asbestos from working in various facilities previously owned and/or operated by NL. There are 102 of these types of cases pending, involving a total of approximately 588 plaintiffs. In addition, the claims of approximately 8,692 plaintiffs have been administratively dismissed or placed on the inactive docket in Ohio courts. We do not expect these claims will be re-opened unless the plaintiffs meet the courts’ medical criteria for asbestos-related claims. We have not accrued any amounts for this litigation because of the uncertainty of liability and inability to reasonably estimate the liability, if any. To date, we have not been adjudicated liable in any of these matters. Based on information available to us, including: facts concerning historical operations, the rate of new claims, the number of claims from which we have been dismissed, and our prior experience in the defense of these matters, We believe that the range of reasonably possible outcomes of these matters will be consistent with our historical costs (which are not material). Furthermore, we do not expect any reasonably possible outcome would involve amounts material to our consolidated financial position, results of operations or liquidity. We have sought and will continue to vigorously seek, dismissal and/or a finding of no liability from each claim. In addition, from time to time, we have received notices regarding asbestos or silica claims purporting to be brought against former subsidiaries, including notices provided to insurers with which we have entered into settlements extinguishing certain insurance policies. These insurers may seek indemnification from us. Kronos— In 2013 Kronos entered into a settlement agreement with the class plaintiffs in the consolidated complaint, Haley Paint et al. v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the District of Maryland, Case No. 1:10-cv-00318-RDB). Without admitting any fault or wrongdoing, Kronos agreed to pay an aggregate of $35 million (which was paid in 2014), and Kronos and the other defendants have been dismissed with prejudice from this matter. Selling, general and administrative expenses in 2013 includes a $35 million charge related to this settlement. In March 2013, Kronos was served with the complaint, Los Gatos Mercantile, Inc. d/b/a Los Gatos Ace Hardware, et al v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the Northern District of California, Case No. 3:13-cv-01180-SI). The defendants include us, E.I. Du Pont de Nemours & Company, Huntsman International LLC and Millennium Inorganic Chemicals, Inc. As amended by plaintiffs’ second amended complaint, plaintiffs seek to represent a class consisting of indirect purchasers of titanium dioxide in the states of Arizona, Arkansas, California, the District of Columbia, Florida, Kansas, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, New York, North Carolina, Oregon, South Carolina, Tennessee and Wisconsin that indirectly purchased titanium dioxide from one or more of the defendants on or after March 1, 2002. The complaint alleges that the defendants conspired and combined to fix, raise, maintain, and stabilize the price at which titanium dioxide was sold in the United States and engaged in other anticompetitive conduct. The case is now proceeding in the trial court. We believe the action is without merit, will deny all allegations of wrongdoing and liability and intend to defend against the action vigorously. Based on our quarterly status evaluation of this case, we h ave determined that it is not reasonably possible that a loss has been incurred in this case. In November 2013, Kronos was served with the complaint, The Valspar Corporation, et al v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the District of Minnesota, Case No. 1:13-cv-03214-RHK-L1B). The defendants include us, E.I. Du Pont de Nemours & Company, Huntsman International LLC, Millennium Inorganic Chemicals, Inc. and the National Titanium Dioxide Company Limited (d/b/a Cristal). The plaintiff opted out of the settlement in the original lawsuit, Haley Paint et al. v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the District of Maryland, Case No. 1:10-cv-00318-RDB) and filed its own lawsuit against the defendants. The complaint alleged that the defendants conspired and combined to fix, raise, maintain, and stabilize the price at which titanium dioxide was sold in the United States and engaged in other anticompetitive conduct. In October 2014, the court granted our motion to transfer, and the case is now proceeding in the trial court in the United States District Court for the Southern District of Texas, Case No. 4:14-cv-01130. The trial in this case is currently set to commence in September 2016. We believe the action is without merit, will deny all allegations of wrongdoing and liability and intend to defend against the action vigorously. Based on our quarterly status evaluation of the case, we have determined that while it is reasonably possible (but not probable) that a loss has been incurred in this case, we do not believe the amount of such loss will be material to our consolidated financial condition, results of operations or liquidity. WCS — Previously, the Lone Star Chapter of the Sierra Club filed various lawsuits in Texas District Court against the Texas Commission on Environmental Quality (“TCEQ”). WCS intervened in these lawsuits. These lawsuits challenged WCS’ by-product and low-level radioactive waste disposal licenses. Subsequently, the District Court upheld the TCEQ’s determination that the Sierra Club lacked standing to pursue a challenge to the by-product disposal license. The Sierra Club appealed. WCS’ by-product disposal license remained in effect pending resolution of the appeal. On April 4, 2014, the Third District of the Texas Court of Appeals in Austin upheld the District Court’s ruling in favor of the TCEQ and WCS. On December 30, 2014 the Third District of the Texas Court of Appeals issued a new opinion again upholding the District Court’s ruling in favor of the TCEQ and WCS. On February 13, 2015, the Third District of the Texas Court of Appeals denied the Sierra Club’s motion for rehearing en banc. Sierra Club petitioned for discretionary relief from the Texas Supreme Court on March 30, 2015. In October 2015 the Texas Supreme Court denied Sierra Club’s petition. All appeals have been exhausted and the matter is concluded. In May 2012, the same District Court subsequently held that TCEQ erred in denying the Sierra Club’s request for an administrative contested case hearing regarding the low-level radioactive waste disposal license, and ordered the TCEQ to undertake a contested case hearing in which the Sierra Club could participate. Shortly thereafter, both the TCEQ and WCS appealed the District Court’s order with respect to the low-level radioactive waste disposal license. Because of the appeal, the District Court’s order was suspended. WCS’ low-level radioactive waste disposal license remained in effect pending resolution of the appeal. On April 18, 2014, the Third District of the Texas Court of Appeals in Austin reversed the District Court’s ruling and rendered judgment in favor of TCEQ and WCS. On December 30, 2014, the Third District of the Texas Court of Appeals issued a new opinion, again reversing the District Court’s ruling and rendering judgment in favor of the TCEQ and WCS. On February 17, 2015, the Third District of the Texas Court of Appeals denied the Sierra Club’s motion for rehearing en banc. Sierra Club petitioned for discretionary relief from the Texas Supreme Court on April 3, 2015. In October 2015, the Texas Supreme Court denied Sierra Club’s petition. All appeals have been exhausted and the matter is concluded. On February 10, 2015, WCS competitor EnergySolutions LLC (“EnergySolutions”) threatened to bring a civil action against WCS related to WCS’s decision to not enter into a contract with EnergySolutions to dispose of low level radioactive waste (“LLRW”) and other matters. On February 18, 2015, WCS filed suit against EnergySolutions in the 109 th Other— In addition to the litigation described above, we and our affiliates are 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 any additional material insurance coverage for our environmental claims. We currently believe that the disposition of all of these various other claims and disputes, individually or 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. Other matters Concentrations of credit risk— Sales of TiO 2 accounted for approximately 90% of our Chemicals Segment’s sales in each of 2013, 2014 and 2015. The remaining sales result from the mining and sale of ilmenite ore (a raw material used in the sulfate pigment production process), and the manufacture and sale of iron-based water treatment chemicals and certain titanium chemical products (derived from co-products of the TiO 2 production processes). TiO 2 is generally sold to the paint, plastics and paper industries. Such markets are generally considered “quality-of-life” markets whose demand for TiO 2 is influenced by the relative economic well-being of the various geographic regions. Our Chemicals Segment sells TiO 2 to over 4,000 customers, with the top ten customers approximating 34% of our Chemicals Segment’s net sales in 2013 and 2015 and 35% in 2014. In each of 2013, 2014 and 2015, one customer, Behr Process Corporation, accounted for approximately 10% of our Chemicals Segment’s net sales. The table below shows the approximate percentage of our TiO 2 sales by volume for our significant markets, Europe and North America, for the last three years. 2013 2014 2015 Europe 49 % 50 % 52 % North America 33 % 33 % 29 % Our Component Products Segment’s products are sold primarily in North America to original equipment manufacturers. The ten largest customers related to our Component Product’s Segment accounted for approximately 42% of sales in 2013, 47% in 2014, and 48% in 2015. United States Postal Service, a customer of the security products reporting unit, accounted for approximately 13% of the Component Products Segment’s total sales in both 2014 and 2015. Harley Davidson, also a customer of the security products reporting unit, accounted for approximately 12% in each of 2013, 2014 and 2015. . Our Waste Management Segment’s revenues consist of storage and disposal fees at our facility located in Andrews County, Texas. During 2013 we had sales to three customers that each exceeded 10% of our Waste Management Segment’s net sales: Tennessee Valley Authority (30%), Studsvik, Inc. (15%) and the DOE (10%). During 2014 we had sales to two customers that each exceed 10% of our Waste Management Segment’s total sales: Zion Solutions (18%), and Sacramento Municipal Utility District (23%). During 2015 we had sales to five customers that each exceed 10% of our Waste Management Segment’s total sales: Exelon Generation (19%), U.S. Department of Energy (16%), Nuclear Waste Partnership (12%), Arizona Public Service (12%), and Zion Solutions (11%). Our Real Estate Management and Development Segment’s revenues are land sales income and water and electric delivery fees. During 2014 we had sales to four customers that each exceeded 10% of our Real Estate Management and Development Segment’s net sales: Greystone Nevada (23%), Woodside Homes of Nevada (25%), and Richmond Homes of Nevada (20%) all relate to land sales; the City of Henderson (12%) relates to our water delivery services. During 2015 we had sales to four customers that each exceeded 10% of our Real Estate Management and Development Segment’s net sales: Richmond Homes of Nevada (27%), LV East Gibson, LLC (17%), and Prologis, L.P. (11%) are all relate to land sales; the City of Henderson (15%) relates to our water delivery services. Long-term contracts— Our Chemicals Segment has long-term supply contracts that provide for certain of our TiO 2 feedstock requirements through 2019. The agreements require Kronos to purchase certain minimum quantities of feedstock with minimum purchase commitments aggregating approximately $865 million over the life of the contracts in years subsequent to December 31, 2015. In addition, our Chemicals Segment has other long-term supply and service contracts that provide for various raw materials and services. These agreements require Kronos to purchase certain minimum quantities or services with minimum purchase commitments aggregating approximately $147 million at December 31, 2015. Operating leases — Our Chemicals Segment’s principal German operating subsidiary leases the land under its Leverkusen TiO 2 production facility pursuant to a lease with Bayer AG that expires in 2050. The Leverkusen facility itself, which our Chemicals Segment owns and which represents approximately one-third of its current TiO 2 production capacity, is located within Bayer’s extensive manufacturing complex. Kronos periodically establishes the amount of rent for the land lease associated with the Leverk |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 18—Financial instruments: The following table summarizes the valuation of our short-term investments and financial instruments by the ASC Topic 820 categories as of December 31, 2014 and 2015: Fair Value Measurements Total Quoted Significant Significant (In millions) Asset (liability) December 31, 2014: Marketable securities: Current $ 2.7 $ 1.7 $ 1.0 $ — Noncurrent 255.6 2.5 3.1 250.0 Currency forward contracts (4.2 ) (4.2 ) — — December 31, 2015: Marketable securities: Current $ 2.0 $ — $ 2.0 $ — Noncurrent 254.9 3.5 1.4 250.0 Currency forward contracts (1.2 ) (1.2 ) — — Interest rate swap (3.5 ) — (3.5 ) — See Note 4 for information on how we determine the fair value of our marketable securities. Certain of our sales generated by Chemicals Segment’s non-U.S. operations are denominated in U.S. dollars. Our Chemicals Segment periodically uses currency forward contracts to manage a very nominal portion of currency exchange rate risk associated with trade receivables denominated in a currency other than the holder’s functional currency or similar exchange rate risk associated with future sales. Derivatives that we use are primarily currency forward contracts and interest rate swaps. We have not entered into these contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future. Derivatives used to hedge forecasted transactions and specific cash flows associated with financial assets and liabilities denominated in currencies other than the U.S. dollar and which meet the criteria for hedge accounting are designated as cash flow hedges. Consequently, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive income (loss) and is recognized in earnings at the time the hedged item affects earnings. Contracts that do not meet the criteria for hedge accounting are marked-to-market at each balance sheet date with any resulting gain or loss recognized in income currently as part of net currency transactions. The fair value of the currency forward contracts is determined using Level 1 inputs based on the currency spot forward rates quoted by banks or currency dealers. At December 31, 2015, Kronos had currency forward contracts to exchange an aggregate of $17.9 million for an equivalent value of Canadian dollars at an exchange rate of Cdn. $1.29 per U.S. dollar. These contracts with Wells Fargo Bank, N.A. mature from January through July 2016 at a rate of $2.6 million per month. The estimated fair value of such currency forward contracts at December 31, 2015 was a $1.2 million net liability, which is recognized as part of accounts payable and accrued liabilities in our Consolidated Balance Sheet with a corresponding $1.2 million currency transaction loss in our Consolidated Statement of Operations, (in 2014 we had a $4.2 million net liability of which $4.2 million is recognized as part of accounts payable and accrued liabilities in our Consolidated Balance Sheet with a corresponding $4.2 million currency transaction loss in our Consolidated Statement of Operations). We did not use hedge accounting for any of our contracts to the extent we held such contracts during 2013, 2014 and 2015. Interest rate swap contract - As part of our interest rate risk management strategy, in August 2015 Kronos entered into a pay-fixed/receive-variable interest rate swap contract with Wells Fargo Bank, N.A. to minimize its exposure to volatility in LIBOR as it relates to Kronos' forecasted outstanding variable-rate indebtedness. Under this interest rate swap, Kronos will pay a fixed rate of 2.016% per annum, payable quarterly, and receive a variable rate of three-month LIBOR (subject to a 1.00% floor), also payable quarterly, in each case based on the notional amount of the swap then outstanding. The effective date of the swap contract was September 30, 2015. The notional amount of the swap started at $344.75 million and declines by $875,000 each quarter beginning December 31, 2015, with a final maturity of the swap contract in February 2020. This swap contract has been designated as a cash flow hedge and qualified as an effective hedge at inception under ASC Topic 815. The effective portion of changes in fair value on this interest rate swap is recorded as a component of other comprehensive income (loss), net of deferred income taxes and noncontrolling interest. Commencing in the fourth quarter of 2015, as interest expense accrues on LIBOR-based variable rate debt, we classify the amount we pay under the pay-fixed leg of the swap and the amount we receive under the receive-variable leg of the swap as part of interest expense, with the net effect that the amount of interest expense we recognize on our LIBOR-based variable rate debt each quarter, as it relates to the notional amount of the swap outstanding each quarter, will be based on a fixed rate of 2.016% per annum in lieu of the level of LIBOR prevailing during the quarter. The amount of hedge ineffectiveness, if any, related to the swap will be recorded in earnings (also as part of interest expense). As of December 31, 2015, there were no gains or losses recognized in earnings in the current period representing hedge ineffectiveness with respect to the interest rate swap. During the year ended December 31, 2015, the pretax amount recognized in other comprehensive income (loss) related to the interest rate swap contract was a $4.4 million loss. During the same period, $.9 million was reclassified from accumulated other comprehensive income (loss) into earnings. During the next twelve months the amount of the December 31, 2015 accumulated other comprehensive income balance that is expected to be reclassified to earnings is $3.5 million pre-tax. The fair value of the interest rate swap contract at December 31, 2015 was a liability of $3.5 million and is reflected in the Consolidated Balance Sheet as part of accounts payable and accrued liabilities of $3.3 million and other noncurrent liabilities of $.2 million. See Note 10. The fair value of the interest rate swap was estimated by a third party using inputs that are observable or that can be corroborated by observable market data such as interest rate yield curves, and therefore, is classified within Level 2 of the valuation hierarchy. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2014 and 2015: December 31, 2014 December 31, 2015 Carrying Fair Carrying Fair (In millions) Cash, cash equivalents and restricted cash equivalents $ 280.3 $ 280.3 $ 229.1 $ 229.1 Deferred payment obligation 8.5 8.5 8.8 8.8 Long-term debt (excluding capitalized leases): Kronos term loan $ 340.9 $ 341.5 $ 338.0 $ 309.5 Snake River Sugar Company fixed rate loans 250.0 250.0 250.0 250.0 WCS fixed rate debt 67.1 67.1 65.6 65.6 Valhi credit facility with Contran 223.7 223.7 263.8 263.8 Tremont promissory note payable 17.4 17.4 17.1 17.1 BMI bank note payable 10.2 10.3 9.3 9.4 LandWell note payable to the City of Henderson 3.1 3.1 3.1 3.1 At December 31, 2015, the estimated market price of Kronos’ term loan was $900 per $1,000 principal amount. At December 31, 2014, the estimated market price of Kronos’ term loan was $983.1 per $1,000 principal amount. The fair value of Kronos’ term loan 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 our fixed-rate nonrecourse loans from Snake River Sugar Company is based upon the $250 million redemption price of our investment in the Amalgamated Sugar Company LLC, which collateralizes the nonrecourse loans, (this is a Level 3 input). Fair values of variable interest rate notes receivable and debt and other fixed-rate debt are deemed to approximate book value. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 4 and 9. |
Restructuring Costs
Restructuring Costs | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | Note 19 - Restructuring Costs In the second quarter of 2015, our Chemicals Segment initiated a restructuring plan designed to improve its long-term cost structure. A portion of such expected cost savings is planned to occur through workforce reductions. During the second, third and fourth quarters of 2015 Kronos implemented certain voluntary and involuntary workforce reductions at certain of its facilities impacting approximately 160 individuals. A substantial portion of such workforce reductions were accomplished through voluntary programs, for which eligible workforce reduction costs are recognized at the time both the employee and employer are irrevocably committed to the terms of the separation. For involuntary programs, eligible costs are recognized when management approves the separation program, the affected employees are properly notified and the costs are estimable. To the extent there is a statutorily-mandated notice period and the affected employee is not required to provide services to us during such notice period, severance and all wages during such notice period are accrued at the time of separation. To the extent the affected employee is required to provide services to us during all or a portion of such notice period, the severance (and if applicable notice period wages for any period beyond the time the affected employee is required to provide future services to us) is accrued ratably over the period in which services will be provided. As of December 31 December 31 A summary of the activity in our accrued workforce reduction costs during 2015 is shown in the table below: Amount (in millions) Accrued workforce reduction costs as of January 1, 2015 $ — Workforce reduction costs accrued 21.7 Workforce reduction costs paid (15.9 ) Currency translation adjustments, net (.2 ) Accrued workforce reduction costs at December 31, 2015 $ 5.6 Amounts recognized in our Consolidated Balance Sheet at the end of the period: Current liability $ 5.3 Noncurrent liability .3 $ 5.6 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 20—Recent accounting pronouncements: Adopted In April 2015, the FASB issued ASU 2015-03 , Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Pending Adoption In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Quarterly Results Of Operations Schedule Of Quarterly Results Of Operations [Abstract] | |
