Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VHI | |
Entity Registrant Name | VALHI, INC. | |
Entity Central Index Key | 0000059255 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 28,277,093 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-5467 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0110150 | |
Entity Address, Address Line One | 5430 LBJ Freeway | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240-2620 | |
City Area Code | 972 | |
Local Phone Number | 233-1700 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 554.7 | $ 518.6 |
Restricted cash equivalents | 22.9 | 13.9 |
Marketable securities | 2.5 | 4.4 |
Accounts and other receivables, net | 412.4 | 342.3 |
Inventories, net | 448 | 538.2 |
Other current assets | 76.2 | 36 |
Total current assets | 1,516.7 | 1,453.4 |
Other assets: | ||
Investment in TiO2 manufacturing joint venture | 105.5 | 103.3 |
Goodwill | 379.7 | 379.7 |
Deferred income taxes | 105.1 | 120.2 |
Other assets | 207.7 | 242.3 |
Total other assets | 798 | 845.5 |
Property and equipment: | ||
Land | 50.3 | 49.6 |
Buildings | 255.9 | 268.7 |
Equipment | 1,204.1 | 1,234.8 |
Mining properties | 21.9 | 30.2 |
Construction in progress | 81.1 | 64.5 |
Gross property and equipment | 1,613.3 | 1,647.8 |
Less accumulated depreciation and amortization | 1,049.7 | 1,057.4 |
Net property and equipment | 563.6 | 590.4 |
Total assets | 2,878.3 | 2,889.3 |
Current liabilities: | ||
Current maturities of long-term debt | 2.5 | 2.4 |
Accounts payable and accrued liabilities | 321.7 | 300 |
Income taxes | 12.4 | 15.7 |
Total current liabilities | 336.6 | 318.1 |
Noncurrent liabilities: | ||
Long-term debt | 693 | 786.2 |
Deferred income taxes | 28.3 | 29.6 |
Payable to affiliate - income taxes | 44.5 | 50.4 |
Accrued pension costs | 354.1 | 379 |
Accrued environmental remediation and related costs | 94.2 | 95.2 |
Other liabilities | 257.9 | 223.9 |
Total noncurrent liabilities | 1,472 | 1,564.3 |
Equity: Valhi stockholders' equity: | ||
Common stock | 0.3 | 0.3 |
Additional paid-in capital | 669.5 | 668.3 |
Retained earnings | 351.3 | 282.9 |
Accumulated other comprehensive loss | (215) | (219.4) |
Treasury stock, at cost | (49.6) | (49.6) |
Total Valhi stockholders' equity | 756.5 | 682.5 |
Noncontrolling interest in subsidiaries | 313.2 | 324.4 |
Total equity | 1,069.7 | 1,006.9 |
Total liabilities and equity | 2,878.3 | 2,889.3 |
Commitments and contingencies (Notes 6, 12 and 15) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues and other income: | ||||
Net sales | $ 578.9 | $ 458.6 | $ 1,613.2 | $ 1,332.9 |
Other, net | 13.1 | 2.6 | 27.9 | 33.9 |
Total revenues and other income | 592 | 461.2 | 1,641.1 | 1,366.8 |
Costs and expenses: | ||||
Cost of sales | 426.2 | 368.9 | 1,226.6 | 1,039.5 |
Selling, general and administrative | 82.2 | 70.2 | 231.6 | 210.7 |
Other components of net periodic pension and OPEB expense | 4.3 | 5.2 | 13.2 | 14.9 |
Interest | 7.9 | 8.9 | 25.2 | 27.4 |
Total costs and expenses | 520.6 | 453.2 | 1,496.6 | 1,292.5 |
Income before income taxes | 71.4 | 8 | 144.5 | 74.3 |
Income tax expense (benefit) | 16.9 | (11.4) | 35.2 | 21.2 |
Net income | 54.5 | 19.4 | 109.3 | 53.1 |
Noncontrolling interest in net income of subsidiaries | 15.5 | 4 | 34.1 | 22.4 |
Net income attributable to Valhi stockholders | $ 39 | $ 15.4 | $ 75.2 | $ 30.7 |
Amounts attributable to Valhi stockholders: | ||||
Basic and diluted net income per share | $ 1.36 | $ 0.54 | $ 2.64 | $ 1.08 |
Basic and diluted weighted average shares outstanding | 28.5 | 28.5 | 28.5 | 28.5 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 54.5 | $ 19.4 | $ 109.3 | $ 53.1 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation | (7.1) | 9.2 | (3.8) | (12.2) |
Total other comprehensive income (loss), net | (3.9) | 12.3 | 5.9 | (3.3) |
Comprehensive income | 50.6 | 31.7 | 115.2 | 49.8 |
Comprehensive income attributable to noncontrolling interest | 14.5 | 7.1 | 35.6 | 21.2 |
Comprehensive income attributable to Valhi stockholders | 36.1 | 24.6 | 79.6 | 28.6 |
Defined Benefit Pension Plans | ||||
Other comprehensive income (loss), net of tax: | ||||
Pension and other postretirement benefit plan | 3.4 | $ 3.1 | 10.2 | 9.1 |
OPEB | ||||
Other comprehensive income (loss), net of tax: | ||||
Pension and other postretirement benefit plan | $ (0.2) | $ (0.5) | $ (0.2) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Non-controlling interest |
Balance at Dec. 31, 2019 | $ 980.1 | $ 667.3 | $ 0.3 | $ 3.3 | $ 239.4 | $ (220.7) | $ (49.6) | $ 340.1 |
Net income | 53.1 | 30.7 | 22.4 | |||||
Other comprehensive income (loss), net | (3.3) | (2.2) | (1.1) | |||||
Dividends paid to noncontrolling interest | (21.1) | (21.1) | ||||||
Cash dividends | (11.3) | (2.2) | (9.1) | |||||
Contribution of preferred stock | (667.3) | 667.3 | ||||||
Equity transaction with noncontrolling interest, net and other | (0.5) | (0.1) | (0.3) | (0.1) | ||||
Balance at Sep. 30, 2020 | 997 | 0.3 | 668.3 | 260.7 | (222.9) | (49.6) | 340.2 | |
Balance at Jun. 30, 2020 | 975.5 | 667.3 | 0.3 | 1.5 | 247.1 | (232) | (49.6) | 340.9 |
Net income | 19.4 | 15.4 | 4 | |||||
Other comprehensive income (loss), net | 12.3 | 9.1 | 3.2 | |||||
Dividends paid to noncontrolling interest | (7.9) | (7.9) | ||||||
Cash dividends | (2.3) | (2.3) | ||||||
Contribution of preferred stock | $ (667.3) | 667.3 | ||||||
Equity transaction with noncontrolling interest, net and other | (0.5) | 0.5 | ||||||
Balance at Sep. 30, 2020 | 997 | 0.3 | 668.3 | 260.7 | (222.9) | (49.6) | 340.2 | |
Balance at Dec. 31, 2020 | 1,006.9 | 0.3 | 668.3 | 282.9 | (219.4) | (49.6) | 324.4 | |
Net income | 109.3 | 75.2 | 34.1 | |||||
Other comprehensive income (loss), net | 5.9 | 4.4 | 1.5 | |||||
Dividends paid to noncontrolling interest | (45.3) | (45.3) | ||||||
Cash dividends | (6.8) | (6.8) | ||||||
Equity transaction with noncontrolling interest, net and other | (0.3) | 1.2 | (1.5) | |||||
Balance at Sep. 30, 2021 | 1,069.7 | 0.3 | 669.5 | 351.3 | (215) | (49.6) | 313.2 | |
Balance at Jun. 30, 2021 | 1,045.4 | 0.3 | 669.5 | 314.6 | (212.1) | (49.6) | 322.7 | |
Net income | 54.5 | 39 | 15.5 | |||||
Other comprehensive income (loss), net | (3.9) | (2.9) | (1) | |||||
Dividends paid to noncontrolling interest | (24) | (24) | ||||||
Cash dividends | (2.3) | (2.3) | ||||||
Balance at Sep. 30, 2021 | $ 1,069.7 | $ 0.3 | $ 669.5 | $ 351.3 | $ (215) | $ (49.6) | $ 313.2 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends per share | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.40 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 109.3 | $ 53.1 |
Depreciation and amortization | 44.2 | 50.9 |
Gain from sale of land | (16) | (0.5) |
Benefit plan expense greater than cash funding | 8.5 | 11.8 |
Deferred income taxes | 2.7 | (9.7) |
Contributions to TiO2 manufacturing joint venture, net | (2.2) | (6.5) |
Other, net | 4.1 | 9 |
Change in assets and liabilities: | ||
Accounts and other receivables, net | (67.1) | (9.3) |
Inventories, net | 75.6 | 6.8 |
Land held for development, net | 6.3 | (4.2) |
Accounts payable and accrued liabilities | 25.6 | (19.9) |
Accounts with affiliates | (19.4) | (19.5) |
Income taxes | (4.8) | 19.1 |
Other, net | 22.4 | (35.9) |
Net cash provided by operating activities | 189.2 | 45.2 |
Cash flows from investing activities: | ||
Capital expenditures | (39.2) | (40.3) |
Proceeds from land sales | 23.4 | 1.2 |
Purchases of marketable securities | (3.1) | (0.9) |
Proceeds from disposal of marketable securities | 4.4 | 1.9 |
Other, net | 2.1 | 1.5 |
Net cash used in investing activities | (12.4) | (36.6) |
