Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VHI | ||
Entity Registrant Name | VALHI INC /DE/ | ||
Entity Central Index Key | 0000059255 | ||
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 339,185,449 | ||
Entity Public Float | $ 137 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 499.8 | $ 435.7 |
Restricted cash equivalents | 15 | 16.1 |
Marketable securities | 2.5 | 3 |
Accounts and other receivables, net | 318.4 | 332.7 |
Accrued insurance recovery related to litigation settlement | 15 | |
Refundable income taxes | 5.7 | 0.5 |
Receivable from affiliates | 13.5 | 32.6 |
Land held for development | 16.5 | |
Inventories, net | 515.8 | 398.4 |
Other current assets | 23.1 | 15.5 |
Current assets of discontinued operations | 11.2 | |
Total current assets | 1,408.8 | 1,262.2 |
Other assets: | ||
Marketable securities | 4.8 | 255.7 |
Investment in TiO2 manufacturing joint venture | 81.3 | 86.5 |
Goodwill | 379.7 | 379.7 |
Deferred income taxes | 101 | 119.8 |
Pension asset | 2.7 | 4.2 |
Other assets | 167.8 | 169.9 |
Noncurrent assets of discontinued operations | 40.8 | |
Total other assets | 737.3 | 1,056.6 |
Property and equipment: | ||
Land | 46.6 | 47 |
Buildings | 250.5 | 261.6 |
Equipment | 1,155.2 | 1,150.8 |
Mining properties | 28.6 | 35 |
Construction in progress | 44.2 | 58.3 |
Gross property and equipment | 1,525.1 | 1,552.7 |
Less accumulated depreciation | 961.6 | 964 |
Net property and equipment | 563.5 | 588.7 |
Total assets | 2,709.6 | 2,907.5 |
Current liabilities: | ||
Current maturities of long-term debt | 2.9 | 1.6 |
Accounts payable | 111.5 | 116.1 |
Accrued liabilities | 140.8 | 124.8 |
Accrued litigation settlement | 60 | |
Payable to affiliates | 26.7 | 16.2 |
Income taxes | 9.1 | 25.1 |
Current liabilities of discontinued operations | 47.3 | |
Total current liabilities | 351 | 331.1 |
Noncurrent liabilities: | ||
Long-term debt | 797.5 | 1,041.5 |
Deferred income taxes | 41.2 | 183.2 |
Payable to affiliates | 56.3 | 70.1 |
Long-term litigation settlement | 17 | |
Accrued pension costs | 273.3 | 266.4 |
Accrued environmental remediation and related costs | 96.9 | 110.7 |
Other liabilities | 87.4 | 84.9 |
Noncurrent liabilities of discontinued operations | 52.9 | |
Total noncurrent liabilities | 1,369.6 | 1,809.7 |
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; 355.3 million shares issued and outstanding | 3.6 | 3.6 |
Retained earnings (deficit) | 220.3 | (17.9) |
Accumulated other comprehensive loss | (206.2) | (179) |
Treasury stock, at cost—13.2 million shares | (49.6) | (49.6) |
Total Valhi stockholders’ equity | 635.4 | 424.4 |
Noncontrolling interest in subsidiaries | 353.6 | 342.3 |
Total equity | 989 | 766.7 |
Total liabilities and equity | 2,709.6 | 2,907.5 |
Commitments and contingencies (Notes 9,14,17 and 18) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 355,300,000 | 355,300,000 |
Common stock, shares outstanding | 355,300,000 | 355,300,000 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues and other income: | |||
Net sales | $ 1,820.1 | $ 1,879.4 | $ 1,519.4 |
Other income, net | 69.2 | 25.2 | 39 |
Total revenues and other income | 1,889.3 | 1,904.6 | 1,558.4 |
Costs and expenses: | |||
Cost of sales | 1,210.9 | 1,266.5 | 1,211.5 |
Selling, general and administrative | 310 | 262.6 | 232.6 |
Contract related intangible asset impairment | 5.1 | ||
Litigation settlement expense, net | 62 | ||
Loss on prepayment of debt | 7.1 | ||
Other components of net periodic pension expense | 14.5 | 17.7 | 11.5 |
Interest | 55.7 | 58.9 | 58.1 |
Total costs and expenses | 1,653.1 | 1,612.8 | 1,518.8 |
Income from continuing operations before income taxes | 236.2 | 291.8 | 39.6 |
Income tax expense (benefit) | (30.7) | (120) | 18.6 |
Net income from continuing operations | 266.9 | 411.8 | 21 |
Income (loss) from discontinued operations, net of tax | 34.1 | (109.2) | (24) |
Net income (loss) | 301 | 302.6 | (3) |
Noncontrolling interest in net income of subsidiaries | 38.8 | 95.1 | 12.9 |
Net income (loss) attributable to Valhi stockholders | 262.2 | 207.5 | (15.9) |
Amounts attributable to Valhi stockholders: | |||
Income from continuing operations | 228.1 | 316.7 | 8.1 |
Income (loss) from discontinued operations | 34.1 | (109.2) | (24) |
Net income (loss) attributable to Valhi stockholders | $ 262.2 | $ 207.5 | $ (15.9) |
Basic and diluted net income (loss) per share: | |||
Income from continuing operations | $ 0.67 | $ 0.93 | $ 0.02 |
Income (loss) from discontinued operations | 0.10 | (0.32) | (0.07) |
Net income (loss) per share | 0.77 | 0.61 | (0.05) |
Cash dividends per share | $ 0.08 | $ 0.08 | $ 0.08 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ 301 | $ 302.6 | $ (3) |
Other comprehensive income (loss), net of tax: | |||
Currency translation | (29.4) | 47.9 | (14.5) |
Interest rate swap | 1.5 | 0.2 | |
Marketable securities | 5 | 4 | |
Total other comprehensive income (loss), net | (37.1) | 64.6 | (30.9) |
Comprehensive income (loss) | 263.9 | 367.2 | (33.9) |
Comprehensive income (loss) attributable to noncontrolling interest | 29 | 116.8 | (6.9) |
Comprehensive income (loss) attributable to Valhi stockholders | 234.9 | 250.4 | (40.8) |
Defined Benefit Pension Plans | |||
Other comprehensive income (loss), net of tax: | |||
Pension and other postretirement benefit plan | (6.8) | 11 | (19.7) |
OPEB | |||
Other comprehensive income (loss), net of tax: | |||
Pension and other postretirement benefit plan | $ (0.9) | $ (0.8) | $ (0.9) |
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, 2015 | $ 526.9 | $ 667.3 | $ 3.6 | $ (155.6) | $ (197) | $ (49.6) | $ 258.2 | |
Net income (loss) | (3) | (15.9) | 12.9 | |||||
Cash dividends | (48.7) | $ (0.2) | (26.9) | (21.6) | ||||
Other comprehensive loss, net | (30.9) | (24.9) | (6) | |||||
Equity transactions with noncontrolling interest, net | 0.1 | 0.2 | (0.1) | |||||
Balance at Dec. 31, 2016 | 444.4 | 667.3 | 3.6 | (198.5) | (221.9) | (49.6) | 243.5 | |
Net income (loss) | 302.6 | 207.5 | 95.1 | |||||
Cash dividends | (45.3) | (0.3) | (26.9) | (18.1) | ||||
Other comprehensive loss, net | 64.6 | 42.9 | 21.7 | |||||
Equity transactions with noncontrolling interest, net | 0.4 | 0.3 | 0.1 | |||||
Balance at Dec. 31, 2017 | 766.7 | 667.3 | 3.6 | (17.9) | (179) | (49.6) | 342.3 | |
Change in accounting principle – ASU 2014-09 at Dec. 31, 2017 | 5 | 2.7 | 2.3 | |||||
Balance at January 1, 2018, as adjusted at Dec. 31, 2017 | 771.7 | 667.3 | 3.6 | (15.2) | (179) | (49.6) | 344.6 | |
Net income (loss) | 301 | 262.2 | 38.8 | |||||
Cash dividends | (47.2) | (0.4) | (26.7) | (20.1) | ||||
Other comprehensive loss, net | (37.1) | (27.3) | (9.8) | |||||
Equity transactions with noncontrolling interest, net | 0.6 | $ 0.4 | 0.1 | 0.1 | ||||
Balance at Dec. 31, 2018 | $ 989 | $ 667.3 | $ 3.6 | $ 220.3 | $ (206.2) | $ (49.6) | $ 353.6 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 301 | $ 302.6 | $ (3) |
Depreciation and amortization | 58.4 | 59 | 67.5 |
Net (gain) loss from: | |||
Sale of WCS | (58.4) | ||
Land sales | (12.5) | ||
Securities transactions, net | (12.4) | (0.1) | (0.5) |
Disposal of property and equipment, net | 0.3 | 0.5 | 0.3 |
Noncash interest expense | 2 | 2.5 | 2.6 |
Benefit plan expense greater than cash funding | 5.7 | 10.5 | 4.6 |
Deferred income taxes | (73.5) | (293.2) | (39.1) |
Loss on prepayment of debt | 7.1 | ||
Payment for termination of interest rate swap contract | (3.3) | ||
Long-lived asset impairment | 170.6 | ||
Distributions from (contributions to) TiO2 manufacturing joint venture, net | 4 | (6) | 3.6 |
Contract related intangible asset impairment | 5.1 | ||
Other, net | 13.9 | 1.9 | |
Change in assets and liabilities: | |||
Accounts and other receivables, net | (11.1) | (47.5) | (47.4) |
Land held for development, net | 7.8 | 6.6 | 18.3 |
Inventories, net | (137.3) | (5.5) | 39.6 |
Accounts payable and accrued liabilities | 65.7 | 12.9 | (0.3) |
Income taxes | (18.2) | 19.5 | 3.7 |
Accounts with affiliates | 19.5 | 35.2 | 13.8 |
Other noncurrent assets | 2.6 | (0.9) | 0.1 |
Other noncurrent liabilities | 13 | 3.7 | (3.8) |
Other, net | (5) | (14.9) | 12.8 |
Net cash provided by operating activities | 165.5 | 259.3 | 79.8 |
Cash flows from investing activities: | |||
Capital expenditures | (61.4) | (71.3) | (58.9) |
Cash, cash equivalents and restricted cash and cash equivalents of discontinued operations at time of sale | (28.9) | ||
Capitalized permit costs | (2.2) | (1.5) | |
Purchases of marketable securities | (4.4) | (9.7) | (11.4) |
Proceeds from land sales | 19.5 | ||
Proceeds from disposal of marketable securities | 18.2 | 9 | 10.7 |
Other, net | (0.2) | (0.5) | |
Net cash used in investing activities | (57) | (74.4) | (61.6) |
Indebtedness: | |||
Borrowings | 748.1 | 312.2 | |
Principal payments | (12.6) | (600.2) | (309) |
Deferred financing costs paid | (9) | ||
Valhi cash dividends paid | (27.1) | (27.2) | (27.1) |
Distributions to noncontrolling interest in subsidiaries | (20.1) | (18.1) | (21.6) |
Net cash provided by (used in) financing activities | (59.8) | 93.6 | (45.5) |
Cash, cash equivalents and restricted cash and cash equivalents – net change from | |||
Operating, investing and financing activities | 48.7 | 278.5 | (27.3) |
Effect of exchange rates on cash | (14.4) | 14.4 | (5.3) |
Net change for the year | 34.3 | 292.9 | (32.6) |
Balance at beginning of year | 489.4 | 196.5 | 229.1 |
Balance at end of year | 523.7 | 489.4 | 196.5 |
Cash paid for: | |||
Interest, net of amounts capitalized | 53.9 | 59.3 | 60.6 |
Income taxes, net | 68.5 | 62.3 | 20.3 |
Noncash investing activities: | |||
Changes in accruals for capital expenditures | 5.4 | 9.4 | $ 8 |
Sale of investment in Amalgamated Sugar Company LLC | 250 | ||
Noncash financing activities: | |||
Trade payable to affiliate converted to indebtedness | 36.3 | ||
Deemed repayment of Snake River Sugar Company indebtedness | $ (250) | ||
Borrowings paid directly to lender to settle refinanced indebtedness | 9.3 | ||
Principal payments paid directly by lender | (8.4) | ||
Borrowings paid directly to lender for debt issuance costs | $ (0.9) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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., Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL), and CompX (NYSE American: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). In January 2018, we sold Waste Control Specialists LLC (“WCS”), see Note 3. Organization. We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at December 31, 2018. 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 19. 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 and cash equivalents. We classify cash and cash equivalents that have been segregated or are otherwise limited in use as restricted. Such restrictions principally include amounts pledged as collateral with respect to performance obligations or letters of credit required by regulatory agencies for various environmental remediation sites, cash held in escrow under various hold-back agreements with third-party homebuilders associated with our Real Estate Management and Development Segment, cash pledged under debt agreement covenants and cash held in trust by our insurance brokerage subsidiary pending transfer to the applicable insurance or reinsurance carrier. 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. Restricted cash and cash equivalents classified as a current asset are presented separately on our Consolidated Balance Sheets, and restricted cash and cash equivalents classified as a noncurrent asset are presented as a component of other assets on our Consolidated Balance Sheets, as disclosed in Note 7. Marketable securities and securities transactions. We carry marketable debt and equity securities at fair value. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a consistent framework for measuring fair value and (with certain exceptions) this framework is generally applied to all financial statement 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 classify all of our marketable securities as available-for-sale. Prior to 2018, any unrealized gains or losses on the securities were recognized through other comprehensive income, net of deferred income taxes. Beginning on January 1, 2018 with the adoption of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition of Financial Assets and Financial Liabilities 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 net realizable value. 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 gained a controlling interest prior to 2016. 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, and the costs allocated to parcels expected to be sold within one year are presented separately in current assets on our Consolidated Balance Sheets. 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. Distributions received from such investee are classified for statement of cash flow purposes using the “nature of distribution” approach under ASC Topic 230. 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 events or changes in 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. 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 2016, 2017 and 2018 we capitalized $1.0 million, $2.2 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 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 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. Long-term debt. Employee benefit plans. Accounting and funding policies for our defined benefit pension and defined contribution retirement plans are described in Note 11. We also provide certain postretirement benefits other than pensions (OPEB), consisting of health care and life insurance benefits, to certain U.S. and Canadian retired employees, which are not material. See Note 10. 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 $10.7 million in 2016 and $38.9 million in 2017 and received $5.8 million in cash payment for income taxes from Contran in 2018. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amounts of assets and liabilities, including investments in our subsidiaries and affiliates who are not members of the Contran Tax Group and undistributed earnings of our Chemicals Segment’s non-U.S. subsidiaries which are not deemed to be permanently reinvested. At December 31, 2018, we continue to assert indefinite reinvestment as it relates to our outside basis difference attributable to our Chemicals Segment’s investments in non-U.S. subsidiaries, other than post-1986 undistributed earnings of our Chemicals Segment’s European subsidiaries and all undistributed earnings of our Chemicals Segment’s Canadian subsidiary, which are not subject to permanent reinvestment plans. It is currently not practical for us to determine the amount of the unrecognized deferred income tax liability related to our investments in our Chemicals Segment’s non-U.S. subsidiaries which are permanently reinvested due to the complexities associated with our organizational structure, changes in the Tax Cuts and Jobs Act (2017 Tax Act) enacted on December 22, 2017, and the U.S. taxation of such investments in the states in which we operate. 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. 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 that we believe does not meet the more-likely-than-not recognition criteria. We account for the tax effects of a change in tax law as a component of the income tax provision related to continuing operations in the period of enactment, including the tax effects of any deferred income taxes originally established through a financial statement component other than continuing operations (i.e. other comprehensive income). Changes in applicable income tax rates over time as a result of changes in tax law, or times in which a deferred income tax asset valuation allowance is initially recognized in one year and subsequently reversed in a later year, can give rise to “stranded” tax effects in accumulated other comprehensive income in which the net accumulated income tax (benefit) remaining in accumulated other comprehensive income does not correspond to the then-applicable income tax rate applied to the pre-tax amount which resides in accumulated other comprehensive income. As permitted by GAAP, our accounting policy is to remove any such stranded tax effect remaining in accumulated other comprehensive income, by recognizing an offset to our provision for income taxes related to continuing operations, only at the time when there is no remaining pre-tax amount in accumulated other comprehensive income. For accumulated other comprehensive income related to currency translation, this would occur only upon the sale or complete liquidation of one of our Chemicals Segment’s non-U.S. subsidiaries. For defined pension benefit plans and OPEB plans, this would occur whenever one of our subsidiaries which previously sponsored a defined benefit pension or OPEB plan had terminated such a plan and had no future obligation or plan asset associated with such a plan. 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 14. 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 their 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, 2017, we had not recognized any material receivables for recoveries and at December 31, 2018 we had accrued insurance recoveries of $15.0 million. See Note 18. Revenue recognition. Chemicals and Component Products Segments - Our sales involve single performance obligations to ship our products pursuant to customer purchase orders. In some cases, the purchase order is supported by an underlying master sales agreement, but our purchase order acceptance generally evidences the contract with our customer by specifying the key terms of product and quantity ordered, price and delivery and payment terms. Effective January 1, 2018 with the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , see Note 12, we record revenue when we satisfy our performance obligations to our customers by transferring control of our products to them, which generally occurs at point of shipment or upon delivery. Such transfer of control is also evidenced by transfer of legal title and other risks and rewards of ownership (giving the customer the ability to direct the use of, and obtain substantially all of the benefits of, the product), and our customers becoming obligated to pay us and such payment being probable of occurring. In certain arrangements we provide shipping and handling activities after the transfer of control to our customer (e.g. when control transfers prior to delivery). In such arrangements shipping and handling are considered fulfillment activities, and accordingly, such costs are accrued when the related revenue is recognized. Prior to the adoption of ASU 2014-09, we recorded sales when our products were shipped and title and other risks and rewards of ownership had passed to the customer, which was generally at the time of shipment (although in some instances shipping terms were FOB destination point, for which we did not recognize revenue until the product was received by our customer). Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our products. Prices for our products are based on terms specified in published list prices and purchase orders, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASU 2014-09 and we have not assessed whether a contract has a significant financing component. We state sales net of price, early payment and distributor discounts as well as volume rebates (collectively, variable consideration). Variable consideration, to the extent present, is recognized as the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. Differences, if any, between estimates of the amount of variable consideration to which we will be entitled and the actual amount of such variable consideration have not been material in the past. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses). Frequently, we receive orders for products to be delivered over dates that may extend across reporting periods. We invoice for each delivery upon shipment and recognize revenue for each distinct shipment when all sales recognition criteria for that shipment have been satisfied. As scheduled delivery dates for these orders are within a one year period, under the optional exemption provided by ASU 2014-09, we do not disclose sales allocated to future shipments of partially completed contracts. Real Estate Management and Development Segment – Revenues from our Real Estate Management and Development Segment are generally not material. Our sales involve providing utility services, among other things, to an industrial park located in Henderson, Nevada and we are responsible for the delivery of water to the city of Henderson and various other users through a water distribution system we own. These sales involve single performance obligations and we record revenue when we satisfy our performance obligations to our customers generally after the service is performed and our customers become obligated to pay us and such payment being probable of occurring. Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our services. Prices for our products are based on contracted rates and do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASC 606 and we have not assessed whether a contract has a significant financing component. Our revenues also are related to efforts to develop certain real estate in Henderson, Nevada, including approximately 2,100 acres zoned for residential/planned community purposes and approximately 400 acres zoned for commercial and light industrial use. Contracts for land sales are negotiated on an individual basis, involve single performance obligations, and generally require us to complete property development and improvements after title passes to the buyer and we have received all or a substantial portion of the selling price. We recognize land sales revenue associated with the residential/planned community over time using cost based input methods. Land sales associated with the residential/planned community have variable consideration components which are based on a percentage of the builder’s ultimate selling price of residential housing unit to their customer (generally 3.5% of such sales price). The amount we recognize when a parcel is sold to a home builder is the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. By recognizing revenue over time using cost based input methods, revenues (including variable consideration) 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 relative to the parcels sold. Estimates of total costs expected to be incurred require significant management judgment, and the amount of revenue and profits that have been recognized to date are subject to revisions throughout the development period. The impact on the amount of revenue recognized resulting from any future change in the estimate of total costs estimated to be incurred would be accounted for prospectively in accordance with GAAP. We record estimated deferred revenue on the amount to which we are most-likely to be entitled and deferred revenue is recognized into revenue as the housing units are sold. Prior to the adoption of ASU 2014-09, we did not include variable consideration in the percentage-of-completion method of revenue recognition. 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 $90 million in 2016, $101 million in 2017 and $105 million in 2018. Shipping and handling costs of our Component Products and Waste Management Segments are not material. We expense advertising and research and development costs as incurred. Advertising costs were approximately $1 million in each of 2016, 2017 and 2018. Research, development and certain sales technical support costs were approximately $13 million in 2016, $19 million in 2017, and $16 million in 2018. |
Business and Geographic Segment
Business and Geographic Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 % 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 three 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, wake enhancement systems and trim tabs for the recreational marine industry. All of CompX production facilities are in the United States. • 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. 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 2016, 2017 or 2018. 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 Upon acquiring a controlling interest in our Real Estate Management and Development Segment in December 2013, we recognized an indefinite-lived customer relationship 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. Aggregate revenues associated with water delivered under the City of Henderson contract have historically represented approximately 70% of the Segment’s aggregate water delivery revenues. These contracts generally span many years and feature automatic renewing provisions. The initial City of Henderson water delivery contract extended for a period of 25 years, and contained an automatic renewal provision. In January 2016, the water delivery contract with the City of Henderson was amended. As part of such amendment, required minimum volumes were reduced, pricing was lowered, the automatic renewal provision of the contract was eliminated, and the contract term now runs through June 2040. The amendment to the City of Henderson water delivery contract represents an event or change in circumstance which triggered the need to perform a quantitative impairment analysis with respect to the intangible asset in the first quarter of 2016, in accordance with the guidance in ASC 350-30-35. Accordingly, as a result of a quantitative impairment analysis performed in the first quarter of 2016 we concluded that the $5.1 million contract related intangible asset primarily related to the City of Henderson water delivery contract was fully impaired as a result of the amended contract (with its reduced minimum volumes and lower pricing), and we recognized an aggregate $5.1 million contract related intangible impairment loss in 2016. Years ended December 31, 2016 2017 2018 (In millions) Net sales: Chemicals $ 1,364.3 $ 1,729.0 $ 1,661.9 Component products 108.9 112.0 118.2 Real estate management and development 46.2 38.4 40.0 Total net sales $ 1,519.4 $ 1,879.4 $ 1,820.1 Cost of sales: Chemicals $ 1,101.5 $ 1,161.2 $ 1,101.7 Component products 73.8 77.2 79.9 Real estate management and development 36.2 28.1 29.3 Total cost of sales $ 1,211.5 $ 1,266.5 $ 1,210.9 Gross margin: Chemicals $ 262.8 $ 567.8 $ 560.2 Component products 35.1 34.8 38.3 Real estate management and development 10.0 10.3 10.7 Total gross margin $ 307.9 $ 612.9 $ 609.2 Operating income: Chemicals $ 102.8 $ 358.5 $ 342.9 Component products 15.6 15.2 17.8 Real estate management and development .8 6.6 10.0 Total operating income 119.2 380.3 370.7 General corporate items: Securities earnings 27.2 29.5 38.5 Insurance recoveries .4 .4 1.3 Gain on land sales — — 12.5 Other components of net periodic pension expense (11.5 ) (17.7 ) (14.5 ) Litigation settlement expense, net — — (62.0 ) Changes in market value of Valhi common stock held by subsidiaries — — (12.2 ) General expenses, net (37.6 ) (34.7 ) (42.4 ) Loss on prepayment of debt — (7.1 ) — Interest expense (58.1 ) (58.9 ) (55.7 ) Income (loss) from continuing operations before income taxes $ 39.6 $ 291.8 $ 236.2 Years ended December 31, 2016 2017 2018 (In millions) Depreciation and amortization: Chemicals $ 42.6 $ 43.4 $ 52.0 Component products 3.7 3.7 3.5 Waste management (1) 18.3 8.9 — Real estate management and development 2.9 3.0 2.9 Total $ 67.5 $ 59.0 $ 58.4 Capital expenditures: Chemicals $ 53.0 $ 64.3 $ 56.3 Component products 3.2 2.8 3.1 Waste management (1) .7 .9 .1 Real estate management and development 2.0 3.3 1.9 Total $ 58.9 $ 71.3 $ 61.4 December 31, 2016 2017 2018 (In millions) Total assets: Operating segments: Chemicals $ 1,548.9 $ 2,190.5 $ 2,266.6 Component products 97.9 104.9 120.4 Waste management (1) 228.6 52.0 — Real estate management and 200.9 206.9 218.5 Corporate and eliminations 366.9 353.2 104.1 Total $ 2,443.2 $ 2,907.5 $ 2,709.6 (1) 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, 2018 the net assets of our non-U.S. subsidiaries included in consolidated net assets approximated $614 million (in 2017 the total was also $614 million). Years ended December 31, 2016 2017 2018 (In millions) Net sales—point of origin: United States $ 819.3 $ 992.3 $ 997.6 Germany 699.8 918.6 886.1 Canada 257.7 309.2 307.2 Belgium 187.4 279.9 272.2 Norway 164.8 216.4 209.6 Eliminations (609.6 ) (837.0 ) (852.6 ) Total $ 1,519.4 $ 1,879.4 $ 1,820.1 Net sales—point of destination: North America $ 566.8 $ 668.3 $ 698.7 Europe 698.2 899.2 817.6 Asia and other 254.4 311.9 303.8 Total $ 1,519.4 $ 1,879.4 $ 1,820.1 December 31, 2016 2017 2018 (In millions) Net property and equipment: United States $ 76.2 $ 80.8 $ 74.5 Germany 223.7 259.2 245.8 Canada 60.5 69.0 66.1 Norway 75.5 81.7 81.0 Belgium 80.1 98.0 96.1 Total $ 516.0 $ 588.7 $ 563.5 |
Business Combinations, Disposit
Business Combinations, Dispositions and Related Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations, Dispositions and Related Transactions | Note 3—Business combinations, dispositions and related transactions: Kronos Worldwide, Inc. Prior to 2016, 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. Kronos did not make any repurchases under the plan during 2016, 2017 or 2018, and at December 31, 2018 approximately 1.95 million shares are available for repurchase under these authorizations. CompX International Inc. Prior to 2016, 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 2016, 2017 or 2018, and at December 31, 2018 approximately 678,000 shares were available for purchase under these authorizations. Discontinued Operations — Pursuant to an agreement we entered into in December 2017, on January 26, 2018 we completed the sale of our Waste Management Segment to JFL-WCS Partners, LLC ("JFL Partners"), an entity sponsored by certain investment affiliates of J.F. Lehman & Company, for consideration consisting of the assumption of all of WCS' third-party indebtedness and other liabilities. We recognized a pre-tax gain of approximately $58 million primarily in the first quarter of 2018 on the transaction ($34.7 million, or $.10 per diluted share, net of tax) because the carrying value of the liabilities of the business assumed by the purchaser exceeded the carrying value of the assets sold at the time of the sale in large part due to the previously-reported long-lived asset impairment of $170.6 million recognized in the second quarter of 2017 as discussed below. In accordance with GAAP, the Waste Management Segment has been reclassified as discontinued operations in our Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented. Also in accordance with GAAP, we have not reclassified our Consolidated Statement of Cash Flows to reflect the Waste Management Segment as discontinued operations. Selected financial data for the operations of the disposed Waste Management Segment is presented below. Current assets consist principally of trade accounts receivable. December 31, 2017 (In millions) ASSETS Current assets $ 11.2 Restricted cash 27.2 Property and equipment, net 6.0 Other noncurrent assets 7.6 Total noncurrent assets 40.8 Total assets $ 52.0 LIABILITIES Current portion of long-term debt $ 3.0 Payable to Contran 36.1 Other current liabilities 8.2 Total current liabilities 47.3 Long-term debt 65.0 Deferred income taxes (43.8 ) Accrued noncurrent closure and post closure costs 31.7 Total noncurrent liabilities 52.9 Total liabilities $ 100.2 Years ended December 31, 2016 2017 2018 (In millions) Net sales $ 47.4 $ 75.4 $ 4.6 Operating loss $ (26.2 ) $ (167.1 ) $ (.4 ) Termination fee — 4.0 — Other income (expense), net (5.3 ) (8.4 ) — Interest expense, net (5.1 ) (4.8 ) (.3 ) Loss before taxes (36.6 ) (176.3 ) (.7 ) Income tax benefit (12.6 ) (67.1 ) (.1 ) Net loss $ (24.0 ) $ (109.2 ) $ (.6 ) Pre-tax gain on disposal — — 58.4 Income tax expense — — 23.7 After-tax gain on disposal — — 34.7 Total $ (24.0 ) $ (109.2 ) $ 34.1 Net cash provided by (used in) operating activities $ (10.7 ) $ 18.1 $ 2.3 Net cash provided by (used in) investing activities (2.7 ) (3.4 ) (.1 ) The Waste Management Segment’s operating loss in 2017 includes a $170.6 million long-lived asset impairment which is included in the determination of its operating income. As previously reported, in November 2015 we entered into an agreement with Rockwell Holdco, Inc. ("Rockwell"), for the sale of WCS to Rockwell. The agreement, as amended, was for $270 million in cash plus the assumption of all of WCS’ third-party indebtedness incurred prior to the date of the agreement. Additionally, Rockwell and its affiliates would have assumed all financial assurance obligations related to the WCS business. Rockwell is the parent company of EnergySolutions, Inc. Completion of the sale was subject to certain customary closing conditions, including the receipt of U.S. anti-trust approval. The U.S. Department of Justice (“DOJ”) did not give the parties anti-trust clearance, and on November 16, 2016, the DOJ filed an anti-trust action in the U.S. federal district court for the District of Delaware styled United States of America vs. Energy Solutions, Inc., et al The Court’s decision and resulting termination of the purchase agreement with Rockwell constituted triggering events under ASC 360-10-35-21, requiring WCS’ long-lived assets to be tested for recoverability. Given the challenges facing WCS’ disposal operations we concluded that the long-lived assets associated with WCS’ operations were impaired at June 30, 2017, concurrent with the termination of the purchase agreement with Rockwell. Accordingly, we recognized an aggregate $170.6 million impairment charge as of June 30, 2017, to reduce the carrying value of WCS’ long-lived assets recognized for financial reporting purposes to their estimated fair value. Such $170.6 million impairment charge relates to the following long-lived assets of WCS: net property and equipment - $127.5 million; waste disposal site operating permits, net - $42.0 million; and other assets - $1.1 million. With respect to the operating permits, we concluded such long-lived assets were fully impaired, as these permits are specific to WCS’ land and facility in Andrews County and have no salvage value as there is no alternative use for permits. Similarly, with respect to the net property and equipment, we concluded such long-lived assets were fully impaired except to the extent certain items of property and equipment had an alternate use outside of WCS’ operations; for those items of property and equipment, they were written down to estimated salvage value, primarily using dealer or auction-site quotes (Level 3 inputs) as the basis for salvage value. At June 30, 2017, the time the impairment was recognized, the salvage value for such items of property and equipment aggregated $5.7 million. As part of the terms of the fourth amendment to the purchase agreement with Rockwell, in the event of termination of the purchase agreement for any reason (including termination of the purchase agreement if completion of the sale of WCS is enjoined on anti-trust grounds), we would be entitled to receive a termination fee from Rockwell. Such termination fee (net of applicable expenses) aggregated $4 million, was received in June 2017 and is recognized as part of loss from discontinued operations in 2017 (classified as part of other income (expense), net in the table above). Other income (expense), net in the table above also includes expenses aggregating $5.8 million in 2016 and $8.7 million in 2017 related to efforts to sell WCS (principally legal fees). In connection with the January 2018 sale, JFL Partners did not assume WCS’ trade payable owed to Contran, which consisted primarily of intercorporate service fees charged to WCS by Contran for which WCS did not pay Contran for several years. Immediately prior to the closing of the sale of WCS, Contran transferred its associated receivable from WCS to Valhi, in return for a deemed borrowing by Valhi under its revolving credit facility with Contran. Valhi subsequently contributed such receivable from WCS to WCS’s equity, and the trade payable obligation of WCS was deemed paid in full. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 4—Accounts and other receivables, net: December 31, 2017 2018 (In millions) Trade accounts receivable: Kronos $ 301.4 $ 273.3 CompX 10.5 12.2 BMI/LandWell 1.6 1.5 VAT and other receivables 20.7 32.7 Allowance for doubtful accounts (1.5 ) (1.3 ) Total $ 332.7 $ 318.4 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 5—Inventories, net: December 31, 2017 2018 (In millions) Raw materials: Chemicals $ 106.9 $ 93.1 Component products 2.7 2.7 Total raw materials 109.6 95.8 Work in process: Chemicals 20.8 23.5 Component products 9.8 11.1 Total in-process products 30.6 34.6 Finished products: Chemicals 192.2 317.6 Component products 2.8 3.3 Total finished products 195.0 320.9 Supplies (chemicals) 63.2 64.5 Total $ 398.4 $ 515.8 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 6—Marketable securities: Market Cost Unrealized (In millions) December 31, 2017: Current assets $ 3.0 $ 3.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 5.7 5.9 (.2 ) Total $ 255.7 $ 255.9 $ (.2 ) December 31, 2018: Current assets $ 2.5 $ 2.5 $ — Noncurrent assets $ 4.8 $ 5.2 $ (.4 ) Fair Value Measurements Total Quoted Significant Significant (In millions) December 31, 2017: Current assets $ 3.0 $ — $ 3.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ — $ — $ 250.0 Fixed income securities 4.4 — 4.4 — Common stocks and exchange traded funds 1.3 1.3 — — Total $ 255.7 $ 1.3 $ 4.4 $ 250.0 December 31, 2018: Current assets $ 2.5 $ — $ 2.5 $ — Noncurrent assets: Fixed income securities $ 3.2 $ — $ 3.2 $ — Common stocks and exchange traded funds 1.6 1.6 — — Total $ 4.8 $ 1.6 $ 3.2 $ — Amalgamated Sugar. Prior to 2016, 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 was $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 13. We and Snake River shared 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. Additionally, 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 on an annual basis. On May 30, 2018, we entered into an agreement with Snake River, completed on August 31, 2018, in which we sold our interest in Amalgamated Other. The fair value of our 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). |