Quarterly Results of Operations (Unaudited) | Note 21—Quarterly results of operations (unaudited): Quarter ended March 31 June 30 Sept. 30 Dec. 31 (In millions, except per share data) Year ended December 31, 2014 Net sales $ 462.4 $ 491.7 $ 476.5 $ 432.0 Gross margin 85.8 104.2 115.8 97.0 Operating income 22.8 46.7 60.2 40.5 Net income $ 4.6 $ 23.7 $ 37.5 $ 13.7 Amounts attributable to Valhi stockholders: Net income (1) $ .8 $ 15.5 $ 28.7 $ 8.8 Basic and diluted income per share $ — $ .05 $ .08 $ .03 Year ended December 31, 2015 Net sales $ 416.1 $ 408.8 $ 383.2 $ 324.8 Gross margin 89.3 56.3 49.8 27.5 Operating income (loss) 34.6 (10.1 ) (5.0 ) (24.9 ) Net income (loss) $ 17.3 $ (139.4 ) $ (13.3 ) $ (35.7 ) Amounts attributable to Valhi stockholders: Net income (loss) (2) $ 11.9 $ (103.9 ) $ (11.7 ) $ (29.9 ) Basic and diluted income (loss) per share $ .04 $ (.30 ) $ (.03 ) $ (.10 ) (1) We recognized the following amounts during 2014: a $3.2 million net of noncontrolling interest non-cash income tax benefit in the second quarter of 2014 related to the release of a portion of our reserve for uncertain tax positions related to the completion of a Canadian income tax audit and to the release of a portion of our reserve for uncertain tax positions in conjunction with the completion of an audit of our U.S. income tax return for 2009; see Note 12; a $1.2 million net of noncontrolling interest cash tax benefit associated with certain U.S. income tax credits, which we elected to claim on our 2013 amended U.S. federal tax return in the third quarter of 2014; and aggregate insurance recoveries of $7.3 million, after-tax and noncontrolling interest in the third quarter of 2014. (2) We recognized the following amounts during 2015: pre-tax charges of $21.1 million, $.4 million and $.2 million in the second, third and fourth quarters, respectively, in workforce reduction charges in our Chemicals Segment (see Note 19); aggregate insurance recoveries of $3.0 million, after-tax and noncontrolling interest primarily in the first quarter; non-cash deferred income tax expense of $150.3 million, $2.3 million and $6.4 million in the second, third and fourth quarters, respectively, related to the recognition of a deferred income tax asset valuation allowance related to our Chemicals Segment’s German and Belgium operations (see Note 12); and related to the non-cash deferred income tax expense noted above we recognized non-cash income tax benefit of $29.3 million, in the second quarter of 2015 for the reduction in the deferred income taxes required to be recognized with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock, (see Note 12). The sum of the quarterly per share amounts may not equal the annual per share amounts due to relative changes in the weighted average number of shares used in the per share computations. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of our Business | Nature of our business. Valhi, Inc. (NYSE: VHI) is primarily a holding company. We operate through our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Waste Control Specialists LLC (“WCS”), Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL), and CompX (NYSE MKT: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). |
Organization | Organization. We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 93% of our outstanding common stock at December 31, 2015. All of Contran's outstanding voting stock is held by a family trust established for the benefit of Lisa K. Simmons and Serena Simmons Connelly and their children, for which Ms. Simmons and Ms. Connelly are co-trustees, or is held directly by Ms. Simmons and Ms. Connelly or entities related to them. Consequently, Ms. Simmons and Ms. Connelly may be deemed to control Contran and us. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries, taken as a whole. |
Management's Estimates | Management’s estimates. The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and disclosures of contingent assets and liabilities at each balance sheet date and the reported amounts of our revenues and expenses during each reporting period. Actual results may differ significantly from previously-estimated amounts under different assumptions or conditions. |
Principles of Consolidation | Principles of consolidation. Our consolidated financial statements include the financial position, results of operations and cash flows of Valhi and our majority-owned and wholly-owned subsidiaries. We eliminate all material intercompany accounts and balances. Changes in ownership are accounted for as equity transactions with no gain or loss recognized on the transaction unless there is a change in control. See Note 3. |
Foreign Currency Translation | Foreign currency translation. The financial statements of our foreign subsidiaries are translated to U.S. dollars. The functional currency of our foreign subsidiaries is generally the local currency of the country. Accordingly, we translate the assets and liabilities at year-end rates of exchange, while we translate their revenues and expenses at average exchange rates prevailing during the year. We accumulate the resulting translation adjustments in stockholders’ equity as part of accumulated other comprehensive income (loss), net of related deferred income taxes and noncontrolling interest. We recognize currency transaction gains and losses in income. |
Derivatives and Hedging Activities | Derivatives and hedging activities. We recognize derivatives as either an asset or liability measured at fair value in accordance with Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging . We recognize the effect of changes in the fair value of derivatives either in net income or other comprehensive income (loss), depending on the intended use of the derivative. See Note 18. |
Cash and Cash Equivalents | Cash and cash equivalents. We classify bank time deposits and government and commercial notes and bills with original maturities of three months or less as cash equivalents. |
Restricted Cash, Cash Equivalents and Marketable Debt Securities | Restricted cash, cash equivalents and marketable debt securities. We classify cash, cash equivalents and marketable debt securities that have been segregated or are otherwise limited in use as restricted. To the extent the restricted amount relates to a recognized liability, we classify the restricted amount as current or noncurrent according to the corresponding liability. To the extent the restricted amount does not relate to a recognized liability, we classify restricted cash as a current asset and we classify the restricted debt security as either a current or noncurrent asset depending upon the maturity date of the security. |
Marketable Securities and Securities Transactions | Marketable securities and securities transactions. We carry marketable debt and equity securities at fair value. ASC Topic 820, Fa ir Value Measurements and Disclosures , establishes a consistent framework for measuring fair value and (with certain exceptions) this framework is generally applied to all financial statements items required to be measured at fair value. The standard requires fair value measurements to be classified and disclosed in one of the following three categories: Level 1 —Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 —Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the assets or liability; and Level 3 —Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. We recognize unrealized and realized gains and losses on trading securities in income. We accumulate unrealized gains and losses on available-for-sale securities as part of accumulated other comprehensive income (loss), net of related deferred income taxes and noncontrolling interest. Realized gains and losses are based on specific identification of the securities sold. |
Accounts Receivable | Accounts receivable. We provide an allowance for doubtful accounts for known and estimated potential losses arising from our sales to customers based on a periodic review of these accounts. |
Inventories and Cost of Sales | Inventories and cost of sales. We state inventories at the lower of cost or market, net of allowance for obsolete and slow-moving inventories. We generally base inventory costs for all inventory categories on average cost that approximates the first-in, first-out method. Inventories include the costs for raw materials, the cost to manufacture the raw materials into finished goods and overhead. Depending on the inventory’s stage of completion, our manufacturing costs can include the costs of packing and finishing, utilities, maintenance, depreciation, shipping and handling, and salaries and benefits associated with our manufacturing process. We allocate fixed manufacturing overhead costs based on normal production capacity. Unallocated overhead costs resulting from periods with abnormally low production levels are charged to expense as incurred. As inventory is sold to third parties, we recognize the cost of sales in the same period the sale occurs. We periodically review our inventory for estimated obsolescence or instances when inventory is no longer marketable for its intended use, and we record any write-down equal to the difference between the cost of inventory and its estimated net realizable value based on assumptions about alternative uses, market conditions and other factors. |
Land Held for Development | Land held for development. Land held for development relates to BMI and LandWell, for which we acquired a controlling interest in December 2013, see Note 3. The primary asset of LandWell is certain real property in Henderson, Nevada some of which we are developing for residential lots in a master planned community. Land held for development was recorded at the estimated acquisition date fair value based on a value per developable acre at the time of purchase. Development costs, including infrastructure improvements, real estate taxes, capitalized interest and other costs, some of which may be allocated, are capitalized during the period incurred. We allocate costs to each parcel sold on a pro-rata basis associated with the relevant development activity. As land parcels are sold, costs of land sales, including land and development costs, are allocated based on specific identification, relative sales value, square footage or a combination of these methods. All sales and marketing activities and general overhead are charged to selling, general and administrative expense as incurred. |
Investment In TiO2 Manufacturing Joint Venture | Investment in TiO 2 We account for our investment in a 50%-owned manufacturing joint venture by the equity method. See Note 7. |
Goodwill and Other Intangible Assets; Amortization Expense | Goodwill and other intangible assets; amortization expense. Goodwill represents the excess of cost over fair value of individual net assets acquired in business combinations. Goodwill is not subject to periodic amortization. We amortize other intangible assets by the straight-line method over their estimated lives and state them net of accumulated amortization. We evaluate goodwill for impairment, annually, or when circumstances indicate the carrying value may not be recoverable. We evaluate other intangible assets for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. See Note 8. |
Capitalized Operating Permits | Capitalized operating permits. Our Waste Management Segment capitalizes direct costs related to the acquisition or renewal of operating permits and amortize s such costs by the straight-line method over the term of the applicable permit. Our net capitalized operating permit costs include (i) costs to renew certain permits for which the renewal application is pending with the applicable regulatory agency and (ii) costs to apply for certain new permits which have not yet been issued by the applicable regulatory authority. We currently expect renewal of the permits for which application is still pending will occur in the ordinary course of business, and we are amortizing costs related to such renewals from the date the prior permit expired. All operating permits are generally subject to renewal at the option of the issuing governmental agency. See Note 7. |
Property and Equipment; Depreciation Expense | Property and equipment; depreciation expense. We state property and equipment at acquisition cost, including capitalized interest on borrowings during the actual construction period of major capital projects. In 2013, 2014 and 2015 we capitalized $ 1.6 million, $2.9 million and $1.1 million, respectively, of interest costs. We compute depreciation of property and equipment for financial reporting purposes (including mining equipment) principally by the straight-line method over the estimated useful lives of the assets as follows: Asset Useful lives Buildings and improvements 10 to 40 years Machinery and equipment 3 to 20 years Mine development costs Units-of-production Landfill disposal costs Units-of-consumption We use accelerated depreciation methods for income tax purposes, as permitted. Upon the sale or retirement of an asset, we remove the related cost and accumulated depreciation from the accounts and recognize any gain or loss in income currently. We expense expenditures for maintenance, repairs and minor renewals as incurred that do not improve or extend the life of the assets, including planned major maintenance. We have a governmental concession with an unlimited term to operate our ilmenite mines in Norway. Mining properties consist of buildings and equipment used in our Norwegian ilmenite mining operations. While we own the land and ilmenite reserves associated with the mining operations, such land and reserves were acquired for nominal value and we have no material asset recognized for the land and reserves related to our mining operations. We operate waste disposal facilities. We capitalize preparation costs for landfill disposal cells, including costs relating to excavation and grading and the design and construction of liner and leachate collection system. We recognize closure and post closure costs as part of the carrying value of our disposal facilities. We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows (exclusive of interest expense) associated with the asset or asset group to the asset’s net carrying value to determine if a write-down to fair value is required. |
Closure and Post Closure Costs | Closure and post closure costs. The closure and post closure obligations related to our Waste Management Segment’s waste disposal sites are covered by the scope of ASC Topic 410, Asset Retirement and Environmental Obligations . We recognize the fair value of a liability for an asset retirement obligation in accordance with ASC Topic 410 in the period in which the liability is incurred, with an offsetting increase in the carrying amount of the related long-lived asset. Over time, we accrete the liability to its future value, and we depreciate the capitalized cost over the useful life of the related asset. The accretion and depreciation expenses are reported as a component of cost of sales in the accompanying statement of operations. We account for future revisions in the estimated fair value of the asset retirement obligation due to changes in the amount and/or timing of the expected future cash flows to settle the retirement obligation, prospectively as an adjustment to the previously-recognized asset retirement cost. Upon settlement of the liability, we will either settle the obligation for its recorded amount or incur a gain or loss upon settlement. See Note 10. |
Long-Term Debt | Long-term debt. We state long-term debt net of any unamortized original issue premium, discount or deferred financing costs. We classify amortization of deferred financing costs and any premium or discount associated with the issuance of indebtedness as interest expense, and compute amortization by either the interest method or the straight-line method over the term of the applicable issue. |
Employee Benefit Plans | Employee benefit plans. Accounting and funding policies for our retirement plans are described in Note 11. |
Income Taxes | Income taxes. We and our qualifying subsidiaries are members of Contran’s consolidated U.S federal income tax group (the “Contran Tax Group”). We and certain of our qualifying subsidiaries also file consolidated income tax returns with Contran in various U.S. state jurisdictions. As a member of the Contran Tax Group, we are jointly and severally liable for the federal income tax liability of Contran and the other companies included in the Contran Tax Group for all periods in which we are included in the Contran Tax Group. See Note 17. As a member of the Contran Tax Group, we are a party to a tax sharing agreement which provides that we compute our tax provision for U.S. income taxes on a separate-company basis using the tax elections made by Contran. Pursuant to the tax sharing agreement, we make payments to or receive payments from Contran in amounts we would have paid to or received from the U.S. Internal Revenue Service or the applicable state tax authority had we not been a member of the Contran Tax Group. We made net cash payments for income taxes to Contran of $ 6.5 million in 2013, $19.3 million in 2014 and $2.5 million in 2015. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between amounts recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities, including investments in our subsidiaries and affiliate who are not members of the Contran Tax Group and undistributed earnings of foreign subsidiaries which are not deemed to be permanently reinvested. Deferred income tax assets and liabilities for each tax-paying jurisdiction in which we operate are netted and presented as either a noncurrent deferred income tax asset or liability as applicable. In addition, we recognize deferred income taxes with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock because the exemption under GAAP to avoid recognition of such deferred income taxes is not available to us. The earnings of our foreign subsidiaries subject to permanent reinvestment plans aggregated $645 million at December 31, 2015. It is not practical for us to determine the amount of the unrecognized deferred income tax liability related to these earnings due to the complexities associated with the U.S. taxation on earnings of foreign subsidiaries repatriated to the U.S. We periodically evaluate our deferred tax assets in the various taxing jurisdictions in which we operate and adjust any related valuation allowance based on the estimate of the amount of such deferred tax assets we believe does not meet the more-likely-than-not recognition criteria. We record a reserve for uncertain tax positions where we believe it is more-likely-than-not our position will not prevail with the applicable tax authorities. The amount of the benefit associated with our uncertain tax positions that we recognize is limited to the largest amount for which we believe the likelihood of realization is greater than 50%. We accrue penalties and interest on the difference between tax positions taken on our tax returns and the amount of benefit recognized for financial reporting purposes. We classify our reserves for uncertain tax positions in a separate current or noncurrent liability, depending on the nature of the tax position. See Note 12. |
Environmental Remediation and Related Costs | Environmental remediation and related costs. We record liabilities related to environmental remediation and related costs when estimated future expenditures are probable and reasonably estimable. We adjust these accruals as further information becomes available to us or as circumstances change. We generally do not discount estimated future expenditures to its present value due to the uncertainty of the timing of the ultimate payout. We recognize any recoveries of remediation costs from other parties when we deem their receipt to be probable. We expense any environmental remediation related legal costs as incurred. At December 31, 2014 and 2015, we had not recognized any material receivables for recoveries. See Note 17. |