Cash flows from financing activities: | ||
Principal payments on indebtedness | (69.5) | (18.2) |
Deferred financing fees | (1.8) | |
Valhi cash dividends paid | (6.8) | (11.3) |
Distributions to noncontrolling interest in subsidiaries | (45.3) | (21.1) |
Subsidiary treasury stock acquired | (0.8) | (1) |
Net cash used in financing activities | (124.2) | (51.6) |
Cash, cash equivalents and restricted cash and cash equivalents - net change from: | ||
Operating, investing and financing activities | 52.6 | (43) |
Effect of exchange rates on cash | (7.7) | 5.9 |
Balance at beginning of period | 570.3 | 583.8 |
Balance at end of period | 615.2 | 546.7 |
Cash paid for: | ||
Interest, net of capitalized interest | 26.7 | 29.1 |
Income taxes, net | 45.9 | 15.9 |
Noncash investing activities: | ||
Change in accruals for capital expenditures | $ 4.3 | $ 1.7 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and basis of presentation: Organization – We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at September 30, 2021. A majority of Contran's outstanding voting stock is held directly by Lisa K. Simmons and various family trusts established for the benefit of Ms. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and their children and for which Ms. Simmons or Mr. Connelly, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly serves as trustee, he is required to vote the shares of Contran voting stock held in such trusts in the same manner as Ms. Simmons. Such voting rights of Ms. Simmons last through April 22, 2030 and are personal to Ms. Simmons . The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-party financial institution serves as trustee. Consequently, at September 30, 2021, Ms. Simmons and the Family Trust may be deemed to control Contran and us. Basis of Presentation – Consolidated in this Quarterly Report are the results of 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”). The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 that we filed with the SEC on March 11, 2021 (the “2020 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2020 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2020) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim periods ended September 30, 2021 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2020 Consolidated Financial Statements contained in our 2020 Annual Report. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 2 – Business segment information: 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 approximately 50% we hold directly and approximately 30% held directly by NL. We own approximately 83% of NL. Our control of CompX is through NL. We own approximately 63% of BMI. Our control of LandWell includes the approximately 27% we hold directly and 50% held by BMI. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Net sales: Chemicals $ 416.9 $ 499.8 $ 1,223.9 $ 1,443.4 Component products 28.4 34.5 84.5 106.7 Real estate management and development 13.3 44.6 24.5 63.1 Total net sales $ 458.6 $ 578.9 $ 1,332.9 $ 1,613.2 Cost of sales: Chemicals $ 337.3 $ 377.1 $ 961.8 $ 1,116.7 Component products 21.1 23.6 59.4 73.4 Real estate management and development 10.5 25.5 18.3 36.5 Total cost of sales $ 368.9 $ 426.2 $ 1,039.5 $ 1,226.6 Gross margin: Chemicals $ 79.6 $ 122.7 $ 262.1 $ 326.7 Component products 7.3 10.9 25.1 33.3 Real estate management and development 2.8 19.1 6.2 26.6 Total gross margin $ 89.7 $ 152.7 $ 293.4 $ 386.6 Operating income: Chemicals $ 21.6 $ 60.3 $ 104.3 $ 145.4 Component products 2.1 5.1 9.5 16.7 Real estate management and development 5.2 15.8 25.4 26.0 Total operating income 28.9 81.2 139.2 188.1 General corporate items: Securities earnings .9 .9 3.5 2.9 Insurance recoveries - - 1.6 - Gain on land and related sales - 10.4 .5 16.0 Changes in market value of Valhi common stock held by subsidiaries .7 (.2 ) (2.2 ) 2.0 Other components of net periodic pension and OPEB expense (5.2 ) (4.3 ) (14.9 ) (13.2 ) General expenses, net (8.4 ) (8.7 ) (26.0 ) (26.1 ) Interest expense (8.9 ) (7.9 ) (27.4 ) (25.2 ) Income before income taxes $ 8.0 $ 71.4 $ 74.3 $ 144.5 Segment results we report may differ from amounts separately reported by our various subsidiaries due to purchase accounting adjustments and related amortization or differences in the way we define operating income. Intersegment sales are not material. Infrastructure reimbursement is included in the determination of Real Estate Management and Development operating income. See Note 11. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 3 – Accounts and other receivables, net: December September 2020 2021 (In millions) Trade accounts receivable: Kronos $ 294.8 $ 346.6 CompX 10.8 15.2 BMI and LandWell 1.2 2.1 VAT and other receivables 27.2 26.7 Refundable income taxes 5.7 7.8 Receivable from affiliates: Contran - trade items 1.7 .4 Louisiana Pigment Company, L.P. ("LPC") - 13.4 Other - trade items 2.8 2.3 Allowance for doubtful accounts (1.9 ) (2.1 ) Total $ 342.3 $ 412.4 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 4 – Inventories, net: December September 2020 2021 (In millions) Raw materials: Chemicals $ 133.2 $ 100.7 Component products 3.2 5.0 Total raw materials 136.4 105.7 Work in process: Chemicals 36.8 29.8 Component products 11.7 15.1 Total in-process products 48.5 44.9 Finished products: Chemicals 270.0 214.7 Component products 3.5 3.5 Total finished products 273.5 218.2 Supplies (chemicals) 79.8 79.2 Total $ 538.2 $ 448.0 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 5 – Other assets: December September 2020 2021 (In millions) Other noncurrent assets: Land held for development $ 96.0 $ 59.7 Operating lease right-of-use assets 26.1 21.8 Restricted cash and cash equivalents 37.8 37.6 IBNR receivables 37.1 32.6 Marketable securities 2.9 3.5 Pension asset 8.4 10.0 Note receivables - OPA 25.3 29.0 Other 8.7 13.5 Total $ 242.3 $ 207.7 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6 – Long-term debt: December 31, September 30, 2020 2021 (In millions) Valhi: Contran credit facility $ 270.7 $ 204.5 Subsidiary debt: Kronos: Senior Notes 485.7 460.4 BMI: Bank loan - Western Alliance Bank 16.3 15.3 LandWell: Note payable to Western Alliance Business Trust 14.2 13.9 Other 1.7 1.4 Total subsidiary debt 517.9 491.0 Total debt 788.6 695.5 Less current maturities (2.4 ) (2.5 ) Total long-term debt $ 786.2 $ 693.0 Valhi – Contran credit facility – During the first nine months of 2021, we had no borrowings and repaid $66.2 million under this facility. The average interest rate on the existing balance for the nine months ended September 30, 2021 was 4.25%. At September 30, 2021, the interest rate was 4.25% and $115.5 million was available for borrowing under this facility Kronos – Senior Notes – At September 30, 2021, the carrying value of Kronos’ 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $3.8 million. Revolving credit facilities – On April 20, 2021, Kronos entered into a new global $225 million revolving credit facility (“Global Revolver”) which matures in April 2026. The Global Revolver replaces Kronos’ previously existing North American and European revolving credit facilities and there were no borrowings on either facility in 2021 through their termination concurrent with entering into the Global Revolver. Since inception, Kronos had no borrowings or repayments under the Global Revolver and at September 30, 2021, the full $225 million was available for borrowing. Borrowings under the Global Revolver are available for Kronos’ general corporate purposes. Available