Investment in TiO2 Manufacturin
Investment in TiO2 Manufacturing Joint Venture and Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 2018 (In millions) Other assets: Land held for development $ 126.6 $ 129.2 Restricted cash and cash equivalents 9.9 8.9 Land contract receivables — 9.1 IBNR receivables 6.8 6.0 Note receivables - OPA — 1.9 Other 26.6 12.7 Total $ 169.9 $ 167.8 Investment in TiO 2 Our Chemicals Segment owns a 50% interest in Louisiana Pigment Company, L.P. (LPC). LPC is a manufacturing joint venture whose other 50%-owner is Venator Investments LLC (Venator Investments) (formerly Huntsman P&A Investments LLC). Venator Investments is a wholly-owned subsidiary of Venator Group, of which Venator Materials PLC owns 100% and is the ultimate parent. LPC owns and operates a chloride-process TiO 2 plant in Lake Charles, Louisiana. We and Venator Investments are both required to purchase one-half of the TiO 2 2 2 Years ended December 31, 2016 2017 2018 (In millions) Distributions from LPC $ 35.0 $ 44.0 $ 34.3 Contributions to LPC (31.4 ) (50.0 ) (30.3 ) Net distributions (contributions) $ 3.6 $ (6.0 ) $ 4.0 Summary balance sheets of LPC are shown below: December 31, 2017 2018 (In millions) ASSETS Current assets $ 104.1 $ 87.0 Property and equipment, net 116.1 119.6 Total assets $ 220.2 $ 206.6 LIABILITIES AND PARTNERS’ EQUITY Other liabilities, primarily current $ 44.4 $ 41.1 Partners’ equity 175.8 165.5 Total liabilities and partners’ equity $ 220.2 $ 206.6 Summary income statements of LPC are shown below: Years ended December 31, 2016 2017 2018 (In millions) Revenues and other income: Kronos $ 157.5 $ 157.5 $ 165.9 Tioxide 157.9 158.3 167.0 Total 315.4 315.8 332.9 Cost and expenses: Cost of sales 314.9 315.4 332.5 General and administrative .5 .4 .4 Total 315.4 315.8 332.9 Net income $ — $ — $ — Land held for development. The land held for development relates to BMI and LandWell and is discussed in Note 1. Land contract receivables. Land contract receivables classified as a noncurrent asset relate to our Real Estate Management and Development Segment. Such receivables relate to certain fees we collect from builders when the builder sells a home to a customer, as discussed in Notes 1 and 20. Notes receivables – OPA. U nder an Owner Participation Agreement (“OPA”) entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, if LandWell develops certain real property for commercial and residential purposes in a master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to us through tax increment. The maximum reimbursement under the OPA is $209 million, and is subject to, among other things, completing construction of approved qualifying public infrastructure, transferring title of such infrastructure to the City of Henderson, receiving approval from the Redevelopment Agency of the funds expended to be eligible for tax increment reimbursement and the existence of a sufficient property tax valuation base and property tax rates in order to generate tax increment reimbursement funds. We are entitled to receive 75% of the tax increment generated by the master planned community through 2036, subject to the qualifications and limitations indicated above. Public infrastructure costs previously incurred for which the Redevelopment Agency had provided its approval for tax increment reimbursement but we had not yet received such reimbursement through tax increment receipts aggregated $3.1 million at December 31, 2017 and $2.9 million at December 31, 2018. Such amount is evidenced by a promissory note issued to LandWell by the City of Henderson Prior to 2018, due to the significant uncertainty of the timing and amount of any of such potential tax increment reimbursements, we recognized any such tax increment reimbursements only when received. However, due to growth in the master planned community and the increase in tax increment funds to which we are entitled, we determined in the first quarter of 2018 we expected the tax increment reimbursements to be collected in the future would at least be sufficient to support recognizing the $3.1 million note payable issued by the City of Henderson to us. The note payable bears interest at 6% annually and the note expires in 2036. Any unpaid balances in 2036 are forfeited. See Note 13. Other. We have certain related party transactions with LPC, as more fully described in Note 17. 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 17. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016, 2017 and 2018 $ 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 the reporting unit’s net assets exceeds its fair value, an impairment charge is recorded for the amount by which such carrying amount exceeds the reporting unit’s fair value (not to exceed the amount of goodwill recognized). 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. In 2016, 2017 and 2018, no goodwill impairment was indicated as part of our annual impairment review of goodwill. As permitted by GAAP, during 2017 and 2018 we used the qualitative assessment of ASC 350-20-35 for our Component Products security products reporting unit’s annual impairment test and determined it was not necessary to perform a quantitative goodwill impairment test. During 2016, we used the quantitative assessment of ASC 350-20-35 for security products reporting unit’s annual impairment test using discounted cash flows to determine the estimated fair value of our security products reporting unit. Such discounted cash flows are a Level 3 input as defined by ASC 820-10-35. Prior to 2016, we recorded an aggregate $16.5 million goodwill impairment, mostly with respect to our Component Products Segment. Our consolidated gross goodwill at December 31, 2018 is $396.2 million. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 9—Long-term debt: December 31, 2017 2018 (In millions) Valhi: Snake River Sugar Company $ 250.0 $ — Contran credit facility 284.3 314.3 Total Valhi debt 534.3 314.3 Subsidiary debt: Kronos — Senior Notes 471.1 452.4 Tremont — Promissory note payable 13.1 9.4 BMI — Bank note payable Western Alliance Bank 18.8 18.0 LandWell — Note payable to the City of Henderson 2.5 2.1 Other 3.3 4.2 Total subsidiary debt 508.8 486.1 Total debt 1,043.1 800.4 Less current maturities 1.6 2.9 Total long-term debt $ 1,041.5 $ 797.5 Valhi— Snake River Sugar Company In connection with the sale of our ownership interest in Amalgamated on August 31, 2018, our $250 million outstanding debt obligations owed to Snake River Sugar Company were deemed paid in full. Such loans bore interest at a weighted average fixed interest rate of 9.4%. See Note 6. Contran credit facility — We also have an unsecured revolving credit facility with Contran which, as amended, provides for borrowings from Contran of up to $360 million. The facility, as amended, bears interest at prime plus 1% (6.5% at December 31, 2018), and is due on demand, but in any event no earlier than December 31, 2020. 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 credit facility for the year ended December 31, 2018 was 5.9%. In January 2018 in conjunction with the sale of our Waste Management Segment discussed in Note 3, we acquired Contran’s $36.3 million trade receivable from WCS in return for an assumed $36.3 million borrowing by us under this facility (and we subsequently contributed such receivable to WCS’ equity). During 2018 we repaid $6.3 million under this facility and at December 31, 2018 an additional $45.7 million was available for borrowings under this facility. Kronos— Senior Notes On September 13, 2017, Kronos International, Inc. (“KII”), Kronos’ wholly-owned subsidiary, issued €400 million aggregate principal amount of its 3.75% Senior Secured Notes due September 15, 2025 (the “Senior Notes”), at par value ($477.6 million when issued). Kronos used $338.6 million of the net proceeds of the new Senior Notes to prepay in full the outstanding principal balance of its term loan (along with accrued and unpaid interest through the prepayment date) and $21.0 million to repay the outstanding balance under its North American revolving credit facility. The remaining net proceeds of the Senior Notes are available for Kronos’ general corporate purposes. The new Senior Notes: • bear interest at 3.75% per annum, payable • have a maturity date of September 15, 2025. Prior to September 15, 2020, Kronos may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus a “make-whole” premium (as defined in the indenture governing the Senior Notes). On or after September 15, 2020, Kronos may redeem the Senior Notes at redemption prices ranging from 102.813% of the principal amount, declining to 100% on or after September 15, 2023. In addition, on or before September 15, 2020, Kronos may redeem up to 40% of the Senior Notes with the net proceeds of certain public or private equity offerings at 103.75% of the principal amount. If Kronos experiences certain specified change of control events, it would be required to make an offer to purchase the Senior Notes at 101% of the principal amount. Kronos would also be required to make an offer to purchase a specified portion of the Senior Notes at par value in the event that it generates a certain amount of net proceeds from the sale of assets outside the ordinary course of business, and such net proceeds are not otherwise used for specified purposes within a specified time period; • are fully and unconditionally guaranteed • are collateralized by a first priority lien on (i) 100% of the common stock or other ownership interests of each existing and future direct domestic subsidiary of KII and the guarantors, and (ii) 65% of the voting common stock or other ownership interests and 100% of the non-voting common stock or other ownership interests of each foreign subsidiary that is directly owned by KII or any guarantor; • contain a number of covenants • contain customary default The carrying value of the Senior Notes at December 31, 2018 is stated net of unamortized debt issuance costs of $6.3 million (at December 31, 2017 the balance was $7.5 million). Term loan – During 2016 and the first six months of 2017, we made our required quarterly term loan principal payments aggregating $1.8 million on our prior term loan indebtedness. Concurrent with the issuance of our Senior Notes, in September 2017, we voluntarily prepaid in full the outstanding $338.6 million principal balance of such term loan (and such term loan facility was terminated). As a result of such prepayment, we recognized a loss on prepayment of debt aggregating $7.1 million in the third quarter of 2017 consisting principally of the write-off of unamortized debt issuance costs and original issue discount associated with the term loan of $2.7 million and $.7 million, respectively, and $3.3 million in expense related to the early termination of our interest rate swap contract discussed in Note 18. Funds for the aggregate prepayment were provided by the net proceeds from the Senior Notes discussed above. The average interest rate on the term loan borrowings for the year-to-date period ended September 13, 2017 (the pay-off date) was 4.1%. Revolving North American credit facility —Kronos has a $125 million revolving bank credit facility, that as amended, matures in 2022. 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 1.0 to 1.0. During 2017, we had gross borrowings and repayments of $253.9 million under this facility. The average interest rate on outstanding borrowings for the year-to-date period ended September 13, 2017 when the outstanding balance was repaid was 4.8%. As discussed above, in September 2017 we used a portion of the net proceeds from the Senior Notes to repay our then-outstanding principal balance of $21.0 million. We had no borrowings or repayments under this facility in 2018. At December 31, 2018, Kronos had approximately $101.3 million available for borrowing under this revolving facility. Revolving European credit facility— Kronos’ operating subsidiaries in Germany, Belgium, Norway and Denmark have a €90 million secured revolving credit facility that, as amended in September 2017, matures in September 2022. Outstanding borrowings bear interest at the Euro Interbank Offered Rate (EURIBOR) plus 1.60% per annum. 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 2017 and 2018 and at December 31, 2018, 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, 2018 and the net debt to EBITDA financial test, the full €90 million ($103.2 million) was available for borrowing at December 31, 2018. Other . Prior to 2016, and in conjunction with the acquisition of a controlling interest of our Real Estate Management and Development Segment, Tremont issued a $19.1 million promissory note with the seller, Nevada Environmental Response Trust (“NERT”). The 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. We made principal prepayments of $1.5 million during 2017 and $3.7 million during 2018, under the terms of the note. In February 2017, a wholly-owned subsidiary of BMI entered into a $20.5 million loan agreement with Western Alliance Bank. The proceeds were used to refinance the $8.5 million outstanding bank note payable to Meadows Bank and to finance improvements to BMI’s water delivery system. The agreement requires semi-annual payments of principal and interest on June 1 and December 1 aggregating $1.9 million annually beginning on June 1, 2017 through the maturity date in June 2032 (except during 2017 which calls for prorated aggregate principal and interest payments of $1.6 million). The agreement bears interest at 5.34% and is collateralized by certain real property, including the water delivery system, and revenue streams under the City of Henderson water contract. The carrying value of the loan is stated net of debt issuance costs of $.8 million. Prior to 2016, 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 18. The loan bears interest at a 3% fixed rate. We made payments of $.4 million during 2018 using receipts from the specified revenue sources. Aggregate maturities of long-term debt at December 31, 2018 Aggregate maturities of debt at December 31, 2018 are presented in the table below. Years ending December 31, Amount (In millions) Gross amounts due each year: 2019 $ 2.9 2020 318.4 2021 1.7 2022 1.8 2023 10.6 2024 and thereafter 472.1 Subtotal 807.5 Less amounts representing interest on capital leases, original issue discount and debt issuance costs 7.1 Total long-term debt $ 800.4 We are in compliance with all of our debt covenants at December 31, 2018. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 10—Accounts payable and accrued liabilities: December 31, 2017 2018 (In millions) Accounts payable: Kronos $ 107.9 $ 103.2 CompX 2.3 3.2 BMI/LandWell 3.7 2.9 NL 1.8 1.6 Other .4 .6 Total $ 116.1 $ 111.5 Current accrued liabilities: Employee benefits $ 36.3 $ 37.5 Accrued sales discounts and rebates 14.3 29.7 Deferred income 28.3 28.3 Environmental remediation and related costs 6.8 6.5 Interest 5.5 5.2 Other 33.6 33.6 Total $ 124.8 $ 140.8 Noncurrent accrued liabilities: Other postretirement benefits $ 11.3 $ 10.3 Reserve for uncertain tax positions 16.5 19.1 Deferred income 15.7 15.8 Employee benefits 8.4 7.1 Insurance claims and expenses 9.1 8.1 Deferred payment obligation 9.3 9.6 Accrued development costs 6.1 7.5 Other 8.5 9.9 Total $ 84.9 $ 87.4 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 14. Prior to 2016, and in conjunction with the acquisition of a controlling interest of our Real Estate Management and Development Segment, we issued a face value $11.1 million deferred payment obligation owed to NERT that 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 our promissory note payable to NERT (discussed in Note 9) has been repaid in full. For financial reporting purposes, the obligation was recorded at its acquisition date present value using a 3% discount rate from December 2023 (when it becomes interest bearing at 3%). |
Defined Contribution and Define
Defined Contribution and Defined Benefit Retirement | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution and Defined Benefit Retirement | Note 11—Defined contribution and defined benefit retirement: Defined contribution plans. Certain of our subsidiaries maintain various defined contribution pension plans for our employees worldwide. Defined contribution plan expense approximated $5.6 million in 2016, $5.5 million in 2017 and $6.6 million in 2018. 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 recognize an asset or liability for the over or under funded status of each of our individual defined benefit pension plans on our Consolidated Balance Sheets. Changes in the funded status of these plans are recognized either in net income, to the extent they are reflected in periodic benefit cost, or through other comprehensive income (loss). We expect to contribute the equivalent of $18.2 million to all of our defined benefit pension plans during 2019. Benefit payments to plan participants out of plan assets are expected to be the equivalent of: 2019 $ 26.7 million 2020 28.0 million 2021 28.1 million 2022 29.4 million 2023 29.2 million Next 5 years 165.8 million The funded status of our U.S. defined benefit pension plans is presented in the table below. Years ended December 31, 2017 2018 (In millions) Change in projected benefit obligations (“PBO”): Balance at beginning of the year $ 62.8 $ 63.0 Interest cost 2.5 2.2 Actuarial losses (gains) 1.9 (3.4 ) Benefits paid (4.2 ) (4.2 ) Balance at end of the year $ 63.0 $ 57.6 Change in plan assets: Fair value at beginning of the year $ 45.6 $ 46.5 Actual return on plan assets 4.0 (2.5 ) Employer contributions 1.1 3.4 Benefits paid (4.2 ) (4.2 ) Fair value at end of year $ 46.5 $ 43.2 Funded status $ (16.5 ) $ (14.4 ) Amounts recognized in the Consolidated Balance Sheets: Accrued pension costs: Current $ (.3 ) $ (.2 ) Noncurrent (16.2 ) (14.2 ) Total (16.5 ) (14.4 ) Accumulated other comprehensive loss— Actuarial loss 37.2 39.0 Total $ 20.7 $ 24.6 Accumulated benefit obligations (“ABO”) $ 63.0 $ 57.6 The components of our net periodic defined benefit pension benefit cost for U.S. plans are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial losses for 2016, 2017 and 2018 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2015, 2016 and 2017, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2016 2017 2018 (In millions) Net periodic pension benefit cost (credit) for U.S. plans: Interest cost $ 2.7 $ 2.5 $ 2.2 Expected return on plan assets (3.4 ) (3.3 ) (3.4 ) Amortization of unrecognized net 1.9 2.0 2.0 Total $ 1.2 $ 1.2 $ .8 Information concerning our U.S. defined benefit pension plans (for which the ABO of all of the plans exceeds the fair value of plan assets as of the indicated date) is presented in the table below. . December 31, 2017 2018 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 63.0 $ 57.6 Accumulated benefit obligations 63.0 57.6 Fair value of plan assets 46.5 43.2 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, 2017 and 2018 are 3.5% 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 2016, 2017 and 2018 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 2016 2017 2018 Discount rate 4.1 % 3.9 % 3.5 % Long-term return on plan assets 7.5 % 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, 2017 2018 (In millions) Change in PBO: Balance at beginning of the year $ 603.4 $ 691.2 Service cost 11.4 11.6 Interest cost 13.4 13.8 Participants’ contributions 1.5 1.5 Actuarial loss 9.3 5.8 Plan settlement (.3 ) — Change in currency exchange rates 73.7 (33.9 ) Benefits paid (21.2 ) (22.8 ) Balance at end of the year $ 691.2 $ 667.2 Change in plan assets: Fair value at beginning of the year $ 381.8 $ 445.2 Actual return on plan assets 24.1 (6.1 ) Employer contributions 16.0 16.5 Participants’ contributions 1.5 1.5 Change in currency exchange rates 43.0 (23.6 ) Benefits paid (21.2 ) (22.8 ) Fair value at end of year $ 445.2 $ 410.7 Funded status $ (246.0 ) $ (256.5 ) Amounts recognized in the Consolidated Balance Sheets: Pension asset $ 4.2 $ 2.7 Accrued pension costs: Noncurrent (250.2 ) (259.2 ) Total (246.0 ) (256.5 ) Accumulated other comprehensive loss: Actuarial loss 242.8 254.1 Prior service cost 1.5 1.2 Total 244.3 255.3 Total $ (1.7 ) $ (1.2 ) ABO $ 664.7 $ 642.2 The components of our net periodic defined benefit pension benefit cost for our foreign plans are presented in the table below. The amounts shown below for the amortization of unrecognized prior service cost and actuarial losses for 2016, 2017 and 2018 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2015, 2016 and 2017, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2016 2017 2018 (In millions) Net periodic pension cost for foreign plans: Service cost $ 9.9 $ 11.4 $ 11.6 Interest cost 15.1 13.4 13.8 Settlement loss — .1 — Expected return on plan assets (14.9 ) (9.7 ) (12.7 ) Amortization of unrecognized: Prior service cost .2 .3 .2 Net actuarial loss 11.4 13.2 13.2 Total $ 21.7 $ 28.7 $ 26.1 Information concerning certain of our non-U.S. defined benefit pension plans (for which the ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below. December 31, 2017 2018 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 625.1 $ 605.0 Accumulated benefit obligations 603.8 585.0 Fair value of plan assets 375.0 346.3 A summary of our key actuarial assumptions used to determine foreign benefit obligations as of December 31, 2017 and 2018 was: December 31, Rate 2017 2018 Discount rate 2.1 % 2.1 % Increase in future compensation levels 2.6 % 2.6 % A summary of our key actuarial assumptions used to determine foreign net periodic benefit cost for 2016, 2017 and 2018 are as follows: Years ended December 31, Rate 2016 2017 2018 Discount rate 2.6 % 2.1 % 2.1 % Increase in future compensation levels 2.9 % 2.6 % 2.6 % Long-term return on plan assets 3.9 % 2.5 % 3.0 % 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, 2017 and 2018 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, 2017 and 2018. We expect approximately $15.6 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 2019. The table below details the changes in other comprehensive income (loss) during 2016, 2017 and 2018. Years ended December 31, 2016 2017 2018 (In millions) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial gain (loss) $ (38.0 ) $ 4.0 $ (27.0 ) Amortization of unrecognized: Prior service cost .3 .3 .2 Net actuarial losses 13.3 15.2 15.2 Total $ (24.4 ) $ 19.5 $ (11.6 ) At December 31, 2017, substantially 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 benefit plans sponsored by Contran and certain of its affiliates, including us. For 2016, 2017 and 2018, the long-term rate of return assumption for our U.S. plan assets was During 2018, Contran and the other employer-sponsors (including us) implemented a restructuring of the CMRT, in which a substantial part of each plan’s units in the CMRT were redeemed in exchange for a pro-rata portion of a substantial part of the CMRT’s investments. Following such restructuring, the plans held directly in the aggregate the investments previously held directly by the CMRT which had been exchanged for CMRT units as part of the restructuring. Certain investments held directly by the CMRT were not part of such restructuring and remain investments of the CMRT. Such restructuring was implemented in part so each plan could more easily align the composition of their plan asset portfolio with the plan’s benefit obligations. The CMRT unit value is determined semi-monthly, and prior to the 2018 restructuring the plans had 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 at December 31, 2017 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 any time based on the most recent value and (ii) observable inputs from Level 1 or Level 2 (or assets not subject to classification in the fair value hierarchy) were used to value approximately 93% of the assets of the CMRT at December 31, 2017, as noted below. CMRT assets not subject to classification in the fair value hierarchy consist principally of certain investments measured at net asset value per share in accordance with ASC 820-10. The aggregate fair value of all of the CMRT assets at December 31, 2017, 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, 2017 (In millions) CMRT asset value $ 672.4 CMRT assets comprised of: Assets not subject to fair value hierarchy 31 % Assets subject to fair value hierarchy: Level 1 54 Level 2 8 Level 3 7 100 % CMRT asset mix: Domestic equities, principally publicly traded 33 % International equities, principally publicly traded 25 Fixed income securities, principally publicly traded 31 Privately managed limited partnerships 4 Hedge funds 5 Other, primarily cash 2 100 % The assets which remain in the CMRT are principally common stocks and limited partnerships which are not publicly traded, and most of which are categorized within Level 3 of the fair value hierarchy. As monetizing events occur for these investments, we and the other plans which hold units in the CMRT will redeem a portion of our CMRT units for the cash generated from such events. For purposes of our plan asset disclosure, we consider the investment in the CMRT at December 31, 2018 as a Level 3 input because (i) most of the remaining assets in the CMRT are categorized within Level 3 of the fair value hierarchy, and (ii) we do not expect to be able to redeem our remaining CMRT units until monetizing events occur with respect to the remaining CMRT assets. 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 • In Canada, we currently have a plan asset target allocation of 20% to 30% to equity securities and 70% to 80% to fixed income securities. 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 8%, respectively. The majority of Norwegian plan assets are Level 1 inputs because they are traded in active markets; however approximately 10% of our Norwegian plan assets are invested in real estate and other investments not actively traded and are therefore a Level 3 input. • In the U.S. we currently have a plan asset target allocation of 40% to equity securities, 45% to fixed income securities, and the remainder is allocated to multi-asset strategies and the CMRT. The expected long-term rate of return for such investments is approximately 9%, 5% and 3%, respectively (before plan administrative expenses). The majority of U.S. plan assets are Level • 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 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 pension plan assets by asset category and fair value level at December 31, 2017 and 2018 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, 2017 Total Quoted Significant Significant (In millions) Germany $ 257.9 $ — $ — $ 257.9 Canada: Local currency equities 8.4 8.4 — — Foreign currency equities 16.4 16.4 — — Local currency fixed income 81.8 81.8 — — Cash and other .3 .3 — — Norway: Local currency equities 1.8 1.8 — — Foreign currency equities 4.6 4.6 — — Local currency fixed income 21.0 21.0 — — Foreign currency fixed income 6.8 6.8 — — Real estate 4.7 — — 4.7 Cash and other 15.4 14.5 — .9 US — CMRT 46.5 — 46.5 — Other 26.1 16.0 — 10.1 Total $ 491.7 $ 171.6 $ 46.5 $ 273.6 Fair Value Measurements at December 31, 2018 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets measured at NAV (In millions) Germany $ 241.5 $ — $ — $ 241.5 $ — Canada: Local currency equities 6.5 6.5 — — — Non local currency equities 13.3 13.3 — — — Local currency fixed income 74.1 74.1 — — — Cash and other .5 .5 — — — Norway: — — — Local currency equities 1.7 1.7 — — — Non local currency equities 4.3 4.3 — — — Local currency fixed income 20.4 14.9 5.5 — — Non local currency fixed income 6.1 6.1 — — — Real estate 4.5 — — 4.5 — Cash and other 13.5 12.7 — .8 — U.S. — Equities 16.3 4.9 — — 11.4 Fixed income 19.9 19.9 — — — Cash and other 4.7 3.4 — — 1.3 CMRT 2.3 — — 2.3 — Other 24.4 13.9 — 10.5 — Total $ 454.0 $ 176.2 $ 5.5 $ 259.6 $ 12.7 A rollforward of the change in fair value of Level 3 assets follows. Years ended December 31, 2017 2018 (In millions) Fair value at beginning of year $ 230.5 $ 273.6 Gain on assets held at end of year 11.0 (4.6 ) Gain on assets sold during the year .2 — Assets purchased 13.4 14.1 Assets sold (13.8 ) (14.5 ) Transfer in — 2.3 Currency exchange rate fluctuations 32.3 (11.3 ) Fair value at end of year $ 273.6 $ 259.6 |
Disaggregation of Sales