Net Sales | Net sales. We record sales when products are shipped and title and other risks and rewards of ownership have passed to the customer, or when we perform services. We include amounts charged to customers for shipping and handling costs in net sales. We state sales net of price, early payment and distributor discounts and volume rebates. We report taxes assessed by a governmental authority such as sales, use, value added, excise taxes and fees from the State of Texas and Andrews County, Texas on a net basis ( meaning we do not recognize these taxes in either our revenues or in our costs and expenses). Certain retail land sales of our Real Estate Management and Development Segment are recognized under the under the percentage-of-completion method when we are required to complete property development and improvements after title passes to the buyer and when all of the criteria of ASC 970-605-30 are met. Under such method, revenues and profits are recognized in the same proportion of our progress towards completion of our contractual obligations, with our progress measured by costs incurred as a percentage of total costs estimated to be incurred. Such costs incurred and total estimated costs include amounts specifically identifiable with the parcels sold as well as certain development costs for the entire residential/planned community which are allocated to the parcels sold under applicable GAAP. Other retail land sales are generally recognized by the full accrual method of accounting at closing, in which title passes to the customer and we have no remaining contractual obligations to the buyer. |
Selling, General and Administrative Expenses; Shipping and Handling Costs; Advertising Costs; Research and Development Costs | Selling, general and administrative expenses; shipping and handling costs; advertising costs; research and development costs. Selling, general and administrative expenses include costs related to marketing, sales, distribution, shipping and handling, research and development, legal, environmental remediation and administrative functions such as accounting, treasury and finance, and includes costs for salaries and benefits not associated with our manufacturing process, travel and entertainment, promotional materials and professional fees. Shipping and handling costs of our Chemicals Segment were approximately $ 93 million in 2013, $95 million in 2014 and $87 million in 2015. Shipping and handling costs of our Component Products and Waste Management Segments are not material. We expense advertising and research, development and sales technical support costs as incurred. Advertising costs were approximately $2 million in 2013 and $1 million in each of 2014 and 2015. Research, development and certain sales technical support costs were approximately $18 million in 2013, $19 million in 2014 and $16 million in 2015. |
New Accounting Pronouncements | In April 2015, the FASB issued ASU 2015-03 , Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Pending Adoption In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Computation of Depreciation of Property and Equipment | Property and equipment; depreciation expense. We state property and equipment at acquisition cost, including capitalized interest on borrowings during the actual construction period of major capital projects. In 2013, 2014 and 2015 we capitalized $ 1.6 million, $2.9 million and $1.1 million, respectively, of interest costs. We compute depreciation of property and equipment for financial reporting purposes (including mining equipment) principally by the straight-line method over the estimated useful lives of the assets as follows: Asset Useful lives Buildings and improvements 10 to 40 years Machinery and equipment 3 to 20 years Mine development costs Units-of-production Landfill disposal costs Units-of-consumption |
Business and Geographic Segme31
Business and Geographic Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Holding Percentage of Subsidiaries | Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 87 % Waste management WCS 100 % Real estate management and development BMI and LandWell 63% - 77 % |
Segment Operating Performance | Years ended December 31, 2013 2014 2015 (In millions) Net sales: Chemicals $ 1,732.4 $ 1,651.9 $ 1,348.8 Component products 92.0 103.9 109.0 Waste management 39.2 66.5 45.0 Real estate management and development — 40.3 30.1 Total net sales $ 1,863.6 $ 1,862.6 $ 1,532.9 Cost of sales: Chemicals $ 1,622.6 $ 1,304.6 $ 1,158.5 Component products 64.5 71.6 75.6 Waste management 42.3 49.7 50.5 Real estate management and development — 33.9 25.4 Total cost of sales $ 1,729.4 $ 1,459.8 $ 1,310.0 Gross margin: Chemicals $ 109.8 $ 347.3 $ 190.3 Component products 27.5 32.3 33.4 Waste management (3.1 ) 16.8 (5.5 ) Real estate management and development — 6.4 4.7 Total gross margin $ 134.2 $ 402.8 $ 222.9 Operating income (loss): Chemicals $ (125.4 ) $ 156.8 $ 7.1 Component products 9.3 13.6 14.0 Waste management (22.6 ) (2.2 ) (26.5 ) Real estate management and development — 2.0 — Total operating income (loss) (138.7 ) 170.2 (5.4 ) Equity in earnings of investee .5 — — General corporate items: Securities earnings 26.6 26.9 26.5 Insurance recoveries 9.4 10.4 3.7 Gain on bargain purchase and remeasurement of our existing investment in acquiree 54.6 — — General expenses, net (105.3 ) (38.8 ) (39.6 ) Loss on prepayment of debt, net (8.9 ) — — Interest expense (56.1 ) (56.7 ) (59.0 ) Income (loss) before income taxes $ (217.9 ) $ 112.0 $ (73.8 ) Years ended December 31, 2013 2014 2015 (In millions) Depreciation and amortization: Chemicals $ 52.8 $ 51.9 $ 44.3 Component products 3.3 3.5 3.5 Waste management 18.4 20.3 19.3 Real estate management and development — 2.7 2.8 Total $ 74.5 $ 78.4 $ 69.9 Capital expenditures: Chemicals $ 67.6 $ 61.3 $ 47.5 Component products 3.5 2.8 4.2 Waste management 3.5 4.5 1.7 Real estate management and development — 4.0 1 .2 Corporate — .1 — Total $ 74.6 $ 72.7 $ 54.6 |
Total Assets Held by Business Segments | December 31, 2013 2014 2015 (In millions) Total assets: Operating segments: Chemicals $ 1,975.8 $ 2,001.2 $ 1,617.6 Component products 80.6 83.1 88.7 Waste management 270.1 257.7 231.9 Real estate management and 253.6 246.1 232.9 Corporate and eliminations 371.6 357.1 366.3 Total $ 2,951.7 $ 2,945.2 $ 2,537.4 |
Net Sales by Point of Origin and Point of Destination | Years ended December 31, 2013 2014 2015 (In millions) Net sales—point of origin: United States $ 961.5 $ 993.7 $ 841.9 Germany 915.8 844.1 690.0 Canada 246.5 252.3 216.9 Belgium 254.6 249.3 198.8 Norway 261.3 256.8 183.5 Eliminations (776.1 ) (733.6 ) (598.2 ) Total $ 1,863.6 $ 1,862.6 $ 1,532.9 Net sales—point of destination: North America $ 690.5 $ 753.2 $ 604.0 Europe 905.0 883.6 700.9 Asia and other 268.1 225.8 228.0 Total $ 1,863.6 $ 1,862.6 $ 1,532.9 |
Net Property and Equipment by Segment | December 31, 2013 2014 2015 (In millions) Net property and equipment: United States $ 232.8 $ 234.4 $ 227.1 Germany 292.9 259.5 229.9 Canada 67.1 63.4 55.0 Norway 100.9 85.5 71.9 Belgium 102.7 90.8 81.8 Total $ 796.4 $ 733.6 $ 665.7 |
Business Combinations, Dispos32
Business Combinations, Dispositions and Related Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Recognition Based on Final Asset Allocation | Based on our analysis of the amounts of the transaction at December 31, 2013 we recognized the following: Amount (In millions) Consideration: Cash $ 5.3 Promissory note payable 19.1 Deferred payment, obligation ($11.1 million face value) 8.2 Total fair value of consideration 32.6 Fair value of our existing equity interest in BMI and LandWell 43.4 Bargain purchase gain recognized 28.0 Total $ 104.0 Allocation of purchase price to identifiable assets acquired and liabilities assumed: Cash $ 27.4 Land held for development: Current 14.3 Noncurrent 158.1 Other current assets 9.4 Property, plant and equipment 29.0 Intangible asset 5.1 Other noncurrent assets 3.4 Long-term debt (14.3 ) Other liabilities (66.9 ) Total net identifiable assets 165.5 Noncontrolling interest in BMI and LandWell (61.5 ) Total $ 104.0 |
Waste Control Specialists | |
Schedule of Consolidated Balance Sheets | Significant items included in our Consolidated Balance Sheets related to WCS at December 31, 2014 and 2015 included: December 31, 2014 2015 (In millions) ASSETS Current assets $ 14.6 $ 10.1 Operating permits 53.2 48.1 Restricted cash 11.0 16.2 Property and equipment, net 161.5 150.0 LIABILITIES Current portion of long-term debt $ 4.5 $ 4.9 Payable to Contran 26.1 26.1 Long-term debt 76.4 71.4 Accrued noncurrent closure and post closure costs 25.7 27.4 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Marketable Securities | Market Cost Unrealized (In millions) December 31, 2014: Current assets $ 2.7 $ 2.7 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 5.6 5.8 (.2 ) Total $ 255.6 $ 255.8 $ (.2 ) December 31, 2015: Current assets $ 2.0 $ 2.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 4.9 5.1 (.2 ) Total $ 254.9 $ 255.1 $ (.2 ) |
Schedule of Marketable Securities and Fair Value Measurements | Fair Value Measurements Total Quoted Significant Significant (In millions) December 31, 2014: Current assets $ 2.7 $ 1.7 $ 1.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ — $ — $ 250.0 Fixed income securities 3.1 — 3.1 — Mutual funds and common stocks 2.5 2.5 — — Total $ 255.6 $ 2.5 $ 3.1 $ 250.0 December 31, 2015: Current assets $ 2.0 $ — $ 2.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ — $ — $ 250.0 Fixed income securities 1.4 — 1.4 — Mutual funds and common stocks 3.5 3.5 — — Total $ 254.9 $ 3.5 $ 1.4 $ 250.0 |
Accounts and Other Receivable34
Accounts and Other Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Components of Accounts and Other Receivables | December 31, 2014 2015 (In millions) Trade accounts receivable: Kronos $ 230.9 $ 194.8 CompX 8.8 8.8 WCS 7.7 5.2 BMI/LandWell 1.4 1.2 VAT and other receivables 24.3 20.1 Allowance for doubtful accounts (1.8 ) (1.2 ) Total $ 271.3 $ 228.9 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December 31, 2014 2015 (In millions) Raw materials: Chemicals $ 76.0 $ 75.9 Component products 3.4 2.8 Total raw materials 79.4 78.7 Work in process: Chemicals 32.9 21.1 Component products 10.3 9.3 Total in-process products 43.2 30.4 Finished products: Chemicals 253.2 233.1 Component products 3.2 3.0 Total finished products 256.4 236.1 Supplies (primarily chemicals) 64.0 60.0 Total $ 443.0 $ 405.2 |
Investment in TiO2 Manufactur36
Investment in TiO2 Manufacturing Joint Venture and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment in TiO2 Manufacturing Joint Venture and Other Assets | December 31, 2014 2015 (In millions) Other assets: Land held for development $ 165.1 $ 157.2 Waste disposal site operating permits, net 53.2 48.1 Restricted cash 13.9 19.6 IBNR receivables 6.8 7.0 Capital lease deposit 6.2 6.2 Intangible assets 5.1 5.1 Other 27.5 11.8 Total $ 277.8 $ 255.0 |
Summary of Financial Information | The components of our net distributions (contributions) from LPC are shown in the table below. Years ended December 31, 2013 2014 2015 (In millions) Distributions from LPC $ 70.7 $ 48.0 $ 48.2 Contributions to LPC (59.8 ) (37.4 ) (41.7 ) Net distributions $ 10.9 $ 10.6 $ 6.5 |
Components of Net Capitalized Permit Costs | The components of net capitalized permit costs are presented in the table below. December 31, 2014 2015 (In millions) Net permit costs for issued permits which are being amortized: LLRW license (expires in 2024) $ 49.6 $ 44.7 Byproduct license (expires in 2018) 3.5 2.5 Other (expires 2015—2024) .1 .1 Total amortized permits 53.2 47.3 Permits not being amortized — .8 Total $ 53.2 $ 48.1 |
LPC | |
Summary of Financial Information | Summary balance sheets of LPC are shown below: December 31, 2014 2015 (In millions) ASSETS Current assets $ 107.4 $ 96.2 Property and equipment, net 110.6 110.1 Total assets $ 218.0 $ 206.3 LIABILITIES AND PARTNERS’ EQUITY Other liabilities, primarily current $ 37.3 $ 37.8 Partners’ equity 180.7 168.5 Total liabilities and partners’ equity $ 218.0 $ 206.3 Summary income statements of LPC are shown below: Years ended December 31, 2013 2014 2015 (In millions) Revenues and other income: Kronos $ 224.5 $ 193.1 $ 176.5 Tioxide 224.6 193.8 162.5 Total 449.1 386.9 339.0 Cost and expenses: Cost of sales 448.7 386.4 338.5 General and administrative .4 .5 .5 Total 449.1 386.9 339.0 Net income $ — $ — $ — |
Basic Management Inc And Landwell | |
Summary of Financial Information | Twelve Months ended September 30, 2013 (in millions) Total revenues $ 9.5 Loss before income taxes (3.9 ) Net loss (3.7 ) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The Component Products Segment goodwill is assigned to the security products reporting unit within that operating segment. Operating segment Chemicals Component Total (In millions) Balance at December 31, 2013, 2014 and 2015 $ 352.6 $ 27.1 $ 379.7 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31, 2014 2015 (In millions) Valhi: Snake River Sugar Company $ 250.0 $ 250.0 Contran credit facility 223.7 263.8 Total Valhi debt 473.7 513.8 Subsidiary debt: Kronos — Term loan 340.9 338.0 WCS — Financing capital lease 67.1 65.6 Tremont — Promissory note payable 17.4 17.1 BMI — Bank note payable 10.2 9.3 LandWell — Note payable to the City of Henderson 3.1 3.1 Other 16.6 13.6 Total subsidiary debt 455.3 446.7 Total debt 929.0 960.5 Less current maturities 9.3 9.5 Total long-term debt $ 919.7 $ 951.0 |
Aggregate Maturities of Long-Term Debt | Aggregate maturities of debt at December 31, 2015 are presented in the table below. Years ending December 31, Amount (In millions) Gross amounts due each year: 2016 $ 14.7 2017 276.3 2018 12.7 2019 12.3 2020 341.8 2021 and thereafter 366.0 Subtotal 1,023.8 Less amounts representing interest on capital leases, original issue discount and debt issuance costs 63.3 Total long-term debt $ 960.5 |
Accounts Payable and Accrued 39
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2014 2015 (In millions) Accounts payable: Kronos $ 121.4 $ 96.1 CompX 3.9 2.7 WCS 1.4 1.3 BMI/LandWell 7.0 2.1 NL 2.3 1.9 Other .2 .7 Total $ 136.2 $ 104.8 Current accrued liabilities: Employee benefits $ 34.6 $ 24.7 Accrued sales discounts and rebates 23.0 23.9 Deferred income 19.8 21.8 Environmental remediation and related costs 10.2 11.7 Accrued workforce reduction costs — 5.3 Interest rate swap contract — 3.3 Other 40.4 30.4 Total $ 128.0 $ 121.1 Noncurrent accrued liabilities: Reserve for uncertain tax positions $ 34.1 $ 32.9 Asset retirement obligations 27.2 28.8 Deferred income 18.9 20.2 Employee benefits 8.1 7.1 Insurance claims and expenses 9.5 9.6 Deferred payment obligation 8.5 8.8 Other 6.4 7.2 Total $ 112.7 $ 114.6 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans | |
Schedule of Defined Benefit Plan Expected Future Payments | Benefit payments to plan participants out of plan assets are expected to be the equivalent of: 2016 $ 23.4 million 2017 23.7 million 2018 24.2 million 2019 24.7 million 2020 25.6 million Next 5 years 141.2 million |
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | The table below details the changes in other comprehensive income (loss) during 2013, 2014 and 2015. Years ended December 31, 2013 2014 2015 (In millions) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial gain (loss) $ 19.8 $ (113.0 ) $ .3 Plan curtailment 7.1 — — Plan settlement — (.2 ) — Amortization of unrecognized: Prior service cost 1.1 .5 .4 Net transition obligations .4 — — Net actuarial losses 14.2 11.3 15.4 Total $ 42.6 $ (101.4 ) $ 16.1 |
Composition of Pension Plan Assets | The composition of our December 31, 2014 and 2015 pension plan assets by asset category and fair value level is shown in the table below. The amounts shown for plan assets invested in the CMRT include a nominal amount of cash held by our U.S. pension plan which is not part of the plan’s investment in the CMRT. Fair Value Measurements at December 31, 2014 Total Quoted Significant Significant (In millions) Germany $ 240.7 $ — $ — $ 240.7 Canada: Local currency equities 12.4 12.4 — — Foreign currency equities 34.4 34.4 — — Local currency fixed income 50.3 50.3 — — Global mutual fund 10.1 10.1 — — Cash and other .6 .6 — — Norway: Local currency equities 1.9 1.9 — — Foreign currency equities 5.1 5.1 — — Local currency fixed income 29.3 29.3 — — Foreign currency fixed income 3.8 3.8 — — Real estate 4.5 — — 4.5 Cash and other 10.3 9.2 — 1.1 US — CMRT 53.6 — 53.6 — Other 22.1 14.3 — 7.8 Total $ 479.1 $ 171.4 $ 53.6 $ 254.1 Fair Value Measurements at December 31, 2015 Total Quoted Significant Significant (In millions) Germany $ 223.1 $ — $ — $ 223.1 Canada: Local currency equities 9.6 9.6 — — Foreign currency equities 23.3 23.3 — — Local currency fixed income 50.6 50.6 — — Global mutual fund 6.8 6.8 — — Cash and other .5 .5 — — Norway: Local currency equities 2.0 2.0 — — Foreign currency equities 3.6 3.6 — — Local currency fixed income 24.5 24.5 — — Foreign currency fixed income 4.7 4.7 — — Real estate 4.2 — — 4.2 Cash and other 7.9 6.7 — 1.2 US — CMRT 47.6 — 47.6 — Other 21.7 14.0 — 7.7 Total $ 430.1 $ 146.3 $ 47.6 $ 236.2 |
Schedule of Rollforward of Change in Fair Value of Level 3 Assets | A rollforward of the change in fair value of Level 3 assets follows. Years ended December 31, 2014 2015 (In millions) Fair value at beginning of year $ 261.5 $ 254.1 Gain on assets held at end of year 24.5 6.5 Gain on assets sold during the year .3 .3 Assets purchased 16.9 13.7 Assets sold (15.2 ) (12.4 ) Currency exchange rate fluctuations (33.9 ) (26.0 ) Fair value at end of year $ 254.1 $ 236.2 |
U.S. Defined Benefit Pension Plans | |
Schedule of Funded Status | The funded status of our U.S. defined benefit pension plans is presented in the table below. Years ended December 31, 2014 2015 (In millions) Change in projected benefit obligations (“PBO”): Balance at beginning of the year $ 62.0 $ 70.2 Interest cost 2.9 2.7 Actuarial loss (gain) 9.9 (2.2 ) Benefits paid (4.6 ) (4.1 ) Balance at end of the year $ 70.2 $ 66.6 Change in plan assets: Fair value at beginning of the year $ 54.9 $ 53.6 Actual return on plan assets 2.0 (2.3 ) Employer contributions 1.3 .4 Benefits paid (4.6 ) (4.1 ) Fair value at end of year $ 53.6 $ 47.6 Funded status $ 16.6 $ 19.0 Amounts recognized in the Consolidated Balance Sheets: Accrued pension costs: Current $ (.3 ) $ (.3 ) Noncurrent (16.3 ) (18.7 ) Total (16.6 ) (19.0 ) Accumulated other comprehensive loss—Actuarial loss 39.5 42.0 Total $ 22.9 $ 23.0 Accumulated benefit obligations (“ABO”) $ 70.2 $ 66.6 |
Components of Net Periodic Defined Benefit Cost (Credit) | The components of our net periodic defined benefit pension benefit cost (credit) for U.S. plans are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial losses for 2013, 2014 and 2015 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2012, 2013 and 2014, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2013 2014 2015 (In millions) Net periodic pension benefit cost (credit) for U.S. plans: Interest cost $ 2.4 $ 2.9 $ 2.7 Expected return on plan assets (4.9 ) (4.0 ) (3.9 ) Amortization of unrecognized net 1.6 1.2 1.7 Total $ (.9 ) $ .1 $ .5 |
Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets | Certain information concerning our U.S. defined benefit pension plans is presented in the table below. December 31, 2014 2015 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 70.2 $ 66.6 Accumulated benefit obligations 70.2 66.6 Fair value of plan assets 53.6 47.6 |
Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost | The weighted-average rate assumptions used in determining the net periodic pension cost for our U.S. defined benefit pension plans for 2013, 2014 and 2015 are presented in the table below. The impact of assumed increases in future compensation levels does not have an effect on the periodic pension cost as the plans are frozen with regards to compensation. Years ended December 31, Rate 2013 2014 2015 Discount rate 3.6 % 4.5 % 3.8 % Long-term return on plan assets 10.0 % 7.5 % 7.5 % |
Foreign Pension Plan Defined Benefit | |
Schedule of Funded Status | The funded status of our foreign defined benefit pension plans is presented in the table below. Years ended December 31, 2014 2015 (In millions) Change in PBO: Balance at beginning of the year $ 604.9 $ 659.2 Service cost 9.9 11.2 Interest cost 22.2 15.1 Participants’ contributions 2.0 1.6 Actuarial loss (gain) 122.2 (10.0 ) Change in currency exchange rates (75.3 ) (76.9 ) Benefits paid (26.7 ) (21.3 ) Balance at end of the year $ 659.2 $ 578.9 Change in plan assets: Fair value at beginning of the year $ 441.6 $ 425.5 Actual return on plan assets 40.7 10.8 Employer contributions 20.4 17.6 Participants’ contributions 2.0 1.6 Change in currency exchange rates (52.5 ) (51.7 ) Benefits paid (26.7 ) (21.3 ) Fair value at end of year $ 425.5 $ 382.5 Funded status $ (233.7 ) $ (196.4 ) Amounts recognized in the Consolidated Balance Sheets: Pension asset $ — $ 1.7 Accrued pension costs: Current (.6 ) — Noncurrent (233.1 ) (198.1 ) Total (233.7 ) (196.4 ) Accumulated other comprehensive loss: Actuarial loss 252.3 234.1 Prior service cost 2.2 1.9 Total 254.5 236.0 Total $ 20.8 $ 39.6 ABO $ 627.5 $ 554.4 |
Components of Net Periodic Defined Benefit Cost (Credit) | The components of our net periodic defined benefit pension benefit cost for our foreign plans are presented in the table below. In December 2013, we amended one of Kronos’ Canadian plans in which participation with respect to hourly workers was closed to new participants in December 2013, and existing hourly plan participants will no longer accrue additional benefits after December 2013, resulting in a $7.1 million curtailment charge for recognition of previously unamortized prior service cost and transition obligation and $.2 million for special termination benefits. Years ended December 31, 2013 2014 2015 (In millions) Net periodic pension cost for foreign plans: Service cost $ 13.1 $ 9.9 $ 11.2 Interest cost 21.6 22.2 15.1 Settlement gain — (.3 ) — Curtailment loss 7.3 .1 — Expected return on plan assets (18.9 ) (20.6 ) (17.3 ) Amortization of unrecognized: Prior service cost 1.1 .5 .4 Net transition obligations .4 — — Net actuarial loss 12.5 10.1 13.8 Total $ 37.1 $ 21.9 $ 23.2 |
Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets | Certain information concerning our foreign defined benefit pension plans is presented in the table below. December 31, 2014 2015 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 632.6 $ 518.1 Accumulated benefit obligations 603.4 498.7 Fair value of plan assets 401.2 321.6 |
Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost | A summary of our key actuarial assumptions used to determine foreign benefit obligations as of December 31, 2014 and 2015 was: December 31, Rate 2014 2015 Discount rate 2.5 % 2.6 % Increase in future compensation levels 2.6 % 2.9 % A summary of our key actuarial assumptions used to determine foreign net periodic benefit cost for 2013, 2014 and 2015 are as follows: Years ended December 31, Rate 2013 2014 2015 Discount rate 3.7 % 3.8 % 2.5 % Increase in future compensation levels 3.1 % 2.7 % 2.6 % Long-term return on plan assets 5.0 % 5.0 % 4.6 % |
CMRT | |
Composition of Pension Plan Assets | The CMRT unit value is determined semi-monthly, and the plans have the ability to redeem all or any portion of their investment in the CMRT at any time based on the most recent semi-monthly valuation. However, the plans do not have the right to individual assets held by the CMRT and the CMRT has the sole discretion in determining how to meet any redemption request. For purposes of our plan asset disclosure, we consider the investment in the CMRT as a Level 2 input because (i) the CMRT value is established semi-monthly and the plans have the right to redeem their investment in the CMRT, in part or in whole, at anytime based on the most recent value and (ii) observable inputs from Level 1 or Level 2 were used to value approximately 80% and 81% of the assets of the CMRT at December 31, 2014 and 2015, respectively, as noted below. The aggregate fair value of all of the CMRT assets, including funds of Contran and its other affiliates that also invest in the CMRT, and supplemental asset mix details of the CMRT are as follows: December 31, 2014 2015 (In millions) CMRT asset value $ 715.5 $ 648.8 CMRT fair value input: Level 1 67 % 54 % Level 2 13 27 Level 3 20 19 100 % 100 % CMRT asset mix: Domestic equities, principally publicly 48 % 29 % International equities, principally publicly traded 11 22 Fixed income securities, principally publicly traded 32 38 Privately managed limited partnerships 7 5 Hedge funds — 5 Other, primarily cash 2 1 100 % 100 % |
OPEB | |
Schedule of Defined Benefit Plan Expected Future Payments | Postretirement benefits other than pensions (“OPEB”). NL, Kronos and Tremont provide certain health care and life insurance benefits for their eligible retired employees. We have no OPEB plan assets, rather, we fund benefit payments as they are paid. At December 31, 2015, we expect to contribute the equivalent of approximately $1.1 million to all of our OPEB plans during 2016. Benefit payments to OPEB plan participants are expected to be the equivalent of: 2016 $ 1.1 million 2017 1.1 million 2018 1.0 million 2019 1.0 million 2020 .9 million Next 5 years 4.2 million |
Schedule of Funded Status | The funded status of our OPEB plans is presented in the table below. Years ended December 31, 2014 2015 (In millions) Actuarial present value of accumulated OPEB obligations: Obligations at beginning of the year $ 15.1 $ 15.4 Service cost .1 .1 Interest cost .6 .5 Actuarial loss (gain) 1.4 (.8 ) Change in currency exchange rates (.6 ) (1.2 ) Benefits paid from employer contributions (1.2 ) (1.1 ) Obligations at end of the year 15.4 $ 12.9 Fair value of plan assets — — Funded status $ (15.4 ) $ (12.9 ) Accrued OPEB costs recognized in the Consolidated Balance Sheets: Current $ (1.3 ) $ (1.1 ) Noncurrent (14.1 ) (11.8 ) Total (15.4 ) (12.9 ) Accumulated other comprehensive income (loss): Net actuarial losses 3.2 2.4 Prior service credit (10.6 ) (8.6 ) Total (7.4 ) (6.2 ) Total $ (22.8 ) $ (19.1 ) |
Components of Net Periodic Defined Benefit Cost (Credit) | The components of our periodic OPEB costs are presented in the table below. The amounts shown below for amortization of prior service credit and recognized actuarial losses for 2013, 2014 and 2015 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2012, 2013 and 2014, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2013 2014 2015 (In millions) Net periodic OPEB cost (credit): Service cost $ .3 $ .1 $ .1 Interest cost .7 .6 .5 Curtailment gain (.6 ) — — Amortization of unrecognized: Prior service credit (1.8 ) (2.0 ) (1.9 ) Net actuarial loss — (.2 ) — Total $ (1.4 ) $ (1.5 ) $ (1.3 ) |
Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost | A summary of our key actuarial assumptions used to determine the net benefit obligations as of December 31, 2014 and 2015 follows: December 31, 2014 2015 Healthcare inflation: Initial rate 7.0 % 7.0 % Ultimate rate 5.0 % 5.0 % Year of ultimate rate achievement 2021 2021 Discount rate 3.4 % 3.6 % |
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | The amounts shown in the table above for unrecognized actuarial losses and prior service credit at December 31, 2014 and 2015 have not been recognized as components of our periodic OPEB cost as of those dates. These amounts will be recognized as components of our periodic OPEB cost in future years. These amounts, net of deferred income taxes and noncontrolling interest, are now recognized in our accumulated other comprehensive loss at December 31, 2014 and 2015. We expect to recognize approximately $1.8 million of prior service credit and $.2 million of unrecognized actuarial losses as components of our periodic OPEB cost in 2016. The table below details the changes in other comprehensive income (loss) during 2013, 2014 and 2015. In the fourth quarter of 2013, we amended the benefit formula for most Canadian participants of our plans effective January 1, 2014, resulting in a curtailment gain as of December 31, 2013. Key assumptions including the service cost and benefit duration as of December 31, 2014 and 2015 now reflect these plan revisions to the benefit formula. Years ended December 31, 2013 2014 2015 (In millions) Changes in benefit obligations recognized in other comprehensive income (loss): Net actuarial gain (loss) arising during the year $ 2.2 $ (1.4 ) $ .8 Plan amendments/curtailment 4.5 (.2 ) — Amortization of unrecognized prior service credit (2.4 ) (2.0 ) (1.9 ) Total $ 4.3 $ (3.6 ) $ (1.1 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Component of Income Taxes Expenses | Years ended December 31, 2013 2014 2015 (In millions) Pre-tax income (loss): United States $ (70.4 ) $ 40.1 $ (35.3 ) Non-U.S. subsidiaries (147.5 ) 71.9 (38.5 ) Total $ (217.9 ) $ 112.0 $ (73.8 ) Expected tax expense (benefit) at U.S. federal statutory income tax rate of 35% $ (76.3 ) $ 39.2 $ (25.8 ) Non-U.S. tax rates 4.3 (4.1 ) .6 Incremental net benefit on earnings (losses) of non-U.S. and U.S. subsidiaries (18.5 ) (2.2 ) (37.6 ) Valuation allowance — — 159.0 U.S. state income taxes, net (3.4 ) 4.1 (1.3 ) Adjustment to the reserve for uncertain tax positions, net 2.1 (3.7 ) .8 Nondeductible expenses 2.9 2.8 3.0 Tax rate changes (.2 ) — — Other, net (1.9 ) (3.6 ) (1.4 ) Provision for income taxes (benefit) $ (91.0 ) $ 32.5 $ 97.3 Components of income tax expense (benefit): Currently payable (refundable): U.S. federal and state $ 9.1 $ 7.4 $ 7.6 Non-U.S. (1.2 ) 15.2 3.3 Total 7.9 22.6 10.9 Deferred income taxes (benefit): U.S. federal and state (57.9 ) 3.8 (58.5 ) Non-U.S. (41.0 ) 6.1 144.9 Total (98.9 ) 9.9 86.4 Provision for income taxes (benefit) $ (91.0 ) $ 32.5 $ 97.3 Comprehensive provision for income taxes (benefit) allocable to: Net income (loss) $ (91.0 ) $ 32.5 $ 97.3 Other comprehensive income (loss): Marketable securities 5.1 (11.3 ) (4.1 ) Currency translation 5.5 (16.9 ) (17.3 ) Pension plans 14.1 (33.2 ) 4.1 OPEB plans 1.0 (1.2 ) (.4 ) Interest rate swap — — (1.7 ) Total $ (65.3 ) $ (30.1 ) $ 77.9 |
Components of Net Deferred Tax Liability | The components of the net deferred tax liability at December 31, 2014 and 2015 are summarized below. See Note 20. December 31, 2014 2015 Assets Liabilities Assets Liabilities (In millions) Tax effect of temporary differences related to: Inventories $ 5.4 $ (5.2 ) $ 3.7 $ (3.7 ) Marketable securities — (126.4 ) — (98.2 ) Property and equipment — (109.2 ) — (96.6 ) Accrued OPEB costs 4.8 — 4.0 — Accrued pension costs 52.0 — 44.0 — Currency revaluation on intercompany debt 5.6 — 18.6 — Accrued environmental liabilities 38.8 — 39.9 — Other deductible differences 34.7 — 45.7 — Other taxable differences — (21.6 ) — (21.7 ) Investments in subsidiaries and affiliates — (278.7 ) — (238.8 ) Tax on unremitted earnings of non-U.S. subsidiaries — (2.6 ) — (2.0 ) Tax loss and tax credit carryforwards 163.6 — 154.3 — Valuation allowance (.1 ) — (168.9 ) — Adjusted gross deferred tax assets (liabilities) 304.8 (543.7 ) 141.3 (461.0 ) Netting of items by tax jurisdiction (143.9 ) 143.9 (140.0 ) (140.0 ) Net noncurrent deferred tax asset (liability) $ 160.9 $ (399.8 ) $ 1.3 $ (321.0 ) |
Changes in Uncertain Tax Positions | The following table shows the changes in the amount of our uncertain tax positions (exclusive of the effect of interest and penalties) during 2013, 2014 and 2015: Years ended December 31, 2013 2014 2015 (In millions) Unrecognized tax benefits: Amount beginning of year $ 33.4 $ 47.9 $ 30.1 Net increase (decrease): Tax positions taken in prior periods .5 (19.6 ) (.4 ) Tax positions taken in current period 11.3 3.6 6.4 Lapse due to applicable statute of limitations 3.4 (.7 ) (6.0 ) Acquisition of BMI and LandWell .1 — — Changes in currency exchange rates (.8 ) (1.1 ) (1.3 ) Amount at end of year $ 47.9 $ 30.1 $ 28.8 |
Noncontrolling Interest in Su42
Noncontrolling Interest in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Net Assets of Subsidiaries | December 31, 2014 2015 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 211.0 $ 147.9 NL Industries 54.4 39.5 CompX International 14.4 15.3 BMI 31.7 31.6 LandWell 24.8 23.9 Total $ 336.3 $ 258.2 |
Schedule of Noncontrolling Interest in Net Income (Loss) of Subsidiaries | Years ended December 31, 2013 2014 2015 (In millions) Noncontrolling interest in net income (loss) of subsidiaries: Kronos Worldwide $ (20.3 ) $ 19.2 $ (34.3 ) NL Industries (9.4 ) 4.8 (4.0 ) CompX International .8 1.1 1.2 BMI — .3 .1 LandWell — .3 (.5 ) Total $ (28.9 ) $ 25.7 $ (37.5 ) |
Valhi Stockholder's Equity (Tab
Valhi Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Outstanding | Shares of common stock Issued Treasury Outstanding (In millions) Balance at December 31, 2013, 2014 and 2015 355.2 (13.2 ) 342.0 |
Accumulated Other Comprehensive Income (Loss) | Years ended December 31, 2013 2014 2015 (In millions) Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest): Marketable securities: Balance at beginning of year $ 2.1 $ 2.8 $ 1.6 Other comprehensive income (loss): Unrealized losses arising during the year — (1.0 ) — Less reclassification adjustments for amounts included in realized loss (gain) .7 (.2 ) — Balance at end of year $ 2.8 $ 1.6 $ 1.6 Interest rate swap: Balance at beginning of year $ — $ — $ — Other comprehensive loss: Unrealized losses during the year — — (1.7 ) Less reclassification adjustments for amounts included in interest expense — — .4 Balance at end of year $ — $ — $ (1.3 ) Currency translation:: Balance at beginning of year $ 53.3 $ 59.2 $ (22.6 ) Other comprehensive income (loss) arising during the year 5.9 (81.8 ) (55.5 ) Balance at end of year $ 59.2 $ (22.6 ) $ (78.1 ) Defined benefit pension plans: Balance at beginning of year $ (101.5 ) $ (76.5 ) $ (132.0 ) Other comprehensive income (loss): Amortization of prior service cost and net losses included in net periodic pension cost 8.4 6.3 6.7 Net actuarial gain (loss) arising during the year 12.6 (61.7 ) 2.3 Plan curtailment 4.0 (.1 ) — Balance at end of year $ (76.5 ) $ (132.0 ) $ (123.0 ) OPEB plans: Balance at beginning of year $ 4.1 $ 6.5 $ 4.4 Other comprehensive loss: Amortization of prior service credit and net losses included in net periodic OPEB cost (1.4 ) (1.3 ) (1.0 ) Net actuarial gain (loss) arising during the year 1.3 (.8 ) .4 Plan amendment 2.5 — — Balance at end of year $ 6.5 $ 4.4 $ 3.8 Total accumulated other comprehensive income (loss): Balance at beginning of year $ (42.0 ) $ (8.0 ) $ (148.6 ) Other comprehensive income (loss) 34.0 (140.6 ) (48.4 ) Balance at end of year $ (8.0 ) $ (148.6 ) $ (197.0 ) |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income And Expenses [Abstract] | |
Schedule of Components of Other Income | Years ended December 31, 2013 2014 2015 (In millions) Securities earnings: Dividends and interest $ 26.4 $ 26.6 $ 26.5 Securities transactions, net .2 .3 — Total 26.6 26.9 26.5 Equity in earnings of investees .5 — — Insurance recoveries 9.4 10.4 3.7 Currency transactions, net (3.8 ) 4.0 (.1 ) Disposal of property and equipment, net (.5 ) (.9 ) (.8 ) Gain on bargain purchase and remeasurement of our existing investment in acquiree 54.6 — — Other, net 1.2 1.6 2.7 Total $ 88.0 $ 42.0 $ 32.0 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Receivables from and Payables to Affiliates | Receivables from and payables to affiliates are summarized in the table below. December 31, 2014 2015 (In millions) Current receivables from affiliates: Louisiana Pigment Company, L.P $ 13.0 $ — Contran: Trade items .2 .2 Income taxes 9.2 7.6 Other 1.5 2.5 Total $ 23.9 $ 10.3 Current payables to affiliates: Louisiana Pigment Company, L.P. $ 19.9 $ 19.4 Contran - trade items 26.1 26.1 Total $ 46.0 $ 45.5 Payables to affiliate included in long-term debt: Valhi—Contran credit facility $ 223.7 $ 263.8 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 past three years. The amount charged to expense is included in corporate expense on our Consolidated Statements of Operations. Years ended December 31, 2013 2014 2015 (In millions) Balance at the beginning of the year $ 50.2 $ 122.7 $ 118.5 Additions charged to expense, net 69.0 6.6 5.7 Acquired 7.0 — — Payments, net (3.4 ) (13.0 ) (3.5 ) Changes in currency exchange rates and other (.1 ) 2.2 (.3 ) Balance at the end of the year $ 122.7 $ 118.5 $ 120.4 Amounts recognized in our Consolidated Balance Sheet at the end of the year: Current liabilities $ 9.1 $ 10.2 $ 11.7 Noncurrent liabilities 113.6 108.3 108.7 Total $ 122.7 $ 118.5 $ 120.4 |
Approximate Percentage of TiO2 Sales by Volume for Segments | The table below shows the approximate percentage of our TiO 2 2013 2014 2015 Europe 49 % 50 % 52 % North America 33 % 33 % 29 % |
Future Minimum Payments Under Non-cancellable Operating Leases | We also lease various other manufacturing facilities and equipment. Some of the leases contain purchase and/or various term renewal options at fair market and fair rental values, respectively. In most cases we expect that, in the normal course of business, such leases will be renewed or replaced by other leases. Net rent expense approximated $15.8 million in 2013, $16.6 million in 2014 and $16.1 million in 2015. At December 31, 2015, future minimum payments under non-cancellable operating leases having an initial or remaining term of more than one year were as follows: Years ending December 31, Amount (In millions) 2016 $ 11.4 2017 8.2 2017 5.1 2018 4.4 2019 3.6 2020 and thereafter 23.6 Total (1) $ 56.3 (1) Approximately $14 million of the $56.3 million aggregate future minimum rental commitments at December 31, 2015 relates to Kronos’ Leverkusen facility lease discussed above. The minimum commitment amounts for such lease included in the table above for each year through the 2050 expiration of the lease are based upon the current annual rental rate as of December 31, 2015. As discussed above, any change in the rent is based solely on negotiations between Bayer and Kronos, and any such change in the rent is deemed “contingent rentals” under GAAP which is excluded from the future minimum lease payments disclosed above. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | The following table summarizes the valuation of our short-term investments and financial instruments by the ASC Topic 820 categories as of December 31, 2014 and 2015: Fair Value Measurements Total Quoted Significant Significant (In millions) Asset (liability) December 31, 2014: Marketable securities: Current $ 2.7 $ 1.7 $ 1.0 $ — Noncurrent 255.6 2.5 3.1 250.0 Currency forward contracts (4.2 ) (4.2 ) — — December 31, 2015: Marketable securities: Current $ 2.0 $ — $ 2.0 $ — Noncurrent 254.9 3.5 1.4 250.0 Currency forward contracts (1.2 ) (1.2 ) — — Interest rate swap (3.5 ) — (3.5 ) — |
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 as of December 31, 2014 and 2015: December 31, 2014 December 31, 2015 Carrying Fair Carrying Fair (In millions) Cash, cash equivalents and restricted cash equivalents $ 280.3 $ 280.3 $ 229.1 $ 229.1 Deferred payment obligation 8.5 8.5 8.8 8.8 Long-term debt (excluding capitalized leases): Kronos term loan $ 340.9 $ 341.5 $ 338.0 $ 309.5 Snake River Sugar Company fixed rate loans 250.0 250.0 250.0 250.0 WCS fixed rate debt 67.1 67.1 65.6 65.6 Valhi credit facility with Contran 223.7 223.7 263.8 263.8 Tremont promissory note payable 17.4 17.4 17.1 17.1 BMI bank note payable 10.2 10.3 9.3 9.4 LandWell note payable to the City of Henderson 3.1 3.1 3.1 3.1 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Summary of Activity in Accrued Workforce Reduction | A summary of the activity in our accrued workforce reduction costs during 2015 is shown in the table below: Amount (in millions) Accrued workforce reduction costs as of January 1, 2015 $ — Workforce reduction costs accrued 21.7 Workforce reduction costs paid (15.9 ) Currency translation adjustments, net (.2 ) Accrued workforce reduction costs at December 31, 2015 $ 5.6 Amounts recognized in our Consolidated Balance Sheet at the end of the period: Current liability $ 5.3 Noncurrent liability .3 $ 5.6 |
Quarterly Results of Operatio49
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Quarterly Results Of Operations Schedule Of Quarterly Results Of Operations [Abstract] | |
Schedule of Quarterly Results of Operations | Quarter ended March 31 June 30 Sept. 30 Dec. 31 (In millions, except per share data) Year ended December 31, 2014 Net sales $ 462.4 $ 491.7 $ 476.5 $ 432.0 Gross margin 85.8 104.2 115.8 97.0 Operating income 22.8 46.7 60.2 40.5 Net income $ 4.6 $ 23.7 $ 37.5 $ 13.7 Amounts attributable to Valhi stockholders: Net income (1) $ .8 $ 15.5 $ 28.7 $ 8.8 Basic and diluted income per share $ — $ .05 $ .08 $ .03 Year ended December 31, 2015 Net sales $ 416.1 $ 408.8 $ 383.2 $ 324.8 Gross margin 89.3 56.3 49.8 27.5 Operating income (loss) 34.6 (10.1 ) (5.0 ) (24.9 ) Net income (loss) $ 17.3 $ (139.4 ) $ (13.3 ) $ (35.7 ) Amounts attributable to Valhi stockholders: Net income (loss) (2) $ 11.9 $ (103.9 ) $ (11.7 ) $ (29.9 ) Basic and diluted income (loss) per share $ .04 $ (.30 ) $ (.03 ) $ (.10 ) (1) We recognized the following amounts during 2014: a $3.2 million net of noncontrolling interest non-cash income tax benefit in the second quarter of 2014 related to the release of a portion of our reserve for uncertain tax positions related to the completion of a Canadian income tax audit and to the release of a portion of our reserve for uncertain tax positions in conjunction with the completion of an audit of our U.S. income tax return for 2009; see Note 12; a $1.2 million net of noncontrolling interest cash tax benefit associated with certain U.S. income tax credits, which we elected to claim on our 2013 amended U.S. federal tax return in the third quarter of 2014; and aggregate insurance recoveries of $7.3 million, after-tax and noncontrolling interest in the third quarter of 2014. (2) We recognized the following amounts during 2015: pre-tax charges of $21.1 million, $.4 million and $.2 million in the second, third and fourth quarters, respectively, in workforce reduction charges in our Chemicals Segment (see Note 19); aggregate insurance recoveries of $3.0 million, after-tax and noncontrolling interest primarily in the first quarter; non-cash deferred income tax expense of $150.3 million, $2.3 million and $6.4 million in the second, third and fourth quarters, respectively, related to the recognition of a deferred income tax asset valuation allowance related to our Chemicals Segment’s German and Belgium operations (see Note 12); and related to the non-cash deferred income tax expense noted above we recognized non-cash income tax benefit of $29.3 million, in the second quarter of 2015 for the reduction in the deferred income taxes required to be recognized with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock, (see Note 12). |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Percentage owned manufacturing joint venture under equity method investment | 50.00% | ||
Capitalized interest costs on property and equipment | $ 1.1 | $ 2.9 | $ 1.6 |
Earnings of foreign subsidiaries subject to permanent reinvestment plan | $ 645 | ||
Percentage of likelihood for recognition of uncertain tax positions | 50.00% | ||
Recognition of receivables for recoveries | $ 0 | 0 | |
Advertising costs | 1 | 1 | 2 |
Research, development and certain sales technical support costs | 16 | 19 | 18 |
Chemicals | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Shipping and handling costs | $ 87 | 95 | 93 |
Contran | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Parent company ownership interest | 93.00% | ||
Net cash payments received from/paid to tax group parent | $ 2.5 | $ 19.3 | $ 6.5 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Computation of Depreciation of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 10 years |
Buildings and improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 40 years |
Machinery and equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Machinery and equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | 20 years |
Mine development costs | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | Units-of-production |
Landfill disposal costs | |
Property Plant And Equipment [Line Items] | |
Property and equipment useful life | Units-of-consumption |