borrowings are based on formula-determined amounts of eligible trade receivables and inventories, as defined in the agreement, less any outstanding letters of credit issued under the Global Revolver. Borrowings by Kronos’ Canadian, Belgian and German subsidiaries are limited to $25 million, €30 million and €60 million, respectively. Any amounts outstanding under the Global Revolver bear interest, at Kronos’ option, at the applicable non-base rate (LIBOR, CDOR or EURIBOR, dependent on the currency of the borrowing) 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 2.0%. The Global Revolver 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 customary in lending transactions of this type which, among other things, restrict the borrowers’ ability to incur additional debt, incur liens, pay additional dividends or merge or consolidate with, or sell or transfer all or substantially all of their assets to another entity and, under certain conditions, requires the maintenance of a fixed charge coverage ratio, as defined in the agreement, of at least 1.0 to 1.0. Other – We are in compliance with all of our debt covenants at September 30, 2021. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 7 – Accounts payable and accrued liabilities: December September 2020 2021 (In millions) Accounts payable: Kronos $ 111.0 $ 123.4 CompX 2.6 4.5 BMI and LandWell 3.6 5.8 Other .4 .3 Payable to affiliates: Contran - income taxes 8.3 5.1 LPC 19.3 17.6 Accrued litigation settlement 11.8 11.8 Employee benefits 37.5 40.0 Operating lease liabilities 6.7 4.6 Accrued sales discounts and rebates 30.2 24.0 Deferred income 20.1 35.3 Environmental remediation and related costs 3.4 3.6 Interest 5.7 1.5 Other 39.4 44.2 Total $ 300.0 $ 321.7 The accrued litigation settlement is discussed in Note 15. |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Note December 31, September 30, 2020 2021 (In millions) Operating lease liabilities $ 18.8 $ 16.6 Reserve for uncertain tax positions 6.8 7.2 Accrued litigation settlement 49.4 38.3 Deferred income 58.9 107.9 Other postretirement benefits 10.8 10.7 Employee benefits 6.2 5.4 Insurance claims and expenses 39.3 34.8 Deferred payment obligation 1.3 - Accrued development costs 24.6 27.0 Other 7.8 10.0 Total $ 223.9 $ 257.9 The accrued litigation settlement is discussed in Note 15. Deferred payment obligation – As disclosed in Note 10 to our Annual Report, we were required to make mandatory repayments to Nevada Environmental Response Trust (“NERT”) on our deferred payment obligation whenever we received distributions from BMI or LandWell and we could make voluntary repayments at any time without penalty. In the first quarter of 2021, we voluntarily fully repaid the remaining $1.5 million face value outstanding under the obligation and recognized an accretion loss of $.2 million on the early repayment. |
Revenue - Disaggregation of Sal
Revenue - Disaggregation of Sales | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue - Disaggregation of Sales | Note 9 – Revenue – disaggregation of sales: The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and to the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Net sales - point of origin: United States $ 272.9 $ 297.6 $ 736.5 $ 787.5 Germany 208.1 254.2 620.3 724.2 Canada 93.8 88.6 247.1 288.8 Belgium 64.9 69.6 181.9 212.0 Norway 46.6 63.4 163.5 198.5 Eliminations (269.4 ) (273.6 ) (725.4 ) (767.6 ) Total $ 416.9 $ 499.8 $ 1,223.9 $ 1,443.4 Net sales - point of destination: Europe $ 194.3 $ 248.0 $ 578.6 $ 712.1 North America 153.2 174.3 434.4 476.9 Other 69.4 77.5 210.9 254.4 Total $ 416.9 $ 499.8 $ 1,223.9 $ 1,443.4 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Component Products: Net sales: Security products $ 21.2 $ 25.8 $ 65.2 $ 79.3 Marine components 7.2 8.7 19.3 27.4 Total $ 28.4 $ 34.5 $ 84.5 $ 106.7 Real Estate Management and Development: Net sales: Land sales $ 10.6 $ 41.9 $ 16.8 $ 57.0 Water delivery 2.2 2.3 6.2 4.8 Utility and other .5 .4 1.5 1.3 Total $ 13.3 $ 44.6 $ 24.5 $ 63.1 |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plans | Note 10 – Defined benefit pension plans: The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Service cost $ 3.5 $ 3.7 $ 9.9 $ 11.1 Interest cost 3.1 2.5 9.0 7.3 Expected return on plan assets (2.9 ) (3.3 ) (8.4 ) (10.1 ) Amortization of prior service cost .1 - .2 .1 Recognized actuarial losses 5.0 5.3 14.4 16.3 Total $ 8.8 $ 8.2 $ 25.1 $ 24.7 We expect to contribute the equivalent of approximately $18 million to all of our defined benefit pension plans during 2021. |
Other Income, Net
Other Income, Net | 9 Months Ended |
Sep. 30, 2021 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Note 11 – Other income, net: Nine months ended September 30, 2020 2021 (In millions) Securities earnings: Dividends and interest $ 3.8 $ 2.8 Securities transactions, net (.3 ) .1 Total 3.5 2.9 Currency transactions, net 3.2 1.2 Insurance recoveries 1.6 - Infrastructure reimbursement 19.6 6.2 Gain on land and related sales 4.5 16.0 Other, net 1.5 1.6 Total $ 33.9 $ 27.9 Insurance recoveries reflect, in part, amounts NL received from certain of its former insurance carriers and relate to the recovery of prior lead pigment and asbestos litigation defense costs incurred by NL. See Note 15. In the first quarter of 2020, Kronos recognized a $1.5 million gain related to an insurance settlement for a property damage claim. In the first nine months of 2021 we sold excess property not used in our operations for net proceeds of approximately $23.4 million and recognized a pre-tax gain of $16.0 million. In the third quarter of 2020, BMI recognized a pre-tax gain of $4.0 million related to proceeds received associated with a prior land sale. Infrastructure reimbursement – As disclosed in Note 7 to our 2020 Annual Report, under an Owner Participation Agreement (“OPA”) entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, as LandWell develops certain real property for commercial and residential purposes in its master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to LandWell through tax increment. During the first nine months of 2020 and 2021, LandWell received approval for additional tax increment reimbursement of $19.1 million (all in the first quarter) and $6.2 million (all in the first quarter), respectively, which was recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income taxes: Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 1.7 $ 14.9 $ 15.6 $ 30.3 Incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies (3.9 ) (.7 ) (7.8 ) (2.6 ) Non-U.S. tax rates (.2 ) 1.3 .8 3.1 Valuation allowance (2.1 ) (.7 ) 4.9 .8 Adjustment to the reserve for uncertain tax positions, net (.5 ) .3 .7 .1 Global intangible low-tax income, net (6.8 ) .9 6.3 1.9 Nondeductible expenses (.5 ) .3 1.3 .7 U.S. state income taxes and other, net .9 .6 (.6 ) .9 Income tax expense (benefit) $ (11.4 ) $ 16.9 $ 21.2 $ 35.2 Comprehensive provision (benefit) for income taxes allocable to: Net income $ (11.4 ) $ 16.9 $ 21.2 $ 35.2 Other comprehensive income (loss): Currency translation 1.2 (.8 ) (1.5 ) (.4 ) Pension plans 1.9 2.0 5.5 6.2 Other (.1 ) (.1 ) (.2 ) (.2 ) Total $ (8.4 ) $ 18.0 $ 25.0 $ 40.8 The amount shown in the preceding table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate. The amount shown on such table for incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current-year earnings of all of our Chemicals Segment’s non-U.S. subsidiaries, (ii) current U.S. income taxes (or current income tax benefit) including U.S. personal holding company tax, as applicable, attributable to current-year income (losses) of one of Kronos’ non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, (iii) deferred income taxes associated with our direct investment in Kronos and (iv) current and deferred income taxes associated with distributions and earnings from our investments in LandWell and BMI. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was signed into law in response to the COVID-19 pandemic. The CARES Act, among other things, includes modifications to the limitation of business interest for tax years beginning in 2019 and 2020 increasing the business interest limitation from 30% of adjusted taxable income to 50% of adjusted taxable income which increased our allowable interest expense deduction for 2019 and 2020. Consequently, in the first quarter of 2020 we recognized a cash tax benefit of $1.0 million related to an adjustment to the valuation allowance recognized in 2019 for the portion of the disallowed interest expense we did not expect to fully utilize at December 31, 2019. Tax authorities |