Disaggregation of Sales | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Sales | Note 12 –Disaggregation of Sales Disaggregation of sales –The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors (as required by ASC 606). Years ended December 31, 2016 2017 2018 (In millions) Net sales – point of origin:: Germany $ 699.8 $ 918.6 $ 886.1 United States 664.2 841.8 839.4 Canada 257.7 309.2 307.2 Belgium 187.4 279.9 272.2 Norway 164.8 216.4 209.6 Eliminations (609.6 ) (836.9 ) (852.6 ) Total $ 1,364.3 $ 1,729.0 $ 1,661.9 Net sales – point of destination: Europe $ 697.6 $ 898.8 $ 817.2 North America 413.2 519.4 542.0 Other 253.5 310.8 302.7 Total $ 1,364.3 $ 1,729.0 $ 1,661.9 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line, which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows for these segments are affected by economic factors. Year Ended 2016 2017 2018 (In millions) Net sales: Security products $ 94.7 $ 96.6 $ 98.4 Marine components 14.2 15.4 19.8 Total $ 108.9 $ 112.0 $ 118.2 Real Estate Management and Development: Net sales: Land sales $ 38.3 $ 30.2 $ 32.3 Water delivery 6.0 6.0 5.6 Utility and other 1.9 2.2 2.1 Total $ 46.2 $ 38.4 $ 40.0 |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Note 13—Other income, net: Years ended December 31, 2016 2017 2018 (In millions) Securities earnings: Dividends and interest $ 26.7 $ 29.4 $ 26.1 Securities transactions, net .5 .1 12.4 Total 27.2 29.5 38.5 Gain on land sales — — 12.5 Insurance recoveries .4 .4 1.3 Currency transactions, net 5.5 (7.5 ) 10.1 Disposal of property and equipment, net (.3 ) (.5 ) (.3 ) Business interruption insurance proceeds 4.3 — — Infrastructure reimbursement .6 1.0 4.3 Other, net 1.3 2.3 2.8 Total $ 39.0 $ 25.2 $ 69.2 Dividends and interest income includes distributions from The Amalgamated Sugar Company LLC of $25.4 million in each of 2016 and 2017 and $16.9 million in 2018. Securities transactions, net in 2018 includes a $12.5 million gain on the sale of our investment in The Amalgamated Sugar Company LLC. See Note 6. Infrastructure reimbursements related to the OPA are discussed in Note 7. 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. In the first quarter of 2018 we sold two parcels of land not used in our operating activities. We sold the first parcel for net proceeds of $18.9 million, and recognized a pre-tax gain on the sale of $11.9 million. We were required under our debt agreement with NERT to use a portion of the net proceeds received for the property to pay down our note balance and accordingly we made $2.2 million in principal payments on our debt, see Note 9. In addition, NL sold excess property with a nominal book value for proceeds of $.6 million. During 2016, we recognized $3.4 million in income related to cash Kronos received from settlement of a business interruption insurance claim arising in 2014, and income of $.9 million recognized in the fourth quarter related to cash Kronos received from settlement of another business interruption insurance claim arising in 2015. No additional material amounts are expected to be received with respect to such insurance claims. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14—Income taxes: Years ended December 31, 2016 2017 2018 (In millions) Pre-tax income (loss): United States $ (8.2 ) $ 26.7 $ (22.5 ) Non-U.S. subsidiaries 47.8 265.1 258.7 Total $ 39.6 $ 291.8 $ 236.2 Expected tax expense (benefit) at U.S. federal statutory income tax rate of 35% in 2016 and 2017 and 21% in 2018 $ 13.8 $ 102.1 $ 49.6 Non-U.S. tax rates (4.3 ) (13.1 ) 20.8 Incremental net tax expense (benefit) on earnings and losses of non-U.S. and non-tax group companies 8.2 14.8 (167.8 ) Valuation allowance (2.2 ) (205.4 ) — Transition tax — 76.2 (2.1 ) Global intangible low-tax income, net — — 4.0 Change in federal tax rate — (77.1 ) 60.6 Change in state tax rate — — (1.8 ) U.S. state income taxes, net 1.7 3.5 .6 Adjustment to the reserve for uncertain tax positions, net 7.2 (18.2 ) 4.1 Nondeductible expenses 1.9 2.2 3.0 Canada – Germany APA — — (1.4 ) U.S. – Canada APA (3.4 ) — — Domestic production activities deduction (3.8 ) (3.8 ) — Other, net (.5 ) (1.2 ) (.3 ) Provision for income taxes (benefit) $ 18.6 $ (120.0 ) $ (30.7 ) Components of income tax expense (benefit): Currently payable (refundable): U.S. federal and state $ 35.5 $ 87.3 $ 34.1 Non-U.S. 9.5 38.5 51.1 Total 45.0 125.8 85.2 Deferred income taxes (benefit): U.S. federal and state (29.1 ) (96.9 ) (145.5 ) Non-U.S. 2.7 (148.9 ) 29.6 Total (26.4 ) (245.8 ) (115.9 ) Provision for income taxes (benefit) $ 18.6 $ (120.0 ) $ (30.7 ) Comprehensive provision for income taxes (benefit) allocable to: Income (loss) from continuing operations $ 18.6 $ (120.0 ) $ (30.7 ) Discontinued operations (12.6 ) (67.1 ) 23.7 Retained earnings-change in accounting principle — — 1.1 Other comprehensive income (loss): Marketable securities 2.1 2.8 — Currency translation (3.4 ) 31.1 (4.2 ) Pension plans (5.0 ) 8.6 (4.7 ) Other (.5 ) (.6 ) (.4 ) Interest rate swap .2 1.6 — Total $ (.6 ) $ (143.6 ) $ (15.2 ) 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% and 21% in 2018. The amount shown on such table for incremental net tax (benefit) on earnings and losses on non-U.S. and non-tax group companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current-year change in the aggregate amount of undistributed earnings of our Chemicals Segment’s Canadian subsidiary and, beginning in 2018, the post-1986 undistributed earnings of our Chemicals Segment’s European subsidiaries (such post-1986 undistributed earnings were subject to a permanent reinvestment plan until December 31, 2017), (ii) current U.S. income taxes (or current income tax benefit), including U.S. personal holding company tax, as applicable, attributable to current-year income (losses) of one of 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, (iv) deferred income taxes associated with our direct investment in Kronos and (v) current 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, 2017 and 2018 are summarized below. December 31, 2017 2018 Assets Liabilities Assets Liabilities (In millions) Tax effect of temporary differences related to: Inventories $ 3.3 $ (.8 ) $ 4.7 $ (3.3 ) Marketable securities — (25.4 ) — (.2 ) Property and equipment .1 (71.8 ) — (69.0 ) Accrued OPEB costs 3.0 — 2.8 — Accrued pension costs 70.9 — 75.5 — Accrued environmental liabilities 28.8 — 35.8 — Other deductible differences 11.7 — 10.3 — Other taxable differences — (14.0 ) — (13.2 ) Investments in subsidiaries and affiliates 2.7 (175.8 ) 2.6 (58.8 ) Tax on unremitted earnings of non-U.S. subsidiaries — (9.5 ) — (11.3 ) Tax loss and tax credit carryforwards 116.2 — 93.9 — Valuation allowance (2.8 ) — (10.0 ) — Adjusted gross deferred tax assets (liabilities) 233.9 (297.3 ) 215.6 (155.8 ) Netting of items by tax jurisdiction (114.1 ) (114.1 ) (114.6 ) (114.6 ) Net noncurrent deferred tax asset (liability) $ 119.8 $ (183.2 ) $ 101.0 $ (41.2 ) Tax authorities may in the future examine 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. Our Chemicals Segment has substantial net operating loss (NOL) carryforwards in Germany (the equivalent of $541 million for German corporate purposes and in Belgium (the equivalent of $16 million for Belgian corporate tax purposes at December 31, 2018), all of which have an indefinite carryforward period. As a result, we have net deferred income tax assets 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 (our Chemicals Segment’s German trade tax NOLs were fully utilized as of December 31, 2018). Prior to 2017, 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 Chemicals Segment’s German and Belgian net deferred income tax assets. At December 31, 2016 such valuation allowance aggregated $173 million ($153 million with respect to Germany and $20 million with respect to Belgium). During the first six months of 2017, we recognized an aggregate non-cash deferred income tax benefit of $12.7 million as a result of a net decrease in such deferred income tax asset valuation allowance, due to utilizing a portion of both the German and Belgian NOL during the period. At June 30, 2017, our Chemicals Segment concluded we had sufficient positive evidence under the more-likely-than-not recognition criteria to support reversal of the entire valuation allowance related to our German and Belgian operations. In accordance with the ASC 740-270 guidance regarding accounting for income taxes at interim dates, the amount of the valuation allowance reversed at June 30, 2017 ($149.9 million, of which $141.9 million related to Germany and $8.0 million related to Belgium) associated with our change in judgment at that date regarding the realizability of the related deferred income tax asset as it relates to future years (i.e. 2018 and after). A change in judgment regarding the realizability of deferred tax assets as it relates to the current year is considered in determining the estimated annual effective tax rate for the year and is recognized throughout the year, including interim periods subsequent to the date of the change in judgment. Accordingly, our income tax benefit in calendar year 2017 included an aggregate non-cash deferred income tax benefit of $186.7 million associated with the reversal of the German and Belgian valuation allowance, comprised of $12.7 million recognized in the first half of 2017 (noted above) associated with the utilization of a portion of both the German and Belgian NOLs during such period, $149.9 million related to the portion of the valuation allowance reversed as of June 30, 2017 and $24.1 million recognized in the second half of 2017 associated with the utilization of a portion of both the German and Belgian NOLs during such period. Our deferred income tax asset valuation allowance increased $13.7 million in 2017 as a result of changes in currency exchange rates, which increase was recognized as part of other comprehensive income (loss). On December 22, 2017, the 2017 Tax Act was enacted into law. This new tax legislation, among other changes, (i) reduces the U.S. Federal corporate income tax rate from 35% to 21% effective January 1, 2018; (ii) implements a territorial tax system and imposes a one-time repatriation tax (Transition Tax) on the deemed repatriation of the post-1986 undistributed earnings of non-U.S. subsidiaries accumulated up through December 31, 2017, regardless of whether such earnings are repatriated; (iii) eliminates U.S. tax on future non-U.S. earnings (subject to certain exceptions); (iv) eliminates the domestic production activities deduction beginning in 2018; (v) eliminates the net operating loss carryback and provides for an indefinite carryforward period subject to an 80% annual usage limitation; (vi) allows for the expensing of certain capital expenditures; (vii) imposed GILTI beginning in 2018; (viii) imposed a base erosion anti-abuse tax (BEAT) beginning in 2018; and (ix) amended the rules limiting the deduction for business interest expense beginning in 2018. Following the enactment of the 2017 Tax Act, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) 118 to provide guidance on the accounting and reporting impacts of the 2017 Tax Act. SAB 118 states that companies should account for changes related to the 2017 Tax Act in the period of enactment if all information is available and the accounting can be completed. In situations where companies do not have enough information to complete the accounting in the period of enactment, a company must either 1) record an estimated provisional amount if the impact of the change can be reasonably estimated; or 2) continue to apply the accounting guidance that was in effect immediately prior to the 2017 Tax Act if the impact of the change cannot be reasonably estimated. If estimated provisional amounts are recorded, SAB 118 provides a measurement period of no longer than one year during which companies should adjust those amounts as additional information becomes available in the reporting period within the measurement period in which such adjustment is determined. Under GAAP, we were required to revalue our net deferred tax asset associated with our U.S. net deductible temporary differences in the period in which the new tax legislation was enacted based on deferred tax balances as of the enactment date, to reflect the effect of such reduction in the corporate income tax rate. Our temporary differences as of December 31, 2017 were not materially different from our temporary differences as of the enactment date, accordingly revaluation of our net deductible temporary differences was based on our net deferred tax assets as of December 31, 2017. Such revaluation was recognized in continuing operations and was not material to us. Such revaluation resulted in a provisional non-cash deferred income tax benefit of $77.1 million recognized as of December 31, 2017 in continuing operations, reducing our net deferred income tax liability. The amounts recorded as of December 31, 2017 as a result of the 2017 Tax Act represented estimates based on information currently available. During the third quarter of 2018, in conjunction with finalizing our federal income tax return we were able to obtain, prepare and analyze the necessary information to complete the accounting under ASC 740 related to the revaluation of our net deferred tax liability associated with our U.S. net taxable temporary differences as of December 31, 2017, which resulted in a measurement period adjustment and recognition of a non-cash deferred income tax expense of $59.7 million, decreasing the provisional amount recognized at December 31, 2017. Such adjustment is almost entirely attributable to the re-measurement of our 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 discussed below. Accordingly, we completed our analysis related to such revaluation as of September 30, 2018. Under GAAP, we were required to revalue our net deferred tax asset associated with our U.S. net deductible temporary differences in the period in which the new tax legislation is enacted based on deferred tax balances as of the enactment date, to reflect the effect of such reduction in the corporate income tax rate. Our temporary differences as of December 31, 2017 were not materially different from our temporary differences as of the enactment date, accordingly revaluation of our net deductible temporary differences was based on our net deferred tax assets as of December 31, 2017. Such revaluation was recognized in continuing operations and was not material to us. Prior to the enactment of the 2017 Tax Act, the undistributed earnings of our Chemicals Segment’s European subsidiaries were deemed to be permanently reinvested (we had not made a similar determination with respect to the undistributed earnings of our Chemicals Segment’s Canadian subsidiary). Pursuant to the Transition Tax provisions imposing a one-time repatriation tax on post-1986 undistributed earnings, we recognized a provisional current income tax expense of $76.2 million in the fourth quarter of 2017. The amounts recorded as of December 31, 2017 as a result of the 2017 Tax Act represented estimates based on information available at that date. We elected to pay such tax over an eight year period beginning in 2018, including approximately $6.1 million which was paid in April 2018 (for the 2017 tax year) and $5.8 million which was paid in 2018 (for the 2018 tax year). During the third quarter of 2018, in conjunction with finalizing our federal income tax return and based on additional information that became available (including proposed regulations issued by the IRS in August 2018 with respect to the Transition Tax), we recognized a provisional income tax benefit of $2.1 million which amount is recorded as a measurement-period adjustment, reducing the provisional income tax expense of $76.2 million recognized in the fourth quarter of 2017. As a result, at December 31, 2018, taking into account the prior Transition Tax installments payments of $11.9 million (noted above), the balance of our unpaid Transition Tax aggregates $62.2 million, which will be paid in quarterly installments over the remainder of the eight year period. Of such $62.2 million, $56.3 million is recorded as a noncurrent payable to affiliate (income taxes payable to Contran) classified as a noncurrent liability in our Consolidated Balance Sheet, and $5.9 million is included with our current payable to affiliate (income taxes payable to Contran) classified as a current liability (a portion of our noncurrent income tax payable to affiliate was reclassified to our current payable to affiliate for the portion of our 2019 Transition Tax installment due within the next twelve months). We have completed our analysis of the Transition Tax provisions within the prescribed measurement period ending December 22, 2018 pursuant to the guidance under SAB 118. Prior to the enactment of the 2017 Tax Act the undistributed earnings of our Chemicals Segment’s European subsidiaries were deemed to be permanently reinvested (we had not made a similar determination with respect to the undistributed earnings of our Chemicals Segment’s Canadian subsidiary). As a result of the implementation of a territorial tax system under the 2017 Tax Act, effective January 1, 2018, and the Transition Tax which in effect taxes the post-1986 undistributed earnings of our non-U.S. subsidiaries accumulated up through December 31, 2017, we have now determined that all of the post-1986 undistributed earnings of our European subsidiaries are not permanently reinvested. Accordingly, in the fourth quarter of 2017 we recognized an aggregate provisional non-cash deferred income tax expense of $5.3 million based on our reasonable estimates of the U.S. state and non-U.S. income tax and withholding tax liability attributable to all of such previously-considered permanently reinvested undistributed earnings through December 31, 2017. The amounts recorded as of December 31, 2017 as a result of the 2017 Tax Act represented estimates based on information available at that date. We have not made any measurement-period adjustments to the provisional amounts recorded at December 31, 2017 for this item during 2018 because no new information became available during the period that required an adjustment. However, we recorded a non-cash deferred income tax expense of $1.8 million for the U.S. state and non-U.S. income tax and withholding tax liability attributable to the 2018 undistributed earnings of our Chemicals Segment’s non-U.S. subsidiaries in 2018, including withholding taxes related to the undistributed earnings of our Chemicals Segment’s Canadian subsidiary. We have completed our analysis as it relates to the implementation of a territorial tax system under the 2017 Tax Act within the prescribed measurement period ending December 22, 2018 pursuant to the guidance under SAB 118. Under U.S. GAAP, as it relates to the new GILTI tax rules, we are allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into the measurement of our deferred taxes (the “deferred method”). While our future global operations depend on a number of different factors, we do expect to have future U.S. inclusions in taxable income related to GILTI. We did not record any adjustment related to GILTI during the first nine months of 2018 based on our determination that the impact was not material, and based on the guidance available to us at the time. During the fourth quarter of 2018, and taking into consideration proposed regulations issued by the IRS in November 2018 with respect to various related U.S. tax credit provisions, we recognized a current cash income tax expense of $4.0 million for GILTI. In conjunction with the issuance of the proposed regulations, taking into consideration the complexities related to an election to recognize deferred taxes for basis differences that are expected to have a GILTI impact in future years, we have concluded that the appropriate accounting policy election for Kronos is to record GILTI tax as a current-period expense when incurred under the period cost method. As such, we have completed our policy election within the prescribed measurement period ended December 22, 2018 pursuant to the guidance under SAB 118. Similarly, we have evaluated the tax impact of BEAT, taking into consideration proposed regulations issued by the IRS in December 2018 with respect to BEAT, and determined that the tax law imposed under BEAT has no material impact to us as we have historically not entered into international payments between related parties that are unrelated to cost of goods sold. Our determinations under the GILTI, BEAT and related non-U.S. tax credit provisions are based on the relevant statutes and guidance provided under the proposed regulations. Given the complexity of the international provisions, it is possible that final regulations could differ from the proposed regulations and materially impact our determinations with respect to such items. Any material change will be recognized in the period in which the final regulations are published. Certain U.S. deferred tax attributes of one of our non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, were subject to various limitations. As a result, we had previously concluded that a deferred income tax asset valuation allowance was required to be recognized with respect to such subsidiary’s U.S. net deferred income tax asset because such assets did not meet the more-likely-than-not recognition criteria primarily due to (i) the various limitations regarding use of such attributes due to the dual residency; (ii) the dual resident subsidiary had a history of losses and absent distributions from our non-U.S. subsidiaries, which were previously not determinable, such subsidiary was expected to continue to generate losses; and (iii) a limited NOL carryforward period for U.S. tax purposes. Because we had concluded the likelihood of realization of such subsidiary’s net deferred income tax asset was remote, we had not previously disclosed such valuation allowance or the associated amount of the subsidiary’s net deferred income tax assets (exclusive of such valuation allowance). The 2017 Tax Act amended the rules limiting the deduction for business interest expense beginning in 2018. The limitation applies to all taxpayers and our annual deduction for business interest expense is limited to the sum of our business interest income and 30% of our adjusted taxable income as defined under the 2017 Tax Act. Any business interest expense not allowed as a deduction as a result of the limitation may be carryforward indefinitely and is treated as interest paid in the carryforward year subject to the respective year’s limitation. We have determined that our interest expense for 2018 is limited under these provisions, because of the loss we recognized on the sale of WCS for income tax purposes. We have concluded that we are required to recognize a non-cash deferred income tax asset valuation allowance under the more-likely-than-not recognition criteria with respect to a portion of our deferred tax asset attributable to the nondeductible amount of business interest expense carryforward. Consequently, our provision for income taxes in 2018 includes a non-cash deferred income tax expense of $6.8 million for the amount of such deferred income tax asset that we have determined does not meet the more-likely-than-not recognition criteria (the nondeductible portion of our business interest expense for the full year 2018 is higher than the amount recognized in the third quarter of 2018 primarily due to a decrease in our adjusted taxable income and depreciation expense as compared to our estimates at the end of the third quarter). In accordance with the ASC 740 guidance regarding intra-period allocation of income taxes, the full amount of non-cash deferred income tax expense is classified as part of the income taxes associated with the pre-tax gain we recognized for financial reporting purposes on the sale of WCS which is classified as part of discontinued operations (see Note 3 to our Consolidated Financial Statements and Discontinued Operations —Waste Control Specialists LLC). None of our U.S. and non-U.S. tax returns are currently under examination. As a result of prior audits in certain jurisdictions, which are now settled, in 2008 we filed Advance Pricing Agreement Requests with the tax authorities in the U.S., Canada and Germany. These requests have been under review with the respective tax authorities since 2008 and prior to 2016, it was uncertain whether an agreement would be reached between the tax authorities and whether we would agree to execute and finalize such agreements. • During 2016, Contran, as the ultimate parent of our U.S. Consolidated income tax group, executed and finalized an Advance Pricing Agreement with the U.S. Internal Revenue Service and our Canadian subsidiary executed and finalized an Advance Pricing Agreement with the Competent Authority for Canada (collectively, the “U.S.-Canada APA”) effective for tax years 2005 - 2015. Pursuant to the terms of the U.S.-Canada APA, the U.S. and Canadian tax authorities agreed to certain prior year changes to taxable income of our U.S. and Canadian subsidiaries. As a result of such agreed-upon changes, we recognized a $3.4 million current U.S. income tax benefit in 2016. In addition, our Canadian subsidiary • During the third quarter of 2017, Kronos’ Canadian subsidiary executed and finalized an Advance Pricing Agreement with the Competent Authority for Canada (the “Canada-Germany APA”) effective for tax years 2005 - 2017. Pursuant to the terms of the Canada-Germany APA, the Canadian and German tax authorities agreed to certain prior year changes to taxable income of our Canadian and German subsidiaries. As a result of such agreed-upon changes, we reversed a significant portion of our reserve for uncertain tax positions and recognized a non-cash income tax benefit of $8.6 million related to such reversal ($8.1 million recognized in the third quarter of 2017). In addition, we recognized a $2.6 million non-cash income tax benefit related to an increase in our German NOLs and a $.6 million German cash tax refund related to the Canada-Germany APA in the third quarter of 2017. • During the first quarter of 2018, Kronos’ German subsidiary executed and finalized the related Advance Pricing Agreement with the Competent Authority We recognized a non-cash deferred income tax benefit of $1.8 million in 2018 related to a decrease in our effective state income tax rate; this decrease is a direct result of the sale of our interest in the Amalgamated Sugar Company LLC which will reduce the number of state jurisdictions in which we are required to file (our non-cash deferred tax benefit recognized for the full year 2018 is lower than the amount recognized in the third quarter of 2018 primarily due to a decrease in our estimate of taxable income as compared to our estimates at the end of the third quarter). 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. At December 31, 2017, we had recognized a deferred income tax liability with respect to our direct investment in Kronos of $157.6 million. 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. The maximum amount of such deferred income tax liability we would be required to have recognized (the cap) is $155.4 million (the cap was reduced as a result of the decrease in our effective state tax rate in the third quarter of 2018 discussed above). During 2018, we recognized a non-cash deferred income tax expense with respect to our direct investment in Kronos of $4.9 million for the increase 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 increase related to our equity in Kronos’ net income during such period. We recognized a similar non-cash deferred income tax expense of $22.1 million in 2017 and $6.5 million in 2016. A portion of the net change with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock during such periods 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) items includes amounts related to our equity in Kronos’ other comprehensive income (loss) items. Due to uncertainties and complexities of the new legislation, we were still evaluating the impact of the one-time deemed repatriation of the post-1986 undistributed earnings of our non-U.S. subsidiaries up through December 31, 2017 as it relates to the income tax basis of our direct investment in Kronos at December 31, 2017. Our deferred income tax liability with respect to our direct investment in Kronos and the deferred income taxes recognized at December 31, 2017 represented our reasonable estimate and, in accordance with the guidance in SAB 118, such amounts were provisional and subject to adjustment as we obtain additional information and complete our analysis of the impact of the new legislation as it relates to the income tax basis of our direct investment in Kronos. During the third quarter of 2018, in conjunction with finalizing our federal income tax return and based on additional information that became available (including proposed regulations issued by the IRS in August 2018 with respect to the Transition Tax), we recognized an adjustment, which is treated as a measurement period adjustment, to the deferred income taxes we recognized at December 31, 2017 associated with our direct investment in Kronos common stock (before revaluation of our deferred tax liability related to the decrease in the corporate income tax rate). Such adjustment resulted in an investment basis adjustment under the income tax regulations which increased the income tax basis of our direct investment in Kronos attributable to the income recognition related to the deemed repatriation of the post-1986 undistributed earnings of our non-U.S. subsidiaries in 2017. Such adjustment resulted in a non-cash deferred tax measurement period adjustment decreasing the deferred income taxes we recognize with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock. Including the impact of the non-cash deferred tax revaluation adjustment discussed above, we recognized a net non-cash deferred income tax benefit of $112 million in the third quarter of 2018 related to the incremental tax on Kronos. We completed our analysis related to the impact of the new legislation as it related to the income tax basis of our direct investment in Kronos as of September 30, 2018. 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 2016, 2017 and 2018: Years ended December 31, 2016 2017 2018 (In millions) Unrecognized tax benefits: Amount beginning of year $ 28.8 $ 35.6 $ 17.1 Net increase (decrease): Tax positions taken in prior periods (.6 ) (13.3 ) 1.3 Tax positions taken in current period 11.0 4.5 4.5 Lapse due to applicable statute of limitations (1.6 ) (8.1 ) (1.8 ) Settlement with taxing authorities (2.3 ) (2.3 ) — Changes in currency exchange rates .3 .7 (.1 ) Amount at end of year $ 35.6 $ 17.1 $ 21.0 If our uncertain tax positions were recognized, a benefit of $19.1 million at December 31, 2018, would affect our effective income tax rate. We currently estimate that our unrecognized tax benefits will decrease by approximately $3.7 million, excluding interest, during the next twelve months related to the expiration of certain statutes of limitations. We and Contran file income tax returns in U.S. federal and various 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 2015 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: 2009 for Norway; 2013 for Canada; 2014 for Germany; and 2015 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 $1.6 million during 2016 and $2.1 million during 2017 and $1.3 million during 2018, and at December 31, 2017 and 2018 we had $1.5 million and $2.2 million, respectively, accrued for interest and an immaterial amount accrued for penalties for our uncertain tax positions. |
Noncontrolling Interest in Subs
Noncontrolling Interest in Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Subsidiaries | Note 15—Noncontrolling interest in subsidiaries: December 31, 2017 2018 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 204.9 $ 221.4 NL Industries 71.1 62.4 CompX International 17.8 19.4 BMI 26.0 27.1 LandWell 22.5 23.3 Total $ 342.3 $ 353.6 Years ended December 31, 2016 2017 2018 (In millions) Noncontrolling interest in net income (loss) of subsidiaries: Kronos Worldwide $ 8.3 $ 69.3 $ 39.9 NL Industries 2.6 19.7 (7.0 ) CompX International 1.4 1.7 2.0 BMI (.4 ) 3.2 1.5 LandWell 1.0 1.2 2.4 Total $ 12.9 $ 95.1 $ 38.8 |
Valhi Stockholder's Equity