Business and Geographic Segme52
Business and Geographic Segments - Holding Percentage of Subsidiaries (Detail) | Dec. 31, 2015 |
Chemicals | Kronos Worldwide, Inc. | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 80.00% |
Component Products | CompX | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 87.00% |
Waste Management | WCS | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 100.00% |
Real Estate Management And Development | BMI | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 63.00% |
Real Estate Management And Development | LandWell | Aggregate General And Limited Interests | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 77.00% |
Business and Geographic Segme53
Business and Geographic Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | Segment | 4 | |
Non-U.S. subsidiaries | ||
Segment Reporting Information [Line Items] | ||
Net assets of non-U.S. subsidiaries | $ | $ 422 | $ 703 |
Kronos Worldwide, Inc. | ||
Segment Reporting Information [Line Items] | ||
Direct controlling interest in subsidiary | 50.00% | |
Indirect controlling interest in subsidiary | 30.00% | |
NL | ||
Segment Reporting Information [Line Items] | ||
Total controlling interest | 83.00% | |
LandWell | ||
Segment Reporting Information [Line Items] | ||
Direct controlling interest in subsidiary | 27.00% | |
Indirect controlling interest in subsidiary | 50.00% | |
BMI | ||
Segment Reporting Information [Line Items] | ||
Total controlling interest | 63.00% |
Business and Geographic Segme54
Business and Geographic Segments - Segment Operating Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 324.8 | $ 383.2 | $ 408.8 | $ 416.1 | $ 432 | $ 476.5 | $ 491.7 | $ 462.4 | $ 1,532.9 | $ 1,862.6 | $ 1,863.6 |
Cost of sales | 1,310 | 1,459.8 | 1,729.4 | ||||||||
Gross margin | 27.5 | 49.8 | 56.3 | 89.3 | 97 | 115.8 | 104.2 | 85.8 | 222.9 | 402.8 | 134.2 |
Operating income (loss) | $ (24.9) | $ (5) | $ (10.1) | $ 34.6 | $ 40.5 | $ 60.2 | $ 46.7 | $ 22.8 | (5.4) | 170.2 | (138.7) |
Equity in earnings of investee | 0.5 | ||||||||||
Securities earnings | 26.5 | 26.9 | 26.6 | ||||||||
Insurance recoveries | 3.7 | 10.4 | 9.4 | ||||||||
Gain on bargain purchase and remeasurement of our existing investment in acquiree | 54.6 | ||||||||||
General expenses, net | (39.6) | (38.8) | (105.3) | ||||||||
Loss on prepayment of debt, net | (8.9) | ||||||||||
Interest expense | (59) | (56.7) | (56.1) | ||||||||
Income (loss) before income taxes | (73.8) | 112 | (217.9) | ||||||||
Depreciation and amortization | 69.9 | 78.4 | 74.5 | ||||||||
Capital expenditures | 54.6 | 72.7 | 74.6 | ||||||||
Operating Segment | Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,348.8 | 1,651.9 | 1,732.4 | ||||||||
Cost of sales | 1,158.5 | 1,304.6 | 1,622.6 | ||||||||
Gross margin | 190.3 | 347.3 | 109.8 | ||||||||
Operating income (loss) | 7.1 | 156.8 | (125.4) | ||||||||
Depreciation and amortization | 44.3 | 51.9 | 52.8 | ||||||||
Capital expenditures | 47.5 | 61.3 | 67.6 | ||||||||
Operating Segment | Component Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 109 | 103.9 | 92 | ||||||||
Cost of sales | 75.6 | 71.6 | 64.5 | ||||||||
Gross margin | 33.4 | 32.3 | 27.5 | ||||||||
Operating income (loss) | 14 | 13.6 | 9.3 | ||||||||
Depreciation and amortization | 3.5 | 3.5 | 3.3 | ||||||||
Capital expenditures | 4.2 | 2.8 | 3.5 | ||||||||
Operating Segment | Waste Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 45 | 66.5 | 39.2 | ||||||||
Cost of sales | 50.5 | 49.7 | 42.3 | ||||||||
Gross margin | (5.5) | 16.8 | (3.1) | ||||||||
Operating income (loss) | (26.5) | (2.2) | (22.6) | ||||||||
Depreciation and amortization | 19.3 | 20.3 | 18.4 | ||||||||
Capital expenditures | 1.7 | 4.5 | $ 3.5 | ||||||||
Operating Segment | Real Estate Management And Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 30.1 | 40.3 | |||||||||
Cost of sales | 25.4 | 33.9 | |||||||||
Gross margin | 4.7 | 6.4 | |||||||||
Operating income (loss) | 2 | ||||||||||
Depreciation and amortization | 2.8 | 2.7 | |||||||||
Capital expenditures | $ 1.2 | 4 | |||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures | $ 0.1 |
Business and Geographic Segme55
Business and Geographic Segments - Total Assets Held by Business Segments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 2,537.4 | $ 2,945.2 | $ 2,951.7 |
Corporate and eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 366.3 | 357.1 | 371.6 |
Chemicals | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,617.6 | 2,001.2 | 1,975.8 |
Component Products | |||
Segment Reporting Information [Line Items] | |||
Total assets | 88.7 | 83.1 | 80.6 |
Waste Management | |||
Segment Reporting Information [Line Items] | |||
Total assets | 231.9 | 257.7 | 270.1 |
Real Estate Management And Development | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 232.9 | $ 246.1 | $ 253.6 |
Business and Geographic Segme56
Business and Geographic Segments - Net Sales by Point of Origin and Point of Destination (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 324.8 | $ 383.2 | $ 408.8 | $ 416.1 | $ 432 | $ 476.5 | $ 491.7 | $ 462.4 | $ 1,532.9 | $ 1,862.6 | $ 1,863.6 |
Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,532.9 | 1,862.6 | 1,863.6 | ||||||||
Point Of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,532.9 | 1,862.6 | 1,863.6 | ||||||||
United States | Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 841.9 | 993.7 | 961.5 | ||||||||
Germany | Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 690 | 844.1 | 915.8 | ||||||||
Canada | Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 216.9 | 252.3 | 246.5 | ||||||||
Belgium | Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 198.8 | 249.3 | 254.6 | ||||||||
Norway | Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 183.5 | 256.8 | 261.3 | ||||||||
North America | Point Of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 604 | 753.2 | 690.5 | ||||||||
Europe | Point Of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 700.9 | 883.6 | 905 | ||||||||
Asia and other | Point Of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 228 | 225.8 | 268.1 | ||||||||
Geography Eliminations | Point Of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ (598.2) | $ (733.6) | $ (776.1) |
Business and Geographic Segme57
Business and Geographic Segments - Net Property and Equipment by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Net property and equipment: | |||
Net property and equipment | $ 665.7 | $ 733.6 | $ 796.4 |
United States | |||
Net property and equipment: | |||
Net property and equipment | 227.1 | 234.4 | 232.8 |
Germany | |||
Net property and equipment: | |||
Net property and equipment | 229.9 | 259.5 | 292.9 |
Canada | |||
Net property and equipment: | |||
Net property and equipment | 55 | 63.4 | 67.1 |
Norway | |||
Net property and equipment: | |||
Net property and equipment | 71.9 | 85.5 | 100.9 |
Belgium | |||
Net property and equipment: | |||
Net property and equipment | $ 81.8 | $ 90.8 | $ 102.7 |
Business Combinations, Dispos58
Business Combinations, Dispositions and Related Transactions - Additional Information (Detail) $ in Millions | Nov. 18, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)ashares | Nov. 30, 2013 | Dec. 31, 2012shares |
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Equity ownership percentage | 50.00% | |||||
Land held for development at an aggregate fair value | $ 157.2 | $ 165.1 | ||||
Gain on bargain purchase and remeasurement of our existing investment in acquiree | $ 54.6 | |||||
Residential/Planned Community Purposes | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Land held for development | a | 2,100 | |||||
Commercial and Light Industrial Use | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Land held for development | a | 400 | |||||
Basic Management Inc. | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Equity ownership percentage | 32.00% | |||||
Indirect controlling interest in subsidiary | 50.00% | |||||
Business acquisition, percentage of voting interests acquired | 31.00% | |||||
Ownership interest in subsidiary | 63.00% | |||||
LandWell | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Equity ownership percentage | 12.00% | |||||
Business acquisition, percentage of voting interests acquired | 15.00% | |||||
Direct controlling interest in subsidiary | 27.00% | |||||
LandWell | Aggregate General And Limited Interests | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Controlling interest in subsidiary | 77.00% | |||||
LandWell | General Partner | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Ownership interest in subsidiary | 50.00% | |||||
Basic Management Inc And Landwell | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Total fair value of consideration | $ 32.6 | |||||
Fair value of consideration, cash | 5.3 | |||||
Recognized pre-tax gain on business combination | 26.6 | |||||
Business acquisition estimated fair value | 43.4 | |||||
Business acquisition at carrying value | 16.8 | |||||
Bargain purchase gain recognized | 28 | |||||
Land held for development at an aggregate fair value | 158.1 | |||||
Gain on bargain purchase and remeasurement of our existing investment in acquiree | 54.6 | |||||
Basic Management Inc And Landwell | Promissory Note | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Business combination consideration transferred, liabilities incurred | $ 19.1 | |||||
Interest rate | 3.00% | |||||
Principal prepayments of note | $ 3 | $ 1.7 | ||||
Basic Management Inc And Landwell | Face Value | Deferred Payment | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Business combination consideration transferred, liabilities incurred | $ 11.1 | |||||
Business combination consideration transferred, deferred payment obligation | $ 11.1 | |||||
Interest rate | 3.00% | |||||
Basic Management Inc And Landwell | Present Value | Deferred Payment | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Business combination consideration transferred, liabilities incurred | $ 8.2 | |||||
Business combination consideration transferred, deferred payment obligation | $ 8.2 | |||||
Discount rate | 3.00% | |||||
Certain Real Property and Option to Acquire Remaining Parcels | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Land held for development at an aggregate fair value | $ 14.9 | |||||
Kronos Worldwide, Inc. | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Repurchase of common stock | shares | 2,000,000 | |||||
Repurchased shares | shares | 49,000 | |||||
Repurchased shares, value | $ 0.7 | |||||
Shares available for purchase | shares | 1,950,000 | |||||
Indirect controlling interest in subsidiary | 30.00% | |||||
Direct controlling interest in subsidiary | 50.00% | |||||
CompX | Class A | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Shares available for purchase | shares | 678,000 | |||||
Entity One | Basic Management Inc. | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Noncontrolling interest, ownership percentage | 32.00% | |||||
Entity One | LandWell | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Noncontrolling interest, ownership percentage | 21.00% | |||||
Nevada Environmental Response Trust | Basic Management Inc. | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Noncontrolling interest, ownership percentage | 31.00% | |||||
Nevada Environmental Response Trust | LandWell | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Noncontrolling interest, ownership percentage | 15.00% | |||||
Entity Three | Basic Management Inc. | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Noncontrolling interest, ownership percentage | 5.00% | |||||
Entity Three | LandWell | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Noncontrolling interest, ownership percentage | 2.00% | |||||
WCS | Divestiture Terms Pending | ||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | ||||||
Proceeds from sale of subsidiary | $ 270 | |||||
Amount of consideration received in shares | $ 20 |
Business Combinations, Dispos59
Business Combinations, Dispositions and Related Transactions - Recognition Based on Final Asset Allocation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Land held for development: | |||
Current | $ 9.9 | $ 15 | |
Noncurrent | $ 157.2 | $ 165.1 | |
Basic Management Inc And Landwell | |||
Consideration: | |||
Cash | $ 5.3 | ||
Total fair value of consideration | 32.6 | ||
Fair value of our existing equity interest in BMI and LandWell | 43.4 | ||
Bargain purchase gain recognized | 28 | ||
Total | 104 | ||
Allocation of purchase price to identifiable assets acquired and liabilities assumed: | |||
Cash | 27.4 | ||
Land held for development: | |||
Current | 14.3 | ||
Noncurrent | 158.1 | ||
Other current assets | 9.4 | ||
Property, plant and equipment | 29 | ||
Intangible asset | 5.1 | ||
Other noncurrent assets | 3.4 | ||
Long-term debt | (14.3) | ||
Other liabilities | (66.9) | ||
Total net identifiable assets | 165.5 | ||
Noncontrolling interest in BMI and LandWell | (61.5) | ||
Total | 104 | ||
Basic Management Inc And Landwell | Deferred Payment | Present Value | |||
Consideration: | |||
Business combination consideration - liability incurred | 8.2 | ||
Basic Management Inc And Landwell | Promissory Note | |||
Consideration: | |||
Business combination consideration - liability incurred | $ 19.1 |
Business Combinations, Dispos60
Business Combinations, Dispositions and Related Transactions - Recognition Based on Final Asset Allocation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Deferred Payment | Basic Management Inc And Landwell | Face Value | |
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |
Business combination consideration - liability incurred | $ 11.1 |
Business Combinations, Dispos61
Business Combinations, Dispositions and Related Transactions - Schedule of Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||
Current assets | $ 896.2 | $ 1,048.6 | |
Restricted cash | 19.6 | 13.9 | |
Property and equipment, net | 665.7 | 733.6 | $ 796.4 |
LIABILITIES | |||
Current maturities of long-term debt | 9.5 | 9.3 | |
Payable to Contran | 45.5 | 46 | |
Long-term debt | 951 | 919.7 | |
Waste Management | |||
ASSETS | |||
Current assets | 10.1 | 14.6 | |
Operating permits | 48.1 | 53.2 | |
Restricted cash | 16.2 | 11 | |
Property and equipment, net | 150 | 161.5 | |
LIABILITIES | |||
Current maturities of long-term debt | 4.9 | 4.5 | |
Payable to Contran | 26.1 | 26.1 | |
Long-term debt | 71.4 | 76.4 | |
Accrued noncurrent closure and post closure costs | $ 27.4 | $ 25.7 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, current | $ 2 | $ 2.7 |
Market value, available for sale securities, noncurrent | 254.9 | 255.6 |
Non Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost basis | 255.1 | 255.8 |
Unrealized losses, net | (0.2) | (0.2) |
Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost basis | 2 | 2.7 |
Other | Non Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, noncurrent | 4.9 | 5.6 |
Cost basis | 5.1 | 5.8 |
Unrealized losses, net | (0.2) | (0.2) |
Amalgamated Sugar Company LLC | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, noncurrent | 250 | 250 |
Amalgamated Sugar Company LLC | Non Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, noncurrent | 250 | 250 |
Cost basis | $ 250 | $ 250 |
Marketable Securities - Sched63
Marketable Securities - Schedule of Marketable Securities and Fair Value Measurements (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | $ 2 | $ 2.7 |
Marketable securities, noncurrent | 254.9 | 255.6 |
Fixed Income Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 1.4 | 3.1 |
Mutual Funds and Common Stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 3.5 | 2.5 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | 1.7 | |
Marketable securities, noncurrent | $ 3.5 | $ 2.5 |
Level 1 | Fixed Income Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | ||
Level 1 | Mutual Funds and Common Stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 3.5 | $ 2.5 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | 2 | 1 |
Marketable securities, noncurrent | 1.4 | 3.1 |
Level 2 | Fixed Income Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 1.4 | $ 3.1 |
Level 2 | Mutual Funds and Common Stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | ||
Level 3 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | ||
Marketable securities, noncurrent | $ 250 | $ 250 |
Level 3 Inputs | Fixed Income Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | ||
Level 3 Inputs | Mutual Funds and Common Stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | ||
Amalgamated Sugar Company LLC | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 250 | $ 250 |
Amalgamated Sugar Company LLC | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | ||
Amalgamated Sugar Company LLC | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | ||
Amalgamated Sugar Company LLC | Level 3 Inputs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 250 | $ 250 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Marketable securities | $ 254.9 | $ 255.6 |
Amalgamated Sugar Company LLC | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Net of assets transferred to the LLC | 34 | |
Marketable securities | 250 | |
Cost of the investment in LLC | $ 250 | |
Percentage of share from profit of LLC | 95.00% | |
Additional preferential share receivable in case distributions are below this base level | 95.00% | |
Amalgamated Sugar Company LLC | Base Level | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Distributions from LLC - aggregate annual base level | $ 26.7 | |
Snake River | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Loan issued by Snake River | 250 | |
Snake River | Amalgamated Sugar Company LLC | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Minimum amount annual distributions received from Amalgamated Sugar LLC will exceed Snake River loan interest payments | $ 1.8 |
Accounts and Other Receivable65
Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Trade accounts receivable: | ||
VAT and other receivables | $ 20.1 | $ 24.3 |
Allowance for doubtful accounts | (1.2) | (1.8) |
Total | 228.9 | 271.3 |
Trade Accounts Receivable | Kronos Worldwide, Inc. | ||
Trade accounts receivable: | ||
Accounts receivable | 194.8 | 230.9 |
Trade Accounts Receivable | CompX | ||
Trade accounts receivable: | ||
Accounts receivable | 8.8 | 8.8 |
Trade Accounts Receivable | WCS | ||
Trade accounts receivable: | ||
Accounts receivable | 5.2 | 7.7 |
Trade Accounts Receivable | BMI and LandWell | ||
Trade accounts receivable: | ||
Accounts receivable | $ 1.2 | $ 1.4 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 78.7 | $ 79.4 |
Work in process | 30.4 | 43.2 |
Finished products | 236.1 | 256.4 |
Supplies | 60 | 64 |
Total | 405.2 | 443 |
Chemicals | ||
Inventory [Line Items] | ||
Raw materials | 75.9 | 76 |
Work in process | 21.1 | 32.9 |
Finished products | 233.1 | 253.2 |
Component Products | ||
Inventory [Line Items] | ||
Raw materials | 2.8 | 3.4 |
Work in process | 9.3 | 10.3 |
Finished products | $ 3 | $ 3.2 |
Investment in TiO2 Manufactur67
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Investment in TiO2 Manufacturing Joint Venture and Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets: | ||
Land held for development | $ 157.2 | $ 165.1 |
Waste disposal site operating permits, net | 48.1 | 53.2 |
Restricted cash | 19.6 | 13.9 |
IBNR receivables | 7 | 6.8 |
Capital lease deposit | 6.2 | 6.2 |
Intangible assets | 5.1 | 5.1 |
Other | 11.8 | 27.5 |
Total | 255 | 277.8 |
Capitalized Operating Permits | ||
Other assets: | ||
Waste disposal site operating permits, net | $ 48.1 | $ 53.2 |
Investment in TiO2 Manufactur68
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Assets Non Current [Line Items] | ||||
Equity ownership percentage | 50.00% | |||
Indefinite-lived intangible asset | $ 5.1 | $ 5.1 | ||
Collateral Trust | ||||
Other Assets Non Current [Line Items] | ||||
Decrease in restricted cash | $ 18 | |||
Capitalized Operating Permit Costs | ||||
Other Assets Non Current [Line Items] | ||||
Amortization of capitalized operating permit costs | 6.3 | 6.6 | $ 6.5 | |
Capitalized operating permits, net of amortization | 31.6 | $ 25.3 | ||
Capitalized Operating Permit Costs | Permits Subject to Amortization | ||||
Other Assets Non Current [Line Items] | ||||
Amortization next fiscal year | 6.3 | |||
Amortization, year 2 | 6.3 | |||
Amortization, year 3 | 5.7 | |||
Amortization, year 4 | 5.3 | |||
Amortization, year 5 | 5.3 | |||
BMI | ||||
Other Assets Non Current [Line Items] | ||||
Equity ownership percentage | 32.00% | |||
BMI | Customer Relationships | ||||
Other Assets Non Current [Line Items] | ||||
Indefinite-lived intangible asset | $ 5.1 | |||
LandWell | ||||
Other Assets Non Current [Line Items] | ||||
Equity ownership percentage | 12.00% | |||
LandWell | General Partner | ||||
Other Assets Non Current [Line Items] | ||||
Indirect controlling interest in subsidiary | 50.00% | |||
LPC | ||||
Other Assets Non Current [Line Items] | ||||
Purchase of TiO2 from the plant | 52.00% |
Investment in TiO2 Manufactur69
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Components of Net Distributions from LPC (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Investment Holdings [Line Items] | |||
Net distributions | $ 6.5 | $ 10.6 | $ 10.9 |
LPC | |||
Summary Of Investment Holdings [Line Items] | |||
Distributions from LPC | 48.2 | 48 | 70.7 |
Contributions to LPC | (41.7) | (37.4) | (59.8) |
Net distributions | $ 6.5 | $ 10.6 | $ 10.9 |
Investment in TiO2 Manufactur70
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Summary of Financial Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Financial Information [Line Items] | ||||||||||||
Current assets | $ 896.2 | $ 1,048.6 | $ 896.2 | $ 1,048.6 | ||||||||
Property and equipment, net | 665.7 | 733.6 | 665.7 | 733.6 | $ 796.4 | |||||||
Total assets | 2,537.4 | 2,945.2 | 2,537.4 | 2,945.2 | 2,951.7 | |||||||