Noncontrolling Interest in Subs
Noncontrolling Interest in Subsidiaries | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Subsidiaries | Note 13 – Noncontrolling interest in subsidiaries: December September 2020 2021 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 212.3 $ 217.2 NL Industries 67.1 72.3 CompX International 23.5 22.5 BMI 14.7 6.8 LandWell 6.8 (5.6 ) Total $ 324.4 $ 313.2 Nine months ended September 30, 2020 2021 (In millions) Noncontrolling interest in net income of subsidiaries: Kronos Worldwide $ 10.2 $ 15.8 NL Industries 1.8 6.2 CompX International 1.1 1.8 BMI 4.4 4.0 LandWell 4.9 6.3 Total $ 22.4 $ 34.1 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 14 – Stockholders’ equity: Accumulated other comprehensive loss – Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Accumulated other comprehensive income (loss), net of tax and noncontrolling interest: Marketable securities: Balance at beginning of period $ 1.8 $ 1.7 $ 1.7 $ 1.8 Other comprehensive income - unrealized gains (losses) arising during the period - - .1 (.1 ) Balance at end of period $ 1.8 $ 1.7 $ 1.8 $ 1.7 Currency translation: Balance at beginning of period $ (92.4 ) $ (64.8 ) $ (76.8 ) $ (67.4 ) Other comprehensive income (loss) 6.8 (5.3 ) (8.8 ) (2.7 ) Balance at end of period $ (85.6 ) $ (70.1 ) $ (85.6 ) $ (70.1 ) Defined benefit pension plans: Balance at beginning of period $ (142.1 ) $ (149.1 ) $ (146.6 ) $ (154.1 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 2.3 2.5 6.8 7.5 Balance at end of period $ (139.8 ) $ (146.6 ) $ (139.8 ) $ (146.6 ) OPEB plans: Balance at beginning of period $ .7 $ .1 $ 1.0 $ .3 Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost - (.1 ) (.3 ) (.3 ) Balance at end of period $ .7 $ - $ .7 $ - Total accumulated other comprehensive loss: Balance at beginning of period $ (232.0 ) $ (212.1 ) $ (220.7 ) $ (219.4 ) Other comprehensive income (loss) 9.1 (2.9 ) (2.2 ) 4.4 Balance at end of period $ (222.9 ) $ (215.0 ) $ (222.9 ) $ (215.0 ) Preferred stock – As disclosed in Note 16 to our 2020 Annual Report, pursuant to a contribution agreement between us, Contran and a wholly owned subsidiary of Contran, on August 10, 2020, the 5,000 shares of 6% Series A Preferred Stock held by Contran were voluntarily contributed to our capital for no consideration and without the issuance of additional securities by us. Our independent directors approved acceptance of such contribution and entering into the contribution agreement. The contribution had no impact on our consolidated financial position, results of operations or liquidity and the contribution did not have any tax consequences to us. On August 10, 2020, following the contribution of the 6% Series A Preferred Stock to us, we filed a Certificate of Elimination with the Secretary of State of Delaware and, as a result, the 5,000 shares that were designated as 6% Series A Preferred Stock were returned to the status of authorized but unissued shares of the preferred stock, $.01 par value per share, without designation as to series. Other – During the first quarter of 2021, CompX acquired 50,000 shares of its Class A common stock in a market transaction for approximately $.8 million. At September 30, 2021, approximately .6 million shares were available for repurchase under CompX’s prior repurchase authorizations |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 – Commitments and contingencies: Lead pigment litigation – NL NL’s former operations included the manufacture of lead pigments for use in paint and lead-based paint. NL, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (LIA), which discontinued business operations in 2002, have been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions have been filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others have been asserted as class actions. These lawsuits seek recovery under a variety of theories, including public and private nuisance, negligent product design, negligent failure to warn, strict liability, breach of warranty, conspiracy/concert of action, aiding and abetting, enterprise liability, market share or risk contribution liability, intentional tort, fraud and misrepresentation, violations of state consumer protection statutes, supplier negligence and similar claims. The plaintiffs in these actions generally seek to impose on the defendants responsibility for lead paint abatement and health concerns associated with the use of lead-based paints, including damages for personal injury, contribution and/or indemnification for medical expenses, medical monitoring expenses and costs for educational programs. To the extent the plaintiffs seek compensatory or punitive damages in these actions, such damages are generally unspecified. In some cases, the damages are unspecified pursuant to the requirements of applicable state law. A number of cases are inactive or have been dismissed or withdrawn. Most of the remaining cases are in various pre-trial stages. Some are on appeal following dismissal or summary judgment rulings or a trial verdict in favor of either the defendants or the plaintiffs. NL believes that these actions are without merit, and intends 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 we have incurred any liability with respect to all of the lead pigment litigation cases to which NL is a party, and with respect to all other lead pigment litigation cases to which NL is a party, we believe liability to NL that may result, if any, in this regard cannot be reasonably estimated, because: NL has never settled any of the market share, intentional tort, fraud, nuisance, supplier negligence, breach of warranty, conspiracy, misrepresentation, aiding and abetting, enterprise liability, or statutory cases (other than the Santa Clara case discussed below), no final, non-appealable adverse judgments have ever been entered against NL, and NL has never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a thirty-year . 