Valhi Stockholder's Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Valhi Stockholders' Equity | Note 16—Valhi stockholders’ equity: Shares of common stock Issued Treasury Outstanding (In millions) Balance at December 31, 2016, 2017 and 2018 355.3 (13.2 ) 342.0 Valhi common stock . We issued a nominal number of shares of Valhi common stock during 2016, 2017 and 2018, associated with annual stock awards to members of our board of directors. Valhi share repurchases and cancellations. Prior to 2016, 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 2016, 2017 or 2018. Treasury stock. At December 31, 2017 and 2018, NL and Kronos held approximately 14.4 million and 1.7 million shares of our common stock, respectively. The treasury stock we reported for financial reporting purposes at December 31, 2017 and 2018 represents our proportional interest in these shares of our common stock held by NL and Kronos, at NL’s and Kronos’ historical cost basis. The remaining portion of these shares of our common stock, which are attributable to the noncontrolling interest of N and Kronos, are reflected in our consolidated balance sheet at fair value and are classified as part of other noncurrent assets. 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. Prior to 2018, any unrealized gains or losses on the shares of our common stock attributable to the noncontrolling interest of Kronos and NL were recognized through other comprehensive income or loss, net of deferred income taxes, attributable to such noncontrolling interests. Beginning on January 1, 2018 with the adoption of ASU 2016-01, , Kronos and NL recognize unrealized gains or losses in the determination of each of their respective net income or losses. Under the principles of consolidation we eliminate any gains or losses associated with our common stock to the extent of our proportional ownership interest in each subsidiary. The $12.2 million loss recognized in our Consolidated Statement of Operations in 2018 represents the unrealized loss in respect of these shares during 2018 attributable to the noncontrolling interest of Kronos and NL. See Note 2. 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, 2018, we have not declared any dividends on the Series A Preferred Stock since its issuance prior to 2016. Valhi long-term incentive compensation plan. Prior to 2016, 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 16,000 shares in 2016, 12,000 shares in 2017 and 14,500 shares in 2018, and at December 31, 2018, 124,000 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, 2018, Kronos, NL and CompX had 149,900, 141,400 and 156,550 shares of their respective common stock available for future award under respective plans. 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, 2016 2017 2018 (In millions) Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest): Marketable securities: Balance at beginning of year $ 1.6 $ 1.7 $ 1.7 Other comprehensive income (loss): Unrealized gain arising during the year .1 — — Balance at end of year $ 1.7 $ 1.7 $ 1.7 Interest rate swap: Balance at beginning of year $ (1.3 ) $ (1.2 ) $ — Other comprehensive loss: Unrealized losses during the year (1.2 ) (1.2 ) — Less reclassification adjustments for amounts included in interest expense 1.3 2.4 — Balance at end of year $ (1.2 ) $ — $ — Currency translation: Balance at beginning of year $ (78.1 ) $ (88.5 ) $ (54.1 ) Other comprehensive gain (loss) arising during the year (10.4 ) 34.4 (21.5 ) Balance at end of year $ (88.5 ) $ (54.1 ) $ (75.6 ) Defined benefit pension plans: Balance at beginning of year $ (123.0 ) $ (137.0 ) $ (129.0 ) Other comprehensive income (loss): Amortization of prior service cost and net (gains) losses included in net periodic pension cost 5.7 6.4 7.6 Net actuarial gain (loss) arising during the year (19.7 ) 1.6 (12.6 ) Balance at end of year $ (137.0 ) $ (129.0 ) $ (134.0 ) OPEB plans: Balance at beginning of year $ 3.8 $ 3.1 $ 2.4 Other comprehensive loss: Amortization of prior service credit and net losses included in net periodic OPEB cost (1.0 ) (.8 ) (.8 ) Net actuarial gain arising during the year .3 .1 .1 Balance at end of year $ 3.1 $ 2.4 $ 1.7 Total accumulated other comprehensive income (loss): Balance at beginning of year $ (197.0 ) $ (221.9 ) $ (179.0 ) Other comprehensive income (loss) (24.9 ) 42.9 (27.2 ) Balance at end of year $ (221.9 ) $ (179.0 ) $ (206.2 ) See Note 11 for amounts related to our defined benefit pension plans and OPEB plans and Note 19 for a discussion of our interest rate swap contract. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 17—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 credit facility with Contran. We paid Contran $12.9 million, $14.4 million and $18.7 million in interest on borrowings under credit facilities in 2016, 2017 and 2018, respectively. We and a subsidiary of Contran have guaranteed (i) Tremont’s obligation under its $9.4 million promissory note payable to NERT discussed in Note 9 and (ii) Tremont’s $9.6 million ($11.1 million face value) deferred payment obligation discussed in Note 10. The guaranty obligation would only arise upon our failure to make any required repayments. Prior to our sale of our Waste Management Segment, a subsidiary of Contran guaranteed certain third-party indebtedness of WCS. The purchaser of WCS assumed such indebtedness of WCS in January 2018, and such guarantee was released. 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 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 aggregated $36.5 million in 2016, $40.0 million in 2017 and $39.6 million in 2018. We had an aggregate 30.2 million shares at December 31, 2017 and 2018 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 $1.2 million in 2016, $2.8 million in 2017 and $3.1 million in 2018 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 $5.3 million in 2016 and $5.9 million 2017 and $5.4 million in 2018. 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 2019. 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, and in the event that the available coverage under a particular policy would become exhausted by one or more claims, Contran and certain of its subsidiaries and affiliates, including us, have entered into a loss sharing agreement under which any uninsured loss arising because the available coverage had been exhausted by one or more claims will be shared ratably amongst those entities that had 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 justify 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 $253,000 in 2016, $258,000 in 2017 and $312,000 in 2018 for such services. We expect that this relationship with Contran will continue in 2019. Receivables from and payables to affiliates are summarized in the table below. December 31, 2017 2018 (In millions) Current receivables from affiliates: Contran: Trade items $ 1.0 $ .5 Income taxes 19.4 — Louisiana Pigment Company, L.P. 8.9 10.2 Other 3.3 2.8 Total $ 32.6 $ 13.5 Current payables to affiliates: Louisiana Pigment Company, L.P. $ 16.2 $ 16.7 Contran income taxes — 10.0 Total $ 16.2 $ 26.7 Noncurrent payable to affiliates: Contran – income taxes $ 70.1 $ 56.3 Payables to affiliate included in long-term debt: Valhi—Contran credit facility $ 284.3 $ 314.3 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, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18—Commitments and contingencies: Lead pigment litigation Our former operations included the manufacture of lead pigments for use in paint and lead-based paint. We, 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. We believe that these actions are without merit, and we intend to continue to deny all allegations of wrongdoing and liability and to defend against all actions vigorously. Other than with respect to the Santa Clara, California public nuisance case discussed below, we do not believe it is probable that we have incurred any liability with respect to all of the lead pigment litigation cases to which we are a party, and with respect to all such lead pigment litigation cases to which we are a party, other than with respect to the Santa Clara case discussed below, we believe liability to us that may result, if any, in this regard cannot be reasonably estimated, because: • we have 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 (subject to the final outcome of the Santa Clara case discussed below), • no final, non-appealable adverse verdicts have ever been entered against us (subject to the final outcome of the Santa Clara case discussed below), and • we have never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a twenty-year period for which we were previously a party and for which we have been dismissed without any finding of liability (subject to the final outcome of the Santa Clara case discussed below). Accordingly, other than with respect to the Santa Clara case discussed below, we have not 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 other than the Santa Clara case noted below. In addition, we have determined that liability to us which may result, if any, cannot be reasonably estimated at this time because there is no prior history of a loss of this nature on which an estimate could be made and there is no substantive information available upon which an estimate could be based. In one of these lead pigment cases, in April 2000 we were 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 a public nuisance lead pigment case has been entered against us (the first adverse verdict against us was ultimately overturned on appeal). Given the appellate court’s November 2017 ruling, and the denial of an appeal by the California Supreme Court, we previously concluded that the likelihood of a loss in this case has reached a standard of “probable” as contemplated by ASC 450. Under the remand ordered by the appellate court, the trial court was required to, among other things, (i) recalculate the amount of the abatement fund, excluding remediation of homes built between 1951 and 1980, (ii) hold an evidentiary hearing to appoint a suitable receiver for the abatement fund and (iii) enter an order or orders setting forth its rulings on these issues. We believe any party will have a right to appeal any of these new decisions to be made by the trial court from the remand of the case. Several uncertainties will still exist with respect to the new decisions to be made by the trial court from the remand of the case, including the following: • The appellate court remanded the case back to the trial court to recalculate the total amount of the abatement, limiting the abatement to pre-1951 homes. In this regard, NL and the other defendants filed a brief with the trial court proposing a recalculated maximum abatement fund amount of no more than $409 million and plaintiffs filed a brief proposing an abatement fund amount of $730 million. In September 2018, following a case-management hearing regarding the recalculated abatement fund amount held in August 2018, the trial court issued an order setting the recalculated amount of the abatement fund at $409 million; • The appellate court upheld NL’s and the other defendants’ right to seek contribution from other liable parties (e.g. property owners who have violated the applicable housing code) on a house-by-house basis. The method by which the trial court would undertake to determine such house-by-house responsibility, and the outcome of such a house-by-house determination, is not presently known; • Participation in any abatement program by each homeowner is voluntary, and each homeowner would need to consent to allowing someone to come into the home to undertake any inspection and abatement, as well as consent to the nature, timing and extent of any abatement. The original trial court’s judgment unrealistically assumed 100% participation by the affected homeowners. Actual participation rates are likely to be less than 100% (the ultimate extent of participation is not presently known); • The remedy ordered by the trial court is an abatement fund. The trial court ordered that any funds unspent after four years are to be returned to the defendants (this provision of the trial court’s original judgment was not overturned by the appellate court). As noted above, the actual number of homes which would participate in any abatement, and the nature, timing and extent of any such abatement, is not presently known; and • We and the other two defendants are jointly and severally liable for the abatement, which means we or either of the two other defendants could ultimately be responsible for payment of the full amount of the abatement fund. However, we do not believe any individual defendant would be 100% responsible for the cost of any abatement, and the allocation of the recalculated amount of the abatement fund ($409 million, as explained below) among the three defendants has not yet been determined. In May 2018, we and the plaintiffs entered into a settlement agreement pursuant to which, as supplemented, the plaintiffs would be paid an aggregate of $80 million, in return for which we would be dismissed from the case with prejudice and all pending and future claims, causes of action, cross-complaints, actions or proceedings against us and our affiliates for indemnity, contribution, reimbursement or declaratory relief in respect to the case would be barred, discharged and enjoined as a matter of applicable law. Of such $80 million, $65 million would be paid by us and $15 million would be provided by one of our former insurance carriers that has previously placed such amount on deposit with the trial court in satisfaction of potential liability such former carrier might have with respect to the case under certain insurance policies we had with such former carrier. Of such $65 million which would be paid by us, $45 million would be paid upon approval of the terms of the settlement, and the remaining $20 million would be paid in five annual installments beginning four years from such approval ($6 million for the first installment, $5 million for the second installment and $3 million for each of the third, fourth and fifth installments). The settlement agreement is subject to a number of conditions including the trial court’s approval of the terms of the settlement (which trial court approval includes a determination that such settlement agreement meets the standards for a “good faith” settlement under applicable California law). The other defendants filed motions with the trial court objecting to the terms of the settlement. With all of the uncertainties that exist with respect to the new decisions to be made by the trial court from the remand of the case, as noted above, we had previously concluded that the amount of such loss could not be reasonably estimated (nor could a range of loss be reasonably estimated). However, the terms of the settlement agreement entered into by us and the plaintiffs in May 2018, as supplemented, provides evidence that the amount of the loss to us could be reasonably estimated (and provides evidence of the low end of a range of loss to us). For financial reporting purposes, we discounted the five payments aggregating $20 million to be paid in installments to their estimated net present value, using a discount rate of 3.0% per annum. Such net present value is $17 million, and we would begin to accrete such present value amount upon approval of the settlement agreement. Accordingly, in the second quarter of 2018 we recognized a net $62 million pre-tax charge with respect to this matter ($45 million for the amount to be paid by us upon approval of the terms of the settlement and $17 million for the net present value of the five payments aggregating $20 million to be paid by us in installments beginning four years from such approval), representing the net amount we would pay in full settlement of our liability under the terms of the proposed settlement agreement. For purposes of our Consolidated Balance Sheet, we have presented the aggregate $45 million that would be paid to the plaintiffs upon approval of the terms of the settlement and the $15 million that would be paid to the plaintiffs from the amount placed on deposit with the trial court by one of our former insurance carriers (for a total of $60 million) as a current liability, $17 million for the net present value of the five payments aggregating $20 million to be paid by us in installments beginning four years from such approval as a noncurrent liability and the $15 million portion of such aggregate $80 million undiscounted amount which would be funded from the amount placed on deposit with the trial court by one of our former insurance carriers as a current insurance recovery receivable. In July 2018, we and the other defendants filed appeals with the U.S. Supreme Court, seeking its review of two federal issues in the trial court’s original judgment. Review by the U.S. Supreme Court is discretionary, and in October 2018 the U.S. Supreme Court denied the petitions for the Court to hear such appeals. In September 2018, following a case-management hearing regarding the recalculated abatement fund amount held in August 2018, the trial court issued an order setting the recalculated amount of the abatement fund at $409 million. Also in September 2018, the trial court denied approval of the settlement agreement, finding among other things that the settlement agreement did not meet the standards for a “good faith” settlement under applicable California law. Subsequently in October 2018, we filed an appeal of the trial court’s denial of approval of the settlement agreement with the Sixth District Court of Appeal for the State of California, asserting among other things that in denying such approval the trial court made several legal errors in applying applicable California law to the terms of the settlement. The plaintiffs filed a brief in support of The trial court has selected a receiver for the abatement fund, but the terms of an order appointing the receiver have not been determined and will be the subject of a further hearing scheduled in March 2019. The trial court has also stated it will not enter the judgment in the case until after the Sixth District Court of Appeal determines whether to hear the appeal regarding our settlement agreement. We expect the judgment will require full payment of all amounts due by us and the other defendants in respect to the abatement fund within sixty days of entry of the judgment. If the appellate court does not reverse the trial court decision and approve the terms of this or any other settlement agreement between us and the plaintiffs, the proceedings in the trial court under the remand, as discussed above, would continue. In such event, NL’s share of the recalculated amount of the abatement fund is not presently known, and other uncertainties exist with respect to the new decisions to be made by the trial court from the remand of the case, as discussed above, including but not limited to the final amount of the abatement fund which will ultimately be expended, particularly because participation in the abatement program by eligible homeowners is voluntary and the ultimate extent of participation and how the abatement fund will be administered is uncertain. 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 and the remand proceedings in the trial court, that NL may in the future incur liability resulting in the recognition of an additional loss contingency accrual that could have a material adverse impact on our results of operations, financial position and liquidity. In November 2018, NL was served with two complaints filed by county governments in Pennsylvania. E New cases may continue to be filed against us. 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, 2017, we had not recognized any material receivables and at December 31, 2018, we have recognized $15.0 million of receivables for recoveries related to the California case discussed above. 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 2016, 2017, and 2018 are presented below. Years ended December 31, 2016 2017 2018 (In millions) Balance at the beginning of the year $ 120.4 $ 122.6 $ 117.5 Additions charged to expense, net 5.9 4.1 3.1 Payments, net (3.7 ) (9.1 ) (17.2 ) Changes in currency exchange rates and other — (.1 ) — Balance at the end of the year $ 122.6 $ 117.5 $ 103.4 Amounts recognized in our Consolidated Balance Sheet at the end of the year: Current liabilities $ 15.3 $ 6.8 $ 6.5 Noncurrent liabilities 107.3 110.7 96.9 Total $ 122.6 $ 117.5 $ 103.4 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, 2018, NL had accrued approximately $98 million related to approximately 35 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 $117 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, 2018, 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. Other— We have also accrued approximately $5.4 million at December 31, 2018 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. Other litigation 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 (including asbestos-related claims), 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 93% of our Chemicals Segment’s sales in 2016, 94% in each of 2017 and 2018. 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 33% of our Chemicals Segment’s net sales in 2016, 34% in 2017 and 33% in 2018. In 2016 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. 2016 2017 2018 Europe 51% 50% 44% North America 29% 31% 37% 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 46% of our Component Products Segment’s sales in 2016, 44% in each of 2017, and 2018. United States Postal Service, a customer of the security products reporting unit, accounted for approximately 14% of the Component Products Segment’s total sales in 2016, 16% in 2017 and 13% in 2018. Harley Davidson, also a customer of the security products reporting unit, accounted for approximately 11% in 2016. Our Real Estate Management and Development Segment’s revenues are land sales income and water and electric delivery fees. During 2016 we had sales to three customers that each exceeded 10% of our Real Estate Management and Development Segment’s net sales: Grey Stone Nevada LLC (34%), Richmond Homes of Nevada (15%) and Henderson Interchange Centers LLC (12%). During 2017 we had sales to three customers that each exceeded 10% of our Real Estate Management and Development Segment’s net sales: Richmond Homes of Nevada (37%), Grey Stone Nevada LLC (22%) both related to land sales, and the City of Henderson (11%) related to water delivery sales. During 2018 we had sales to three customers that each exceeded 10% of our Real Estate Management and Development Segment’s net sales: Richmond Homes of Nevada (29%), Woodside Homes of Nevada LLC (20%) and Toll Henderson LLC (17%) all related to land sales. Long-term contracts— Our Chemicals Segment has long-term supply contracts that provide for certain of our TiO 2 feedstock requirements through 2020. The agreements require Kronos to purchase certain minimum quantities of feedstock with minimum purchase commitments aggregating approximately $594 million over the life of the contracts in years subsequent to December 31, 2018. 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 $156 million at December 31, 2018. 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 Leverkusen facility by agreement with Bayer for periods of at least two years at a time. The lease agreement provides for no formula, index or other mechanism to determine changes in the rent for such land lease; rather, any change in the rent is subject solely to periodic negotiation between Bayer and Kronos. We recognize any change in the rent based on such negotiations as part of lease expense starting from the time such change is agreed upon by both parties, as any such change in the rent is deemed “contingent rentals” under GAAP. Under the terms of various supply and services agreements majority-owned subsidiaries of Bayer provides raw materials, including chlorine, auxiliary and operating materials, utilities and services necessary to operate the Leverkusen facility. These agreements, as amended, expire in 2019 through 2022. We expect to renew these agreements prior to expiration at similar terms and conditions. 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 $14.3 million in 2016 and $16.3 million in 2017 and $14.8 million in 2018. At December 31, 2018, future minimum payments under non-cancellable operating leases having an initial or remaining term of more than one year were as follo |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 19—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, 2017 and 2018: Fair Value Measurements Total Quoted Significant Significant (In millions) Asset (liability) December 31, 2017: Marketable securities: Current $ 3.0 $ — $ 3.0 $ — Noncurrent 255.7 1.3 4.4 250.0 December 31, 2018: Marketable securities: Current $ 2.5 $ — $ 2.5 $ — Noncurrent 4.8 1.6 3.2 — See Note 6 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, 2018, Kronos had no currency forward contracts outstanding. We did not use hedge accounting for any of our contracts to the extent we held such contracts during 2016, 2017 and 2018. 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 our exposure to volatility in LIBOR as it relates to our forecasted outstanding variable-rate indebtedness. Under this interest rate swap, we paid a fixed rate of 2.016% per annum, payable quarterly, and received 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 $344.8 million and declined by $875,000 each quarter beginning December 31, 2015, with an original final maturity of the swap contract in February 2020. This swap contract was designated as a cash flow hedge and qualified as an effective hedge at inception under ASC Topic 815 in respect of our term loan indebtedness. The effective portion of changes in fair value on this interest rate swap was recorded as a component of other comprehensive income, net of deferred income taxes. Commencing in the fourth quarter of 2015, as interest expense accrued on LIBOR-based variable rate debt, we classified the amount we paid 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, to be based on a fixed rate of 2.016% per annum in lieu of the level of LIBOR prevailing during the quarter. In September 2017, in connection with the voluntary prepayment and termination of Kronos’ term loan discussed in Note 8, Kronos voluntarily terminated this swap contract, as it no longer had any exposure to volatility in respect of LIBOR. The cost to us to early terminate the swap contract was $3.3 million, which was paid to Wells Fargo concurrent with the termination. Such $3.3 million charge is classified as part of our loss on prepayment of debt discussed in Note 9. Such $3.3 million amount is also classified as part of the cash paid for interest disclosed in our Consolidated Statement of Cash Flows for the year ended December 31, 2017. During 2016 and 2017 (prior to the termination of the interest rate swap contract), a pretax unrealized loss arising during the periods of $3.1 million and $2.3 million, respectively, was recognized in other comprehensive income (loss) related to the interest rate swap. During such periods $3.5 million and $2.1 million, respectively, were reclassified from accumulated other comprehensive loss into earnings and are included in interest expense in our Consolidated Statements of Operations. From the inception of the swap until the swap contract termination, there had been no gains or losses recognized in earnings representing hedge ineffectiveness with respect to the interest rate swap. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2017 and 2018: December 31, 2017 December 31, 2018 Carrying Fair Carrying Fair (In millions) Cash, cash equivalents and restricted cash equivalents $ 461.7 $ 461.7 $ 523.7 $ 523.7 Deferred payment obligation 9.3 9.3 9.6 9.6 Long-term debt (excluding capitalized leases): Kronos Senior Notes 471.1 495.1 452.4 412.9 Snake River Sugar Company fixed rate loans 250.0 250.0 — — Valhi credit facility with Contran 284.3 284.3 314.3 314.3 Tremont promissory note payable 13.1 13.1 9.4 9.4 BMI bank note payable 18.8 19.7 18.0 18.8 LandWell note payable to the City of Henderson 2.5 2.5 2.1 2.1 At December 31, 2017, the estimated market price of Kronos’ Senior Notes was €1,034 per €1,000 principal amount and at December 31, 2018, the estimated market price of Kronos’ Senior Notes was €900 per €1,000 principal amount. The fair value of Kronos’ term loan and Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the term loan trades were not active. 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 5 and 9. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 20—Recent accounting pronouncements: Adopted On January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenues from our Real Estate Management and Development Segment are generally under long-term contracts. We collect certain fees from builders when the builder sells a home to a customer which we previously recognized when received and now beginning on January 1, 2018 we recognize these fees as revenue at the time we sell the parcels to the builder versus our previous practice which did not recognize revenue until the homes were sold. Accordingly, upon adoption of ASU 2014-09, such fees we collect from builders when the builder sells a home to a customer are now estimated at the time we sell a parcel to a builder, and such fees are part of the revenue we recognize over time using cost based input methods for our retail land sales in the case of the home participation fee or over the time the homes in the parcel are sold in the case of the marketing fee. Under the transition requirements for adopting this ASU, we recognized the cumulative amount of such revenue that we would have recognized through December 31, 2017, had we recognized such builder fees under this new accounting method ($6.1 million, or $2.7 million, net of applicable income taxes and noncontrolling interest), as a direct increase in our retained earnings as of January 1, 2018. A portion of such builder fees are expected to be collected more than twelve months from the balance sheet date, and such amounts are classified as a noncurrent asset (Land contract receivables), see Note 7. In addition to recognizing such $6.1 million receivable, we recognized a contract asset of $8.8 million and an offsetting liability for deferred revenue of $8.8 million upon the adoption of this ASU for the estimated amount of such builder fees which we expect to receive from future home sales by the builders, which builder fees are not yet recognizable as revenue (and a portion of such contract asset is also classified as a noncurrent receivable along with an equal amount of noncurrent deferred revenue). Had we recognized revenue in 2018 on the same basis we did in 2016 and 2017, our land sales revenue would have been lower by $.1 million. On January 1, 2018, we adopted ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07 , Compensation— Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Pending Adoption 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, 2018 | |
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, 2017 Net sales $ 405.3 $ 481.7 $ 496.5 $ 495.9 Gross margin 114.0 141.2 161.5 185.3 Operating income 64.1 83.1 103.1 130.0 Net income (loss) from continuing operations $ 23.5 $ 163.3 $ 62.2 $ 162.8 Amounts attributable to Valhi stockholders: Income (loss) from continuing operations(2) $ 14.4 $ 117.0 $ 44.2 $ 141.1 Loss from discontinued operations (2) (1.7 ) (108.2 ) 1.7 (1.0 ) Net income (loss) $ 12.7 $ 8.8 $ 45.9 $ 140.1 Earnings per share: Income (loss) from continuing operations $ .04 $ .34 $ .13 $ .41 Loss from discontinued operations — (.31 ) — — Basic and diluted income (loss) per share $ .04 $ .03 $ .13 $ .41 Year ended December 31, 2018 Net sales $ 466.0 $ 510.2 $ 455.2 $ 388.7 Gross margin 185.3 184.0 132.7 107.2 Operating income 118.8 130.0 69.2 52.7 Net income from continuing operations $ 70.2 $ 20.0 $ 148.3 $ 28.4 Amounts attributable to Valhi stockholders: Income from continuing operations(2) $ 51.7 $ 11.3 $ 142.8 $ 22.3 Income (loss) from discontinued operations (2) 37.6 .4 .7 (4.6 ) Net income $ 89.3 $ 11.7 $ 143.5 $ 17.7 Earnings per share: Income from continuing operations $ .15 $ .03 $ .42 $ .07 Loss from discontinued operations .11 — — (.01 ) Basic and diluted income per share $ .26 $ .03 $ .42 $ .06 (1) We recognized the following amounts during 2017: • non-cash deferred income tax benefit of $5.0 million, $157.6 million, $7.8 million and $16.3 million in the first, second, third and fourth quarters, respectively, as a result of the reversal of our deferred income tax asset valuation allowances associated with our Chemicals Segment’s German and Belgian operations, (see Note 14); • a pre-tax charge of $7.1 million in the third quarter related to the loss on prepayment of debt (see Note 9); • aggregate income tax benefit of $11.8 million related to the execution and finalization of an Advance Pricing Agreement between Canada and Germany, mostly in the third quarter ; • provisional current income tax expense of $76.2 million in the fourth quarter as a result of the 2017 Tax Act for the one-time repatriation tax imposed on the post-1986 undistributed earnings of our non-U.S. subsidiaries (see Note 14); • non-cash deferred income tax benefit of $77.1 million in the fourth quarter related to the revaluation of our net deferred income tax liability resulting from the reduction in the U.S. federal corporate income • non-cash deferred income tax benefit of $18.7 million in the fourth quarter as a result of the reversal of our deferred income tax asset valuation allowance related to certain U.S. deferred income tax assets of one of our non-U.S. subsidiaries (which subsidiary is treated as a dual resident for U.S. income tax purposes) (see Note 14); and • aggregate provisional non-cash deferred income tax expense of $5.3 million in the fourth quarter related to a change in our conclusions regarding our permanent reinvestment assertion with respect to the post-1986 undistributed earnings of our European subsidiaries (see Note 14). We recognized the following amounts during 2018: • a pre-tax gain of $12.5 million in the first quarter related to the sale of land not used in our operations (see Note 13); • a pre-tax charge of $62 million related to the litigation settlement expense recognized in the second quarter (see Note 18) • a non-cash deferred income tax benefit of $112 million in the third quarter related to a change in the deferred income tax liability related to our investment in Kronos as a result of the 2017 Tax Act (see Note 14); • a pre-tax gain of $12.5 related to a securities transaction gain recognized in the third quarter related to the sale of our interest in Amalgamated Sugar Company LLC (see Note 6) • a current cash income tax expense of $4.0 million in the fourth quarter of 2018 related to GILTI (see Note 14). 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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., Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL), and CompX (NYSE American: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). In January 2018, we sold Waste Control Specialists LLC (“WCS”), see Note 3. |
Organization | Organization. We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at December 31, 2018. 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 19. |
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 and Cash Equivalents | Restricted cash and cash equivalents. We classify cash and cash equivalents that have been segregated or are otherwise limited in use as restricted. Such restrictions principally include amounts pledged as collateral with respect to performance obligations or letters of credit required by regulatory agencies for various environmental remediation sites, cash held in escrow under various hold-back agreements with third-party homebuilders associated with our Real Estate Management and Development Segment, cash pledged under debt agreement covenants and cash held in trust by our insurance brokerage subsidiary pending transfer to the applicable insurance or reinsurance carrier. 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. Restricted cash and cash equivalents classified as a current asset are presented separately on our Consolidated Balance Sheets, and restricted cash and cash equivalents classified as a noncurrent asset are presented as a component of other assets on our Consolidated Balance Sheets, as disclosed in Note 7. |
Marketable Securities and Securities Transactions | Marketable securities and securities transactions. We carry marketable debt and equity securities at fair value. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a consistent framework for measuring fair value and (with certain exceptions) this framework is generally applied to all financial statement 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 classify all of our marketable securities as available-for-sale. Prior to 2018, any unrealized gains or losses on the securities were recognized through other comprehensive income, net of deferred income taxes. Beginning on January 1, 2018 with the adoption of ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition of Financial Assets and Financial Liabilities |
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 net realizable value. 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 gained a controlling interest prior to 2016. 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, and the costs allocated to parcels expected to be sold within one year are presented separately in current assets on our Consolidated Balance Sheets. 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. Distributions received from such investee are classified for statement of cash flow purposes using the “nature of distribution” approach under ASC Topic 230. 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 events or changes in 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. |
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 2016, 2017 and 2018 we capitalized $1.0 million, $2.2 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 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 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. |
Long-Term Debt | Long-term debt. |
Employee Benefit Plans | Employee benefit plans. Accounting and funding policies for our defined benefit pension and defined contribution retirement plans are described in Note 11. We also provide certain postretirement benefits other than pensions (OPEB), consisting of health care and life insurance benefits, to certain U.S. and Canadian retired employees, which are not material. See Note 10. |