Other liabilities, primarily current | 30.4 | 40.4 | 30.4 | 40.4 | ||||||||
Total liabilities and equity | 2,537.4 | 2,945.2 | 2,537.4 | 2,945.2 | ||||||||
Net sales | 324.8 | $ 383.2 | $ 408.8 | $ 416.1 | 432 | $ 476.5 | $ 491.7 | $ 462.4 | 1,532.9 | 1,862.6 | 1,863.6 | |
Cost of sales | 1,310 | 1,459.8 | 1,729.4 | |||||||||
General and administrative | 269.7 | 276.1 | 375.1 | |||||||||
Total costs and expenses | 1,638.7 | 1,792.6 | 2,169.5 | |||||||||
Net income (loss) | (35.7) | $ (13.3) | $ (139.4) | $ 17.3 | 13.7 | $ 37.5 | $ 23.7 | $ 4.6 | (171.1) | 79.5 | (126.9) | |
Loss before income taxes | (73.8) | 112 | (217.9) | |||||||||
LPC | ||||||||||||
Financial Information [Line Items] | ||||||||||||
Current assets | 96.2 | 107.4 | 96.2 | 107.4 | ||||||||
Property and equipment, net | 110.1 | 110.6 | 110.1 | 110.6 | ||||||||
Total assets | 206.3 | 218 | 206.3 | 218 | ||||||||
Other liabilities, primarily current | 37.8 | 37.3 | 37.8 | 37.3 | ||||||||
Partners’ equity | 168.5 | 180.7 | 168.5 | 180.7 | ||||||||
Total liabilities and equity | $ 206.3 | $ 218 | 206.3 | 218 | ||||||||
Net sales | 339 | 386.9 | 449.1 | |||||||||
Cost of sales | 338.5 | 386.4 | 448.7 | |||||||||
General and administrative | 0.5 | 0.5 | 0.4 | |||||||||
Total costs and expenses | 339 | 386.9 | 449.1 | |||||||||
LPC | Kronos Worldwide, Inc. | ||||||||||||
Financial Information [Line Items] | ||||||||||||
Net sales | 176.5 | 193.1 | 224.5 | |||||||||
LPC | Tioxide | ||||||||||||
Financial Information [Line Items] | ||||||||||||
Net sales | $ 162.5 | $ 193.8 | $ 224.6 | |||||||||
Basic Management Inc And Landwell | ||||||||||||
Financial Information [Line Items] | ||||||||||||
Net sales | $ 9.5 | |||||||||||
Net income (loss) | (3.7) | |||||||||||
Loss before income taxes | $ (3.9) |
Investment in TiO2 Manufactur71
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Components of Net Capitalized Permit Costs (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Noncurrent Assets [Line Items] | ||
Net capitalized permit costs | $ 48.1 | $ 53.2 |
Permits Subject to Amortization | ||
Other Noncurrent Assets [Line Items] | ||
Net capitalized permit costs | 47.3 | 53.2 |
Permits Not Subject to Amortization | ||
Other Noncurrent Assets [Line Items] | ||
Net capitalized permit costs | 0.8 | |
LLRW License - (expires in 2024) | Permits Subject to Amortization | ||
Other Noncurrent Assets [Line Items] | ||
Net capitalized permit costs | 44.7 | 49.6 |
Byproduct License - (expires in 2018) | Permits Subject to Amortization | ||
Other Noncurrent Assets [Line Items] | ||
Net capitalized permit costs | 2.5 | 3.5 |
Other - (expires 2015 - 2024) | Permits Subject to Amortization | ||
Other Noncurrent Assets [Line Items] | ||
Net capitalized permit costs | $ 0.1 | $ 0.1 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | |||
Ending Balance | $ 379.7 | $ 379.7 | $ 379.7 |
Chemicals | |||
Goodwill [Line Items] | |||
Ending Balance | 352.6 | 352.6 | 352.6 |
Component Products | |||
Goodwill [Line Items] | |||
Ending Balance | $ 27.1 | $ 27.1 | $ 27.1 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Consolidated gross goodwill | $ 396.2 | |
Component Products | ||
Goodwill [Line Items] | ||
Aggregate goodwill impairment | $ 16.5 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term debt | ||
Total debt | $ 960.5 | $ 929 |
Less current maturities | 9.5 | 9.3 |
Total long-term debt | 951 | 919.7 |
VALHI, INC. | ||
Long-term debt | ||
Total debt | 513.8 | 473.7 |
VALHI, INC. | Contran Credit Facility | ||
Long-term debt | ||
Total debt | 263.8 | 223.7 |
VALHI, INC. | Notes Payable, Other Payables | Snake River | ||
Long-term debt | ||
Total debt | 250 | 250 |
Kronos Worldwide, Inc. | 2014 Term Loan | ||
Long-term debt | ||
Total debt | 338 | 340.9 |
WCS | Financing Capital Lease Obligation | ||
Long-term debt | ||
Total debt | 65.6 | 67.1 |
Tremont | Promissory Note | ||
Long-term debt | ||
Total debt | 17.1 | 17.4 |
BMI | Bank note payable | ||
Long-term debt | ||
Total debt | 9.3 | 10.2 |
LandWell | Unsecured Debt | ||
Long-term debt | ||
Total debt | 3.1 | 3.1 |
Other Subsidiary | Other | ||
Long-term debt | ||
Total debt | 13.6 | 16.6 |
Subsidiary | ||
Long-term debt | ||
Total debt | $ 446.7 | $ 455.3 |
Long-Term Debt - Valhi - Additi
Long-Term Debt - Valhi - Additional Information (Detail) - VALHI, INC. | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Contran Credit Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 325,000,000 |
Debt instrument, Interest rate at period end | 4.50% |
Debt due date, start date | Dec. 31, 2017 |
Credit facility, Amount borrowed | $ 40,100,000 |
Amount available for borrowing | $ 61,200,000 |
Debt instrument basis spread on variable rate | 1.00% |
Notes Payable, Other Payables | Snake River | |
Debt Instrument [Line Items] | |
Term loan | $ 250,000,000 |
Loans bear interest at a weighted average fixed interest rate | 9.40% |
Loans maturity period | Jan. 31, 2027 |
Recourse loans | $ 37,500,000 |
Nonrecourse loans | $ 212,500,000 |
Term Loan | Contran Credit Facility | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate at period end | 4.26% |
Long-Term Debt - Kronos Term Lo
Long-Term Debt - Kronos Term Loan - Additional Information (Detail) - USD ($) | Feb. 18, 2014 | May. 31, 2015 | Feb. 28, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ||||||||
Repayment of credit facility | $ 53,400,000 | $ 343,100,000 | $ 693,300,000 | |||||
Loss on prepayment of debt, net | (8,900,000) | |||||||
Kronos Worldwide, Inc. | 2014 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans maturity period | Feb. 28, 2020 | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | Contran | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of credit facility | $ 170,000,000 | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2012 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of credit facility | 390,000,000 | |||||||
Principal amount of promissory note | 400,000,000 | $ 400,000,000 | ||||||
Loss on prepayment of debt, net | 8,900,000 | |||||||
Repayments of long term debt from cash on hand | $ 50,000,000 | 150,000,000 | ||||||
Borrowing from Contran for prepayment of term loan | 190,000,000 | |||||||
Borrowings for prepayment of term loan | $ 50,000,000 | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | Libor Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 3.75% | 3.75% | ||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 2.75% | 2.75% | ||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount of promissory note | $ 350,000,000 | |||||||
Borrowings for prepayment of term loan | $ 348,300,000 | |||||||
Percentage of loan issued to principal amount | 99.50% | |||||||
Quarterly principal repayments | $ 875,000 | |||||||
Quarterly principal repayments, commencing date | Jun. 30, 2014 | |||||||
Loans maturity period | Feb. 28, 2020 | |||||||
Long term debt prepayments terms | Voluntary principal prepayments are permitted at any time. | |||||||
Minimum amount of debt default for using customary default provisions | $ 50,000,000 | |||||||
Call premium percentage | 1.00% | |||||||
Voluntary prepayment, earliest date | Nov. 30, 2015 | |||||||
Refinancing fee | $ 750,000 | |||||||
Debt instrument, average interest rate during period | 4.29% | |||||||
Debt instrument, Effective interest rate at period end | 4.00% | |||||||
Unamortized discount balance | $ 1,200,000 | 1,500,000 | ||||||
Debt Issuance Cost | $ 4,700,000 | $ 5,000,000 | ||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | Unsecured Promissory Note Issued by Kronos International, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan pledged as collateral from wholly-owned subsidiary | $ 395,700,000 | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | U.S. wholly-owned subsidiaries | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan Collateralized Priority | 100.00% | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | Canadian first-tier European subsidiaries | ||||||||
Debt Instrument [Line Items] | ||||||||
Term Loan Collateralized Priority | 65.00% | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | Libor Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum LIBOR rate | 1.00% | |||||||
Debt instrument basis spread on variable rate | 3.00% | |||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 2.00% |
Long-Term Debt - Note Payable t
Long-Term Debt - Note Payable to Contran - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Payment of principal amount | $ 53.4 | $ 343.1 | $ 693.3 | |
Kronos Worldwide, Inc. | Note Payable | Contran | ||||
Debt Instrument [Line Items] | ||||
Borrowing from Contran for prepayment of term loan | 190 | |||
Payment of principal amount | $ 170 | $ 20 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Kronos Worldwide, Inc. | 12 Months Ended | |||||||
Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015CAD | Dec. 31, 2014CAD | Dec. 31, 2012CAD | Jun. 30, 2012USD ($) | |
Foreign Line of Credit | Europe | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | € | € 120,000,000 | |||||||
Credit facility maturity date | September 2,017 | September 2,017 | ||||||
Debt instrument basis spread on variable rate | 1.90% | 1.90% | ||||||
Revolving credit facility, borrowings (repayments) | € | € 0 | |||||||
Outstanding borrowings under revolving credit facility | $ 0 | |||||||
Percentage of borrowings available under credit facility | 19.00% | 19.00% | 19.00% | |||||
Amount available for borrowing | $ 25,300,000 | € 23,100,000 | ||||||
Foreign Line of Credit | Canada | Economic Development Agency Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | CAD | CAD 4,500,000 | |||||||
Outstanding borrowings under revolving credit facility | $ 3,300,000 | CAD 4,500,000 | CAD 7,900,000 | |||||
Revolving North American credit facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||
Credit facility maturity date | June 2,017 | June 2,017 | ||||||
Fixed charge coverage ratio, minimum value | 110.00% | 110.00% | ||||||
Revolving credit facility, borrowings | $ 0 | $ 81,000,000 | ||||||
Repayment of credit facility | $ 0 | 92,100,000 | ||||||
Amount available for Borrowing | $ 68,300,000 | |||||||
Revolving North American credit facility | Minimum | Variable Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 1.50% | 1.50% | ||||||
Revolving North American credit facility | Minimum | Base Rate Option | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 0.50% | 0.50% | ||||||
Revolving North American credit facility | Maximum | Variable Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 2.00% | 2.00% | ||||||
Revolving North American credit facility | Maximum | Base Rate Option | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 1.00% | 1.00% | ||||||
Letter Of Credit | Revolving North American credit facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 15,000,000 | |||||||
Canadian Subsidiary Revolving Borrowings Maximum | Revolving North American credit facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 25,000,000 |
Long-Term Debt - WCS - Addition
Long-Term Debt - WCS - Additional Information (Detail) - WCS - Financing capital lease - Andrews County capital lease $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Gross proceeds sale of property and equipment | $ 75 |
Lease Agreement period | 25 years |
Lease agreement cost | $ 2.6 |
Capital lease agreement interest rate | 7.00% |
Aggregate rental due | $ 6.2 |
Long-Term Debt - Notes Payable
Long-Term Debt - Notes Payable to BMI - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2013 | |
Debt Instrument [Line Items] | |||
Cash Collateral | $ 19,600,000 | $ 13,900,000 | |
BMI | Bank note payable | |||
Debt Instrument [Line Items] | |||
Note payable, secured | $ 11,900,000 | ||
Cash Collateral | $ 750,000 | ||
Periodic principal payments | $ 100,000 | ||
Loans maturity period | Jan. 31, 2025 | ||
Frequency of debt instrument payment | Monthly | ||
Interest rate terms | The note bears interest at a variable rate equal to the prime rate with a floor of 3.25% and a ceiling of 9.0 | ||
Debt instrument, average interest rate during period | 3.25% | ||
Notes payable outstanding | $ 9,400,000 | ||
Debt instrument, Effective interest rate at period end | 3.50% | ||
Debt Issuance Cost | $ 100,000 | ||
BMI | Bank note payable | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, average interest rate during period | 9.00% | ||
BMI | Bank note payable | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, average interest rate during period | 3.25% |
Long-Term Debt - Notes Payabl81
Long-Term Debt - Notes Payable Landwell - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | May. 31, 2012 | |
Debt Instrument [Line Items] | |||
Notes payable outstanding | $ 960,500,000 | $ 929,000,000 | |
LandWell | Note payable to the City of Henderson | |||
Debt Instrument [Line Items] | |||
Debt instrument | $ 3,900,000 | ||
Periodic principal payments | $ 250,000 | ||
Interest rate terms | The loan bears interest at a 3% fixed rate. | ||
Promissory note maturity date | Dec. 31, 2020 | ||
Frequency of debt instrument payment | Semi-Annual | ||
Long-term promissory note fixed interest rate | 3.00% | ||
Notes payable outstanding | $ 3,100,000 |
Long-Term Debt - Aggregate Matu
Long-Term Debt - Aggregate Maturities of Long-Term Debt (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Disclosure Longterm Debt Aggregate Maturities Of Long Term Debt [Abstract] | |
2,016 | $ 14.7 |
2,017 | 276.3 |
2,018 | 12.7 |
2,019 | 12.3 |
2,020 | 341.8 |
2021 and thereafter | 366 |
Subtotal | 1,023.8 |
Less amounts representing interest on capital leases, original issue discount and debt issuance costs | 63.3 |
Total long-term debt | $ 960.5 |
Accounts Payable and Accrued 83
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts payable: | |||
Accounts payable | $ 104.8 | $ 136.2 | |
Current accrued liabilities: | |||
Employee benefits | 24.7 | 34.6 | |
Accrued sales discounts and rebates | 23.9 | 23 | |
Deferred income | 21.8 | 19.8 | |
Environmental remediation and related costs | 11.7 | 10.2 | $ 9.1 |
Accrued workforce reduction costs | 5.3 | ||
Other | 30.4 | 40.4 | |
Total | 121.1 | 128 | |
Noncurrent accrued liabilities: | |||
Reserve for uncertain tax positions | 32.9 | 34.1 | |
Asset retirement obligations | 28.8 | 27.2 | |
Deferred income | 20.2 | 18.9 | |
Employee benefits | 7.1 | 8.1 | |
Insurance claims and expenses | 9.6 | 9.5 | |
Deferred payment obligation | 8.8 | 8.5 | |
Other | 7.2 | 6.4 | |
Total | 114.6 | 112.7 | |
Kronos Worldwide, Inc. | |||
Accounts payable: | |||
Accounts payable | 96.1 | 121.4 | |
CompX | |||
Accounts payable: | |||
Accounts payable | 2.7 | 3.9 | |
WCS | |||
Accounts payable: | |||
Accounts payable | 1.3 | 1.4 | |
BMI/LandWell | |||
Accounts payable: | |||
Accounts payable | 2.1 | 7 | |
NL | |||
Accounts payable: | |||
Accounts payable | 1.9 | 2.3 | |
Other | |||
Accounts payable: | |||
Accounts payable | 0.7 | $ 0.2 | |
Interest Rate Swap Contract | |||
Current accrued liabilities: | |||
Hedging liabilities | $ 3.3 |
Accounts Payable and Accrued 84
Accounts Payable and Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Payables And Accruals [Abstract] | |||
Asset retirement obligation, accretion expense | $ 2 | $ 1.8 | $ 1.7 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expense | $ 5.8 | $ 5.7 | $ 4.2 |
Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution | 15.8 | ||
Expect to recognize unrecognized actuarial losses | 12.8 | ||
Expect to recognize prior service credit\cost | $ 0.2 | ||
U.S. Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.80% | |
Long-term return on plan assets | 7.50% | 7.50% | 10.00% |
Weighted average discount rate used in determining the net periodic cost | 3.80% | 4.50% | 3.60% |
U.S. Defined Benefit Pension Plans | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of average annual rate of return | 14.00% | ||
Long-term return on plan assets | 10.00% | ||
U.S. Defined Benefit Pension Plans | CMRT | Level 1 and Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of fair value of asset | 81.00% | 80.00% | |
Foreign Pension Plan Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.60% | 2.50% | |
Long-term return on plan assets | 4.60% | 5.00% | 5.00% |
Weighted average discount rate used in determining the net periodic cost | 2.50% | 3.80% | 3.70% |
Foreign Pension Plan Defined Benefit | Canada | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment | $ 7.1 | ||
Defined benefit plan, special termination benefits | $ 0.2 | ||
Average basis points of long-term rate of return on investment | 1.25% | ||
Foreign Pension Plan Defined Benefit | Canada | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 38.00% | ||
Foreign Pension Plan Defined Benefit | Canada | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 55.00% | ||
Foreign Pension Plan Defined Benefit | Canada | Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 7.00% | ||
Foreign Pension Plan Defined Benefit | Norway | Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 11.00% | ||
Foreign Pension Plan Defined Benefit | Norway | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 7.00% | ||
Percentage of plan asset allocation | 11.00% | ||
Foreign Pension Plan Defined Benefit | Norway | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 5.00% | ||
Percentage of plan asset allocation | 79.00% | ||
Foreign Pension Plan Defined Benefit | Norway | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 5.00% | ||
Percentage of plan asset allocation | 7.00% | ||
Foreign Pension Plan Defined Benefit | Norway | Money Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 3.00% | ||
OPEB | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution | $ 1.1 | ||
Discount rate | 3.60% | 3.40% | |
Expect to recognize unrecognized actuarial losses | $ 0.2 | ||
Expect to recognize prior service credit\cost | $ 1.8 | ||
Weighted average discount rate used in determining the net periodic cost | 3.40% | 4.00% | 3.50% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Defined Benefit Plan Expected Future Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Defined Benefit Pension Plans | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,016 | $ 23.4 |
2,017 | 23.7 |
2,018 | 24.2 |
2,019 | 24.7 |
2,020 | 25.6 |
Next 5 years | 141.2 |
OPEB | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,016 | 1.1 |
2,017 | 1.1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 0.9 |
Next 5 years | $ 4.2 |
Employee Benefit Plans - Sche87
Employee Benefit Plans - Schedule of Funded Status (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Noncurrent | $ (216.8) | $ (249.4) | |
U.S. Defined Benefit Pension Plans | |||
Change in benefit obligation: | |||
Balance at beginning of the year | 70.2 | 62 | |
Interest cost | 2.7 | 2.9 | $ 2.4 |
Actuarial loss (gain) | (2.2) | 9.9 | |
Benefits paid | (4.1) | (4.6) | |
Balance at end of the year | 66.6 | 70.2 | 62 |
Change in plan assets: | |||
Fair value at beginning of the year | 53.6 | 54.9 | |
Actual return on plan assets | (2.3) | 2 | |
Employer contributions | 0.4 | 1.3 | |
Benefits paid | (4.1) | (4.6) | |
Fair value at end of year | 47.6 | 53.6 | 54.9 |
Funded status | 19 | 16.6 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Current | (0.3) | (0.3) | |
Noncurrent | (18.7) | (16.3) | |
Total recognized in balance sheet | (19) | (16.6) | |
Accumulated other comprehensive loss: | |||
Accumulated other comprehensive loss—Actuarial loss | 42 | 39.5 | |
Total amount recognized in balance sheet and AOCI | 23 | 22.9 | |
Accumulated benefit obligations (“ABO”) | 66.6 | 70.2 | |
Foreign Pension Plan Defined Benefit | |||
Change in benefit obligation: | |||
Balance at beginning of the year | 659.2 | 604.9 | |
Service cost | 11.2 | 9.9 | 13.1 |
Interest cost | 15.1 | 22.2 | 21.6 |
Participants’ contributions | 1.6 | 2 | |
Actuarial loss (gain) | (10) | 122.2 | |
Change in currency exchange rates | (76.9) | (75.3) | |
Benefits paid | (21.3) | (26.7) | |
Balance at end of the year | 578.9 | 659.2 | 604.9 |
Change in plan assets: | |||
Fair value at beginning of the year | 425.5 | 441.6 | |
Actual return on plan assets | 10.8 | 40.7 | |
Employer contributions | 17.6 | 20.4 | |
Participants’ contributions | 1.6 | 2 | |
Change in currency exchange rates | (51.7) | (52.5) | |
Benefits paid | (21.3) | (26.7) | |
Fair value at end of year | 382.5 | 425.5 | 441.6 |
Funded status | (196.4) | (233.7) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Pension asset | 1.7 | ||
Current | (0.6) | ||
Noncurrent | (198.1) | (233.1) | |
Total recognized in balance sheet | (196.4) | (233.7) | |
Accumulated other comprehensive loss: | |||
Accumulated other comprehensive loss—Actuarial loss | 234.1 | 252.3 | |
Accumulated other comprehensive income (loss) - Prior service credit | 1.9 | 2.2 | |
Accumulated other comprehensive loss, Total | 236 | 254.5 | |
Total amount recognized in balance sheet and AOCI | 39.6 | 20.8 | |
Accumulated benefit obligations (“ABO”) | 554.4 | 627.5 | |
OPEB | |||
Change in benefit obligation: | |||
Balance at beginning of the year | 15.4 | 15.1 | |
Service cost | 0.1 | 0.1 | 0.3 |
Interest cost | 0.5 | 0.6 | 0.7 |
Actuarial loss (gain) | (0.8) | 1.4 | |
Change in currency exchange rates | (1.2) | (0.6) | |
Benefits paid | (1.1) | (1.2) | |
Balance at end of the year | 12.9 | 15.4 | $ 15.1 |
Change in plan assets: | |||
Benefits paid | (1.1) | (1.2) | |
Funded status | (12.9) | (15.4) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Current | (1.1) | (1.3) | |
Noncurrent | (11.8) | (14.1) | |
Total recognized in balance sheet | (12.9) | (15.4) | |
Accumulated other comprehensive loss: | |||
Accumulated other comprehensive loss—Actuarial loss | 2.4 | 3.2 | |
Accumulated other comprehensive income (loss) - Prior service credit | (8.6) | (10.6) | |
Accumulated other comprehensive loss, Total | (6.2) | (7.4) | |
Total amount recognized in balance sheet and AOCI | $ (19.1) | $ (22.8) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 2.7 | $ 2.9 | $ 2.4 |