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. In addition, we have determined that liability to NL which may result, if any, cannot be reasonably estimated at this time because there is no prior history of a loss of this nature on which an estimate could be made and there is no substantive information available upon which an estimate could be based. Under the terms of the County of Santa Clara v. Atlantic Richfield Company, et al. New cases may continue to be filed against NL. It is possible we will incur liability in the future with respect to any of the pending or possible litigation in view of the inherent uncertainties involved in court and jury rulings. In the future, if new information regarding such matters becomes available to us (such as a final, non-appealable adverse verdict against NL or otherwise ultimately being found liable with respect to such matters), at that time we would consider such information in evaluating any remaining cases then-pending against NL as to whether it might then become probable we have incurred liability with respect to these matters, and whether such liability, if any, could 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 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. It is possible actual costs will exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and it is possible costs will be incurred for sites where no estimates presently can be made. Further, additional environmental and related matters may arise in the future. If we were to incur any future liability, this could have a material adverse effect on our consolidated financial statements, results of operations and liquidity. We record liabilities related to environmental remediation and related matters (including costs associated with damages for personal injury or property damage and/or damages for injury to natural resources) when estimated future expenditures are probable and reasonably estimable. We adjust such accruals as further information becomes available to us or as circumstances change. Unless the amounts and timing of such estimated future expenditures are fixed and reasonably determinable, we generally do not discount estimated future expenditures to their present value due to the uncertainty of the timing of the payout. We recognize recoveries of costs from other parties, if any, as assets when their receipt is deemed probable. We do not know and cannot estimate the exact time frame over which we will make payments for our accrued environmental and related costs. The timing of payments depends upon a number of factors, including but not limited to the timing of the actual remediation process; which in turn depends on factors outside of our control. At each balance sheet date, we estimate the amount of our accrued environmental and related costs which we expect to pay within the next twelve months, and we classify this estimate as a current liability. We classify the remaining accrued environmental costs as a noncurrent liability. The table below presents a summary of the activity in our accrued environmental costs during the first nine months of 2021. Amount (In millions) Balance at the beginning of the year $ 98.6 Additions charged to expense 1.3 Payments, net (2.1 ) Balance at the end of the period $ 97.8 Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: Current liabilities $ 3.6 Noncurrent liabilities 94.2 Total $ 97.8 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 September 30, 2021, NL had accrued approximately $93 million related to approximately 32 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 NL believes it is possible to estimate costs is approximately $112 million, including the amount currently accrued. NL believes that it is not reasonably possible to estimate the range of costs for certain sites. At September 30, 2021, there were approximately five sites for which NL is not currently able to reasonably estimate a range of costs. For these sites, generally the investigation is in the early stages, and NL is unable to determine whether or not it actually had any association with the site, the nature of its responsibility, if any, for the contamination at the site, if any, and the extent of contamination at and cost to remediate the site. The timing and availability of information on these sites is dependent on events outside of NL’s control, such as when the party alleging liability provides information to NL. At certain of these previously inactive sites, NL has received general and special notices of liability from the EPA and/or state agencies alleging that NL, sometimes with other PRPs, is liable for past and future costs of remediating environmental contamination allegedly caused by former operations. These notifications may assert that NL, along with any other alleged PRPs, is liable for past and/or future clean-up costs. As further information becomes available to us for any of these sites which would allow us to estimate a range of costs, we would at that time adjust our accruals. Any such adjustment could result in the recognition of an accrual that would have a material effect on our consolidated financial statements, results of operations and liquidity. Other – We have also accrued approximately $5 million at September 30, 2021 for other environmental cleanup matters. Insurance coverage claims – NL NL is involved in certain legal proceedings with a number of its former insurance carriers regarding the nature and extent of the carriers’ obligations to NL under insurance policies with respect to certain lead pigment and asbestos lawsuits. The issue of whether insurance coverage for defense costs or indemnity or both will be found to exist for NL’s lead pigment and asbestos litigation depends upon a variety of factors, and we cannot assure you that such insurance coverage will be available. NL has agreements with certain of its former insurance carriers pursuant to which the carriers reimburse it for a portion of its future lead pigment litigation defense costs, and one such carrier reimburses NL for a portion of its future asbestos litigation defense costs. We are not able to determine how much NL will ultimately recover from these carriers for defense costs incurred by NL because of certain issues that arise regarding which defense costs qualify for reimbursement. While NL continues to seek additional insurance recoveries, we do not know if we will be successful in obtaining reimbursement for either defense costs or indemnity. Accordingly, we recognize insurance recoveries in income only when receipt of the recovery is probable and we are able to reasonably estimate the amount of the recovery. For additional discussion of certain litigation involving NL and certain of its former insurance carriers, please refer to our 2020 Annual Report. 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. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Note 16 – Fair value measurements and financial instruments: The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2020 September 30, 2021 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash equivalents $ 570.3 $ 570.3 $ 615.2 $ 615.2 Deferred payment obligation 1.3 1.3 - - Long-term debt: Kronos Senior Notes 485.7 499.9 460.4 472.4 Valhi credit facility with Contran 270.7 270.7 204.5 204.5 BMI bank note payable 16.3 16.9 15.3 15.9 LandWell bank note payable 14.2 14.2 13.9 13.9 At September 30, 2021, the estimated market price of Kronos’ Senior Notes was €1,017 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
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 September 30, 2021. A majority of Contran's outstanding voting stock is held directly by Lisa K. Simmons and various family trusts established for the benefit of Ms. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and their children and for which Ms. Simmons or Mr. Connelly, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly serves as trustee, he is required to vote the shares of Contran voting stock held in such trusts in the same manner as Ms. Simmons. Such voting rights of Ms. Simmons last through April 22, 2030 and are personal to Ms. Simmons . The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-party financial institution serves as trustee. Consequently, at September 30, 2021, Ms. Simmons and the Family Trust may be deemed to control Contran and us. |