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 $10.7 million in 2016 and $38.9 million in 2017 and received $5.8 million in cash payment for income taxes from Contran in 2018. We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amounts of assets and liabilities, including investments in our subsidiaries and affiliates who are not members of the Contran Tax Group and undistributed earnings of our Chemicals Segment’s non-U.S. subsidiaries which are not deemed to be permanently reinvested. At December 31, 2018, we continue to assert indefinite reinvestment as it relates to our outside basis difference attributable to our Chemicals Segment’s investments in non-U.S. subsidiaries, other than post-1986 undistributed earnings of our Chemicals Segment’s European subsidiaries and all undistributed earnings of our Chemicals Segment’s Canadian subsidiary, which are not subject to permanent reinvestment plans. It is currently not practical for us to determine the amount of the unrecognized deferred income tax liability related to our investments in our Chemicals Segment’s non-U.S. subsidiaries which are permanently reinvested due to the complexities associated with our organizational structure, changes in the Tax Cuts and Jobs Act (2017 Tax Act) enacted on December 22, 2017, and the U.S. taxation of such investments in the states in which we operate. 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. 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 that we believe does not meet the more-likely-than-not recognition criteria. We account for the tax effects of a change in tax law as a component of the income tax provision related to continuing operations in the period of enactment, including the tax effects of any deferred income taxes originally established through a financial statement component other than continuing operations (i.e. other comprehensive income). Changes in applicable income tax rates over time as a result of changes in tax law, or times in which a deferred income tax asset valuation allowance is initially recognized in one year and subsequently reversed in a later year, can give rise to “stranded” tax effects in accumulated other comprehensive income in which the net accumulated income tax (benefit) remaining in accumulated other comprehensive income does not correspond to the then-applicable income tax rate applied to the pre-tax amount which resides in accumulated other comprehensive income. As permitted by GAAP, our accounting policy is to remove any such stranded tax effect remaining in accumulated other comprehensive income, by recognizing an offset to our provision for income taxes related to continuing operations, only at the time when there is no remaining pre-tax amount in accumulated other comprehensive income. For accumulated other comprehensive income related to currency translation, this would occur only upon the sale or complete liquidation of one of our Chemicals Segment’s non-U.S. subsidiaries. For defined pension benefit plans and OPEB plans, this would occur whenever one of our subsidiaries which previously sponsored a defined benefit pension or OPEB plan had terminated such a plan and had no future obligation or plan asset associated with such a plan. 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 14. |
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 their 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, 2017, we had not recognized any material receivables for recoveries and at December 31, 2018 we had accrued insurance recoveries of $15.0 million. See Note 18. |
Revenue Recognition | Revenue recognition. Chemicals and Component Products Segments - Our sales involve single performance obligations to ship our products pursuant to customer purchase orders. In some cases, the purchase order is supported by an underlying master sales agreement, but our purchase order acceptance generally evidences the contract with our customer by specifying the key terms of product and quantity ordered, price and delivery and payment terms. Effective January 1, 2018 with the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , see Note 12, we record revenue when we satisfy our performance obligations to our customers by transferring control of our products to them, which generally occurs at point of shipment or upon delivery. Such transfer of control is also evidenced by transfer of legal title and other risks and rewards of ownership (giving the customer the ability to direct the use of, and obtain substantially all of the benefits of, the product), and our customers becoming obligated to pay us and such payment being probable of occurring. In certain arrangements we provide shipping and handling activities after the transfer of control to our customer (e.g. when control transfers prior to delivery). In such arrangements shipping and handling are considered fulfillment activities, and accordingly, such costs are accrued when the related revenue is recognized. Prior to the adoption of ASU 2014-09, we recorded sales when our products were shipped and title and other risks and rewards of ownership had passed to the customer, which was generally at the time of shipment (although in some instances shipping terms were FOB destination point, for which we did not recognize revenue until the product was received by our customer). Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our products. Prices for our products are based on terms specified in published list prices and purchase orders, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASU 2014-09 and we have not assessed whether a contract has a significant financing component. We state sales net of price, early payment and distributor discounts as well as volume rebates (collectively, variable consideration). Variable consideration, to the extent present, is recognized as the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. Differences, if any, between estimates of the amount of variable consideration to which we will be entitled and the actual amount of such variable consideration have not been material in the past. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses). Frequently, we receive orders for products to be delivered over dates that may extend across reporting periods. We invoice for each delivery upon shipment and recognize revenue for each distinct shipment when all sales recognition criteria for that shipment have been satisfied. As scheduled delivery dates for these orders are within a one year period, under the optional exemption provided by ASU 2014-09, we do not disclose sales allocated to future shipments of partially completed contracts. Real Estate Management and Development Segment – Revenues from our Real Estate Management and Development Segment are generally not material. Our sales involve providing utility services, among other things, to an industrial park located in Henderson, Nevada and we are responsible for the delivery of water to the city of Henderson and various other users through a water distribution system we own. These sales involve single performance obligations and we record revenue when we satisfy our performance obligations to our customers generally after the service is performed and our customers become obligated to pay us and such payment being probable of occurring. Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our services. Prices for our products are based on contracted rates and do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASC 606 and we have not assessed whether a contract has a significant financing component. Our revenues also are related to efforts to develop certain real estate in Henderson, Nevada, including approximately 2,100 acres zoned for residential/planned community purposes and approximately 400 acres zoned for commercial and light industrial use. Contracts for land sales are negotiated on an individual basis, involve single performance obligations, and generally require us to complete property development and improvements after title passes to the buyer and we have received all or a substantial portion of the selling price. We recognize land sales revenue associated with the residential/planned community over time using cost based input methods. Land sales associated with the residential/planned community have variable consideration components which are based on a percentage of the builder’s ultimate selling price of residential housing unit to their customer (generally 3.5% of such sales price). The amount we recognize when a parcel is sold to a home builder is the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. By recognizing revenue over time using cost based input methods, revenues (including variable consideration) 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 relative to the parcels sold. Estimates of total costs expected to be incurred require significant management judgment, and the amount of revenue and profits that have been recognized to date are subject to revisions throughout the development period. The impact on the amount of revenue recognized resulting from any future change in the estimate of total costs estimated to be incurred would be accounted for prospectively in accordance with GAAP. We record estimated deferred revenue on the amount to which we are most-likely to be entitled and deferred revenue is recognized into revenue as the housing units are sold. Prior to the adoption of ASU 2014-09, we did not include variable consideration in the percentage-of-completion method of revenue recognition. |
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 $90 million in 2016, $101 million in 2017 and $105 million in 2018. Shipping and handling costs of our Component Products and Waste Management Segments are not material. We expense advertising and research and development costs as incurred. Advertising costs were approximately $1 million in each of 2016, 2017 and 2018. Research, development and certain sales technical support costs were approximately $13 million in 2016, $19 million in 2017, and $16 million in 2018. |
Recent accounting pronouncements | Adopted On January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenues from our Real Estate Management and Development Segment are generally under long-term contracts. We collect certain fees from builders when the builder sells a home to a customer which we previously recognized when received and now beginning on January 1, 2018 we recognize these fees as revenue at the time we sell the parcels to the builder versus our previous practice which did not recognize revenue until the homes were sold. Accordingly, upon adoption of ASU 2014-09, such fees we collect from builders when the builder sells a home to a customer are now estimated at the time we sell a parcel to a builder, and such fees are part of the revenue we recognize over time using cost based input methods for our retail land sales in the case of the home participation fee or over the time the homes in the parcel are sold in the case of the marketing fee. Under the transition requirements for adopting this ASU, we recognized the cumulative amount of such revenue that we would have recognized through December 31, 2017, had we recognized such builder fees under this new accounting method ($6.1 million, or $2.7 million, net of applicable income taxes and noncontrolling interest), as a direct increase in our retained earnings as of January 1, 2018. A portion of such builder fees are expected to be collected more than twelve months from the balance sheet date, and such amounts are classified as a noncurrent asset (Land contract receivables), see Note 7. In addition to recognizing such $6.1 million receivable, we recognized a contract asset of $8.8 million and an offsetting liability for deferred revenue of $8.8 million upon the adoption of this ASU for the estimated amount of such builder fees which we expect to receive from future home sales by the builders, which builder fees are not yet recognizable as revenue (and a portion of such contract asset is also classified as a noncurrent receivable along with an equal amount of noncurrent deferred revenue). Had we recognized revenue in 2018 on the same basis we did in 2016 and 2017, our land sales revenue would have been lower by $.1 million. On January 1, 2018, we adopted ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-07 , Compensation— Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2016, 2017 and 2018 we capitalized $1.0 million, $2.2 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 |
Business and Geographic Segme_2
Business and Geographic Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Holding Percentage of Subsidiaries | Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 87 % Real estate management and development BMI and LandWell 63% - 77 % |
Segment Operating Performance | Years ended December 31, 2016 2017 2018 (In millions) Net sales: Chemicals $ 1,364.3 $ 1,729.0 $ 1,661.9 Component products 108.9 112.0 118.2 Real estate management and development 46.2 38.4 40.0 Total net sales $ 1,519.4 $ 1,879.4 $ 1,820.1 Cost of sales: Chemicals $ 1,101.5 $ 1,161.2 $ 1,101.7 Component products 73.8 77.2 79.9 Real estate management and development 36.2 28.1 29.3 Total cost of sales $ 1,211.5 $ 1,266.5 $ 1,210.9 Gross margin: Chemicals $ 262.8 $ 567.8 $ 560.2 Component products 35.1 34.8 38.3 Real estate management and development 10.0 10.3 10.7 Total gross margin $ 307.9 $ 612.9 $ 609.2 Operating income: Chemicals $ 102.8 $ 358.5 $ 342.9 Component products 15.6 15.2 17.8 Real estate management and development .8 6.6 10.0 Total operating income 119.2 380.3 370.7 General corporate items: Securities earnings 27.2 29.5 38.5 Insurance recoveries .4 .4 1.3 Gain on land sales — — 12.5 Other components of net periodic pension expense (11.5 ) (17.7 ) (14.5 ) Litigation settlement expense, net — — (62.0 ) Changes in market value of Valhi common stock held by subsidiaries — — (12.2 ) General expenses, net (37.6 ) (34.7 ) (42.4 ) Loss on prepayment of debt — (7.1 ) — Interest expense (58.1 ) (58.9 ) (55.7 ) Income (loss) from continuing operations before income taxes $ 39.6 $ 291.8 $ 236.2 Years ended December 31, 2016 2017 2018 (In millions) Depreciation and amortization: Chemicals $ 42.6 $ 43.4 $ 52.0 Component products 3.7 3.7 3.5 Waste management (1) 18.3 8.9 — Real estate management and development 2.9 3.0 2.9 Total $ 67.5 $ 59.0 $ 58.4 Capital expenditures: Chemicals $ 53.0 $ 64.3 $ 56.3 Component products 3.2 2.8 3.1 Waste management (1) .7 .9 .1 Real estate management and development 2.0 3.3 1.9 Total $ 58.9 $ 71.3 $ 61.4 |
Total Assets Held by Business Segments | December 31, 2016 2017 2018 (In millions) Total assets: Operating segments: Chemicals $ 1,548.9 $ 2,190.5 $ 2,266.6 Component products 97.9 104.9 120.4 Waste management (1) 228.6 52.0 — Real estate management and 200.9 206.9 218.5 Corporate and eliminations 366.9 353.2 104.1 Total $ 2,443.2 $ 2,907.5 $ 2,709.6 (1) |
Net Sales by Point of Origin and Point of Destination | Years ended December 31, 2016 2017 2018 (In millions) Net sales—point of origin: United States $ 819.3 $ 992.3 $ 997.6 Germany 699.8 918.6 886.1 Canada 257.7 309.2 307.2 Belgium 187.4 279.9 272.2 Norway 164.8 216.4 209.6 Eliminations (609.6 ) (837.0 ) (852.6 ) Total $ 1,519.4 $ 1,879.4 $ 1,820.1 Net sales—point of destination: North America $ 566.8 $ 668.3 $ 698.7 Europe 698.2 899.2 817.6 Asia and other 254.4 311.9 303.8 Total $ 1,519.4 $ 1,879.4 $ 1,820.1 |
Net Property and Equipment by Segment | December 31, 2016 2017 2018 (In millions) Net property and equipment: United States $ 76.2 $ 80.8 $ 74.5 Germany 223.7 259.2 245.8 Canada 60.5 69.0 66.1 Norway 75.5 81.7 81.0 Belgium 80.1 98.0 96.1 Total $ 516.0 $ 588.7 $ 563.5 |
Business Combinations, Dispos_2
Business Combinations, Dispositions and Related Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Waste Control Specialists | |
Schedule of Operations of Disposed Waste Management Segment | Selected financial data for the operations of the disposed Waste Management Segment is presented below. Current assets consist principally of trade accounts receivable. December 31, 2017 (In millions) ASSETS Current assets $ 11.2 Restricted cash 27.2 Property and equipment, net 6.0 Other noncurrent assets 7.6 Total noncurrent assets 40.8 Total assets $ 52.0 LIABILITIES Current portion of long-term debt $ 3.0 Payable to Contran 36.1 Other current liabilities 8.2 Total current liabilities 47.3 Long-term debt 65.0 Deferred income taxes (43.8 ) Accrued noncurrent closure and post closure costs 31.7 Total noncurrent liabilities 52.9 Total liabilities $ 100.2 Years ended December 31, 2016 2017 2018 (In millions) Net sales $ 47.4 $ 75.4 $ 4.6 Operating loss $ (26.2 ) $ (167.1 ) $ (.4 ) Termination fee — 4.0 — Other income (expense), net (5.3 ) (8.4 ) — Interest expense, net (5.1 ) (4.8 ) (.3 ) Loss before taxes (36.6 ) (176.3 ) (.7 ) Income tax benefit (12.6 ) (67.1 ) (.1 ) Net loss $ (24.0 ) $ (109.2 ) $ (.6 ) Pre-tax gain on disposal — — 58.4 Income tax expense — — 23.7 After-tax gain on disposal — — 34.7 Total $ (24.0 ) $ (109.2 ) $ 34.1 Net cash provided by (used in) operating activities $ (10.7 ) $ 18.1 $ 2.3 Net cash provided by (used in) investing activities (2.7 ) (3.4 ) (.1 ) |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Components of Accounts and Other Receivables | December 31, 2017 2018 (In millions) Trade accounts receivable: Kronos $ 301.4 $ 273.3 CompX 10.5 12.2 BMI/LandWell 1.6 1.5 VAT and other receivables 20.7 32.7 Allowance for doubtful accounts (1.5 ) (1.3 ) Total $ 332.7 $ 318.4 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December 31, 2017 2018 (In millions) Raw materials: Chemicals $ 106.9 $ 93.1 Component products 2.7 2.7 Total raw materials 109.6 95.8 Work in process: Chemicals 20.8 23.5 Component products 9.8 11.1 Total in-process products 30.6 34.6 Finished products: Chemicals 192.2 317.6 Component products 2.8 3.3 Total finished products 195.0 320.9 Supplies (chemicals) 63.2 64.5 Total $ 398.4 $ 515.8 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Marketable Securities | Market Cost Unrealized (In millions) December 31, 2017: Current assets $ 3.0 $ 3.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 5.7 5.9 (.2 ) Total $ 255.7 $ 255.9 $ (.2 ) December 31, 2018: Current assets $ 2.5 $ 2.5 $ — Noncurrent assets $ 4.8 $ 5.2 $ (.4 ) |
Schedule of Marketable Securities and Fair Value Measurements | Fair Value Measurements Total Quoted Significant Significant (In millions) December 31, 2017: Current assets $ 3.0 $ — $ 3.0 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ — $ — $ 250.0 Fixed income securities 4.4 — 4.4 — Common stocks and exchange traded funds 1.3 1.3 — — Total $ 255.7 $ 1.3 $ 4.4 $ 250.0 December 31, 2018: Current assets $ 2.5 $ — $ 2.5 $ — Noncurrent assets: Fixed income securities $ 3.2 $ — $ 3.2 $ — Common stocks and exchange traded funds 1.6 1.6 — — Total $ 4.8 $ 1.6 $ 3.2 $ — |
Investment in TiO2 Manufactur_2
Investment in TiO2 Manufacturing Joint Venture and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment in TiO2 Manufacturing Joint Venture and Other Assets | December 31, 2017 2018 (In millions) Other assets: Land held for development $ 126.6 $ 129.2 Restricted cash and cash equivalents 9.9 8.9 Land contract receivables — 9.1 IBNR receivables 6.8 6.0 Note receivables - OPA — 1.9 Other 26.6 12.7 Total $ 169.9 $ 167.8 |
LPC | |
Summary of Net Distributions, Balance Sheets and Income Statements | The components of our net cash distributions from (contributions to) LPC are shown in the table below. Years ended December 31, 2016 2017 2018 (In millions) Distributions from LPC $ 35.0 $ 44.0 $ 34.3 Contributions to LPC (31.4 ) (50.0 ) (30.3 ) Net distributions (contributions) $ 3.6 $ (6.0 ) $ 4.0 Summary balance sheets of LPC are shown below: December 31, 2017 2018 (In millions) ASSETS Current assets $ 104.1 $ 87.0 Property and equipment, net 116.1 119.6 Total assets $ 220.2 $ 206.6 LIABILITIES AND PARTNERS’ EQUITY Other liabilities, primarily current $ 44.4 $ 41.1 Partners’ equity 175.8 165.5 Total liabilities and partners’ equity $ 220.2 $ 206.6 Summary income statements of LPC are shown below: Years ended December 31, 2016 2017 2018 (In millions) Revenues and other income: Kronos $ 157.5 $ 157.5 $ 165.9 Tioxide 157.9 158.3 167.0 Total 315.4 315.8 332.9 Cost and expenses: Cost of sales 314.9 315.4 332.5 General and administrative .5 .4 .4 Total 315.4 315.8 332.9 Net income $ — $ — $ — |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016, 2017 and 2018 $ 352.6 $ 27.1 $ 379.7 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31, 2017 2018 (In millions) Valhi: Snake River Sugar Company $ 250.0 $ — Contran credit facility 284.3 314.3 Total Valhi debt 534.3 314.3 Subsidiary debt: Kronos — Senior Notes 471.1 452.4 Tremont — Promissory note payable 13.1 9.4 BMI — Bank note payable Western Alliance Bank 18.8 18.0 LandWell — Note payable to the City of Henderson 2.5 2.1 Other 3.3 4.2 Total subsidiary debt 508.8 486.1 Total debt 1,043.1 800.4 Less current maturities 1.6 2.9 Total long-term debt $ 1,041.5 $ 797.5 |
Aggregate Maturities of Long-Term Debt | Aggregate maturities of debt at December 31, 2018 are presented in the table below. Years ending December 31, Amount (In millions) Gross amounts due each year: 2019 $ 2.9 2020 318.4 2021 1.7 2022 1.8 2023 10.6 2024 and thereafter 472.1 Subtotal 807.5 Less amounts representing interest on capital leases, original issue discount and debt issuance costs 7.1 Total long-term debt $ 800.4 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2017 2018 (In millions) Accounts payable: Kronos $ 107.9 $ 103.2 CompX 2.3 3.2 BMI/LandWell 3.7 2.9 NL 1.8 1.6 Other .4 .6 Total $ 116.1 $ 111.5 Current accrued liabilities: Employee benefits $ 36.3 $ 37.5 Accrued sales discounts and rebates 14.3 29.7 Deferred income 28.3 28.3 Environmental remediation and related costs 6.8 6.5 Interest 5.5 5.2 Other 33.6 33.6 Total $ 124.8 $ 140.8 Noncurrent accrued liabilities: Other postretirement benefits $ 11.3 $ 10.3 Reserve for uncertain tax positions 16.5 19.1 Deferred income 15.7 15.8 Employee benefits 8.4 7.1 Insurance claims and expenses 9.1 8.1 Deferred payment obligation 9.3 9.6 Accrued development costs 6.1 7.5 Other 8.5 9.9 Total $ 84.9 $ 87.4 |
Defined Contribution and Defi_2
Defined Contribution and Defined Benefit Retirement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: 2019 $ 26.7 million 2020 28.0 million 2021 28.1 million 2022 29.4 million 2023 29.2 million Next 5 years 165.8 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 2016, 2017 and 2018. Years ended December 31, 2016 2017 2018 (In millions) Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial gain (loss) $ (38.0 ) $ 4.0 $ (27.0 ) Amortization of unrecognized: Prior service cost .3 .3 .2 Net actuarial losses 13.3 15.2 15.2 Total $ (24.4 ) $ 19.5 $ (11.6 ) |
Composition of Pension Plan Assets | The composition of our pension plan assets by asset category and fair value level at December 31, 2017 and 2018 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, 2017 Total Quoted Significant Significant (In millions) Germany $ 257.9 $ — $ — $ 257.9 Canada: Local currency equities 8.4 8.4 — — Foreign currency equities 16.4 16.4 — — Local currency fixed income 81.8 81.8 — — Cash and other .3 .3 — — Norway: Local currency equities 1.8 1.8 — — Foreign currency equities 4.6 4.6 — — Local currency fixed income 21.0 21.0 — — Foreign currency fixed income 6.8 6.8 — — Real estate 4.7 — — 4.7 Cash and other 15.4 14.5 — .9 US — CMRT 46.5 — 46.5 — Other 26.1 16.0 — 10.1 Total $ 491.7 $ 171.6 $ 46.5 $ 273.6 Fair Value Measurements at December 31, 2018 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets measured at NAV (In millions) Germany $ 241.5 $ — $ — $ 241.5 $ — Canada: Local currency equities 6.5 6.5 — — — Non local currency equities 13.3 13.3 — — — Local currency fixed income 74.1 74.1 — — — Cash and other .5 .5 — — — Norway: — — — Local currency equities 1.7 1.7 — — — Non local currency equities 4.3 4.3 — — — Local currency fixed income 20.4 14.9 5.5 — — Non local currency fixed income 6.1 6.1 — — — Real estate 4.5 — — 4.5 — Cash and other 13.5 12.7 — .8 — U.S. — Equities 16.3 4.9 — — 11.4 Fixed income 19.9 19.9 — — — Cash and other 4.7 3.4 — — 1.3 CMRT 2.3 — — 2.3 — Other 24.4 13.9 — 10.5 — Total $ 454.0 $ 176.2 $ 5.5 $ 259.6 $ 12.7 |
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, 2017 2018 (In millions) Fair value at beginning of year $ 230.5 $ 273.6 Gain on assets held at end of year 11.0 (4.6 ) Gain on assets sold during the year .2 — Assets purchased 13.4 14.1 Assets sold (13.8 ) (14.5 ) Transfer in — 2.3 Currency exchange rate fluctuations 32.3 (11.3 ) Fair value at end of year $ 273.6 $ 259.6 |
Defined Benefit Pension Plans | U.S. | |
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, 2017 2018 (In millions) Change in projected benefit obligations (“PBO”): Balance at beginning of the year $ 62.8 $ 63.0 Interest cost 2.5 2.2 Actuarial losses (gains) 1.9 (3.4 ) Benefits paid (4.2 ) (4.2 ) Balance at end of the year $ 63.0 $ 57.6 Change in plan assets: Fair value at beginning of the year $ 45.6 $ 46.5 Actual return on plan assets 4.0 (2.5 ) Employer contributions 1.1 3.4 Benefits paid (4.2 ) (4.2 ) Fair value at end of year $ 46.5 $ 43.2 Funded status $ (16.5 ) $ (14.4 ) Amounts recognized in the Consolidated Balance Sheets: Accrued pension costs: Current $ (.3 ) $ (.2 ) Noncurrent (16.2 ) (14.2 ) Total (16.5 ) (14.4 ) Accumulated other comprehensive loss— Actuarial loss 37.2 39.0 Total $ 20.7 $ 24.6 Accumulated benefit obligations (“ABO”) $ 63.0 $ 57.6 |
Components of Net Periodic Defined Benefit Cost (Credit) | The components of our net periodic defined benefit pension benefit cost for U.S. plans are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial losses for 2016, 2017 and 2018 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2015, 2016 and 2017, respectively, net of deferred income taxes and noncontrolling interest. Years ended December 31, 2016 2017 2018 (In millions) Net periodic pension benefit cost (credit) for U.S. plans: Interest cost $ 2.7 $ 2.5 $ 2.2 Expected return on plan assets (3.4 ) (3.3 ) (3.4 ) Amortization of unrecognized net 1.9 2.0 2.0 Total $ 1.2 $ 1.2 $ .8 |
Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets | Information concerning our U.S. defined benefit pension plans (for which the ABO of all of the plans exceeds the fair value of plan assets as of the indicated date) is presented in the table below. December 31, 2017 2018 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 63.0 $ 57.6 Accumulated benefit obligations 63.0 57.6 Fair value of plan assets 46.5 43.2 |
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 2016, 2017 and 2018 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 2016 2017 2018 Discount rate 4.1 % 3.9 % 3.5 % Long-term return on plan assets 7.5 % 7.5 % 7.5 % |
Defined Benefit Pension Plans | Foreign | |
Schedule of Funded Status | The funded status of our foreign defined benefit pension plans is presented in the table below. Years ended December 31, 2017 2018 (In millions) Change in PBO: Balance at beginning of the year $ 603.4 $ 691.2 Service cost 11.4 11.6 Interest cost 13.4 13.8 Participants’ contributions 1.5 1.5 Actuarial loss 9.3 5.8 Plan settlement (.3 ) — Change in currency exchange rates 73.7 (33.9 ) Benefits paid (21.2 ) (22.8 ) Balance at end of the year $ 691.2 $ 667.2 Change in plan assets: Fair value at beginning of the year $ 381.8 $ 445.2 Actual return on plan assets 24.1 (6.1 ) Employer contributions 16.0 16.5 Participants’ contributions 1.5 1.5 Change in currency exchange rates 43.0 (23.6 ) Benefits paid (21.2 ) (22.8 ) Fair value at end of year $ 445.2 $ 410.7 Funded status $ (246.0 ) $ (256.5 ) Amounts recognized in the Consolidated Balance Sheets: Pension asset $ 4.2 $ 2.7 Accrued pension costs: Noncurrent (250.2 ) (259.2 ) Total (246.0 ) (256.5 ) Accumulated other comprehensive loss: Actuarial loss 242.8 254.1 Prior service cost 1.5 1.2 Total 244.3 255.3 Total $ (1.7 ) $ (1.2 ) ABO $ 664.7 $ 642.2 |
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. Years ended December 31, 2016 2017 2018 (In millions) Net periodic pension cost for foreign plans: Service cost $ 9.9 $ 11.4 $ 11.6 Interest cost 15.1 13.4 13.8 Settlement loss — .1 — Expected return on plan assets (14.9 ) (9.7 ) (12.7 ) Amortization of unrecognized: Prior service cost .2 .3 .2 Net actuarial loss 11.4 13.2 13.2 Total $ 21.7 $ 28.7 $ 26.1 |
Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets | Information concerning certain of our non-U.S. defined benefit pension plans (for which the ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below. December 31, 2017 2018 (In millions) Plans for which the ABO exceeds plan assets: Projected benefit obligations $ 625.1 $ 605.0 Accumulated benefit obligations 603.8 585.0 Fair value of plan assets 375.0 346.3 |
Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost | A summary of our key actuarial assumptions used to determine foreign benefit obligations as of December 31, 2017 and 2018 was: December 31, Rate 2017 2018 Discount rate 2.1 % 2.1 % Increase in future compensation levels 2.6 % 2.6 % A summary of our key actuarial assumptions used to determine foreign net periodic benefit cost for 2016, 2017 and 2018 are as follows: Years ended December 31, Rate 2016 2017 2018 Discount rate 2.6 % 2.1 % 2.1 % Increase in future compensation levels 2.9 % 2.6 % 2.6 % Long-term return on plan assets 3.9 % 2.5 % 3.0 % |
CMRT | |
Composition of Pension Plan Assets | The CMRT unit value is determined semi-monthly, and prior to the 2018 restructuring the plans had 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 at December 31, 2017 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 any time based on the most recent value and (ii) observable inputs from Level 1 or Level 2 (or assets not subject to classification in the fair value hierarchy) were used to value approximately 93% of the assets of the CMRT at December 31, 2017, as noted below. CMRT assets not subject to classification in the fair value hierarchy consist principally of certain investments measured at net asset value per share in accordance with ASC 820-10. The aggregate fair value of all of the CMRT assets at December 31, 2017, 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, 2017 (In millions) CMRT asset value $ 672.4 CMRT assets comprised of: Assets not subject to fair value hierarchy 31 % Assets subject to fair value hierarchy: Level 1 54 Level 2 8 Level 3 7 100 % CMRT asset mix: Domestic equities, principally publicly traded 33 % International equities, principally publicly traded 25 Fixed income securities, principally publicly traded 31 Privately managed limited partnerships 4 Hedge funds 5 Other, primarily cash 2 100 % |
Disaggregation of Sales (Tables
Disaggregation of Sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregates of Net Sales | The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors (as required by ASC 606). Years ended December 31, 2016 2017 2018 (In millions) Net sales – point of origin:: Germany $ 699.8 $ 918.6 $ 886.1 United States 664.2 841.8 839.4 Canada 257.7 309.2 307.2 Belgium 187.4 279.9 272.2 Norway 164.8 216.4 209.6 Eliminations (609.6 ) (836.9 ) (852.6 ) Total $ 1,364.3 $ 1,729.0 $ 1,661.9 Net sales – point of destination: Europe $ 697.6 $ 898.8 $ 817.2 North America 413.2 519.4 542.0 Other 253.5 310.8 302.7 Total $ 1,364.3 $ 1,729.0 $ 1,661.9 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line, which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows for these segments are affected by economic factors. Year Ended 2016 2017 2018 (In millions) Net sales: Security products $ 94.7 $ 96.6 $ 98.4 Marine components 14.2 15.4 19.8 Total $ 108.9 $ 112.0 $ 118.2 Real Estate Management and Development: Net sales: Land sales $ 38.3 $ 30.2 $ 32.3 Water delivery 6.0 6.0 5.6 Utility and other 1.9 2.2 2.1 Total $ 46.2 $ 38.4 $ 40.0 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Schedule of Components of Other Income | Years ended December 31, 2016 2017 2018 (In millions) Securities earnings: Dividends and interest $ 26.7 $ 29.4 $ 26.1 Securities transactions, net .5 .1 12.4 Total 27.2 29.5 38.5 Gain on land sales — — 12.5 Insurance recoveries .4 .4 1.3 Currency transactions, net 5.5 (7.5 ) 10.1 Disposal of property and equipment, net (.3 ) (.5 ) (.3 ) Business interruption insurance proceeds 4.3 — — Infrastructure reimbursement .6 1.0 4.3 Other, net 1.3 2.3 2.8 Total $ 39.0 $ 25.2 $ 69.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Component of Income Taxes Expenses | Years ended December 31, 2016 2017 2018 (In millions) Pre-tax income (loss): United States $ (8.2 ) $ 26.7 $ (22.5 ) Non-U.S. subsidiaries 47.8 265.1 258.7 Total $ 39.6 $ 291.8 $ 236.2 Expected tax expense (benefit) at U.S. federal statutory income tax rate of 35% in 2016 and 2017 and 21% in 2018 $ 13.8 $ 102.1 $ 49.6 Non-U.S. tax rates (4.3 ) (13.1 ) 20.8 Incremental net tax expense (benefit) on earnings and losses of non-U.S. and non-tax group companies 8.2 14.8 (167.8 ) Valuation allowance (2.2 ) (205.4 ) — Transition tax — 76.2 (2.1 ) Global intangible low-tax income, net — — 4.0 Change in federal tax rate — (77.1 ) 60.6 Change in state tax rate — — (1.8 ) U.S. state income taxes, net 1.7 3.5 .6 Adjustment to the reserve for uncertain tax positions, net 7.2 (18.2 ) 4.1 Nondeductible expenses 1.9 2.2 3.0 Canada – Germany APA — — (1.4 ) U.S. – Canada APA (3.4 ) — — Domestic production activities deduction (3.8 ) (3.8 ) — Other, net (.5 ) (1.2 ) (.3 ) Provision for income taxes (benefit) $ 18.6 $ (120.0 ) $ (30.7 ) Components of income tax expense (benefit): Currently payable (refundable): U.S. federal and state $ 35.5 $ 87.3 $ 34.1 Non-U.S. 9.5 38.5 51.1 Total 45.0 125.8 85.2 Deferred income taxes (benefit): U.S. federal and state (29.1 ) (96.9 ) (145.5 ) Non-U.S. 2.7 (148.9 ) 29.6 Total (26.4 ) (245.8 ) (115.9 ) Provision for income taxes (benefit) $ 18.6 $ (120.0 ) $ (30.7 ) Comprehensive provision for income taxes (benefit) allocable to: Income (loss) from continuing operations $ 18.6 $ (120.0 ) $ (30.7 ) Discontinued operations (12.6 ) (67.1 ) 23.7 Retained earnings-change in accounting principle — — 1.1 Other comprehensive income (loss): Marketable securities 2.1 2.8 — Currency translation (3.4 ) 31.1 (4.2 ) Pension plans (5.0 ) 8.6 (4.7 ) Other (.5 ) (.6 ) (.4 ) Interest rate swap .2 1.6 — Total $ (.6 ) $ (143.6 ) $ (15.2 ) |
Components of Net Deferred Tax Asset (Liability) | The components of the net deferred tax liability at December 31, 2017 and 2018 are summarized below. December 31, 2017 2018 Assets Liabilities Assets Liabilities (In millions) Tax effect of temporary differences related to: Inventories $ 3.3 $ (.8 ) $ 4.7 $ (3.3 ) Marketable securities — (25.4 ) — (.2 ) Property and equipment .1 (71.8 ) — (69.0 ) Accrued OPEB costs 3.0 — 2.8 — Accrued pension costs 70.9 — 75.5 — Accrued environmental liabilities 28.8 — 35.8 — Other deductible differences 11.7 — 10.3 — Other taxable differences — (14.0 ) — (13.2 ) Investments in subsidiaries and affiliates 2.7 (175.8 ) 2.6 (58.8 ) Tax on unremitted earnings of non-U.S. subsidiaries — (9.5 ) — (11.3 ) Tax loss and tax credit carryforwards 116.2 — 93.9 — Valuation allowance (2.8 ) — (10.0 ) — Adjusted gross deferred tax assets (liabilities) 233.9 (297.3 ) 215.6 (155.8 ) Netting of items by tax jurisdiction (114.1 ) (114.1 ) (114.6 ) (114.6 ) Net noncurrent deferred tax asset (liability) $ 119.8 $ (183.2 ) $ 101.0 $ (41.2 ) |