Expected return on plan assets | (3.9) | (4) | (4.9) |
Amortization of unrecognized net actuarial loss | 1.7 | 1.2 | 1.6 |
Total | 0.5 | 0.1 | (0.9) |
Foreign Pension Plan Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 11.2 | 9.9 | 13.1 |
Interest cost | 15.1 | 22.2 | 21.6 |
Settlement gain | (0.3) | ||
Curtailment gain (loss) | 0.1 | 7.3 | |
Expected return on plan assets | (17.3) | (20.6) | (18.9) |
Amortization of unrecognized prior service credit | 0.4 | 0.5 | 1.1 |
Amortization of unrecognized net transition obligations | 0.4 | ||
Amortization of unrecognized net actuarial loss | 13.8 | 10.1 | 12.5 |
Total | 23.2 | 21.9 | 37.1 |
OPEB | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.1 | 0.1 | 0.3 |
Interest cost | 0.5 | 0.6 | 0.7 |
Curtailment gain (loss) | (0.6) | ||
Amortization of unrecognized prior service credit | (1.9) | (2) | (1.8) |
Amortization of unrecognized net transition obligations | (0.2) | ||
Total | $ (1.3) | $ (1.5) | $ (1.4) |
Employee Benefit Plans - Sche89
Employee Benefit Plans - Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Defined Benefit Pension Plans | ||
Plans for which the ABO exceeds plan assets: | ||
Projected benefit obligations | $ 66.6 | $ 70.2 |
Accumulated benefit obligations | 66.6 | 70.2 |
Fair value of plan assets | 47.6 | 53.6 |
Foreign Pension Plan Defined Benefit | ||
Plans for which the ABO exceeds plan assets: | ||
Projected benefit obligations | 518.1 | 632.6 |
Accumulated benefit obligations | 498.7 | 603.4 |
Fair value of plan assets | $ 321.6 | $ 401.2 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Actuarial Assumptions Used to Determine Net Periodic Benefit Cost (Credit) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Defined Benefit Pension Plans | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Discount rate | 3.80% | 4.50% | 3.60% |
Long-term return on plan assets | 7.50% | 7.50% | 10.00% |
Foreign Pension Plan Defined Benefit | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Discount rate | 2.50% | 3.80% | 3.70% |
Increase in future compensation levels | 2.60% | 2.70% | 3.10% |
Long-term return on plan assets | 4.60% | 5.00% | 5.00% |
Employee Benefit Plans - Summ91
Employee Benefit Plans - Summary of Actuarial Assumptions Used to Benefit Obligations (Detail) - Foreign Pension Plan Defined Benefit | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Discount rate | 2.60% | 2.50% |
Increase in future compensation levels | 2.90% | 2.60% |
Employee Benefit Plans - Sche92
Employee Benefit Plans - Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Pension Plans | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Net actuarial gain (loss) | $ 0.3 | $ (113) | $ 19.8 |
Plan curtailment | 7.1 | ||
Plan settlement | (0.2) | ||
Amortization of unrecognized prior service cost (credit) | 0.4 | 0.5 | 1.1 |
Amortization of unrecognized prior service cost net transition obligations | 0.4 | ||
Amortization of unrecognized net actuarial gain/loss | 15.4 | 11.3 | 14.2 |
Total | 16.1 | (101.4) | 42.6 |
OPEB | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Net actuarial gain (loss) | 0.8 | (1.4) | 2.2 |
Amortization of unrecognized prior service cost (credit) | (1.9) | (2) | (2.4) |
Plan amendments/curtailment | (0.2) | 4.5 | |
Total | $ (1.1) | $ (3.6) | $ 4.3 |
Employee Benefit Plans - Sche93
Employee Benefit Plans - Schedule of Aggregate Fair Value of Asset and Supplemental Asset Mix (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset value | $ 648.8 | $ 715.5 |
CMRT fair value input | 100.00% | 100.00% |
CMRT asset mix | 100.00% | 100.00% |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT fair value input | 54.00% | 67.00% |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT fair value input | 27.00% | 13.00% |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT fair value input | 19.00% | 20.00% |
Domestic Equities, Principally Publicly Traded | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset mix | 29.00% | 48.00% |
International Equities, Principally Publicly Traded | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset mix | 22.00% | 11.00% |
Fixed Income Securities, Principally Publicly Traded | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset mix | 38.00% | 32.00% |
Privately Managed Limited Partnerships | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset mix | 5.00% | 7.00% |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset mix | 5.00% | |
Other, Primarily Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
CMRT asset mix | 1.00% | 2.00% |
Employee Benefit Plans - Compos
Employee Benefit Plans - Composition of Pension Plan Assets (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 430.1 | $ 479.1 | |
Other Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 21.7 | 22.1 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 146.3 | 171.4 | |
Level 1 | Other Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 14 | 14.3 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 47.6 | 53.6 | |
Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 236.2 | 254.1 | $ 261.5 |
Level 3 Inputs | Other Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 7.7 | 7.8 | |
Germany | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 223.1 | 240.7 | |
Germany | Level 3 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 223.1 | 240.7 | |
Canada | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 9.6 | 12.4 | |
Canada | Foreign Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 23.3 | 34.4 | |
Canada | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 50.6 | 50.3 | |
Canada | Global Mutual Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.8 | 10.1 | |
Canada | Cash and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0.5 | 0.6 | |
Canada | Level 1 | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 9.6 | 12.4 | |
Canada | Level 1 | Foreign Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 23.3 | 34.4 | |
Canada | Level 1 | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 50.6 | 50.3 | |
Canada | Level 1 | Global Mutual Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.8 | 10.1 | |
Canada | Level 1 | Cash and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0.5 | 0.6 | |
Norway | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2 | 1.9 | |
Norway | Foreign Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 3.6 | 5.1 | |
Norway | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 24.5 | 29.3 | |
Norway | Cash and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 7.9 | 10.3 | |
Norway | Foreign Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.7 | 3.8 | |
Norway | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.2 | 4.5 | |
Norway | Level 1 | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2 | 1.9 | |
Norway | Level 1 | Foreign Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 3.6 | 5.1 | |
Norway | Level 1 | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 24.5 | 29.3 | |
Norway | Level 1 | Cash and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.7 | 9.2 | |
Norway | Level 1 | Foreign Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.7 | 3.8 | |
Norway | Level 3 Inputs | Cash and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 1.2 | 1.1 | |
Norway | Level 3 Inputs | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.2 | 4.5 | |
United States | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 47.6 | 53.6 | |
United States | Level 2 | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 47.6 | $ 53.6 |
Employee Benefit Plans - Sche95
Employee Benefit Plans - Schedule of Rollforward of Change in Fair Value of Level 3 Assets (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Reconciliation Of Changes In Fair Value Of Assets And Liabilities [Line Items] | ||
Fair value at beginning of the year | $ 479.1 | |
Fair value at end of year | 430.1 | $ 479.1 |
Level 3 Inputs | ||
Schedule Of Reconciliation Of Changes In Fair Value Of Assets And Liabilities [Line Items] | ||
Fair value at beginning of the year | 254.1 | 261.5 |
Gain on assets held at end of year | 6.5 | 24.5 |
Gain on assets sold during the year | 0.3 | 0.3 |
Assets purchased | 13.7 | 16.9 |
Assets sold | (12.4) | (15.2) |
Currency exchange rate fluctuations | (26) | (33.9) |
Fair value at end of year | $ 236.2 | $ 254.1 |
Employee Benefit Plans - Summ96
Employee Benefit Plans - Summary of Key Actuarial Assumptions Used to Determine Net Benefit Obligations (Detail) - OPEB | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Healthcare inflation: | ||
Initial rate | 7.00% | 7.00% |
Ultimate rate | 5.00% | 5.00% |
Year of ultimate rate achievement | 2,021 | 2,021 |
Discount rate | 3.60% | 3.40% |
Income Taxes - Components of Co
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Income Tax [Line Items] | |||
United States | $ (35.3) | $ 40.1 | $ (70.4) |
Non-U.S. subsidiaries | (38.5) | 71.9 | (147.5) |
Income (loss) before income taxes | (73.8) | 112 | (217.9) |
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 35% | (25.8) | 39.2 | (76.3) |
Non-U.S. tax rates | 0.6 | (4.1) | 4.3 |
Incremental net benefit on earnings (losses) of non-U.S. and U.S. subsidiaries | (37.6) | (2.2) | (18.5) |
Valuation allowance | 159 | ||
U.S. state income taxes, net | (1.3) | 4.1 | (3.4) |
Adjustment to the reserve for uncertain tax positions, net | 0.8 | (3.7) | 2.1 |
Nondeductible expenses | 3 | 2.8 | 2.9 |
Tax rate changes | (0.2) | ||
Other, net | (1.4) | (3.6) | (1.9) |
Provision for income taxes (benefit) | 97.3 | 32.5 | (91) |
Comprehensive provision for income taxes (benefit) allocable to: | |||
Net income (loss) | 97.3 | 32.5 | (91) |
Other comprehensive income (loss): | |||
Marketable securities | (4.1) | (11.3) | 5.1 |
Currency translation | (17.3) | (16.9) | 5.5 |
Interest rate swap | (1.7) | ||
Total | 77.9 | (30.1) | (65.3) |
Defined Benefit Pension Plans | |||
Other comprehensive income (loss): | |||
Defined benefit plans | 4.1 | (33.2) | 14.1 |
OPEB | |||
Other comprehensive income (loss): | |||
Defined benefit plans | $ (0.4) | $ (1.2) | $ 1 |
Income Taxes - Component of Inc
Income Taxes - Component of Income Taxes Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Currently payable (refundable): | |||
U.S. federal and state | $ 7.6 | $ 7.4 | $ 9.1 |
Non-U.S. | 3.3 | 15.2 | (1.2) |
Total | 10.9 | 22.6 | 7.9 |
Deferred income taxes (benefit): | |||
U.S. federal and state | (58.5) | 3.8 | (57.9) |
Non-U.S. | 144.9 | 6.1 | (41) |
Total | 86.4 | 9.9 | (98.9) |
Provision for income taxes (benefit) | $ 97.3 | $ 32.5 | $ (91) |
Income Taxes - Components of 99
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) CAD in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013CAD | |
Income Taxes Disclosure [Line Items] | |||||||||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% | ||||||
Equity ownership percentage | 50.00% | 50.00% | |||||||
Non-cash income tax benefit recognized related to completion of audit | $ 3.2 | ||||||||
Unrecognized tax benefits impact on effective tax rate | $ 29.2 | $ 23.4 | $ 23.4 | $ 24.2 | $ 29.2 | ||||
Increase (decrease) in unrecognized tax benefits | 6.6 | 6.6 | |||||||
Accrued interest and penalties during the period | 1.3 | 1.2 | 1.3 | ||||||
Accrued interest and penalties end of the period | 4.2 | 4.2 | 4.1 | ||||||
Deferred income taxes | 85.7 | 10 | $ (114.8) | ||||||
U.S. Income Tax Audit | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Non-cash income tax benefit recognized related to completion of audit | 3.1 | ||||||||
Kronos Worldwide, Inc. | Bank Of Montreal | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Letter of credit collateralized | CAD | CAD 7.9 | ||||||||
Kronos Worldwide, Inc. | Direct investment in subsidiary excess carrying amount | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Deferred income taxes | 29.3 | $ 29.3 | $ 29.3 | ||||||
Canada | Canadian Income Tax Audit | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Non-cash income tax benefit recognized related to completion of audit | $ 3 | ||||||||
Germany | Kronos Worldwide, Inc. | Corporate Tax Purposes | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Net operating loss carryforwards | 683 | 683 | |||||||
Germany | Kronos Worldwide, Inc. | Trade Tax Purposes | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Net operating loss carryforwards | 96 | 96 | |||||||
Belgium | Kronos Worldwide, Inc. | Corporate Tax Purposes | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Net operating loss carryforwards | 86 | 86 | |||||||
Germany and Belgian | Kronos Worldwide, Inc. | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Deferred income tax asset valuation allowance | $ 159 | $ 8.7 | $ 150.3 | 159 | |||||
Increase in deferred income tax valuation allowance | $ 9.8 | ||||||||
BMI | |||||||||
Income Taxes Disclosure [Line Items] | |||||||||
Equity ownership percentage | 32.00% | 32.00% | 32.00% | ||||||
Parent company ownership interest | 63.00% | 63.00% | 63.00% | ||||||
Incremental tax (benefit) on earnings of non-U.S. and non-tax group companies | $ (11.1) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Tax effect of temporary differences related to: | ||
Inventories | $ 3.7 | $ 5.4 |
Accrued OPEB costs | 4 | 4.8 |
Accrued pension costs | 44 | 52 |
Currency revaluation on intercompany debt | 18.6 | 5.6 |
Accrued environmental liabilities | 39.9 | 38.8 |
Other deductible differences | 45.7 | 34.7 |
Tax loss and tax credit carryforwards | 154.3 | 163.6 |
Valuation allowance | (168.9) | (0.1) |
Adjusted gross deferred tax assets (liabilities) | 141.3 | 304.8 |
Netting of items by tax jurisdiction, assets | (140) | (143.9) |
Net noncurrent deferred tax asset (liability) | 1.3 | 160.9 |
Tax effect of temporary differences related to: | ||
Inventories | (3.7) | (5.2) |
Marketable securities | (98.2) | (126.4) |
Property and equipment | (96.6) | (109.2) |
Other taxable differences | (21.7) | (21.6) |
Investments in subsidiaries and affiliates | (238.8) | (278.7) |
Tax on unremitted earnings of non-U.S. subsidiaries | (2) | (2.6) |
Adjusted gross deferred tax assets (liabilities) | (461) | (543.7) |
Netting of items by tax jurisdiction, liabilities | (140) | 143.9 |
Net noncurrent deferred tax asset (liability) | $ (321) | $ (399.8) |
Income Taxes - Changes in Uncer
Income Taxes - Changes in Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized tax benefits: | |||
Amount beginning of year | $ 30.1 | $ 47.9 | $ 33.4 |
Net increase (decrease): | |||
Tax positions taken in prior periods | (0.4) | (19.6) | 0.5 |
Tax positions taken in current period | 6.4 | 3.6 | 11.3 |
Lapse due to applicable statute of limitations | (6) | (0.7) | 3.4 |
Changes in currency exchange rates | (1.3) | (1.1) | (0.8) |
Amount at end of year | $ 28.8 | $ 30.1 | 47.9 |
Basic Management Inc And Landwell | |||
Net increase (decrease): | |||
Acquisition of BMI and LandWell | $ 0.1 |
Noncontrolling Interest in S103
Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Subsidiaries (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 258.2 | $ 336.3 |
Kronos Worldwide, Inc. | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 147.9 | 211 |
NL | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 39.5 | 54.4 |
CompX | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 15.3 | 14.4 |
BMI | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 31.6 | 31.7 |
LandWell | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 23.9 | $ 24.8 |
Noncontrolling interest in S104
Noncontrolling interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income (Loss) of Subsidiaries (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | $ (37.5) | $ 25.7 | $ (28.9) |
Kronos Worldwide, Inc. | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | (34.3) | 19.2 | (20.3) |
NL | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | (4) | 4.8 | (9.4) |
CompX | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | 1.2 | 1.1 | $ 0.8 |
BMI | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | 0.1 | 0.3 | |
LandWell | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | $ (0.5) | $ 0.3 |
Valhi Stockholders' Equity - Sc
Valhi Stockholders' Equity - Schedule of Common Stock Outstanding (Detail) - shares shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Stockholders Equity [Line Items] | ||
Shares of common stock, Issued, beginning balance | 355.2 | 355.2 |
Shares of common stock, Issued, ending balance | 355.2 | 355.2 |
Shares of common stock, Treasury, beginning balance | (13.2) | (13.2) |
Shares of common stock, Treasury, ending balance | (13.2) | (13.2) |
Shares of common stock, Outstanding, beginning balance | 355.2 | |
Shares of common stock, Outstanding, ending balance | 355.2 | 355.2 |
Excluding Stock Ownership By Subsidiary Considered To Be Held In Treasury | ||
Schedule Of Stockholders Equity [Line Items] | ||
Shares of common stock, Outstanding, beginning balance | 342 | 342 |
Shares of common stock, Outstanding, ending balance | 342 | 342 |
Valhi Stockholders' Equity - Ad
Valhi Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | |
Treasury stock, shares | 13,200,000 | 13,200,000 | 13,200,000 | |
Percentage of shares held by majority-owned subsidiary that has to be considered for voting purpose | 100.00% | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Long Term Incentive Compensation Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Outstanding stock options | 0 | 0 | ||
Director Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Number of shares authorized | 200,000 | |||
Shares awarded under new plan | 10,500 | 12,000 | 5,000 | |
Common stock available for future grant | 166,500 | |||
Series A Preferred Stock | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Preferred stock, shares outstanding | 5,000 | |||
Preferred stock liquidation preference, per share | $ 133,466.75 | |||
Preferred stock, aggregate liquidation preference | $ 667.3 | |||
Preferred stock, par value | $ 0.01 | |||
Non-cumulative dividend on preferred stock | 6.00% | |||
NL | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Treasury stock, shares | 14,400,000 | 14,400,000 | ||
NL | Director Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock available for future grant | 177,000 | |||
Kronos Worldwide, Inc. | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares available for purchase | 1,950,000 | |||
Treasury stock, shares | 1,700,000 | 1,700,000 | ||
Kronos Worldwide, Inc. | Director Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock available for future grant | 177,000 | |||
CompX | Director Plan | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Common stock available for future grant | 181,000 | |||
Common stock | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares available for purchase | 10,000,000 |
Valhi Stockholders' Equity - Ac
Valhi Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Marketable securities, Balance at beginning of year | $ 1.6 | $ 2.8 | $ 2.1 |
Marketable securities, Unrealized losses arising during the year | (1) | ||
Marketable securities, Less reclassification adjustments for amounts included in realized loss (gain) | (0.2) | 0.7 | |
Marketable securities, Balance at end of year | 1.6 | 1.6 | 2.8 |
Currency translation, Balance at beginning of year | (22.6) | 59.2 | 53.3 |
Currency translation, arising during the year | (55.5) | (81.8) | 5.9 |
Currency translation, Balance at end of year | (78.1) | (22.6) | 59.2 |
Balance at beginning of year | (148.6) | (8) | (42) |
Other comprehensive income (loss) | (48.4) | (140.6) | 34 |
Balance at end of year | (197) | (148.6) | (8) |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Unrealized losses during the year | (1.7) | ||
Less reclassification adjustments for amounts included in interest expense | 0.4 | ||
Balance at end of year | (1.3) | ||
Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | (132) | (76.5) | (101.5) |
Amortization of prior service cost and net losses included in net periodic pension cost | 6.7 | 6.3 | 8.4 |
Net actuarial gain (loss) arising during the year | 2.3 | (61.7) | 12.6 |
Plan curtailment | (0.1) | 4 | |
Balance at end of year | (123) | (132) | (76.5) |
OPEB | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | 4.4 | 6.5 | 4.1 |
Amortization of prior service cost and net losses included in net periodic pension cost | (1) | (1.3) | (1.4) |
Net actuarial gain (loss) arising during the year | 0.4 | (0.8) | 1.3 |
Plan amendment | 2.5 | ||
Balance at end of year | $ 3.8 | $ 4.4 | $ 6.5 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securities earnings: | |||
Dividends and interest | $ 26.5 | $ 26.6 | $ 26.4 |
Securities transactions, net | 0.3 | 0.2 | |
Total | 26.5 | 26.9 | 26.6 |
Equity in earnings of investees | 0.5 | ||
Insurance recoveries | 3.7 | 10.4 | 9.4 |
Currency transactions, net | (0.1) | 4 | (3.8) |
Disposal of property and equipment, net | (0.8) | (0.9) | (0.5) |
Gain on bargain purchase and remeasurement of our existing investment in acquiree | 54.6 | ||
Other, net | 2.7 | 1.6 | 1.2 |
Total other income | $ 32 | $ 42 | $ 88 |
Other Income, Net - Additional
Other Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Other Income Net Additional Information Detail [Line Items] | |||
Dividends and interest income | $ 26.5 | $ 26.6 | $ 26.4 |
Insurance recoveries | 3.7 | 10.4 | 9.4 |
Amalgamated Sugar Company LLC | |||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||
Dividends and interest income | $ 25.4 | $ 25.4 | $ 25.4 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Contran | Intercorporate Services Agreements Fees | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | $ 35,800,000 | $ 33,400,000 | $ 36,100,000 | ||
Contran | Intercorporate Services Agreements Fees | Scenario, Forecast | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | $ 36,500,000 | ||||
Contran | Combined Information Technology Data Recovery Program | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | 298,000 | 243,000 | 186,000 | ||