Basis of Presentation | Basis of Presentation – Consolidated in this Quarterly Report are the results of 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”). The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 that we filed with the SEC on March 11, 2021 (the “2020 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2020 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2020) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim periods ended September 30, 2021 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2020 Consolidated Financial Statements contained in our 2020 Annual Report. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 | Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Net sales: Chemicals $ 416.9 $ 499.8 $ 1,223.9 $ 1,443.4 Component products 28.4 34.5 84.5 106.7 Real estate management and development 13.3 44.6 24.5 63.1 Total net sales $ 458.6 $ 578.9 $ 1,332.9 $ 1,613.2 Cost of sales: Chemicals $ 337.3 $ 377.1 $ 961.8 $ 1,116.7 Component products 21.1 23.6 59.4 73.4 Real estate management and development 10.5 25.5 18.3 36.5 Total cost of sales $ 368.9 $ 426.2 $ 1,039.5 $ 1,226.6 Gross margin: Chemicals $ 79.6 $ 122.7 $ 262.1 $ 326.7 Component products 7.3 10.9 25.1 33.3 Real estate management and development 2.8 19.1 6.2 26.6 Total gross margin $ 89.7 $ 152.7 $ 293.4 $ 386.6 Operating income: Chemicals $ 21.6 $ 60.3 $ 104.3 $ 145.4 Component products 2.1 5.1 9.5 16.7 Real estate management and development 5.2 15.8 25.4 26.0 Total operating income 28.9 81.2 139.2 188.1 General corporate items: Securities earnings .9 .9 3.5 2.9 Insurance recoveries - - 1.6 - Gain on land and related sales - 10.4 .5 16.0 Changes in market value of Valhi common stock held by subsidiaries .7 (.2 ) (2.2 ) 2.0 Other components of net periodic pension and OPEB expense (5.2 ) (4.3 ) (14.9 ) (13.2 ) General expenses, net (8.4 ) (8.7 ) (26.0 ) (26.1 ) Interest expense (8.9 ) (7.9 ) (27.4 ) (25.2 ) Income before income taxes $ 8.0 $ 71.4 $ 74.3 $ 144.5 |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Components of Accounts and Other Receivables | December September 2020 2021 (In millions) Trade accounts receivable: Kronos $ 294.8 $ 346.6 CompX 10.8 15.2 BMI and LandWell 1.2 2.1 VAT and other receivables 27.2 26.7 Refundable income taxes 5.7 7.8 Receivable from affiliates: Contran - trade items 1.7 .4 Louisiana Pigment Company, L.P. ("LPC") - 13.4 Other - trade items 2.8 2.3 Allowance for doubtful accounts (1.9 ) (2.1 ) Total $ 342.3 $ 412.4 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December September 2020 2021 (In millions) Raw materials: Chemicals $ 133.2 $ 100.7 Component products 3.2 5.0 Total raw materials 136.4 105.7 Work in process: Chemicals 36.8 29.8 Component products 11.7 15.1 Total in-process products 48.5 44.9 Finished products: Chemicals 270.0 214.7 Component products 3.5 3.5 Total finished products 273.5 218.2 Supplies (chemicals) 79.8 79.2 Total $ 538.2 $ 448.0 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | December September 2020 2021 (In millions) Other noncurrent assets: Land held for development $ 96.0 $ 59.7 Operating lease right-of-use assets 26.1 21.8 Restricted cash and cash equivalents 37.8 37.6 IBNR receivables 37.1 32.6 Marketable securities 2.9 3.5 Pension asset 8.4 10.0 Note receivables - OPA 25.3 29.0 Other 8.7 13.5 Total $ 242.3 $ 207.7 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31, September 30, 2020 2021 (In millions) Valhi: Contran credit facility $ 270.7 $ 204.5 Subsidiary debt: Kronos: Senior Notes 485.7 460.4 BMI: Bank loan - Western Alliance Bank 16.3 15.3 LandWell: Note payable to Western Alliance Business Trust 14.2 13.9 Other 1.7 1.4 Total subsidiary debt 517.9 491.0 Total debt 788.6 695.5 Less current maturities (2.4 ) (2.5 ) Total long-term debt $ 786.2 $ 693.0 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December September 2020 2021 (In millions) Accounts payable: Kronos $ 111.0 $ 123.4 CompX 2.6 4.5 BMI and LandWell 3.6 5.8 Other .4 .3 Payable to affiliates: Contran - income taxes 8.3 5.1 LPC 19.3 17.6 Accrued litigation settlement 11.8 11.8 Employee benefits 37.5 40.0 Operating lease liabilities 6.7 4.6 Accrued sales discounts and rebates 30.2 24.0 Deferred income 20.1 35.3 Environmental remediation and related costs 3.4 3.6 Interest 5.7 1.5 Other 39.4 44.2 Total $ 300.0 $ 321.7 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | December 31, September 30, 2020 2021 (In millions) Operating lease liabilities $ 18.8 $ 16.6 Reserve for uncertain tax positions 6.8 7.2 Accrued litigation settlement 49.4 38.3 Deferred income 58.9 107.9 Other postretirement benefits 10.8 10.7 Employee benefits 6.2 5.4 Insurance claims and expenses 39.3 34.8 Deferred payment obligation 1.3 - Accrued development costs 24.6 27.0 Other 7.8 10.0 Total $ 223.9 $ 257.9 |
Revenue - Disaggregation of S_2
Revenue - Disaggregation of Sales (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregates of Net Sales | The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and to the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Net sales - point of origin: United States $ 272.9 $ 297.6 $ 736.5 $ 787.5 Germany 208.1 254.2 620.3 724.2 Canada 93.8 88.6 247.1 288.8 Belgium 64.9 69.6 181.9 212.0 Norway 46.6 63.4 163.5 198.5 Eliminations (269.4 ) (273.6 ) (725.4 ) (767.6 ) Total $ 416.9 $ 499.8 $ 1,223.9 $ 1,443.4 Net sales - point of destination: Europe $ 194.3 $ 248.0 $ 578.6 $ 712.1 North America 153.2 174.3 434.4 476.9 Other 69.4 77.5 210.9 254.4 Total $ 416.9 $ 499.8 $ 1,223.9 $ 1,443.4 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Component Products: Net sales: Security products $ 21.2 $ 25.8 $ 65.2 $ 79.3 Marine components 7.2 8.7 19.3 27.4 Total $ 28.4 $ 34.5 $ 84.5 $ 106.7 Real Estate Management and Development: Net sales: Land sales $ 10.6 $ 41.9 $ 16.8 $ 57.0 Water delivery 2.2 2.3 6.2 4.8 Utility and other .5 .4 1.5 1.3 Total $ 13.3 $ 44.6 $ 24.5 $ 63.1 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Pension Plans | |
Components of Net Periodic Defined Benefit Cost | The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Service cost $ 3.5 $ 3.7 $ 9.9 $ 11.1 Interest cost 3.1 2.5 9.0 7.3 Expected return on plan assets (2.9 ) (3.3 ) (8.4 ) (10.1 ) Amortization of prior service cost .1 - .2 .1 Recognized actuarial losses 5.0 5.3 14.4 16.3 Total $ 8.8 $ 8.2 $ 25.1 $ 24.7 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income And Expenses [Abstract] | |
Schedule of Components of Other Income | Nine months ended September 30, 2020 2021 (In millions) Securities earnings: Dividends and interest $ 3.8 $ 2.8 Securities transactions, net (.3 ) .1 Total 3.5 2.9 Currency transactions, net 3.2 1.2 Insurance recoveries 1.6 - Infrastructure reimbursement 19.6 6.2 Gain on land and related sales 4.5 16.0 Other, net 1.5 1.6 Total $ 33.9 $ 27.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Component of Income Taxes Expenses | Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 1.7 $ 14.9 $ 15.6 $ 30.3 Incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies (3.9 ) (.7 ) (7.8 ) (2.6 ) Non-U.S. tax rates (.2 ) 1.3 .8 3.1 Valuation allowance (2.1 ) (.7 ) 4.9 .8 Adjustment to the reserve for uncertain tax positions, net (.5 ) .3 .7 .1 Global intangible low-tax income, net (6.8 ) .9 6.3 1.9 Nondeductible expenses (.5 ) .3 1.3 .7 U.S. state income taxes and other, net .9 .6 (.6 ) .9 Income tax expense (benefit) $ (11.4 ) $ 16.9 $ 21.2 $ 35.2 Comprehensive provision (benefit) for income taxes allocable to: Net income $ (11.4 ) $ 16.9 $ 21.2 $ 35.2 Other comprehensive income (loss): Currency translation 1.2 (.8 ) (1.5 ) (.4 ) Pension plans 1.9 2.0 5.5 6.2 Other (.1 ) (.1 ) (.2 ) (.2 ) Total $ (8.4 ) $ 18.0 $ 25.0 $ 40.8 |