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 2016, 2017 and 2018: Years ended December 31, 2016 2017 2018 (In millions) Unrecognized tax benefits: Amount beginning of year $ 28.8 $ 35.6 $ 17.1 Net increase (decrease): Tax positions taken in prior periods (.6 ) (13.3 ) 1.3 Tax positions taken in current period 11.0 4.5 4.5 Lapse due to applicable statute of limitations (1.6 ) (8.1 ) (1.8 ) Settlement with taxing authorities (2.3 ) (2.3 ) — Changes in currency exchange rates .3 .7 (.1 ) Amount at end of year $ 35.6 $ 17.1 $ 21.0 |
Noncontrolling Interest in Su_2
Noncontrolling Interest in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Net Assets of Subsidiaries | December 31, 2017 2018 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 204.9 $ 221.4 NL Industries 71.1 62.4 CompX International 17.8 19.4 BMI 26.0 27.1 LandWell 22.5 23.3 Total $ 342.3 $ 353.6 |
Schedule of Noncontrolling Interest in Net Income of Subsidiaries | Years ended December 31, 2016 2017 2018 (In millions) Noncontrolling interest in net income (loss) of subsidiaries: Kronos Worldwide $ 8.3 $ 69.3 $ 39.9 NL Industries 2.6 19.7 (7.0 ) CompX International 1.4 1.7 2.0 BMI (.4 ) 3.2 1.5 LandWell 1.0 1.2 2.4 Total $ 12.9 $ 95.1 $ 38.8 |
Valhi Stockholder's Equity (Tab
Valhi Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Outstanding | Shares of common stock Issued Treasury Outstanding (In millions) Balance at December 31, 2016, 2017 and 2018 355.3 (13.2 ) 342.0 |
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, 2016 2017 2018 (In millions) Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest): Marketable securities: Balance at beginning of year $ 1.6 $ 1.7 $ 1.7 Other comprehensive income (loss): Unrealized gain arising during the year .1 — — Balance at end of year $ 1.7 $ 1.7 $ 1.7 Interest rate swap: Balance at beginning of year $ (1.3 ) $ (1.2 ) $ — Other comprehensive loss: Unrealized losses during the year (1.2 ) (1.2 ) — Less reclassification adjustments for amounts included in interest expense 1.3 2.4 — Balance at end of year $ (1.2 ) $ — $ — Currency translation: Balance at beginning of year $ (78.1 ) $ (88.5 ) $ (54.1 ) Other comprehensive gain (loss) arising during the year (10.4 ) 34.4 (21.5 ) Balance at end of year $ (88.5 ) $ (54.1 ) $ (75.6 ) Defined benefit pension plans: Balance at beginning of year $ (123.0 ) $ (137.0 ) $ (129.0 ) Other comprehensive income (loss): Amortization of prior service cost and net (gains) losses included in net periodic pension cost 5.7 6.4 7.6 Net actuarial gain (loss) arising during the year (19.7 ) 1.6 (12.6 ) Balance at end of year $ (137.0 ) $ (129.0 ) $ (134.0 ) OPEB plans: Balance at beginning of year $ 3.8 $ 3.1 $ 2.4 Other comprehensive loss: Amortization of prior service credit and net losses included in net periodic OPEB cost (1.0 ) (.8 ) (.8 ) Net actuarial gain arising during the year .3 .1 .1 Balance at end of year $ 3.1 $ 2.4 $ 1.7 Total accumulated other comprehensive income (loss): Balance at beginning of year $ (197.0 ) $ (221.9 ) $ (179.0 ) Other comprehensive income (loss) (24.9 ) 42.9 (27.2 ) Balance at end of year $ (221.9 ) $ (179.0 ) $ (206.2 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Receivables from and Payables to Affiliates | Receivables from and payables to affiliates are summarized in the table below. December 31, 2017 2018 (In millions) Current receivables from affiliates: Contran: Trade items $ 1.0 $ .5 Income taxes 19.4 — Louisiana Pigment Company, L.P. 8.9 10.2 Other 3.3 2.8 Total $ 32.6 $ 13.5 Current payables to affiliates: Louisiana Pigment Company, L.P. $ 16.2 $ 16.7 Contran income taxes — 10.0 Total $ 16.2 $ 26.7 Noncurrent payable to affiliates: Contran – income taxes $ 70.1 $ 56.3 Payables to affiliate included in long-term debt: Valhi—Contran credit facility $ 284.3 $ 314.3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2016, 2017, and 2018 are presented below. Years ended December 31, 2016 2017 2018 (In millions) Balance at the beginning of the year $ 120.4 $ 122.6 $ 117.5 Additions charged to expense, net 5.9 4.1 3.1 Payments, net (3.7 ) (9.1 ) (17.2 ) Changes in currency exchange rates and other — (.1 ) — Balance at the end of the year $ 122.6 $ 117.5 $ 103.4 Amounts recognized in our Consolidated Balance Sheet at the end of the year: Current liabilities $ 15.3 $ 6.8 $ 6.5 Noncurrent liabilities 107.3 110.7 96.9 Total $ 122.6 $ 117.5 $ 103.4 |
Approximate Percentage of TiO2 Sales by Volume for Segments | The table below shows the approximate percentage of our TiO 2016 2017 2018 Europe 51% 50% 44% North America 29% 31% 37% |
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 $14.3 million in 2016 and $16.3 million in 2017 and $14.8 million in 2018. At December 31, 2018, future minimum payments under non-cancellable operating leases having an initial or remaining term of more than one year were as follows: Years ending December 31, Amount (In millions) 2019 $ 6.3 2020 5.1 2021 4.3 2022 3.2 2023 2.4 2024 and thereafter 21.5 Total (1) $ 42.8 (1) Approximately $17 million of the $42.8 million aggregate future minimum rental commitments at December 31, 2018 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, 2018. 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, 2018 | |
Fair Value Disclosures [Abstract] | |
Short-term Investments and Financial Instruments Carried at Fair Value | The following table summarizes the valuation of our short-term investments and financial instruments by the ASC Topic 820 categories as of December 31, 2017 and 2018: Fair Value Measurements Total Quoted Significant Significant (In millions) Asset (liability) December 31, 2017: Marketable securities: Current $ 3.0 $ — $ 3.0 $ — Noncurrent 255.7 1.3 4.4 250.0 December 31, 2018: Marketable securities: Current $ 2.5 $ — $ 2.5 $ — Noncurrent 4.8 1.6 3.2 — |
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, 2017 and 2018: December 31, 2017 December 31, 2018 Carrying Fair Carrying Fair (In millions) Cash, cash equivalents and restricted cash equivalents $ 461.7 $ 461.7 $ 523.7 $ 523.7 Deferred payment obligation 9.3 9.3 9.6 9.6 Long-term debt (excluding capitalized leases): Kronos Senior Notes 471.1 495.1 452.4 412.9 Snake River Sugar Company fixed rate loans 250.0 250.0 — — Valhi credit facility with Contran 284.3 284.3 314.3 314.3 Tremont promissory note payable 13.1 13.1 9.4 9.4 BMI bank note payable 18.8 19.7 18.0 18.8 LandWell note payable to the City of Henderson 2.5 2.5 2.1 2.1 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 Net sales $ 405.3 $ 481.7 $ 496.5 $ 495.9 Gross margin 114.0 141.2 161.5 185.3 Operating income 64.1 83.1 103.1 130.0 Net income (loss) from continuing operations $ 23.5 $ 163.3 $ 62.2 $ 162.8 Amounts attributable to Valhi stockholders: Income (loss) from continuing operations(2) $ 14.4 $ 117.0 $ 44.2 $ 141.1 Loss from discontinued operations (2) (1.7 ) (108.2 ) 1.7 (1.0 ) Net income (loss) $ 12.7 $ 8.8 $ 45.9 $ 140.1 Earnings per share: Income (loss) from continuing operations $ .04 $ .34 $ .13 $ .41 Loss from discontinued operations — (.31 ) — — Basic and diluted income (loss) per share $ .04 $ .03 $ .13 $ .41 Year ended December 31, 2018 Net sales $ 466.0 $ 510.2 $ 455.2 $ 388.7 Gross margin 185.3 184.0 132.7 107.2 Operating income 118.8 130.0 69.2 52.7 Net income from continuing operations $ 70.2 $ 20.0 $ 148.3 $ 28.4 Amounts attributable to Valhi stockholders: Income from continuing operations(2) $ 51.7 $ 11.3 $ 142.8 $ 22.3 Income (loss) from discontinued operations (2) 37.6 .4 .7 (4.6 ) Net income $ 89.3 $ 11.7 $ 143.5 $ 17.7 Earnings per share: Income from continuing operations $ .15 $ .03 $ .42 $ .07 Loss from discontinued operations .11 — — (.01 ) Basic and diluted income per share $ .26 $ .03 $ .42 $ .06 (1) We recognized the following amounts during 2017: • non-cash deferred income tax benefit of $5.0 million, $157.6 million, $7.8 million and $16.3 million in the first, second, third and fourth quarters, respectively, as a result of the reversal of our deferred income tax asset valuation allowances associated with our Chemicals Segment’s German and Belgian operations, (see Note 14); • a pre-tax charge of $7.1 million in the third quarter related to the loss on prepayment of debt (see Note 9); • aggregate income tax benefit of $11.8 million related to the execution and finalization of an Advance Pricing Agreement between Canada and Germany, mostly in the third quarter ; • provisional current income tax expense of $76.2 million in the fourth quarter as a result of the 2017 Tax Act for the one-time repatriation tax imposed on the post-1986 undistributed earnings of our non-U.S. subsidiaries (see Note 14); • non-cash deferred income tax benefit of $77.1 million in the fourth quarter related to the revaluation of our net deferred income tax liability resulting from the reduction in the U.S. federal corporate income • non-cash deferred income tax benefit of $18.7 million in the fourth quarter as a result of the reversal of our deferred income tax asset valuation allowance related to certain U.S. deferred income tax assets of one of our non-U.S. subsidiaries (which subsidiary is treated as a dual resident for U.S. income tax purposes) (see Note 14); and • aggregate provisional non-cash deferred income tax expense of $5.3 million in the fourth quarter related to a change in our conclusions regarding our permanent reinvestment assertion with respect to the post-1986 undistributed earnings of our European subsidiaries (see Note 14). We recognized the following amounts during 2018: • a pre-tax gain of $12.5 million in the first quarter related to the sale of land not used in our operations (see Note 13); • a pre-tax charge of $62 million related to the litigation settlement expense recognized in the second quarter (see Note 18) • a non-cash deferred income tax benefit of $112 million in the third quarter related to a change in the deferred income tax liability related to our investment in Kronos as a result of the 2017 Tax Act (see Note 14); • a pre-tax gain of $12.5 related to a securities transaction gain recognized in the third quarter related to the sale of our interest in Amalgamated Sugar Company LLC (see Note 6) • a current cash income tax expense of $4.0 million in the fourth quarter of 2018 related to GILTI (see Note 14). The sum of the quarterly per share amounts may not equal the annual per share amounts due to relative changes in the weighted average number of shares used in the per share computations. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
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 | $ 1,100,000 | $ 2,200,000 | $ 1,000,000 |
Percentage of likelihood for recognition of uncertain tax positions | 50.00% | ||
Recognition of receivables for recoveries | 0 | ||
Accrued insurance recoveries | $ 15,000,000 | ||
Standard payment terms | less than one year | ||
Shipping and handling costs | $ 1,210,900,000 | 1,266,500,000 | 1,211,500,000 |
Advertising costs | 1,000,000 | 1,000,000 | 1,000,000 |
Research, development and certain sales technical support costs | 16,000,000 | 19,000,000 | 13,000,000 |
Chemicals | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Shipping and handling costs | 1,101,700,000 | 1,161,200,000 | 1,101,500,000 |
Shipping and Handling | Chemicals | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Shipping and handling costs | $ 105,000,000 | 101,000,000 | 90,000,000 |
Residential/Planned Community | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Area of real estate property | a | 2,100 | ||
Percentage of variable consideration | 1.00% | ||
Commercial and Light Industrial Use | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Area of real estate property | a | 400 | ||
Residential Housing Unit | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Percentage of sales price | 3.50% | ||
Contran | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Net cash payments received from/paid to tax group parent | $ (5,800,000) | $ 38,900,000 | $ 10,700,000 |
Contran | Valhi Incorporation | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Parent company ownership interest | 92.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Depreciation of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail 1) | Dec. 31, 2018 |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue recognition period | 1 year |
Business and Geographic Segme_3
Business and Geographic Segments - Holding Percentage of Subsidiaries (Detail) | Dec. 31, 2018 |
Chemicals | Kronos Worldwide, Inc. | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 80.00% |
Component Products | CompX | |
Segment Reporting Information [Line Items] | |
Parent company ownership interest | 87.00% |
Real Estate Management And Development | BMI | |
Segment Reporting Information [Line Items] | |
Parent company ownership interest | 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 Segme_4
Business and Geographic Segments - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of operating segments | Segment | 3 | ||||
Business interruption insurance proceeds | $ 4.3 | ||||
Contract related intangible asset impairment | 5.1 | ||||
Non-U.S. subsidiaries | |||||
Segment Reporting Information [Line Items] | |||||
Net assets of non-U.S. subsidiaries | $ 614 | $ 614 | |||
Chemicals | |||||
Segment Reporting Information [Line Items] | |||||
Business interruption insurance proceeds | 4.3 | ||||
Real Estate Management And Development | City Of Henderson | |||||
Segment Reporting Information [Line Items] | |||||
Delivery contract extended period | 25 years | ||||
Water delivery contract revenue, percentage | 70.00% | ||||
Real Estate Management And Development | Customer Relationships | |||||
Segment Reporting Information [Line Items] | |||||
Indefinite-lived intangible asset | $ 5.1 | ||||
Contract related intangible asset impairment | $ 5.1 | $ 5.1 | |||
Kronos Worldwide, Inc. | Valhi Incorporation | |||||
Segment Reporting Information [Line Items] | |||||
Direct ownership percentage by parent | 50.00% | ||||
Kronos Worldwide, Inc. | NL | |||||
Segment Reporting Information [Line Items] | |||||
Indirect controlling interest in subsidiary | 30.00% | ||||
NL | Valhi Incorporation | |||||
Segment Reporting Information [Line Items] | |||||
Direct ownership percentage by parent | 83.00% | ||||
LandWell | Valhi Incorporation | |||||
Segment Reporting Information [Line Items] | |||||
Direct ownership percentage by parent | 27.00% | ||||
LandWell | BMI | |||||
Segment Reporting Information [Line Items] | |||||
Indirect controlling interest in subsidiary | 50.00% | ||||
BMI | Real Estate Management And Development | |||||
Segment Reporting Information [Line Items] | |||||
Direct ownership percentage by parent | 63.00% | ||||
BMI | Valhi Incorporation | |||||
Segment Reporting Information [Line Items] | |||||
Direct ownership percentage by parent | 63.00% |
Business and Geographic Segme_5
Business and Geographic Segments - Segment Operating Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 388.7 | $ 455.2 | $ 510.2 | $ 466 | $ 495.9 | $ 496.5 | $ 481.7 | $ 405.3 | $ 1,820.1 | $ 1,879.4 | $ 1,519.4 |
Cost of sales | 1,210.9 | 1,266.5 | 1,211.5 | ||||||||
Gross margin | 107.2 | 132.7 | 184 | 185.3 | 185.3 | 161.5 | 141.2 | 114 | 609.2 | 612.9 | 307.9 |
Operating income | $ 52.7 | $ 69.2 | $ 130 | $ 118.8 | $ 130 | 103.1 | $ 83.1 | $ 64.1 | 370.7 | 380.3 | 119.2 |
Securities earnings | 38.5 | 29.5 | 27.2 | ||||||||
Insurance recoveries | 1.3 | 0.4 | 0.4 | ||||||||
Gain on land sales | 12.5 | ||||||||||
Other components of net periodic pension expense | (14.5) | (17.7) | (11.5) | ||||||||
Litigation settlement expense, net | (62) | ||||||||||
Changes in market value of Valhi common stock held by subsidiaries | (12.2) | ||||||||||
General expenses, net | (42.4) | (34.7) | (37.6) | ||||||||
Loss on prepayment of debt | $ (7.1) | (7.1) | |||||||||
Interest expense | (55.7) | (58.9) | (58.1) | ||||||||
Income from continuing operations before income taxes | 236.2 | 291.8 | 39.6 | ||||||||
Depreciation and amortization | 58.4 | 59 | 67.5 | ||||||||
Capital expenditures | 61.4 | 71.3 | 58.9 | ||||||||
Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,661.9 | 1,729 | 1,364.3 | ||||||||
Cost of sales | 1,101.7 | 1,161.2 | 1,101.5 | ||||||||
Gross margin | 560.2 | 567.8 | 262.8 | ||||||||
Operating income | 342.9 | 358.5 | 102.8 | ||||||||
Chemicals | Operating Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 52 | 43.4 | 42.6 | ||||||||
Capital expenditures | 56.3 | 64.3 | 53 | ||||||||
Component Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 118.2 | 112 | 108.9 | ||||||||
Cost of sales | 79.9 | 77.2 | 73.8 | ||||||||
Gross margin | 38.3 | 34.8 | 35.1 | ||||||||
Operating income | 17.8 | 15.2 | 15.6 | ||||||||
Component Products | Operating Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 3.5 | 3.7 | 3.7 | ||||||||
Capital expenditures | 3.1 | 2.8 | 3.2 | ||||||||
Real Estate Management And Development | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 40 | 38.4 | 46.2 | ||||||||
Cost of sales | 29.3 | 28.1 | 36.2 | ||||||||
Gross margin | 10.7 | 10.3 | 10 | ||||||||
Operating income | 10 | 6.6 | 0.8 | ||||||||
Real Estate Management And Development | Operating Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 2.9 | 3 | 2.9 | ||||||||
Capital expenditures | 1.9 | 3.3 | 2 | ||||||||
Waste Management | Operating Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 8.9 | 18.3 | |||||||||
Capital expenditures | $ 0.1 | $ 0.9 | $ 0.7 |
Business and Geographic Segme_6
Business and Geographic Segments - Total Assets Held by Business Segments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 2,709.6 | $ 2,907.5 | $ 2,443.2 |
Corporate and eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | 104.1 | 353.2 | 366.9 |
Chemicals | Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,266.6 | 2,190.5 | 1,548.9 |
Component Products | Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | 120.4 | 104.9 | 97.9 |
Waste Management | Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | 52 | 228.6 | |
Real Estate Management And Development | Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 218.5 | $ 206.9 | $ 200.9 |
Business and Geographic Segme_7
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 388.7 | $ 455.2 | $ 510.2 | $ 466 | $ 495.9 | $ 496.5 | $ 481.7 | $ 405.3 | $ 1,820.1 | $ 1,879.4 | $ 1,519.4 |
Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,820.1 | 1,879.4 | 1,519.4 | ||||||||
Point of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,820.1 | 1,879.4 | 1,519.4 | ||||||||
United States | Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 997.6 | 992.3 | 819.3 | ||||||||
Germany | Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 886.1 | 918.6 | 699.8 | ||||||||
Canada | Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 307.2 | 309.2 | 257.7 | ||||||||
Belgium | Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 272.2 | 279.9 | 187.4 | ||||||||
Norway | Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 209.6 | 216.4 | 164.8 | ||||||||
North America | Point of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 698.7 | 668.3 | 566.8 | ||||||||
Europe | Point of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 817.6 | 899.2 | 698.2 | ||||||||
Asia and other | Point of Destination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 303.8 | 311.9 | 254.4 | ||||||||
Geography Eliminations | Point of Origin | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ (852.6) | $ (837) | $ (609.6) |
Business and Geographic Segme_8
Business and Geographic Segments - Net Property and Equipment by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Net property and equipment: | |||
Net property and equipment | $ 563.5 | $ 588.7 | $ 516 |
United States | |||
Net property and equipment: | |||
Net property and equipment | 74.5 | 80.8 | 76.2 |
Germany | |||
Net property and equipment: | |||
Net property and equipment | 245.8 | 259.2 | 223.7 |
Canada | |||
Net property and equipment: | |||
Net property and equipment | 66.1 | 69 | 60.5 |
Norway | |||
Net property and equipment: | |||
Net property and equipment | 81 | 81.7 | 75.5 |
Belgium | |||
Net property and equipment: | |||
Net property and equipment | $ 96.1 | $ 98 | $ 80.1 |
Business Combinations, Dispos_3
Business Combinations, Dispositions and Related Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Nov. 30, 2015 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Impairment of long lived assets held for use | $ 170.6 | ||||||||
Contract termination fee received | $ 4 | ||||||||
Waste Management | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Pre-tax gain from disposal of discontinued operations | $ 58.4 | ||||||||
Impairment of long lived assets held for use | $ 170.6 | ||||||||
Gain from disposal of discontinued operations, net of tax | $ 34.7 | ||||||||
Waste Management | Discontinued Operations | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Pre-tax gain from disposal of discontinued operations | $ 58 | ||||||||
Gain from disposal of discontinued operations, net of tax | $ 34.7 | ||||||||
Gain on disposal of discontinued operations, per diluted share, net of tax | $ 0.10 | ||||||||
Kronos Worldwide, Inc. | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Repurchase of common stock | 2,000,000 | ||||||||
Repurchased shares | 0 | 0 | 0 | ||||||
Shares available for purchase | 1,950,000 | ||||||||
CompX | Class A | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Repurchased shares | 0 | 0 | 0 | ||||||
Shares available for purchase | 678,000 | ||||||||
WCS | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Impairment of long lived assets held for use | $ 170.6 | ||||||||
Property and equipment, salvage value | $ 5.7 | $ 5.7 | 5.7 | ||||||
Expenses related to sale of business including legal fees | $ 8.7 | $ 5.8 | |||||||
WCS | Net Property and Equipment | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Impairment of long lived assets held for use | 127.5 | ||||||||
WCS | Disposal Site Operating Permits, Net | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Impairment of long lived assets held for use | 42 | ||||||||
WCS | Other Assets | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Impairment of long lived assets held for use | $ 1.1 | ||||||||
WCS | Divestiture Terms Pending | |||||||||
Business Combinations Discontinued Operations And Related Transactions [Line Items] | |||||||||
Proceeds from sale of subsidiary | $ 270 |
Business Combinations, Dispos_4
Business Combinations, Dispositions and Related Transactions - Schedule of Consolidated Balance Sheets (Detail) $ in Millions | Dec. 31, 2017USD ($) |
ASSETS | |
Current assets | $ 11.2 |
Other noncurrent assets | 40.8 |
LIABILITIES | |
Total current liabilities | 47.3 |
Total noncurrent liabilities | 52.9 |
Waste Management | |
ASSETS | |
Current assets | 11.2 |
Restricted cash | 27.2 |
Property and equipment, net | 6 |
Other noncurrent assets | 7.6 |
Total noncurrent assets | 40.8 |
Total assets | 52 |
LIABILITIES | |
Current portion of long-term debt | 3 |
Other current liabilities | 8.2 |
Total current liabilities | 47.3 |
Long-term debt | 65 |
Deferred income taxes | (43.8) |
Accrued noncurrent closure and post closure costs | 31.7 |
Total noncurrent liabilities | 52.9 |
Total liabilities | 100.2 |
Waste Management | Contran | Trade Accounts Payables | |
LIABILITIES | |
Payable to affiliates | $ 36.1 |
Business Combinations, Dispos_5
Business Combinations, Dispositions and Related Transactions - Schedule of Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Total | $ (4.6) | $ 0.7 | $ 0.4 | $ 37.6 | $ (1) | $ 1.7 | $ (108.2) | $ (1.7) | $ 34.1 | $ (109.2) | $ (24) |
Waste Management | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 4.6 | 75.4 | 47.4 | ||||||||
Operating loss | (0.4) | (167.1) | (26.2) | ||||||||
Termination fee | 4 | ||||||||||
Other income (expense), net | (8.4) | (5.3) | |||||||||
Interest expense, net | (0.3) | (4.8) | (5.1) | ||||||||
Loss before taxes | (0.7) | (176.3) | (36.6) | ||||||||
Income tax benefit | (0.1) | (67.1) | (12.6) | ||||||||
Net loss | (0.6) | (109.2) | (24) | ||||||||
Pre-tax gain from disposal of discontinued operations | 58.4 | ||||||||||
Income tax expense | 23.7 | ||||||||||
After-tax gain on disposal | 34.7 | ||||||||||
Total | 34.1 | (109.2) | (24) | ||||||||
Net cash provided by (used in) operating activities | 2.3 | 18.1 | (10.7) | ||||||||
Net cash provided by (used in) investing activities | $ (0.1) | $ (3.4) | $ (2.7) |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade accounts receivable: | ||
VAT and other receivables | $ 32.7 | $ 20.7 |
Allowance for doubtful accounts | (1.3) | (1.5) |
Total | 318.4 | 332.7 |
Trade Accounts Receivable | Kronos Worldwide, Inc. | ||
Trade accounts receivable: | ||
Accounts receivable | 273.3 | 301.4 |
Trade Accounts Receivable | CompX | ||
Trade accounts receivable: | ||
Accounts receivable | 12.2 | 10.5 |
Trade Accounts Receivable | BMI and LandWell | ||
Trade accounts receivable: | ||
Accounts receivable | $ 1.5 | $ 1.6 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 95.8 | $ 109.6 |
Work in process | 34.6 | 30.6 |
Finished products | 320.9 | 195 |
Supplies (chemicals) | 64.5 | 63.2 |
Total | 515.8 | 398.4 |
Chemicals | ||
Inventory [Line Items] | ||
Raw materials | 93.1 | 106.9 |
Work in process | 23.5 | 20.8 |
Finished products | 317.6 | 192.2 |
Component Products | ||
Inventory [Line Items] | ||
Raw materials | 2.7 | 2.7 |
Work in process | 11.1 | 9.8 |
Finished products | $ 3.3 | $ 2.8 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, current | $ 2.5 | $ 3 |
Market value, available for sale securities, noncurrent | 4.8 | 255.7 |
Non Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, noncurrent | 4.8 | |
Cost basis | 5.2 | 255.9 |
Unrealized losses, net | (0.4) | (0.2) |
Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost basis | 2.5 | 3 |
Unrealized losses, net | $ 0 | 0 |
Other | Non Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, noncurrent | 5.7 | |
Cost basis | 5.9 | |
Unrealized losses, net | (0.2) | |
Amalgamated Sugar Company LLC | Non Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Market value, available for sale securities, noncurrent | 250 | |
Cost basis | 250 | |
Unrealized losses, net | $ 0 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Marketable Securities and Fair Value Measurements (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | $ 2.5 | $ 3 |
Marketable securities, noncurrent | 4.8 | 255.7 |
Fixed Income Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 3.2 | 4.4 |
Common Stocks and Exchange Traded Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 1.6 | 1.3 |
Amalgamated Sugar Company LLC | Common Stocks and Exchange Traded Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 250 | |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 1.6 | 1.3 |
Quoted Prices in Active Markets (Level 1) | Common Stocks and Exchange Traded Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 1.6 | 1.3 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | 2.5 | 3 |
Marketable securities, noncurrent | 3.2 | 4.4 |
Significant Other Observable Inputs (Level 2) | Fixed Income Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 3.2 | 4.4 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 250 | |
Significant Unobservable Inputs (Level 3) | Amalgamated Sugar Company LLC | Common Stocks and Exchange Traded Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 250 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions | May 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | |||||
Marketable securities | $ 4.8 | $ 255.7 | |||
Securities transaction gain recognized | 12.4 | 0.1 | $ 0.5 | ||
Sale of investment in Amalgamated Sugar Company LLC | 250 | ||||
Deemed repayment of snake river sugar company indebtedness | 250 | ||||
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% | ||||
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 | ||||
Securities transaction gain recognized | $ 12.5 | $ 12.5 | 12.5 | ||
Sale of investment in Amalgamated Sugar Company LLC | $ 250 | ||||
Deemed repayment of snake river sugar company indebtedness | $ 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 |
Investment in TiO2 Manufactur_3
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Investment in TiO2 Manufacturing Joint Venture and Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other assets: | ||
Land held for development | $ 129.2 | $ 126.6 |
Restricted cash and cash equivalents | 8.9 | 9.9 |
Land contract receivables | 9.1 | |
IBNR receivables | 6 | 6.8 |
Note receivables - OPA | 1.9 | |
Other | 12.7 | 26.6 |
Total | $ 167.8 | $ 169.9 |
Investment in TiO2 Manufactur_4
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Other Assets Non Current [Line Items] | |||
Percentage owned manufacturing joint venture under equity method investment | 50.00% | ||
Notes receivable | $ 1,900,000 | ||
City Of Henderson | |||
Other Assets Non Current [Line Items] | |||
Notes receivable | $ 3,100,000 | ||
Annual interest rate | 6.00% | ||
City Of Henderson | Notes Payable | |||
Other Assets Non Current [Line Items] | |||
Debt instrument expiry year | 2036 | ||
OPA | City of Henderson Redevelopment Agency | |||
Other Assets Non Current [Line Items] | |||
Tax increment reimbursement percentage | 75.00% | ||
Aggregate amount of tax increment reimbursement receipts | $ 3,100,000 | $ 2,900,000 | |
OPA | Maximum | City of Henderson Redevelopment Agency | |||
Other Assets Non Current [Line Items] | |||
Reimbursement revenue | $ 209,000,000 | ||
LPC | Huntsman P&A Investments LLC | |||
Other Assets Non Current [Line Items] | |||
Percentage owned manufacturing joint venture under equity method investment | 50.00% | ||
LPC | Chemicals | |||
Other Assets Non Current [Line Items] | |||
Percentage owned manufacturing joint venture under equity method investment | 50.00% | ||
Venator Materials PLC | Tioxide Group | Huntsman P&A Investments LLC | |||
Other Assets Non Current [Line Items] | |||
Parent company ownership interest | 100.00% |
Investment in TiO2 Manufactur_5
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Components of Net Distributions from LPC (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Investment Holdings [Line Items] | |||
Net distributions (contributions) | $ 4 | $ (6) | $ 3.6 |
LPC | |||
Summary Of Investment Holdings [Line Items] | |||
Distributions from LPC | 34.3 | 44 | 35 |
Contributions to LPC | $ (30.3) | $ (50) | $ (31.4) |
Investment in TiO2 Manufactur_6
Investment in TiO2 Manufacturing Joint Venture and Other Assets - Summary of Financial Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial Information [Line Items] | |||
Current assets | $ 1,408.8 | $ 1,262.2 | |
Property and equipment, net | 563.5 | 588.7 | $ 516 |
Total assets | 2,709.6 | 2,907.5 | 2,443.2 |
Other liabilities, primarily current | 33.6 | 33.6 | |
Total liabilities and equity | 2,709.6 | 2,907.5 | |
Net sales | 1,889.3 | 1,904.6 | 1,558.4 |
Cost of sales | 1,210.9 | 1,266.5 | 1,211.5 |
General and administrative | 310 | 262.6 | 232.6 |
Total costs and expenses | 1,653.1 | 1,612.8 | 1,518.8 |
Net income (loss) | 301 | 302.6 | (3) |
LPC | |||
Financial Information [Line Items] | |||
Current assets | 87 | 104.1 | |
Property and equipment, net | 119.6 | 116.1 | |
Total assets | 206.6 | 220.2 | |
Other liabilities, primarily current | 41.1 | 44.4 | |
Partners’ equity | 165.5 | 175.8 | |
Total liabilities and equity | 206.6 | 220.2 | |
Net sales | 332.9 | 315.8 | 315.4 |
Cost of sales | 332.5 | 315.4 | 314.9 |
General and administrative | 0.4 | 0.4 | 0.5 |
Total costs and expenses | 332.9 | 315.8 | 315.4 |
Net income (loss) | 0 | 0 | 0 |
LPC | Kronos Worldwide, Inc. | |||
Financial Information [Line Items] | |||
Net sales | 165.9 | 157.5 | 157.5 |
Venator Materials PLC | Tioxide Group | Huntsman P&A Investments LLC | |||
Financial Information [Line Items] | |||
Net sales | $ 167 | $ 158.3 | $ 157.9 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | |||
Goodwill | $ 379.7 | $ 379.7 | $ 379.7 |
Chemicals | |||
Goodwill [Line Items] | |||
Goodwill | 352.6 | 352.6 | 352.6 |
Component Products | |||
Goodwill [Line Items] | |||
Goodwill | $ 27.1 | $ 27.1 | $ 27.1 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||
Aggregate goodwill impairment | $ 0 | $ 0 | $ 0 | |
Consolidated gross goodwill | $ 396,200,000 | |||
Component Products | ||||
Goodwill [Line Items] | ||||
Aggregate goodwill impairment | $ 16,500,000 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Aug. 31, 2018 | Dec. 31, 2017 |
Long-term debt | |||
Total debt | $ 800.4 | $ 1,043.1 | |
Less current maturities | 2.9 | 1.6 | |
Total long-term debt | 797.5 | 1,041.5 | |
VALHI, INC. | |||
Long-term debt | |||
Total debt | 314.3 | 534.3 | |
VALHI, INC. | Snake River | |||
Long-term debt | |||
Total debt | $ 250 | ||
VALHI, INC. | Contran Credit Facility | |||
Long-term debt | |||
Total debt | 314.3 | 284.3 | |
VALHI, INC. | Notes Payable, Other Payables | Snake River | |||
Long-term debt | |||
Total debt | 250 | ||
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | |||
Long-term debt | |||
Total debt | 452.4 | 471.1 | |
Tremont | Promissory Note | |||
Long-term debt | |||
Total debt | 9.4 | 13.1 | |
BMI | 2018 Notes Payable to Banks | Western Alliance Bank | |||
Long-term debt | |||
Total debt | 18 | 18.8 | |
LandWell | Unsecured Debt | |||
Long-term debt | |||
Total debt | 2.1 | 2.5 | |
Other Subsidiary | Other | |||
Long-term debt | |||
Total debt | 4.2 | 3.3 | |
Subsidiary | |||
Long-term debt | |||
Total debt | $ 486.1 | $ 508.8 |
Long-Term Debt - Valhi - Additi
Long-Term Debt - Valhi - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Outstanding debt obligations | $ 800,400,000 | $ 1,043,100,000 | ||
Contran Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Repaid amount | 6,300,000 | |||
Contran Credit Facility | Waste Management | ||||
Debt Instrument [Line Items] | ||||
Noncash borrowings | $ 36,300,000 | |||
VALHI, INC. | ||||
Debt Instrument [Line Items] | ||||
Outstanding debt obligations | 314,300,000 | 534,300,000 | ||
VALHI, INC. | Contran Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Outstanding debt obligations | 314,300,000 | $ 284,300,000 | ||
Maximum borrowing capacity | $ 360,000,000 | |||
Debt instrument, Interest rate at period end | 6.50% | |||
Debt due date, start date | Dec. 31, 2020 | |||
Amount available for borrowing | $ 45,700,000 | |||
Debt instrument basis spread on variable rate | 1.00% | |||
Debt instrument, average interest rate during period | 5.90% | |||
VALHI, INC. | Snake River | ||||
Debt Instrument [Line Items] | ||||
Outstanding debt obligations | $ 250,000,000 | |||
Weighted average fixed interest rate | 9.40% | |||