Contran | Pledge Fee Received | |||||
Related Party Transaction [Line Items] | |||||
Revenue and other income from related party transactions | 800,000 | $ 900,000 | 800,000 | ||
Contran | Tremont | Deferred Payment | Present Value | |||||
Related Party Transaction [Line Items] | |||||
Guarantee Obligations, estimated exposure | 8,800,000 | ||||
Contran | Tremont | Deferred Payment | Face Value | |||||
Related Party Transaction [Line Items] | |||||
Guarantee Obligations, estimated exposure | 11,100,000 | ||||
Contran | Tremont | Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Guarantee Obligations, estimated exposure | $ 17,100,000 | ||||
Contran | Kronos Worldwide, Inc. | Securities Pledged as Collateral | |||||
Related Party Transaction [Line Items] | |||||
Stock pledged as collateral | 31.2 | 12 | |||
Contran | WCS | Surety Bond | |||||
Related Party Transaction [Line Items] | |||||
Guarantee Obligations, maximum exposure | $ 87,900,000 | ||||
Contran | WCS | Performance Guarantee | |||||
Related Party Transaction [Line Items] | |||||
Guarantee Obligations, estimated exposure | $ 3,900,000 | $ 3,900,000 | 3,900,000 | ||
Contran | Revolving Credit Facility | |||||
Related Party Transaction [Line Items] | |||||
Interest on borrowings under credit facilities | 10,300,000 | 11,000,000 | 19,000,000 | ||
Contran | Letter Of Credit | WCS | |||||
Related Party Transaction [Line Items] | |||||
Guarantee Obligations, maximum exposure | 6,100,000 | ||||
Costs related to the Letter of Credit | 100,000 | 100,000 | 100,000 | ||
Contran and Other Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction cash received for insurance premium | 5,400,000 | 5,700,000 | 5,700,000 | ||
LPC | |||||
Related Party Transaction [Line Items] | |||||
Purchase of Ti02 from LPC | 176,500,000 | 193,100,000 | 224,500,000 | ||
Sales of feedstock ore to LPC | $ 80,600,000 | $ 98,400,000 | $ 141,100,000 |
Related Party Transactions - Re
Related Party Transactions - Receivables from and Payables to Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current receivables from affiliates: | ||
Receivable from affiliates | $ 10.3 | $ 23.9 |
Current payables to affiliates: | ||
Payable to affiliates | 45.5 | 46 |
Louisiana Pigment Company | ||
Current receivables from affiliates: | ||
Receivable from affiliates | 13 | |
Current payables to affiliates: | ||
Payable to affiliates | 19.4 | 19.9 |
Contran | ||
Current receivables from affiliates: | ||
Trade items | 0.2 | 0.2 |
Income taxes | 7.6 | 9.2 |
Current payables to affiliates: | ||
Trade items | 26.1 | 26.1 |
VALHI, INC. | Contran | Credit Facility | ||
Current payables to affiliates: | ||
Payables to affiliate included in long-term debt | 263.8 | 223.7 |
Other | ||
Current receivables from affiliates: | ||
Receivable from affiliates | $ 2.5 | $ 1.5 |
Commitments and Contingencies -
Commitments and Contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)Casessite | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Commitments And Contingent Liabilities [Line Items] | ||||
Accrual for reasonably estimable environmental remediation and related matters | $ 120.4 | $ 118.5 | $ 122.7 | $ 50.2 |
Other Environmental Cleanup Matters | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Accrual for reasonably estimable environmental remediation and related matters | 7.4 | |||
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 | $ 113 | |||
Number of sites associated with remediation ad related costs | site | 42 | |||
Upper end range, estimate costs for remediation and related matters | $ 166 | |||
Number of sites for which NL not currently able to estimate range of costs | site | 5 | |||
Lead Pigment Litigation | NL | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Number of cases settled and dismissed and found not liable | Cases | 100 | |||
Period by which loss contingency claims settled and dismissed | 20 years | |||
California Lead Paint Litigation | NL | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Amount awarded to the plaintiff | $ 1,150 |
Commitments and Contingencie113
Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Environmental Remediation Obligations [Abstract] | ||||||
Balance at the beginning of the year | $ 118.5 | $ 122.7 | $ 50.2 | |||
Additions charged to expense, net | 5.7 | 6.6 | 69 | |||
Acquired | 7 | |||||
Payments, net | (3.5) | (13) | (3.4) | |||
Changes in currency exchange rates and other | (0.3) | 2.2 | (0.1) | |||
Balance at the end of the year | 120.4 | 118.5 | 122.7 | |||
Amounts recognized in our Consolidated Balance Sheet at the end of the year: | ||||||
Current liabilities | $ 11.7 | $ 10.2 | $ 9.1 | |||
Noncurrent liabilities | 108.7 | 108.3 | 113.6 | |||
Total | $ 118.5 | $ 122.7 | $ 50.2 | $ 120.4 | $ 118.5 | $ 122.7 |
Commitments and Contingencie114
Commitments and Contingencies - Other Litigation and Other Matters - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 30, 2021 | Apr. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)CasesPlaintiffCustomer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2011 | |
Commitments And Contingent Liabilities [Line Items] | ||||||||
General and administrative | $ 269,700,000 | $ 276,100,000 | $ 375,100,000 | |||||
Rent expense | $ 16,100,000 | $ 16,600,000 | $ 15,800,000 | |||||
Chemicals | TiO2 Product | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Sale of TiO2, number of customers | Customer | 4,000 | |||||||
Chemicals | Customer Concentration Risk | Behr Process Corporation | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |||||
Component Products Segment | Customer Concentration Risk | Top Ten Customers | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 48.00% | 47.00% | 42.00% | |||||
Component Products | Customer Concentration Risk | Harley Davidson Inc | Net Sales | Security Products Reporting Unit | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 12.00% | 12.00% | 12.00% | |||||
Component Products | Customer Concentration Risk | United States Postal Service | Net Sales | Security Products Reporting Unit | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 13.00% | 13.00% | ||||||
Waste Management | Customer Concentration Risk | Net Sales | Minimum | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |||||
Waste Management | Customer Concentration Risk | Tennessee Valley Authority | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 30.00% | |||||||
Waste Management | Customer Concentration Risk | Studsvik, Inc. | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 15.00% | |||||||
Waste Management | Customer Concentration Risk | Department of Energy | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 10.00% | |||||||
Waste Management | Customer Concentration Risk | Zion Solutions | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 11.00% | 18.00% | ||||||
Waste Management | Customer Concentration Risk | Sacramento Municipal Utility District | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 23.00% | |||||||
Waste Management | Customer Concentration Risk | Exelon Generation | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 19.00% | |||||||
Waste Management | Customer Concentration Risk | U.S. Department of Energy | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 16.00% | |||||||
Waste Management | Customer Concentration Risk | Nuclear Waste Partnership | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 12.00% | |||||||
Waste Management | Customer Concentration Risk | Arizona Public Service | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 12.00% | |||||||
Real Estate Management And Development | Customer Concentration Risk | Net Sales | Minimum | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 10.00% | 10.00% | ||||||
Real Estate Management And Development | Customer Concentration Risk | Greystone Nevada | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 23.00% | |||||||
Real Estate Management And Development | Customer Concentration Risk | Woodside Homes of Nevada | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 25.00% | |||||||
Real Estate Management And Development | Customer Concentration Risk | Richmond Homes of Nevada | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 27.00% | 20.00% | ||||||
Real Estate Management And Development | Customer Concentration Risk | City of Henderson | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 15.00% | 12.00% | ||||||
Real Estate Management And Development | Customer Concentration Risk | LV East Gibson, LLC | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 17.00% | |||||||
Real Estate Management And Development | Customer Concentration Risk | Prologis, L.P | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 11.00% | |||||||
TiO2 | Chemicals | TiO2 Product | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 90.00% | 90.00% | 90.00% | |||||
TiO2 | Chemicals | Customer Concentration Risk | Top Ten Customers | Net Sales | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Concentration risk percentage | 34.00% | 35.00% | 34.00% | |||||
Feedstock Ore | Chemicals | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Minimum purchase commitments | $ 865,000,000 | |||||||
Other Supply And Service Contracts | Chemicals | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Minimum purchase commitments | 147,000,000 | |||||||
Valhi | Surety Bond | Contran | Waste Control Specialists | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Surety bond purchased from third party insurance company | $ 85,300,000 | $ 32,200,000 | ||||||
Collateral trust as a percent of value of bonds | 2.50% | |||||||
Cash payments to collateral trust | 2,000,000 | $ 16,100,000 | ||||||
Valhi | Surety Bond | Contran | Scenario, Forecast | Waste Control Specialists | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Collateral trust as a percent of value of bonds | 50.00% | |||||||
Valhi | Surety Bond | Contran | Quarterly Payment | Waste Control Specialists | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Cash payments to collateral trust | $ 1,300,000 | |||||||
Valhi | Second Collateral Trust | Contran | Waste Control Specialists | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Restricted cash | $ 18,000,000 | |||||||
Decrease in restricted cash | $ 18,000,000 | |||||||
City of Henderson Redevelopment Agency | OPA | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Tax increment reimbursement percentage | 75.00% | |||||||
City of Henderson Redevelopment Agency | Maximum | OPA | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Reimbursement revenue | $ 209,000,000 | |||||||
Product Liability And Occupational Exposure Litigation Claims | NL | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Cases pending | Cases | 102 | |||||||
Product Liability And Occupational Exposure Litigation Claims | NL | Pending Claims | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Number of plaintiffs involved | Plaintiff | 588 | |||||||
Product Liability And Occupational Exposure Litigation Claims | NL | Administratively Dismissed Claims | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Number of plaintiffs involved | Plaintiff | 8,692 | |||||||
Pricing Litigation Settlement | Kronos Worldwide, Inc. | ||||||||
Commitments And Contingent Liabilities [Line Items] | ||||||||
Case conclusion settlement amount | 35,000,000 | |||||||
General and administrative | $ 35,000,000 |
Commitments and Contingencie115
Commitments and Contingencies - Approximate Percentage of TiO2 Sales by Volume for Segments (Detail) - TiO2 - Geographic Concentration Risk - Net Sales | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Europe | |||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||
Concentration risk percentage | 52.00% | 50.00% | 49.00% |
North America | |||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||
Concentration risk percentage | 29.00% | 33.00% | 33.00% |
Commitments and Contingencie116
Commitments and Contingencies - Future Minimum Payments under Non-cancellable Operating Leases (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,016 | $ 11.4 |
2,017 | 8.2 |
2,017 | 5.1 |
2,018 | 4.4 |
2,019 | 3.6 |
2020 and thereafter | 23.6 |
Total | $ 56.3 |
Commitments and Contingencie117
Commitments and Contingencies - Future Minimum Payments under Non-cancellable Operating Leases (Parenthetical) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items] | |
Future minimum lease payments | $ 56.3 |
Leverkusen TiO2 production facility | Chemicals | |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items] | |
Future minimum lease payments | $ 14 |
Financial Instruments - Marketa
Financial Instruments - Marketable Securities and Financial Instruments on Fair Value Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | $ 2 | $ 2.7 |
Marketable securities, noncurrent | 254.9 | 255.6 |
Currency forward contracts | (1.2) | (4.2) |
Interest rate swap | $ (3.5) | |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | 1.7 | |
Marketable securities, noncurrent | $ 3.5 | 2.5 |
Currency forward contracts | (1.2) | (4.2) |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | 2 | 1 |
Marketable securities, noncurrent | 1.4 | $ 3.1 |
Interest rate swap | $ (3.5) | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | ||
Marketable securities, noncurrent | $ 250 | $ 250 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)CAD / $ | Dec. 31, 2014USD ($) | |
Financial Instrument At Fair Value [Line Items] | ||
Estimated fair value of currency forward contracts | $ (1,200,000) | $ (4,200,000) |
Fair value of interest rate swap contract, current and noncurrent | 3,500,000 | |
Marketable securities | 254,900,000 | 255,600,000 |
Interest Rate Swap | ||
Financial Instrument At Fair Value [Line Items] | ||
Fair value of interest rate swap contract, current | 3,300,000 | |
Kronos Worldwide, Inc. | 2014 Term Loan | ||
Financial Instrument At Fair Value [Line Items] | ||
Estimated market price of the notes | 900 | 983.1 |
Principal amount of debt instrument | 1,000 | 1,000 |
Kronos Worldwide, Inc. | Interest Rate Swap | Libor Rate | ||
Financial Instrument At Fair Value [Line Items] | ||
Notional amount currency forward contract | $ 344,750,000 | |
Derivative, type of instrument | pay-fixed/receive-variable interest rate swap | |
Interest rate swap, type of interest rate | fixed | |
Interest rate swap, fixed rate | 2.016% | |
Interest rate swap, floor rate | 1.00% | |
Interest rate swap, inception date | Aug. 7, 2015 | |
Interest rate swap, effective date | Sep. 30, 2015 | |
Interest rate swap, notional amount decline each quarter | $ 875,000 | |
Interest rate swap, notional amount decline commencing date | Dec. 31, 2015 | |
Interest rate swap, final maturity date | Feb. 29, 2020 | |
Interest rate swap, gains or losses representing hedge ineffectiveness | $ 0 | |
Pretax loss amount recognized in other comprehensive income (loss) related to interest rate swap contract | 4,400,000 | |
Reclassified from accumulated other comprehensive income (loss) in to earnings | 900,000 | |
Accumulated other comprehensive income expected to be reclassified to earnings in next twelve months | 3,500,000 | |
Fair value of interest rate swap contract, current and noncurrent | 3,500,000 | |
Kronos Worldwide, Inc. | Interest Rate Swap | Libor Rate | Accounts Payable and Accrued Liabilities | ||
Financial Instrument At Fair Value [Line Items] | ||
Fair value of interest rate swap contract, current | 3,300,000 | |
Kronos Worldwide, Inc. | Interest Rate Swap | Libor Rate | Other Noncurrent Liabilities | ||
Financial Instrument At Fair Value [Line Items] | ||
Fair value of interest rate swap contract, noncurrent | 200,000 | |
Kronos Worldwide, Inc. | Forward Contracts | ||
Financial Instrument At Fair Value [Line Items] | ||
Estimated fair value of currency forward contracts | 1,200,000 | 4,200,000 |
Estimated fair value of currency forward contracts included accounts payable and accrued liabilities | 4,200,000 | |
Currency transaction loss | 1,200,000 | 4,200,000 |
Kronos Worldwide, Inc. | Canadian | Forward Contracts | ||
Financial Instrument At Fair Value [Line Items] | ||
Notional amount currency forward contract | $ 17,900,000 | |
Exchange rate | CAD / $ | 1.29 | |
Maturity rate of derivative | $ 2,600,000 | |
Amalgamated Sugar Company LLC | ||
Financial Instrument At Fair Value [Line Items] | ||
Marketable securities | $ 250,000,000 | $ 250,000,000 |
Financial Instruments - Financi
Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Kronos Worldwide, Inc. | Term Loan | 2014 Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | $ 338 | $ 340.9 |
Long term debt, fair value | 309.5 | 341.5 |
VALHI, INC. | Contran Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 263.8 | 223.7 |
Long term debt, fair value | 263.8 | 223.7 |
VALHI, INC. | Term Loan | Snake River | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 250 | 250 |
Long term debt, fair value | 250 | 250 |
WCS | Fixed Rate Loans | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 65.6 | 67.1 |
Long term debt, fair value | 65.6 | 67.1 |
Tremont | Promissory Note | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 17.1 | 17.4 |
Long term debt, fair value | 17.1 | 17.4 |
BMI | Bank note payable | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 9.3 | 10.2 |
Long term debt, fair value | 9.4 | 10.3 |
LandWell | Unsecured Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 3.1 | 3.1 |
Long term debt, fair value | 3.1 | 3.1 |
Reported Value Measurement | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 229.1 | 280.3 |
Deferred payment obligation | 8.8 | 8.5 |
Portion at Fair Value Measurement | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 229.1 | 280.3 |
Deferred payment obligation | $ 8.8 | $ 8.5 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) - Chemicals - Employee Severance | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Employee | Dec. 31, 2015USD ($) | |
Restructuring Cost And Reserve [Line Items] | |||||
Workforce reduction, number of individuals | Employee | 160 | ||||
Restructuring charges | $ 200,000 | $ 400,000 | $ 21,100,000 | $ 21,700,000 | |
Workforce reduction costs to be incurred | $ 0 | $ 0 | $ 0 | ||
Accrued severance costs, expected date to be paid | Sep. 30, 2018 | ||||
Cost of sales | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring charges | $ 10,800,000 | ||||
Selling, general and administrative Expense | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring charges | $ 10,900,000 |
Restructuring Costs - Summary o
Restructuring Costs - Summary of Activity in Accrued Workforce Reduction (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | |
Amounts recognized in our Consolidated Balance Sheet at the end of the period: | |||||
Current liability | $ 5.3 | ||||
Chemicals | Employee Severance | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Workforce reduction costs accrued | $ 0.2 | $ 0.4 | $ 21.1 | $ 21.7 | |
Workforce reduction costs paid | (15.9) | ||||
Currency translation adjustments, net | (0.2) | ||||
Accrued workforce reduction costs, ending balance | 5.6 | 5.6 | |||
Amounts recognized in our Consolidated Balance Sheet at the end of the period: | |||||
Current liability | 5.3 | ||||
Noncurrent liability | 0.3 | ||||
Restructuring Reserve | $ 5.6 | $ 5.6 | $ 5.6 |
Recent Accounting Pronouncem123
Recent Accounting Pronouncements - Additional Information (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred income tax asset, current | $ 0 | |
Deferred income tax liability, current | 0 | |
Deferred income tax asset, noncurrent | $ 1,300,000 | 160,900,000 |
Deferred income tax liability, noncurrent | 399,800,000 | |
Previously Recognized | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred income tax asset, current | 13,400,000 | |
Deferred income tax liability, current | 3,900,000 | |
Deferred income tax asset, noncurrent | 164,400,000 | |
Deferred income tax liability, noncurrent | 412,800,000 | |
Kronos Worldwide, Inc. | 2014 Term Loan | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred financing costs | $ 5,100,000 |
Quarterly Results of Operati124
Quarterly Results of Operations - Schedule of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Quarterly Results Of Operations Schedule Of Quarterly Results Of Operations [Abstract] | |||||||||||
Net sales | $ 324.8 | $ 383.2 | $ 408.8 | $ 416.1 | $ 432 | $ 476.5 | $ 491.7 | $ 462.4 | $ 1,532.9 | $ 1,862.6 | $ 1,863.6 |
Gross margin | 27.5 | 49.8 | 56.3 | 89.3 | 97 | 115.8 | 104.2 | 85.8 | 222.9 | 402.8 | 134.2 |
Operating income (loss) | (24.9) | (5) | (10.1) | 34.6 | 40.5 | 60.2 | 46.7 | 22.8 | (5.4) | 170.2 | (138.7) |
Net income (loss) | (35.7) | (13.3) | (139.4) | 17.3 | 13.7 | 37.5 | 23.7 | 4.6 | (171.1) | 79.5 | (126.9) |
Amounts attributable to Valhi stockholders: | |||||||||||
Net income (loss) | $ (29.9) | $ (11.7) | $ (103.9) | $ 11.9 | $ 8.8 | $ 28.7 | $ 15.5 | $ 0.8 | $ (133.6) | $ 53.8 | $ (98) |
Basic and diluted income (loss) per share | $ (0.10) | $ (0.03) | $ (0.30) | $ 0.04 | $ 0.03 | $ 0.08 | $ 0.05 | $ (0.39) | $ 0.16 | $ (0.29) |
Quarterly Results of Operati125
Quarterly Results of Operations - Schedule of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-cash income tax benefit recognized related to completion of audit | $ 3.2 | ||||||||
Provision (benefit) for income taxes related to previous periods | $ 1.2 | ||||||||
Insurance recoveries | $ 3.7 | $ 10.4 | $ 9.4 | ||||||
Deferred income taxes | 85.7 | $ 10 | $ (114.8) | ||||||
Kronos Worldwide, Inc. | Direct investment in subsidiary excess carrying amount | |||||||||
Deferred income taxes | $ 29.3 | $ 29.3 | $ 29.3 | ||||||
German and Belgium | Kronos Worldwide, Inc. | |||||||||
Non-cash deferred income tax expense | 6.4 | 2.3 | 150.3 | ||||||
Employee Severance | Chemicals | |||||||||
Restructuring charges | $ 0.2 | $ 0.4 | $ 21.1 | $ 21.7 | |||||
Attributable to Parent Net of Tax | |||||||||
Insurance recoveries | $ 3 | $ 7.3 |