Noncontrolling Interest in Su_2
Noncontrolling Interest in Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Net Assets of Subsidiaries | December September 2020 2021 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 212.3 $ 217.2 NL Industries 67.1 72.3 CompX International 23.5 22.5 BMI 14.7 6.8 LandWell 6.8 (5.6 ) Total $ 324.4 $ 313.2 |
Schedule of Noncontrolling Interest in Net Income of Subsidiaries | Nine months ended September 30, 2020 2021 (In millions) Noncontrolling interest in net income of subsidiaries: Kronos Worldwide $ 10.2 $ 15.8 NL Industries 1.8 6.2 CompX International 1.1 1.8 BMI 4.4 4.0 LandWell 4.9 6.3 Total $ 22.4 $ 34.1 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss – Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below. Three months ended Nine months ended September 30, September 30, 2020 2021 2020 2021 (In millions) Accumulated other comprehensive income (loss), net of tax and noncontrolling interest: Marketable securities: Balance at beginning of period $ 1.8 $ 1.7 $ 1.7 $ 1.8 Other comprehensive income - unrealized gains (losses) arising during the period - - .1 (.1 ) Balance at end of period $ 1.8 $ 1.7 $ 1.8 $ 1.7 Currency translation: Balance at beginning of period $ (92.4 ) $ (64.8 ) $ (76.8 ) $ (67.4 ) Other comprehensive income (loss) 6.8 (5.3 ) (8.8 ) (2.7 ) Balance at end of period $ (85.6 ) $ (70.1 ) $ (85.6 ) $ (70.1 ) Defined benefit pension plans: Balance at beginning of period $ (142.1 ) $ (149.1 ) $ (146.6 ) $ (154.1 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 2.3 2.5 6.8 7.5 Balance at end of period $ (139.8 ) $ (146.6 ) $ (139.8 ) $ (146.6 ) OPEB plans: Balance at beginning of period $ .7 $ .1 $ 1.0 $ .3 Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost - (.1 ) (.3 ) (.3 ) Balance at end of period $ .7 $ - $ .7 $ - Total accumulated other comprehensive loss: Balance at beginning of period $ (232.0 ) $ (212.1 ) $ (220.7 ) $ (219.4 ) Other comprehensive income (loss) 9.1 (2.9 ) (2.2 ) 4.4 Balance at end of period $ (222.9 ) $ (215.0 ) $ (222.9 ) $ (215.0 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Change in Accrued Environmental Remediation and Related Costs | The table below presents a summary of the activity in our accrued environmental costs during the first nine months of 2021. Amount (In millions) Balance at the beginning of the year $ 98.6 Additions charged to expense 1.3 Payments, net (2.1 ) Balance at the end of the period $ 97.8 Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: Current liabilities $ 3.6 Noncurrent liabilities 94.2 Total $ 97.8 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments not Carried at Fair Value | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2020 September 30, 2021 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash equivalents $ 570.3 $ 570.3 $ 615.2 $ 615.2 Deferred payment obligation 1.3 1.3 - - Long-term debt: Kronos Senior Notes 485.7 499.9 460.4 472.4 Valhi credit facility with Contran 270.7 270.7 204.5 204.5 BMI bank note payable 16.3 16.9 15.3 15.9 LandWell bank note payable 14.2 14.2 13.9 13.9 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | Sep. 30, 2021 |
Contran | Valhi Incorporation | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Parent company ownership interest | 92.00% |
Business Segment Information -
Business Segment Information - Holding Percentage of Subsidiaries (Detail) | Sep. 30, 2021 |
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 Segment Information _2
Business Segment Information - Additional Information (Detail) | Sep. 30, 2021 |
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 | Valhi Incorporation | |
Segment Reporting Information [Line Items] | |
Direct ownership percentage by parent | 63.00% |
Business Segment Information _3
Business Segment Information - Segment Operating Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 578.9 | $ 458.6 | $ 1,613.2 | $ 1,332.9 |
Cost of sales | 426.2 | 368.9 | 1,226.6 | 1,039.5 |
Gross margin | 152.7 | 89.7 | 386.6 | 293.4 |
Operating income | 81.2 | 28.9 | 188.1 | 139.2 |
Securities earnings | 0.9 | 0.9 | 2.9 | 3.5 |
Insurance recoveries | 1.6 | |||
Gain on land and related sales | 10.4 | 16 | 0.5 | |
Changes in market value of Valhi common stock held by subsidiaries | (0.2) | 0.7 | 2 | (2.2) |
Other components of net periodic pension and OPEB expense | (4.3) | (5.2) | (13.2) | (14.9) |
General expenses, net | (8.7) | (8.4) | (26.1) | (26) |
Interest expense | (7.9) | (8.9) | (25.2) | (27.4) |
Income before income taxes | 71.4 | 8 | 144.5 | 74.3 |
Chemicals | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 499.8 | 416.9 | 1,443.4 | 1,223.9 |
Cost of sales | 377.1 | 337.3 | 1,116.7 | 961.8 |
Gross margin | 122.7 | 79.6 | 326.7 | 262.1 |
Operating income | 60.3 | 21.6 | 145.4 | 104.3 |
Component Products | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 34.5 | 28.4 | 106.7 | 84.5 |
Cost of sales | 23.6 | 21.1 | 73.4 | 59.4 |
Gross margin | 10.9 | 7.3 | 33.3 | 25.1 |
Operating income | 5.1 | 2.1 | 16.7 | 9.5 |
Real Estate Management And Development | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 44.6 | 13.3 | 63.1 | 24.5 |
Cost of sales | 25.5 | 10.5 | 36.5 | 18.3 |
Gross margin | 19.1 | 2.8 | 26.6 | 6.2 |
Operating income | $ 15.8 | $ 5.2 | $ 26 | $ 25.4 |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Trade accounts receivable: | ||
VAT and other receivables | $ 26.7 | $ 27.2 |
Refundable income taxes | 7.8 | 5.7 |
Allowance for doubtful accounts | (2.1) | (1.9) |
Total | 412.4 | 342.3 |
Trade Accounts Receivable | Kronos Worldwide, Inc. | ||
Trade accounts receivable: | ||
Accounts receivable | 346.6 | 294.8 |
Trade Accounts Receivable | CompX | ||
Trade accounts receivable: | ||
Accounts receivable | 15.2 | 10.8 |
Trade Accounts Receivable | BMI and LandWell | ||
Trade accounts receivable: | ||
Accounts receivable | 2.1 | 1.2 |
Contran | Trade Items | ||
Trade accounts receivable: | ||
Receivable from affiliates | 0.4 | 1.7 |
Louisiana Pigment Company, L.P. ("LPC") | ||
Trade accounts receivable: | ||
Receivable from affiliates | 13.4 | |
Other | Trade Items | ||
Trade accounts receivable: | ||
Receivable from affiliates | $ 2.3 | $ 2.8 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Raw materials | $ 105.7 | $ 136.4 |
Work in process | 44.9 | 48.5 |
Finished products | 218.2 | 273.5 |
Supplies (chemicals) | 79.2 | 79.8 |
Total | 448 | 538.2 |
Chemicals | ||
Inventory [Line Items] | ||
Raw materials | 100.7 | 133.2 |
Work in process | 29.8 | 36.8 |
Finished products | 214.7 | 270 |
Component Products | ||
Inventory [Line Items] | ||
Raw materials | 5 | 3.2 |
Work in process | 15.1 | 11.7 |
Finished products | $ 3.5 | $ 3.5 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other noncurrent assets: | ||
Land held for development | $ 59.7 | $ 96 |
Operating lease right-of-use assets | 21.8 | 26.1 |
Restricted cash and cash equivalents | 37.6 | 37.8 |
IBNR receivables | 32.6 | 37.1 |
Marketable securities | 3.5 | 2.9 |
Pension asset | 10 | 8.4 |
Note receivables - OPA | 29 | 25.3 |
Other | 13.5 | 8.7 |
Total | $ 207.7 | $ 242.3 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term debt | ||