WCS | Contran Credit Facility | Contran | Amounts Acquired in Business Divestiture | ||||
Debt Instrument [Line Items] | ||||
Acquired trade receivable | $ 36,300,000 |
Long-Term Debt - Kronos Term Lo
Long-Term Debt - Kronos Term Loans - Additional Information (Detail) | Sep. 13, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 13, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 13, 2017EUR (€) |
Debt Instrument [Line Items] | |||||||||
Loss on prepayment of debt | $ 7,100,000 | $ 7,100,000 | |||||||
Kronos Worldwide, Inc. | North American Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 21,000,000 | ||||||||
Kronos Worldwide, Inc. | Notes Payable, Other Payables | 2014 Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 338,600,000 | ||||||||
Quarterly principal payment | $ 1,800,000 | $ 1,800,000 | |||||||
Debt instrument, voluntary repayment period | 2017-09 | ||||||||
Loss on prepayment of debt | 7,100,000 | ||||||||
Write-off of unamortized debt issuance costs | 2,700,000 | ||||||||
Write-off of unamortized original issue discount | 700,000 | ||||||||
Termination of interest rate swap contract | $ 3,300,000 | ||||||||
Debt instrument, average interest rate during period | 4.10% | ||||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument principal amount | $ 477,600,000 | $ 477,600,000 | € 400,000,000 | ||||||
Debt instrument maturity date | Sep. 15, 2025 | ||||||||
Debt instrument interest rate | 3.75% | 3.75% | 3.75% | ||||||
Debt instrument, interest payment terms | bear interest at 3.75% per annum, payable semi-annually on March 15 and September 15 of each year, beginning on March 15, 2018 | ||||||||
Debt instrument, frequency of periodic payment of interest | semi-annually | ||||||||
Debt Instrument, date of first required semi-annual payment | Mar. 15, 2018 | ||||||||
Debt instrument redemption price percent if experiences certain specified change of control events | 101.00% | ||||||||
Debt instrument, redemption, description | have a maturity date of September 15, 2025. Prior to September 15, 2020, Kronos may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus a “make-whole” premium (as defined in the indenture governing the Senior Notes). On or after September 15, 2020, Kronos may redeem the Senior Notes at redemption prices ranging from 102.813% of the principal amount, declining to 100% on or after September 15, 2023. In addition, on or before September 15, 2020, Kronos may redeem up to 40% of the Senior Notes with the net proceeds of certain public or private equity offerings at 103.75% of the principal amount. If Kronos experiences certain specified change of control events, it would be required to make an offer to purchase the Senior Notes at 101% of the principal amount. Kronos would also be required to make an offer to purchase a specified portion of the Senior Notes at par value in the event that it generates a certain amount of net proceeds from the sale of assets outside the ordinary course of business, and such net proceeds are not otherwise used for specified purposes within a specified time period; | ||||||||
Maximum amount of other indebtedness default before triggering customary default provisions | $ 50,000,000 | ||||||||
Unamortized debt issuance costs | $ 6,300,000 | $ 7,500,000 | |||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | Collateral Pledged | Direct Domestic Subsidiary of KII and Guarantors | |||||||||
Debt Instrument [Line Items] | |||||||||
Parent company ownership interest | 100.00% | 100.00% | 100.00% | ||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | Collateral Pledged | Foreign Subsidiary Directly Owned by KII or any Guarantor | |||||||||
Debt Instrument [Line Items] | |||||||||
Parent company ownership interest | 65.00% | 65.00% | 65.00% | ||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | Non-voting Common Stock | Collateral Pledged | Foreign Subsidiary Directly Owned by KII or any Guarantor | |||||||||
Debt Instrument [Line Items] | |||||||||
Parent company ownership interest | 100.00% | 100.00% | 100.00% | ||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | Prior to September 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100.00% | ||||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | On or After September 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 102.813% | ||||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | On or After September 15, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 100.00% | ||||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | On or Before September 15, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price percentage | 103.75% | ||||||||
Kronos Worldwide, Inc. | Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | On or Before September 15, 2020 | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, percentage of debt that may be redeemed | 40.00% |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Kronos Worldwide, Inc. | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($) | Sep. 13, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2018EUR (€) | Sep. 30, 2017EUR (€) | |
Foreign Line of Credit | Europe | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Amount available for borrowing | $ 103,200,000 | € 90,000,000 | ||||||
Revolving credit facility, borrowings (repayments) | € | € 0 | € 0 | ||||||
Outstanding borrowings under revolving credit facility | 0 | |||||||
Revolving North American Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit maximum borrowing capacity | $ 125,000,000 | |||||||
Fixed charge coverage ratio, minimum value | 100.00% | 100.00% | ||||||
Revolving credit facility, borrowings | $ 0 | $ 253,900,000 | ||||||
Repayment of credit facility | 0 | 253,900,000 | ||||||
Debt instrument, average interest rate during period | 4.80% | |||||||
Repayments of line of credit using Senior Notes proceeds | $ 21,000,000 | |||||||
Amount available for borrowing | $ 101,300,000 | |||||||
Revolving North American Credit Facility | Maturity Date Option 1 | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit, maturity year | 2022 | 2022 | ||||||
Revolving North American Credit Facility | Minimum | Variable Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate on outstanding borrowings | 1.50% | 1.50% | ||||||
Revolving North American Credit Facility | Minimum | Base Rate Option | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate on outstanding borrowings | 0.50% | 0.50% | ||||||
Revolving North American Credit Facility | Maximum | Variable Rate | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate on outstanding borrowings | 2.00% | 2.00% | ||||||
Revolving North American Credit Facility | Maximum | Base Rate Option | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate on outstanding borrowings | 1.00% | 1.00% | ||||||
Letter Of Credit | Revolving North American Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit maximum borrowing capacity | 15,000,000 | |||||||
Canadian Subsidiary Revolving Borrowings Maximum | Revolving North American Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit maximum borrowing capacity | $ 25,000,000 | |||||||
European Revolving Credit Facility | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit maximum borrowing capacity | € | € 90,000,000 | |||||||
Line of credit facility amended month and year | 2017-09 | 2017-09 | ||||||
Line of credit maturity | Sep. 30, 2022 | |||||||
European Revolving Credit Facility | EURIBOR | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate on outstanding borrowings | 1.60% |
Long-Term Debt - Other - Additi
Long-Term Debt - Other - Additional Information (Detail) - Promissory Note - Tremont - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Interest rate | 3.00% | 3.00% | |
Principal prepayments of note | $ 2.2 | $ 3.7 | $ 1.5 |
Principal amount of promissory note | $ 19.1 | $ 19.1 | |
Debt instrument maturity date | Dec. 31, 2023 |
Long-Term Debt - Notes Payable
Long-Term Debt - Notes Payable to BMI - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Repayment of note payable | $ 12.6 | $ 600.2 | $ 309 | |
BMI | Bank note payable | Meadows Bank | ||||
Debt Instrument [Line Items] | ||||
Repayment of note payable | $ 8.5 | |||
BMI | 2017 Bank Loan | Bank note payable | Western Alliance Bank | ||||
Debt Instrument [Line Items] | ||||
Principal amount of loan agreement | $ 20.5 | |||
Frequency of debt instrument payment | semi-annual | |||
Debt instrument, payment terms | The agreement requires semi-annual payments of principal and interest on June 1 and December 1 aggregating $1.9 million annually beginning on June 1, 2017 through the maturity date in June 2032 (except during 2017 which calls for prorated aggregate principal and interest payments of $1.6 million). | |||
Periodic principal and interest payments | $ 1.9 | |||
Loans maturity period | 2032-06 | |||
Prorated principal and interest payments | $ 1.6 | |||
Interest rate | 5.34% | |||
Debt issuance cost | $ 0.8 |
Long-Term Debt - Notes Payabl_2
Long-Term Debt - Notes Payable Landwell - Additional Information (Detail) - LandWell - Note payable to the City of Henderson - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2015 | |
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. | |
Frequency of debt instrument payment | semi-annual | |
Long-term promissory note fixed interest rate | 3.00% | |
Payment of notes payable using receipts from specified revenues sources | $ 400,000 |
Long-Term Debt - Aggregate Matu
Long-Term Debt - Aggregate Maturities of Long-Term Debt (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Disclosure Longterm Debt Aggregate Maturities Of Long Term Debt [Abstract] | |
2019 | $ 2.9 |
2020 | 318.4 |
2021 | 1.7 |
2022 | 1.8 |
2023 | 10.6 |
2024 and thereafter | 472.1 |
Subtotal | 807.5 |
Less amounts representing interest on capital leases, original issue discount and debt issuance costs | 7.1 |
Total long-term debt | $ 800.4 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts payable: | |||
Accounts payable | $ 111.5 | $ 116.1 | |
Current accrued liabilities: | |||
Employee benefits | 37.5 | 36.3 | |
Accrued sales discounts and rebates | 29.7 | 14.3 | |
Deferred income | 28.3 | 28.3 | |
Environmental remediation and related costs | 6.5 | 6.8 | $ 15.3 |
Interest | 5.2 | 5.5 | |
Other | 33.6 | 33.6 | |
Total | 140.8 | 124.8 | |
Noncurrent accrued liabilities: | |||
Other postretirement benefits | 10.3 | 11.3 | |
Reserve for uncertain tax positions | 19.1 | 16.5 | |
Deferred income | 15.8 | 15.7 | |
Employee benefits | 7.1 | 8.4 | |
Insurance claims and expenses | 8.1 | 9.1 | |
Deferred payment obligation | 9.6 | 9.3 | |
Accrued development costs | 7.5 | 6.1 | |
Other | 9.9 | 8.5 | |
Total | 87.4 | 84.9 | |
Kronos Worldwide, Inc. | |||
Accounts payable: | |||
Accounts payable | 103.2 | 107.9 | |
CompX | |||
Accounts payable: | |||
Accounts payable | 3.2 | 2.3 | |
BMI/LandWell | |||
Accounts payable: | |||
Accounts payable | 2.9 | 3.7 | |
NL | |||
Accounts payable: | |||
Accounts payable | 1.6 | 1.8 | |
Other | |||
Accounts payable: | |||
Accounts payable | $ 0.6 | $ 0.4 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Additional Information (Detail) - Basic Management Inc And LandWell - Deferred Payment $ in Millions | Dec. 31, 2014 | Dec. 31, 2013USD ($) |
Present Value | Measurement Input, Discount Rate | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Discount rate | 0.03 | |
Real Estate Management And Development | Face Value | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Business combination consideration transferred, deferred payment obligation | $ 11.1 | |
Interest rate | 3.00% |
Defined Contribution and Defi_3
Defined Contribution and Defined Benefit Retirement - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expense | $ 6.6 | $ 5.5 | $ 5.6 |
Defined Benefit Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution | 18.2 | ||
Expect to recognize unrecognized actuarial gains (losses) | 15.6 | ||
Expect to recognize prior service credit\cost | $ 0.2 | ||
Defined Benefit Pension Plans | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.10% | 2.10% | |
Long-term return on plan assets | 3.00% | 2.50% | 3.90% |
Defined Benefit Pension Plans | Canada | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average basis points of long-term rate of return on investment | 1.25% | ||
Defined Benefit Pension Plans | Canada | Equity Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 20.00% | ||
Defined Benefit Pension Plans | Canada | Equity Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 30.00% | ||
Defined Benefit Pension Plans | Canada | Fixed Income Funds | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 70.00% | ||
Defined Benefit Pension Plans | Canada | Fixed Income Funds | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 80.00% | ||
Defined Benefit Pension Plans | Norway | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 10.00% | ||
Defined Benefit Pension Plans | Norway | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 7.00% | ||
Percentage of plan asset allocation | 11.00% | ||
Defined Benefit Pension Plans | Norway | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 3.00% | ||
Percentage of plan asset allocation | 79.00% | ||
Defined Benefit Pension Plans | Norway | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 5.00% | ||
Percentage of plan asset allocation | 7.00% | ||
Defined Benefit Pension Plans | Norway | Other Investments And Liquid Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 8.00% | ||
Defined Benefit Pension Plans | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.50% | |
Long-term return on plan assets | 7.50% | 7.50% | 7.50% |
Defined Benefit Pension Plans | U.S. | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan asset allocation | 29.00% | ||
Defined Benefit Pension Plans | U.S. | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 3.00% | ||
Defined Benefit Pension Plans | U.S. | CMRT | Level 1 and Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of fair value of asset | 93.00% | ||
Defined Benefit Pension Plans | U.S. | CMRT | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of plan investment | 6.00% | ||
Defined Benefit Pension Plans | U.S. | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 9.00% | ||
Percentage of plan asset allocation | 40.00% | ||
Defined Benefit Pension Plans | U.S. | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term return on plan assets | 5.00% | ||
Percentage of plan asset allocation | 45.00% |
Defined Contribution and Defi_4
Defined Contribution and Defined Benefit Retirement - Schedule of Defined Benefit Plan Expected Future Payments (Detail) - Defined Benefit Pension Plans $ in Millions | Dec. 31, 2018USD ($) |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2019 | $ 26.7 |
2020 | 28 |
2021 | 28.1 |
2022 | 29.4 |
2023 | 29.2 |
Next 5 years | $ 165.8 |
Defined Contribution and Defi_5
Defined Contribution and Defined Benefit Retirement - Schedule of Funded Status (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Pension asset | $ 2.7 | $ 4.2 | |
Noncurrent | (273.3) | (266.4) | |
Defined Benefit Pension Plans | |||
Change in plan assets: | |||
Fair value at beginning of the year | 491.7 | ||
Fair value at end of year | 454 | 491.7 | |
Defined Benefit Pension Plans | U.S. | |||
Change in benefit obligation: | |||
Balance at beginning of the year | 63 | 62.8 | |
Interest cost | 2.2 | 2.5 | $ 2.7 |
Actuarial loss (gain) | (3.4) | 1.9 | |
Benefits paid | (4.2) | (4.2) | |
Balance at end of the year | 57.6 | 63 | 62.8 |
Change in plan assets: | |||
Fair value at beginning of the year | 46.5 | 45.6 | |
Actual return on plan assets | (2.5) | 4 | |
Employer contributions | 3.4 | 1.1 | |
Benefits paid | (4.2) | (4.2) | |
Fair value at end of year | 43.2 | 46.5 | 45.6 |
Funded status | (14.4) | (16.5) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Current | (0.2) | (0.3) | |
Noncurrent | (14.2) | (16.2) | |
Total recognized in balance sheet | (14.4) | (16.5) | |
Accumulated other comprehensive (income) loss: | |||
Accumulated other comprehensive loss—Actuarial loss | 39 | 37.2 | |
Total amount recognized in balance sheet and AOCI | 24.6 | 20.7 | |
Accumulated benefit obligations (“ABO”) | $ 57.6 | $ 63 | |
Defined Benefit Plan, Funding Status [Extensible List] | us-gaap:FundedPlanMember | us-gaap:FundedPlanMember | |
Defined Benefit Pension Plans | Foreign | |||
Change in benefit obligation: | |||
Balance at beginning of the year | $ 691.2 | $ 603.4 | |
Service cost | 11.6 | 11.4 | 9.9 |
Interest cost | 13.8 | 13.4 | 15.1 |
Participants' contributions | 1.5 | 1.5 | |
Actuarial loss (gain) | 5.8 | 9.3 | |
Plan settlement | (0.3) | ||
Change in currency exchange rates | (33.9) | 73.7 | |
Benefits paid | (22.8) | (21.2) | |
Balance at end of the year | 667.2 | 691.2 | 603.4 |
Change in plan assets: | |||
Fair value at beginning of the year | 445.2 | 381.8 | |
Actual return on plan assets | (6.1) | 24.1 | |
Employer contributions | 16.5 | 16 | |
Participants' contributions | 1.5 | 1.5 | |
Change in currency exchange rates | (23.6) | 43 | |
Benefits paid | (22.8) | (21.2) | |
Fair value at end of year | 410.7 | 445.2 | $ 381.8 |
Funded status | (256.5) | (246) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Pension asset | 2.7 | 4.2 | |
Noncurrent | (259.2) | (250.2) | |
Total recognized in balance sheet | (256.5) | (246) | |
Accumulated other comprehensive (income) loss: | |||
Accumulated other comprehensive loss—Actuarial loss | 254.1 | 242.8 | |
Accumulated other comprehensive (income) loss - Prior service credit | 1.2 | 1.5 | |
Accumulated other comprehensive loss, Total | 255.3 | 244.3 | |
Total amount recognized in balance sheet and AOCI | (1.2) | (1.7) | |
Accumulated benefit obligations (“ABO”) | $ 642.2 | $ 664.7 | |
Defined Benefit Plan, Funding Status [Extensible List] | us-gaap:FundedPlanMember | us-gaap:FundedPlanMember |
Defined Contribution and Defi_6
Defined Contribution and Defined Benefit Retirement - Components of Net Periodic Defined Benefit Pension Benefit Cost (Credit) (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 2.2 | $ 2.5 | $ 2.7 |
Expected return on plan assets | (3.4) | (3.3) | (3.4) |
Amortization of unrecognized net actuarial loss | 2 | 2 | 1.9 |
Total | 0.8 | 1.2 | 1.2 |
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 11.6 | 11.4 | 9.9 |
Interest cost | 13.8 | 13.4 | 15.1 |
Settlement loss | 0.1 | ||
Expected return on plan assets | (12.7) | (9.7) | (14.9) |
Amortization of unrecognized prior service credit | 0.2 | 0.3 | 0.2 |
Amortization of unrecognized net actuarial loss | 13.2 | 13.2 | 11.4 |
Total | $ 26.1 | $ 28.7 | $ 21.7 |
Defined Contribution and Defi_7
Defined Contribution and Defined Benefit Retirement - Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. | ||
Plans for which the ABO exceeds plan assets: | ||
Projected benefit obligations | $ 57.6 | $ 63 |
Accumulated benefit obligations | 57.6 | 63 |
Fair value of plan assets | 43.2 | 46.5 |
Foreign | ||
Plans for which the ABO exceeds plan assets: | ||
Projected benefit obligations | 605 | 625.1 |
Accumulated benefit obligations | 585 | 603.8 |
Fair value of plan assets | $ 346.3 | $ 375 |
Defined Contribution and Defi_8
Defined Contribution and Defined Benefit Retirement - Summary of Actuarial Assumptions Used to Determine Net Periodic Benefit Cost (Credit) (Detail) - Defined Benefit Pension Plans | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Discount rate | 3.50% | 3.90% | 4.10% |
Long-term return on plan assets | 7.50% | 7.50% | 7.50% |
Foreign | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Discount rate | 2.10% | 2.10% | 2.60% |
Increase in future compensation levels | 2.60% | 2.60% | 2.90% |
Long-term return on plan assets | 3.00% | 2.50% | 3.90% |
Defined Contribution and Defi_9
Defined Contribution and Defined Benefit Retirement - Summary of Actuarial Assumptions Used to Benefit Obligations (Detail) - Defined Benefit Pension Plans - Foreign | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Discount rate | 2.10% | 2.10% |
Increase in future compensation levels | 2.60% | 2.60% |
Defined Contribution and Def_10
Defined Contribution and Defined Benefit Retirement - Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Net actuarial gain (loss) | $ (27) | $ 4 | $ (38) |
Amortization of unrecognized prior service cost (credit) | 0.2 | 0.3 | 0.3 |
Amortization of unrecognized net actuarial loss | 15.2 | 15.2 | 13.3 |
Total | $ (11.6) | $ 19.5 | $ (24.4) |
Defined Contribution and Def_11
Defined Contribution and Defined Benefit Retirement - Schedule of Aggregate Fair Value of Asset and Supplemental Asset Mix (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset value | $ 672.4 |
CMRT asset mix | 100.00% |
Total CMRT assets | 100.00% |
Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 54.00% |
Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 8.00% |
Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 7.00% |
Assets Not Subject to Fair Value Hierarchy | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 31.00% |
Domestic Equities, Principally Publicly Traded | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 33.00% |
International Equities, Principally Publicly Traded | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 25.00% |
Fixed Income Securities, Principally Publicly Traded | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 31.00% |
Privately Managed Limited Partnerships | |
Defined Benefit Plan Disclosure [Line Items] | |
CMRT asset mix | 4.00% |
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 | 2.00% |
Defined Contribution and Def_12
Defined Contribution and Defined Benefit Retirement - Composition of Pension Plan Assets (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 454 | $ 491.7 | |
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 410.7 | 445.2 | $ 381.8 |
Germany | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 241.5 | 257.9 | |
Canada | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.5 | 8.4 | |
Canada | Foreign Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 16.4 | ||
Canada | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 74.1 | 81.8 | |
Canada | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0.5 | 0.3 | |
Canada | Non Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 13.3 | ||
Norway | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 1.7 | 1.8 | |
Norway | Foreign Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.6 | ||
Norway | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 20.4 | 21 | |
Norway | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 13.5 | 15.4 | |
Norway | Foreign Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.8 | ||
Norway | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.5 | 4.7 | |
Norway | Non Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.3 | ||
Norway | Non Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.1 | ||
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 24.4 | 26.1 | |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 43.2 | 46.5 | 45.6 |
U.S. | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.7 | ||
U.S. | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2.3 | 46.5 | |
U.S. | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 16.3 | ||
U.S. | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 19.9 | ||
Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 176.2 | 171.6 | |
Quoted Prices in Active Markets (Level 1) | Canada | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.5 | 8.4 | |
Quoted Prices in Active Markets (Level 1) | Canada | Foreign Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 16.4 | ||
Quoted Prices in Active Markets (Level 1) | Canada | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 74.1 | 81.8 | |
Quoted Prices in Active Markets (Level 1) | Canada | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0.5 | 0.3 | |
Quoted Prices in Active Markets (Level 1) | Canada | Non Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 13.3 | ||
Quoted Prices in Active Markets (Level 1) | Norway | Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 1.7 | 1.8 | |
Quoted Prices in Active Markets (Level 1) | Norway | Foreign Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.6 | ||
Quoted Prices in Active Markets (Level 1) | Norway | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 14.9 | 21 | |
Quoted Prices in Active Markets (Level 1) | Norway | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 12.7 | 14.5 | |
Quoted Prices in Active Markets (Level 1) | Norway | Foreign Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.8 | ||
Quoted Prices in Active Markets (Level 1) | Norway | Non Local Currency Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.3 | ||
Quoted Prices in Active Markets (Level 1) | Norway | Non Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 6.1 | ||
Quoted Prices in Active Markets (Level 1) | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 13.9 | 16 | |
Quoted Prices in Active Markets (Level 1) | U.S. | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 3.4 | ||
Quoted Prices in Active Markets (Level 1) | U.S. | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.9 | ||
Quoted Prices in Active Markets (Level 1) | U.S. | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 19.9 | ||
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 5.5 | 46.5 | |
Significant Other Observable Inputs (Level 2) | Norway | Local Currency Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 5.5 | ||
Significant Other Observable Inputs (Level 2) | U.S. | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 46.5 | ||
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 259.6 | 273.6 | $ 230.5 |
Significant Unobservable Inputs (Level 3) | Germany | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 241.5 | 257.9 | |
Significant Unobservable Inputs (Level 3) | Norway | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0.8 | 0.9 | |
Significant Unobservable Inputs (Level 3) | Norway | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 4.5 | 4.7 | |
Significant Unobservable Inputs (Level 3) | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 10.5 | $ 10.1 | |
Significant Unobservable Inputs (Level 3) | U.S. | CMRT | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2.3 | ||
Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 12.7 | ||
Assets measured at NAV | U.S. | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 1.3 | ||
Assets measured at NAV | U.S. | Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 11.4 |
Defined Contribution and Def_13
Defined Contribution and Defined Benefit Retirement - 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, 2018 | Dec. 31, 2017 | |
Schedule Of Reconciliation Of Changes In Fair Value Of Assets And Liabilities [Line Items] | ||
Fair value at beginning of the year | $ 491.7 | |
Fair value at end of year | 454 | $ 491.7 |
Significant Unobservable Inputs (Level 3) | ||
Schedule Of Reconciliation Of Changes In Fair Value Of Assets And Liabilities [Line Items] | ||
Fair value at beginning of the year | 273.6 | 230.5 |
Gain on assets held at end of year | (4.6) | 11 |
Gain on assets sold during the year | 0.2 | |
Assets purchased | 14.1 | 13.4 |
Assets sold | (14.5) | (13.8) |
Transfer in | 2.3 | |
Currency exchange rate fluctuations | (11.3) | 32.3 |
Fair value at end of year | $ 259.6 | $ 273.6 |
Disaggregation of Sales - Sched
Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Chemicals Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 388.7 | $ 455.2 | $ 510.2 | $ 466 | $ 495.9 | $ 496.5 | $ 481.7 | $ 405.3 | $ 1,820.1 | $ 1,879.4 | $ 1,519.4 |
Point of Origin | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 1,820.1 | 1,879.4 | 1,519.4 | ||||||||
Point of Origin | Germany | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 886.1 | 918.6 | 699.8 | ||||||||
Point of Origin | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 997.6 | 992.3 | 819.3 | ||||||||
Point of Origin | Canada | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 307.2 | 309.2 | 257.7 | ||||||||
Point of Origin | Belgium | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 272.2 | 279.9 | 187.4 | ||||||||
Point of Origin | Norway | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 209.6 | 216.4 | 164.8 | ||||||||
Point of Origin | Eliminations | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | (852.6) | (837) | (609.6) | ||||||||
Point of Destination | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 1,820.1 | 1,879.4 | 1,519.4 | ||||||||
Point of Destination | Europe | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 817.6 | 899.2 | 698.2 | ||||||||
Point of Destination | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 698.7 | 668.3 | 566.8 | ||||||||
Chemicals | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 1,661.9 | 1,729 | 1,364.3 | ||||||||
Chemicals | Point of Origin | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 1,661.9 | 1,729 | 1,364.3 | ||||||||
Chemicals | Point of Origin | Germany | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 886.1 | 918.6 | 699.8 | ||||||||
Chemicals | Point of Origin | United States | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 839.4 | 841.8 | 664.2 | ||||||||
Chemicals | Point of Origin | Canada | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 307.2 | 309.2 | 257.7 | ||||||||
Chemicals | Point of Origin | Belgium | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 272.2 | 279.9 | 187.4 | ||||||||
Chemicals | Point of Origin | Norway | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 209.6 | 216.4 | 164.8 | ||||||||
Chemicals | Point of Origin | Eliminations | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | (852.6) | (836.9) | (609.6) | ||||||||
Chemicals | Point of Destination | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 1,661.9 | 1,729 | 1,364.3 | ||||||||
Chemicals | Point of Destination | Europe | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 817.2 | 898.8 | 697.6 | ||||||||
Chemicals | Point of Destination | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 542 | 519.4 | 413.2 | ||||||||
Chemicals | Point of Destination | Other | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 302.7 | $ 310.8 | $ 253.5 |
Disaggregation of Sales - Sch_2
Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Component Products and Real Estate Management and Development Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 388.7 | $ 455.2 | $ 510.2 | $ 466 | $ 495.9 | $ 496.5 | $ 481.7 | $ 405.3 | $ 1,820.1 | $ 1,879.4 | $ 1,519.4 |
Component Products | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 118.2 | 112 | 108.9 | ||||||||
Component Products | Security Products | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 98.4 | 96.6 | 94.7 | ||||||||
Component Products | Marine Components | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 19.8 | 15.4 | 14.2 | ||||||||
Real Estate Management And Development | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 40 | 38.4 | 46.2 | ||||||||
Real Estate Management And Development | Land Sales | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 32.3 | 30.2 | 38.3 | ||||||||
Real Estate Management And Development | Water Delivery | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 5.6 | 6 | 6 | ||||||||
Real Estate Management And Development | Utility and Other | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 2.1 | $ 2.2 | $ 1.9 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Securities earnings: | |||
Dividends and interest | $ 26.1 | $ 29.4 | $ 26.7 |
Securities transactions, net | 12.4 | 0.1 | 0.5 |
Total | 38.5 | 29.5 | 27.2 |
Gain on land sales | 12.5 | ||
Insurance recoveries | 1.3 | 0.4 | 0.4 |
Currency transactions, net | 10.1 | (7.5) | 5.5 |
Disposal of property and equipment, net | (0.3) | (0.5) | (0.3) |
Business interruption insurance proceeds | 4.3 | ||
Infrastructure reimbursement | 4.3 | 1 | 0.6 |
Other, net | 2.8 | 2.3 | 1.3 |
Total | $ 69.2 | $ 25.2 | $ 39 |
Other Income, Net - Additional
Other Income, Net - Additional Information (Detail) $ in Millions | May 30, 2018USD ($) | Dec. 31, 2018USD ($)Parcel | Sep. 30, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)Parcel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Dividends and interest income | $ 26.1 | $ 29.4 | $ 26.7 | ||||
Gain on securities transaction recognized | $ 12.4 | 0.1 | 0.5 | ||||
Number of land parecels | Parcel | 2 | 2 | |||||
Net proceeds | $ 19.5 | ||||||
Pre-tax gain on sale of land | $ 11.9 | ||||||
Income received from settlement of business interruption insurance claim | 4.3 | ||||||
Tremont | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Net proceeds | 18.9 | ||||||
Kronos Worldwide, Inc. | Other Income | Insurance Claim Arising In 2014 | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Income received from settlement of business interruption insurance claim | 3.4 | ||||||
Kronos Worldwide, Inc. | Other Income | Insurance Claim Arising In 2015 | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Income received from settlement of business interruption insurance claim | $ 0.9 | ||||||
Promissory Note | Tremont | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Principal payment of debt | 2.2 | 3.7 | 1.5 | ||||
Amalgamated Sugar Company LLC | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Dividends and interest income | 16.9 | $ 25.4 | $ 25.4 | ||||
Snake River | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Gain on securities transaction recognized | $ 12.5 | $ 12.5 | $ 12.5 | ||||
NL | |||||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||||
Net proceeds | $ 0.6 |
Income Taxes - Components of Co
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Income Tax [Line Items] | |||||
United States | $ (22.5) | $ 26.7 | $ (8.2) | ||
Non-U.S. subsidiaries | 258.7 | 265.1 | 47.8 | ||
Income from continuing operations before income taxes | 236.2 | 291.8 | 39.6 | ||
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 35% in 2016 and 2017 and 21% in 2018 | 49.6 | 102.1 | 13.8 | ||
Non-U.S. tax rates | 20.8 | (13.1) | (4.3) | ||
Incremental net tax expense (benefit) on earnings and losses of non-U.S. and non-tax group companies | (167.8) | 14.8 | 8.2 | ||
Valuation allowance | (205.4) | (2.2) | |||
Transition tax | (2.1) | 76.2 | |||
Global intangible low-tax income, net | 4 | ||||
Change in federal tax rate | $ 59.7 | 60.6 | (77.1) | ||
Change in state tax rate | (1.8) | ||||
U.S. state income taxes, net | 0.6 | 3.5 | 1.7 | ||
Adjustment to the reserve for uncertain tax positions, net | 4.1 | (18.2) | 7.2 | ||
Nondeductible expenses | 3 | 2.2 | 1.9 | ||
Domestic production activities deduction | (3.8) | (3.8) | |||
Other, net | (0.3) | (1.2) | (0.5) | ||
Provision for income taxes (benefit) | (30.7) | (120) | 18.6 | ||
Comprehensive provision for income taxes (benefit) allocable to: | |||||
Income (loss) from continuing operations | (30.7) | (120) | 18.6 | ||
Discontinued operations | 23.7 | (67.1) | (12.6) | ||
Retained earnings-change in accounting principle | 1.1 | ||||
Other comprehensive income (loss): | |||||
Marketable securities | 2.8 | 2.1 | |||
Currency translation | (4.2) | 31.1 | (3.4) | ||
Interest rate swap | 1.6 | 0.2 | |||
Total | (15.2) | (143.6) | (0.6) | ||
Pension Plans | |||||
Other comprehensive income (loss): | |||||
Defined benefit plans | (4.7) | 8.6 | (5) | ||
Other | |||||
Other comprehensive income (loss): | |||||
Defined benefit plans | (0.4) | $ (0.6) | (0.5) | ||
Canada - Germany APA | |||||
Schedule Of Income Tax [Line Items] | |||||
APA | $ (11.8) | ||||
Kronos Worldwide, Inc. | Canada - Germany APA | |||||
Schedule Of Income Tax [Line Items] | |||||
APA | $ (1.4) | ||||
Kronos Worldwide, Inc. | US-Canada APA | |||||
Schedule Of Income Tax [Line Items] | |||||
APA | $ (3.4) |
Income Taxes - Component of Inc
Income Taxes - Component of Income Taxes Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Currently payable (refundable): | |||
U.S. federal and state | $ 34.1 | $ 87.3 | $ 35.5 |
Non-U.S. | 51.1 | 38.5 | 9.5 |
Total | 85.2 | 125.8 | 45 |
Deferred income taxes (benefit): | |||
U.S. federal and state | (145.5) | (96.9) | (29.1) |
Non-U.S. | 29.6 | (148.9) | 2.7 |
Total | (115.9) | (245.8) | (26.4) |
Provision for income taxes (benefit) | $ (30.7) | $ (120) | $ 18.6 |
Income Taxes - Components of _2
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 35.00% | 35.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions, $ in Millions | Dec. 31, 2016USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) |
Income Taxes Disclosure [Line Items] | ||||||||||||||
U.S. federal statutory income tax rate | 21.00% | 35.00% | 35.00% | |||||||||||
Income tax examination, description | Tax authorities may in the future examine 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. | |||||||||||||
Deferred income tax benefit from change in enacted tax rate | $ 59.7 | $ 60.6 | $ (77.1) | |||||||||||
Current income tax expense provisional pursuant to transition tax | $ 76.2 | |||||||||||||
Income tax expense (benefit) | (30.7) | (120) | $ 18.6 | |||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | (205.4) | (2.2) | ||||||||||||
Current cash income tax expense for GILTI | 4 | |||||||||||||
Provision for income taxes includes non-cash deferred income tax expense | $ 6.8 | |||||||||||||
Business interest income, adjusted taxable income | 30.00% | |||||||||||||
Income taxes | $ 9.1 | 25.1 | $ 25.1 | $ 9.1 | 25.1 | |||||||||
Non-cash income tax benefit | $ 1.4 | |||||||||||||
Effective state income tax rate | (1.8) | |||||||||||||
Deferred income taxes expense (benefit) | (115.9) | (245.8) | (26.4) | |||||||||||
Unrecognized tax benefits impact on effective tax rate | 19.1 | 19.1 | ||||||||||||
Increase (decrease) in unrecognized tax benefits | 3.7 | 3.7 | ||||||||||||
Accrued interest and penalties during the period | 1.3 | 2.1 | 1.6 | |||||||||||
Accrued interest and penalties end of the period | 2.2 | 1.5 | 1.5 | $ 2.2 | 1.5 | |||||||||
US-Canada APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Current U.S. income tax benefit | $ (3.4) | |||||||||||||
Canada - Germany APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
U.S.-Canada Advance Pricing Agreement, description | During the third quarter of 2017, Kronos’ Canadian subsidiary executed and finalized an Advance Pricing Agreement with the Competent Authority for Canada (the “Canada-Germany APA”) effective for tax years 2005 - 2017. Pursuant to the terms of the Canada-Germany APA, the Canadian and German tax authorities agreed to certain prior year changes to taxable income of our Canadian and German subsidiaries. | |||||||||||||
Non-cash income tax benefit related to reversal of reserve for uncertain tax positions | $ 8.1 | $ 8.6 | ||||||||||||
IRS | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Current cash income tax expense for GILTI | 4 | |||||||||||||
Earliest Tax Year | Canada - Germany APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Effective tax year | 2005 | |||||||||||||
Latest Tax Year | Canada - Germany APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Effective tax year | 2017 | |||||||||||||
Contran | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Income taxes payable noncurrent | 10 | $ 10 | ||||||||||||
Income taxes payable current | 56.3 | 70.1 | 70.1 | $ 56.3 | 70.1 | |||||||||
Expected Future Periods Net Operating Loss Utilization | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | $ (149.9) | |||||||||||||
Effect of Currency Exchange Rates | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | 13.7 | |||||||||||||
Transition Tax | Maximum | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Percentage of annual usage limitation on net operating loss carryforward | 80.00% | |||||||||||||
Germany | Expected Future Periods Net Operating Loss Utilization | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | (141.9) | |||||||||||||
Belgium | Expected Future Periods Net Operating Loss Utilization | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | $ (8) | |||||||||||||
Germany and Belgian | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | $ (186.7) | |||||||||||||
Germany and Belgian | Current Periods Net Operating Loss Utilization | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | (24.1) | $ (12.7) | ||||||||||||
One Non-U.S. subsidiary | Expected Future Periods Net Operating Loss Utilization | Valuation Allowance of Deferred Tax Assets | Non Cash Deferred Income Tax Benefit | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | (18.7) | |||||||||||||
Kronos Worldwide, Inc. | Earliest Tax Year | US-Canada APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Effective tax year | 2005 | |||||||||||||
Kronos Worldwide, Inc. | Latest Tax Year | US-Canada APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Effective tax year | 2015 | |||||||||||||
Kronos Worldwide, Inc. | Expected Future Periods Net Operating Loss Utilization | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | $ (173) | |||||||||||||
Kronos Worldwide, Inc. | Germany | Expected Future Periods Net Operating Loss Utilization | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | (153) | |||||||||||||
Kronos Worldwide, Inc. | Belgium | Expected Future Periods Net Operating Loss Utilization | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | (20) | |||||||||||||
Kronos Worldwide, Inc. | Germany and Belgian | Current Periods Net Operating Loss Utilization | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Increase (decrease) in non-cash deferred income tax asset valuation allowance | $ (12.7) | |||||||||||||
European Subsidiaries | Transition Tax | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Current income tax expense provisional pursuant to transition tax | 76.2 | |||||||||||||
Income tax liability payable period | 8 years | 8 years | ||||||||||||
Income tax expense (benefit) | 2.1 | |||||||||||||
Aggregate transition tax installments payments made | 11.9 | $ 11.9 | ||||||||||||
Payable to affiliate | 62.2 | 62.2 | ||||||||||||
European Subsidiaries | Transition Tax | Chemicals | 2017 Tax Year | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Current income tax expense paid | $ 6.1 | |||||||||||||
European Subsidiaries | Transition Tax | Chemicals | 2018 Tax Year | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Current income tax expense paid | 5.8 | |||||||||||||
European Subsidiaries | Transition Tax | Chemicals | Contran | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Income taxes payable noncurrent | 56.3 | 56.3 | ||||||||||||
Income taxes payable current | 5.9 | 5.9 | ||||||||||||
European Subsidiaries | Transition Tax | Chemicals | Income Tax Payable | Contran | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Current income tax expense payable in increments over remainder of eight year period | 62.2 | 62.2 | ||||||||||||
European and Canadian Subsidiaries | Undistributed Earnings Previously Considered to be Permanently Reinvested | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Aggregate provisional non-cash deferred income tax expense | 5.3 | 1.8 | ||||||||||||
Kronos Canadian Subsidiary | US-Canada APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Income taxes | $ 2.3 | $ 2.3 | $ 3 | |||||||||||
Corporate Tax Purposes | Kronos Worldwide, Inc. | Germany | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Net operating loss carryforwards | 541 | 541 | ||||||||||||
Corporate Tax Purposes | Kronos Worldwide, Inc. | Belgium | Chemicals | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Net operating loss carryforwards | $ 16 | 16 | ||||||||||||
Canada Revenue Agency and German Federal Central Tax Office | Germany | Canada - Germany APA | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Non-cash income tax benefit related to increase in German NOLs | 2.6 | |||||||||||||
Cash tax refund | $ 0.6 | |||||||||||||
Direct Investment in Subsidiary | Kronos Worldwide, Inc. | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Deferred income tax liability | 157.6 | 157.6 | $ 157.6 | |||||||||||
Deferred income taxes expense (benefit) | $ (112) | $ 4.9 | 22.1 | $ 6.5 | ||||||||||
Direct Investment in Subsidiary | Kronos Worldwide, Inc. | Maximum | ||||||||||||||
Income Taxes Disclosure [Line Items] | ||||||||||||||
Deferred income tax liability | $ 155.4 | $ 155.4 | $ 155.4 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Tax effect of temporary differences related to: | ||
Inventories | $ 4.7 | $ 3.3 |
Property and equipment | 0.1 | |
Accrued OPEB costs | 2.8 | 3 |
Accrued pension costs | 75.5 | 70.9 |
Accrued environmental liabilities | 35.8 | 28.8 |
Other deductible differences | 10.3 | 11.7 |
Investments in subsidiaries and affiliates | 2.6 | 2.7 |
Tax loss and tax credit carryforwards | 93.9 | 116.2 |
Valuation allowance | (10) | (2.8) |
Adjusted gross deferred tax assets | 215.6 | 233.9 |
Netting of items by tax jurisdiction, assets | (114.6) | (114.1) |
Net noncurrent deferred tax asset (liability) | 101 | 119.8 |
Tax effect of temporary differences related to: | ||
Inventories | (3.3) | (0.8) |
Marketable securities | (0.2) | (25.4) |
Property and equipment | (69) | (71.8) |
Other taxable differences | (13.2) | (14) |
Investments in subsidiaries and affiliates | (58.8) | (175.8) |
Tax on unremitted earnings of non-U.S. subsidiaries | (11.3) | (9.5) |
Adjusted gross deferred tax liabilities | (155.8) | (297.3) |
Netting of items by tax jurisdiction, liabilities | (114.6) | (114.1) |
Net noncurrent deferred tax asset (liability) | $ (41.2) | $ (183.2) |
Income Taxes - Changes in Uncer
Income Taxes - Changes in Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized tax benefits: | |||
Amount beginning of year | $ 17.1 | $ 35.6 | $ 28.8 |
Net increase (decrease): | |||
Tax positions taken in prior periods | 1.3 | (13.3) | (0.6) |
Tax positions taken in current period | 4.5 | 4.5 | 11 |
Lapse due to applicable statute of limitations | (1.8) | (8.1) | (1.6) |
Settlement with taxing authorities | (2.3) | (2.3) | |
Changes in currency exchange rates | (0.1) | 0.7 | 0.3 |
Amount at end of year | $ 21 | $ 17.1 | $ 35.6 |
Noncontrolling Interest in Su_3
Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Net Assets of Subsidiaries (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 353.6 | $ 342.3 |
Kronos Worldwide, Inc. | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 221.4 | 204.9 |
NL Industries | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 62.4 | 71.1 |
CompX International | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 19.4 | 17.8 |
BMI | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 27.1 | 26 |
LandWell | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 23.3 | $ 22.5 |
Noncontrolling interest in Su_4
Noncontrolling interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income of Subsidiaries (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | $ 38.8 | $ 95.1 | $ 12.9 |
Kronos Worldwide, Inc. | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | 39.9 | 69.3 | 8.3 |
NL Industries | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | (7) | 19.7 | 2.6 |
CompX International | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | 2 | 1.7 | 1.4 |
BMI | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | 1.5 | 3.2 | (0.4) |
LandWell | |||
Noncontrolling interest in net income (loss) of subsidiaries: | |||
Noncontrolling interest in net income (loss) of subsidiaries | $ 2.4 | $ 1.2 | $ 1 |
Valhi Stockholders' Equity - Sc
Valhi Stockholders' Equity - Schedule of Common Stock Outstanding (Detail) - shares shares in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Stockholders Equity [Line Items] | ||
Shares of common stock, Issued, beginning balance | 355.3 | 355.3 |
Shares of common stock, Issued, ending balance | 355.3 | 355.3 |
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 | 355.3 | |
Shares of common stock, Outstanding, ending balance | 355.3 | 355.3 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | |
Schedule Of Stockholders Equity [Line Items] | |||||
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 | |||
Director Plan | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Number of shares authorized | 200,000 | ||||
Shares awarded under new plan | 14,500 | 12,000 | 16,000 | ||
Common stock available for future grant | 124,000 | ||||
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 | |||
Unrealized loss of shares attributable to noncontrolling interest | $ 12.2 | ||||
NL | Director Plan | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Common stock available for future grant | 141,400 | ||||
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 | |||
Unrealized loss of shares attributable to noncontrolling interest | $ 12.2 | ||||
Kronos Worldwide, Inc. | Director Plan | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Common stock available for future grant | 149,900 | ||||
CompX | Director Plan | |||||
Schedule Of Stockholders Equity [Line Items] | |||||
Common stock available for future grant | 156,550 | ||||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | $ 424.4 | ||
Other comprehensive income (loss) | (27.2) | $ 42.9 | $ (24.9) |
Balance at end of year | 635.4 | 424.4 | |
Marketable Securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | 1.7 | 1.7 | 1.6 |
Other comprehensive income (loss) | 0.1 | ||
Balance at end of year | 1.7 | 1.7 | 1.7 |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | (1.2) | (1.3) | |
Other comprehensive income (loss) | (1.2) | (1.2) | |
Balance at end of year | (1.2) | ||
Less reclassification adjustments for amounts included in realized loss and interest expense | 2.4 | 1.3 | |
Currency Translation | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | (54.1) | (88.5) | (78.1) |
Other comprehensive income (loss) | (21.5) | 34.4 | (10.4) |
Balance at end of year | (75.6) | (54.1) | (88.5) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | (129) | (137) | (123) |
Other comprehensive income (loss) | 7.6 | 6.4 | 5.7 |
Net actuarial gain (loss) arising during the year | (12.6) | 1.6 | (19.7) |
Balance at end of year | (134) | (129) | (137) |
Accumulated Defined Benefit Plans Adjustment | OPEB | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | 2.4 | 3.1 | 3.8 |
Other comprehensive income (loss) | (0.8) | (0.8) | (1) |
Net actuarial gain (loss) arising during the year | 0.1 | 0.1 | 0.3 |
Balance at end of year | 1.7 | 2.4 | 3.1 |
Total Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at beginning of year | (179) | (221.9) | (197) |
Balance at end of year | $ (206.2) | $ (179) | $ (221.9) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contran | Intercorporate Services Agreements Fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction | $ 39,600,000 | $ 40,000,000 | $ 36,500,000 |
Contran | Combined Information Technology Data Recovery Program | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 312,000 | 258,000 | 253,000 |
Contran | Pledge Fee Received | |||
Related Party Transaction [Line Items] | |||
Revenue and other income from related party transactions | 3,100,000 | $ 2,800,000 | 1,200,000 |
Contran | Tremont | Deferred Payment | Present Value | |||
Related Party Transaction [Line Items] | |||
Guarantee Obligations, estimated exposure | 9,600,000 | ||
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 | $ 9,400,000 | ||
Contran | Kronos Worldwide, Inc. | Stock Pledged as Collateral | |||
Related Party Transaction [Line Items] | |||
Stock pledged as collateral | 30.2 | 30.2 | |
Contran | Revolving Credit Facility | |||
Related Party Transaction [Line Items] | |||
Interest on borrowings under credit facilities | $ 18,700,000 | $ 14,400,000 | 12,900,000 |
Contran and Other Affiliates | |||
Related Party Transaction [Line Items] | |||
Related party transaction cash received for insurance premium | 5,400,000 | 5,900,000 | 5,300,000 |
LPC | |||
Related Party Transaction [Line Items] | |||
Purchase of Ti02 from LPC | 165,900,000 | 157,500,000 | 157,500,000 |
Sales of feedstock ore to LPC | $ 66,900,000 | $ 79,400,000 | $ 68,800,000 |
Related Party Transactions - Re
Related Party Transactions - Receivables from and Payables to Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current receivables from affiliates: | ||
Receivable from affiliates | $ 13.5 | $ 32.6 |
Current payables to affiliates: | ||
Payable to affiliates | 26.7 | 16.2 |
Contran | ||
Current receivables from affiliates: | ||
Trade items | 0.5 | 1 |
Income taxes | 19.4 | |
Current payables to affiliates: | ||
Contran income taxes | 10 | |
Noncurrent payable to affiliates: | ||
Contran – income taxes | 56.3 | 70.1 |
Louisiana Pigment Company | ||
Current receivables from affiliates: | ||
Receivable from affiliates | 10.2 | 8.9 |
Current payables to affiliates: | ||
Payable to affiliates | 16.7 | 16.2 |
VALHI, INC. | Contran | Credit Facility | ||
Noncurrent payable to affiliates: | ||
Payables to affiliate included in long-term debt | 314.3 | 284.3 |
Other | ||
Current receivables from affiliates: | ||
Receivable from affiliates | $ 2.8 | $ 3.3 |
Commitments and Contingencies -
Commitments and Contingencies - Lead Pigment Litigation and Environmental Matters and Litigation - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($)Installment | Jun. 30, 2018USD ($)Installment | Dec. 31, 2018USD ($)CasesInstallmentsite | Nov. 30, 2018Complaint | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments And Contingent Liabilities [Line Items] | |||||||||
Recalculated abatement fund amount undetermined | $ 409 | ||||||||
Litigation settlement net present value | $ 17 | ||||||||
Current insurance recovery receivable | 15 | ||||||||
Accrued litigation settlement | 60 | ||||||||
Accrual for reasonably estimable environmental remediation and related matters | 103.4 | $ 117.5 | $ 122.6 | $ 120.4 | |||||
Other Environmental Cleanup Matters | |||||||||
Commitments And Contingent Liabilities [Line Items] | |||||||||
Accrual for reasonably estimable environmental remediation and related matters | 5.4 | ||||||||
NL | |||||||||
Commitments And Contingent Liabilities [Line Items] | |||||||||
Recalculated abatement fund amount | 409 | ||||||||
Settlement of recalculated abatement fund amount | $ 409 | 409 | |||||||
Number of complaints filed | Complaint | 2 | ||||||||
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 | $ 98 | ||||||||
Number of sites associated with remediation and related costs | site | 35 | ||||||||
Number of sites for which NL not currently able to reasonably estimate range of costs | site | 5 | ||||||||
NL | Maximum | Environmental Remediation Sites NL Named As PRP Or Defendant | |||||||||
Commitments And Contingent Liabilities [Line Items] | |||||||||
Upper end range, estimate costs for remediation and related matters | $ 117 | ||||||||
Lead Pigment Litigation | |||||||||
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 | ||||||||
Settlement agreement amount | $ 80 | $ 45 | |||||||
Settlement agreement amount to be paid | 65 | 62 | |||||||
Litigation settlement charge upon trial court's approval | $ 45 | $ 45 | |||||||
Number of annual installments | Installment | 5 | 5 | 5 | ||||||
Litigation settlement installments payment beginning term from approval | 4 years | 4 years | |||||||
Remaining litigation settlement charge | $ 20 | $ 20 | $ 20 | ||||||
Remaining litigation settlement charge due in first installment | 6 | ||||||||
Remaining litigation settlement charge due in second installment | 5 | ||||||||
Remaining litigation settlement charge due in third installment | 3 | ||||||||
Remaining litigation settlement charge due in fourth installment | 3 | ||||||||
Remaining litigation settlement charge due in fifth installment | 3 | ||||||||
Discounted rate for estimated present value of remaining litigation amount | 3.00% | ||||||||
Litigation settlement net present value | 17 | $ 17 | |||||||
Current insurance recovery receivable | 15 | ||||||||
Accrued litigation settlement | $ 60 | ||||||||
Lead Pigment Litigation | Former Insurance Carriers | |||||||||
Commitments And Contingent Liabilities [Line Items] | |||||||||
Settlement agreement amount to be paid | $ 15 | ||||||||
California Lead Paint Litigation | |||||||||
Commitments And Contingent Liabilities [Line Items] | |||||||||
Amount awarded to the plaintiff | $ 1,150 | ||||||||
Lead Pigment Litigation Plaintiffs | |||||||||
Commitments And Contingent Liabilities [Line Items] | |||||||||
Proposed abatement fund amount | $ 730 |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | ||||||
Balance at the beginning of the year | $ 117.5 | $ 122.6 | $ 120.4 | |||
Additions charged to expense, net | 3.1 | 4.1 | 5.9 | |||
Payments, net | (17.2) | (9.1) | (3.7) | |||
Changes in currency exchange rates and other | (0.1) | |||||
Balance at the end of the year | 103.4 | 117.5 | 122.6 | |||
Amounts recognized in our Consolidated Balance Sheet at the end of the year: | ||||||
Current liabilities | $ 6.5 | $ 6.8 | $ 15.3 | |||
Noncurrent liabilities | 96.9 | 110.7 | 107.3 | |||
Total | $ 117.5 | $ 122.6 | $ 120.4 | $ 103.4 | $ 117.5 | $ 122.6 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Litigation and Other Matters - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments And Contingent Liabilities [Line Items] | |||
Rent expense | $ 14.8 | $ 16.3 | $ 14.3 |
Chemicals | Minimum | Various Supply and Services Agreements | |||
Commitments And Contingent Liabilities [Line Items] | |||
Long term master agreements expiring | 2019 | ||
Chemicals | Maximum | Various Supply and Services Agreements | |||
Commitments And Contingent Liabilities [Line Items] | |||
Long term master agreements expiring | 2022 | ||
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% | ||
Component Products Segment | Customer Concentration Risk | Top Ten Customers | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 44.00% | 44.00% | 46.00% |
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% | 16.00% | 14.00% |
Component Products | Customer Concentration Risk | Harley Davidson Inc | Net Sales | Security Products Reporting Unit | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 11.00% | ||
Real Estate Management And Development | Customer Concentration Risk | Net Sales | Minimum | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Real Estate Management And Development | Customer Concentration Risk | Toll Henderson LLC | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 17.00% | ||
Real Estate Management And Development | Customer Concentration Risk | Richmond Homes of Nevada | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 29.00% | 37.00% | 15.00% |
Real Estate Management And Development | Customer Concentration Risk | Woodside Homes of Nevada LLC | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 20.00% | ||
Real Estate Management And Development | Customer Concentration Risk | Greystone Nevada LLC | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 22.00% | 34.00% | |
Real Estate Management And Development | Customer Concentration Risk | City Of Henderson | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 11.00% | ||
Real Estate Management And Development | Customer Concentration Risk | Henderson Interchange Centers LLC | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 12.00% | ||
TiO2 | Chemicals | TiO2 Product | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 94.00% | 94.00% | 93.00% |
TiO2 | Chemicals | Customer Concentration Risk | Top Ten Customers | Net Sales | |||
Commitments And Contingent Liabilities [Line Items] | |||
Concentration risk percentage | 33.00% | 34.00% | 33.00% |
Feedstock Ore | Chemicals | |||
Commitments And Contingent Liabilities [Line Items] | |||
Minimum purchase commitments | $ 594 | ||
Other Supply And Service Contracts | Chemicals | |||
Commitments And Contingent Liabilities [Line Items] | |||
Minimum purchase commitments | $ 156 |
Commitments and Contingencies_4
Commitments and Contingencies - Approximate Percentage of TiO2 Sales by Volume for Segments (Detail) - TiO2 - Geographic Concentration Risk - Net Sales - Chemicals | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Europe | |||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||
Concentration risk percentage | 44.00% | 50.00% | 51.00% |
North America | |||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||
Concentration risk percentage | 37.00% | 31.00% | 29.00% |
Commitments and Contingencies_5
Commitments and Contingencies - Future Minimum Payments under Non-cancellable Operating Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 6.3 |
2020 | 5.1 |
2021 | 4.3 |
2022 | 3.2 |
2023 | 2.4 |
2024 and thereafter | 21.5 |
Total | $ 42.8 |
Commitments and Contingencies_6
Commitments and Contingencies - Future Minimum Payments under Non-cancellable Operating Leases (Parenthetical) (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items] | |
Future minimum lease payments | $ 42.8 |
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 | $ 17 |
Financial Instruments - Summary
Financial Instruments - Summary of Valuation of Short-term Investments and Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | $ 2.5 | $ 3 |
Marketable securities, noncurrent | 4.8 | 255.7 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | 1.6 | 1.3 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, current | 2.5 | 3 |
Marketable securities, noncurrent | $ 3.2 | 4.4 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, noncurrent | $ 250 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Kronos Worldwide, Inc. | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2015USD ($) | |
3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | |||||||
Financial Instrument At Fair Value [Line Items] | |||||||
Estimated market price of the notes | € | € 900 | € 1,034 | |||||
Principal amount of debt instrument | € | € 1,000 | € 1,000 | |||||
Currency Forward Contracts | |||||||
Financial Instrument At Fair Value [Line Items] | |||||||
Currency forward contracts outstanding | $ 0 | ||||||
Interest Rate Swap | Libor Rate | |||||||
Financial Instrument At Fair Value [Line Items] | |||||||
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% | 2.016% | |||||
Interest rate swap, floor rate | 1.00% | 1.00% | |||||
Interest rate swap, inception date | Aug. 31, 2015 | ||||||
Interest rate swap, effective date | Sep. 30, 2015 | ||||||
Notional amount currency forward contract | $ 344,800,000 | ||||||
Interest rate swap, notional amount decline each quarter | $ 875,000 | ||||||
Interest rate swap, notional amount decline commencing date | Dec. 31, 2015 | ||||||
Derivative maturity date | Feb. 29, 2020 | ||||||
Termination of interest rate swap contract paid | $ 3,300,000 | ||||||
Pretax unrealized loss recognized in other comprehensive income (loss) related to interest rate swap contract | $ 2,300,000 | $ 3,100,000 | |||||
Interest rate swap, gains or losses representing hedge ineffectiveness | 0 | ||||||
Interest Rate Swap | Libor Rate | Interest Expense | |||||||
Financial Instrument At Fair Value [Line Items] | |||||||
Reclassified from accumulated other comprehensive loss in to earnings | $ 2,100,000 | $ 3,500,000 |
Financial Instruments - Financi
Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | $ 452.4 | $ 471.1 |
Long term debt, fair value | 412.9 | 495.1 |
VALHI, INC. | Contran Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 314.3 | 284.3 |
Long term debt, fair value | 314.3 | 284.3 |
VALHI, INC. | Term Loan | Snake River | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 250 | |
Long term debt, fair value | 250 | |
Tremont | Promissory Note | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 9.4 | 13.1 |
Long term debt, fair value | 9.4 | 13.1 |
BMI | Bank note payable | Meadows Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 18 | 18.8 |
Long term debt, fair value | 18.8 | 19.7 |
LandWell | Unsecured Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 2.1 | 2.5 |
Long term debt, fair value | 2.1 | 2.5 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 523.7 | 461.7 |
Deferred payment obligation | 9.6 | 9.3 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 523.7 | 461.7 |
Deferred payment obligation | $ 9.6 | $ 9.3 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Retained earnings (deficit) | $ 220.3 | $ (17.9) | $ 220.3 | $ (17.9) | ||||||||
Land sales revenue | $ 388.7 | $ 455.2 | $ 510.2 | $ 466 | $ 495.9 | $ 496.5 | $ 481.7 | $ 405.3 | 1,820.1 | 1,879.4 | $ 1,519.4 | |
Real Estate Management And Development | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Land sales revenue | 40 | 38.4 | 46.2 | |||||||||
Accounting Standards Update 2014-09 | Real Estate Management And Development | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Receivable | $ 6.1 | |||||||||||
Contract asset | 8.8 | |||||||||||
Offsetting liability for deferred revenue | 8.8 | |||||||||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | Real Estate Management And Development | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Retained earnings (deficit) | 6.1 | |||||||||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | Real Estate Management And Development | Non-controlling interest | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Retained earnings (deficit) | $ 2.7 | |||||||||||
ASU 2017-07 | Cost of Sales | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Reclassification adjustment to other components of net periodic pension and OPEB cost | 10.8 | 7.7 | ||||||||||
ASU 2017-07 | Selling, General and Administrative Expenses | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Reclassification adjustment to other components of net periodic pension and OPEB cost | $ 6.8 | $ 3.8 | ||||||||||
Land [Member] | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | Real Estate Management And Development | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Land sales revenue | $ 0.1 |
Quarterly Results of Operatio_3
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Quarterly Results Of Operations Schedule Of Quarterly Results Of Operations [Abstract] | |||||||||||
Net sales | $ 388.7 | $ 455.2 | $ 510.2 | $ 466 | $ 495.9 | $ 496.5 | $ 481.7 | $ 405.3 | $ 1,820.1 | $ 1,879.4 | $ 1,519.4 |
Gross margin | 107.2 | 132.7 | 184 | 185.3 | 185.3 | 161.5 | 141.2 | 114 | 609.2 | 612.9 | 307.9 |
Operating income | 52.7 | 69.2 | 130 | 118.8 | 130 | 103.1 | 83.1 | 64.1 | 370.7 | 380.3 | 119.2 |
Net income (loss) from continuing operations | 28.4 | 148.3 | 20 | 70.2 | 162.8 | 62.2 | 163.3 | 23.5 | 266.9 | 411.8 | 21 |
Amounts attributable to Valhi stockholders: | |||||||||||
Income (loss) from continuing operations | 22.3 | 142.8 | 11.3 | 51.7 | 141.1 | 44.2 | 117 | 14.4 | 228.1 | 316.7 | 8.1 |
Income (loss) from discontinued operations | (4.6) | 0.7 | 0.4 | 37.6 | (1) | 1.7 | (108.2) | (1.7) | 34.1 | (109.2) | (24) |
Net income (loss) attributable to Valhi stockholders | $ 17.7 | $ 143.5 | $ 11.7 | $ 89.3 | $ 140.1 | $ 45.9 | $ 8.8 | $ 12.7 | $ 262.2 | $ 207.5 | $ (15.9) |
Earnings per share: | |||||||||||
Income (loss) from continuing operations | $ 0.07 | $ 0.42 | $ 0.03 | $ 0.15 | $ 0.41 | $ 0.13 | $ 0.34 | $ 0.04 | $ 0.67 | $ 0.93 | $ 0.02 |
Loss from discontinued operations | (0.01) | 0.11 | (0.31) | 0.10 | (0.32) | (0.07) | |||||
Net income (loss) per share | $ 0.06 | $ 0.42 | $ 0.03 | $ 0.26 | $ 0.41 | $ 0.13 | $ 0.03 | $ 0.04 | $ 0.77 | $ 0.61 | $ (0.05) |
Quarterly Results of Operatio_4
Quarterly Results of Operations - Schedule of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred income taxes expense (benefit) | $ (115.9) | $ (245.8) | $ (26.4) | ||||||||
Loss on prepayment of debt | $ 7.1 | 7.1 | |||||||||
Current income tax expense provisional pursuant to transition tax | $ 76.2 | ||||||||||
Deferred income tax benefit from change in enacted tax rate | $ (59.7) | $ (60.6) | 77.1 | ||||||||
Valuation allowance | $ (205.4) | $ (2.2) | |||||||||
Gain on sale of land per diluted share | $ 0.03 | ||||||||||
Charge on litigation settlement expense recognized per diluted share | $ 62 | ||||||||||
Current cash tax income tax expense per diluted share related to GILTI | $ 4 | ||||||||||
Canada - Germany APA | |||||||||||
U.S. – Canada APA | (11.8) | ||||||||||
Non Cash Deferred Income Tax Benefit | Deferred Income Tax Liability | U.S. Federal Corporate Income Tax Rate | |||||||||||
Deferred income tax benefit from change in enacted tax rate | 77.1 | ||||||||||
Aggregate provisional non-cash deferred income tax expense | 5.3 | ||||||||||
Valuation Allowance of Deferred Tax Assets | One Non-U.S. subsidiary | Expected Future Periods Net Operating Loss Utilization | Non Cash Deferred Income Tax Benefit | |||||||||||
Valuation allowance | (18.7) | ||||||||||
Kronos Worldwide, Inc. | |||||||||||
Non-cash deferred income tax benefit per diluted share | $ 112 | ||||||||||
Kronos Worldwide, Inc. | Valuation Allowance of Deferred Tax Assets | Germany and Belgium | Expected Future Periods Net Operating Loss Utilization | Non Cash Deferred Income Tax Benefit | |||||||||||
Deferred income taxes expense (benefit) | (16.3) | $ (7.8) | $ (5) | ||||||||
Kronos Worldwide, Inc. | Valuation Allowance of Deferred Tax Assets | One Non-U.S. subsidiary | Expected Future Periods Net Operating Loss Utilization | Non Cash Deferred Income Tax Benefit | |||||||||||
Deferred income taxes expense (benefit) | $ 157.6 | ||||||||||
Valuation allowance | $ (18.7) | ||||||||||
Amalgamated Sugar Company LLC | |||||||||||
Gain on securities transaction recognized per diluted share | $ 12.5 |