Total debt | $ 695.5 | $ 788.6 |
Less current maturities | (2.5) | (2.4) |
Total long-term debt | 693 | 786.2 |
VALHI, INC. | Contran Credit Facility | ||
Long-term debt | ||
Total debt | 204.5 | 270.7 |
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | ||
Long-term debt | ||
Total debt | 460.4 | 485.7 |
BMI | Bank loan | Western Alliance Bank | ||
Long-term debt | ||
Total debt | 15.3 | 16.3 |
LandWell | Unsecured Debt | Western Alliance Bank | ||
Long-term debt | ||
Total debt | 13.9 | 14.2 |
Other Subsidiary | Other | ||
Long-term debt | ||
Total debt | 1.4 | 1.7 |
Subsidiary | ||
Long-term debt | ||
Total debt | $ 491 | $ 517.9 |
Long-Term Debt - Valhi Contran
Long-Term Debt - Valhi Contran Credit Facility - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Borrowings of credit facility | $ 0 |
Repaid credit facility | $ 66.2 |
VALHI, INC. | Contran Credit Facility | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate at period end | 4.25% |
Debt instrument, Interest rate during period | 4.25% |
Amount available for borrowing | $ 115.5 |
Long-Term Debt - Kronos Senior
Long-Term Debt - Kronos Senior Secured Notes - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 - Kronos International, Inc $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | |
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.75% | 3.75% |
Debt instrument maturity date | Sep. 15, 2025 | |
Debt instrument principal amount | € | € 400,000,000 | |
Unamortized debt issuance costs | $ | $ 3.8 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) | Apr. 20, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) |
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, borrowings | $ 0 | |||
Kronos Worldwide, Inc. | Revolving North American Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, borrowings | $ 0 | |||
Kronos Worldwide, Inc. | Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit maximum borrowing capacity | $ 225,000,000 | |||
Line of credit, maturity month and year | 2026-04 | |||
Revolving credit facility, borrowings | $ 0 | |||
Amount available for borrowing | $ 225,000,000 | |||
Fixed charge coverage ratio, minimum value | 100.00% | |||
Kronos Worldwide, Inc. | Revolving Credit Facility | Minimum | Variable Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate on outstanding borrowings | 1.50% | |||
Kronos Worldwide, Inc. | Revolving Credit Facility | Minimum | Base Rate Option | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate on outstanding borrowings | 0.50% | |||
Kronos Worldwide, Inc. | Revolving Credit Facility | Maximum | Variable Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate on outstanding borrowings | 2.00% | |||
Kronos Worldwide, Inc. | Revolving Credit Facility | Maximum | Base Rate Option | ||||
Line Of Credit Facility [Line Items] | ||||
Interest rate on outstanding borrowings | 2.00% | |||
Kronos Worldwide, Inc. | European Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility, borrowings | $ 0 | |||
Kronos Worldwide, Inc. | Canadian Subsidiary Revolving Borrowings Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit maximum borrowing capacity | $ 25,000,000 | $ 25,000,000 | ||
Kronos Worldwide, Inc. | Belgian Subsidiary Revolving Borrowings Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit maximum borrowing capacity | € | € 30,000,000 | |||
Kronos Worldwide, Inc. | German Subsidiary Revolving Borrowings Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit maximum borrowing capacity | € | € 60,000,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Payable to affiliates: | ||
Accrued litigation settlement | $ 11.8 | $ 11.8 |
Employee benefits | 40 | 37.5 |
Operating lease liabilities | 4.6 | 6.7 |
Accrued sales discounts and rebates | 24 | 30.2 |
Deferred income | 35.3 | 20.1 |
Environmental remediation and related costs | 3.6 | 3.4 |
Interest | 1.5 | 5.7 |
Other | 44.2 | 39.4 |
Total | 321.7 | 300 |
Kronos Worldwide, Inc. | ||
Accounts payable: | ||
Accounts payable | 123.4 | 111 |
CompX | ||
Accounts payable: | ||
Accounts payable | 4.5 | 2.6 |
BMI and LandWell | ||
Accounts payable: | ||
Accounts payable | 5.8 | 3.6 |
Other | ||
Accounts payable: | ||
Accounts payable | 0.3 | 0.4 |
Contran | Income Taxes Payable | ||
Payable to affiliates: | ||
Payable to affiliates | 5.1 | 8.3 |
LPC | ||
Payable to affiliates: | ||
Payable to affiliates | $ 17.6 | $ 19.3 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Operating lease liabilities | $ 16.6 | $ 18.8 |
Reserve for uncertain tax positions | 7.2 | 6.8 |
Accrued litigation settlement | 38.3 | 49.4 |
Deferred income | 107.9 | 58.9 |
Other postretirement benefits | 10.7 | 10.8 |
Employee benefits | 5.4 | 6.2 |
Insurance claims and expenses | 34.8 | 39.3 |
Deferred payment obligation | 1.3 | |
Accrued development costs | 27 | 24.6 |
Other | 10 | 7.8 |
Total | $ 257.9 | $ 223.9 |
Other Noncurrent Liabilities _2
Other Noncurrent Liabilities - Additional Information (Detail) - Basic Management Inc And LandWell $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Line Of Credit Facility [Line Items] | |
Early repayment of obligation | $ 1.5 |
Recognized accretion expense | $ 0.2 |
Revenue - Disaggregation of S_3
Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Chemicals Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 578.9 | $ 458.6 | $ 1,613.2 | $ 1,332.9 |
Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 499.8 | 416.9 | 1,443.4 | 1,223.9 |
Point of Origin | Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 499.8 | 416.9 | 1,443.4 | 1,223.9 |
Point of Origin | Chemicals | United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 297.6 | 272.9 | 787.5 | 736.5 |
Point of Origin | Chemicals | Germany | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 254.2 | 208.1 | 724.2 | 620.3 |
Point of Origin | Chemicals | Canada | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 88.6 | 93.8 | 288.8 | 247.1 |
Point of Origin | Chemicals | Belgium | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 69.6 | 64.9 | 212 | 181.9 |
Point of Origin | Chemicals | Norway | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 63.4 | 46.6 | 198.5 | 163.5 |
Point of Origin | Chemicals | Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (273.6) | (269.4) | (767.6) | (725.4) |
Point of Destination | Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 499.8 | 416.9 | 1,443.4 | 1,223.9 |
Point of Destination | Chemicals | Europe | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 248 | 194.3 | 712.1 | 578.6 |
Point of Destination | Chemicals | North America | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 174.3 | 153.2 | 476.9 | 434.4 |
Point of Destination | Chemicals | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 77.5 | $ 69.4 | $ 254.4 | $ 210.9 |
Revenue - Disaggregation of S_4
Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Component Products and Real Estate Management and Development Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 578.9 | $ 458.6 | $ 1,613.2 | $ 1,332.9 |
Component Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 34.5 | 28.4 | 106.7 | 84.5 |
Component Products | Security Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 25.8 | 21.2 | 79.3 | 65.2 |
Component Products | Marine Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 8.7 | 7.2 | 27.4 | 19.3 |
Real Estate Management And Development | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 44.6 | 13.3 | 63.1 | 24.5 |
Real Estate Management And Development | Land Sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 41.9 | 10.6 | 57 | 16.8 |
Real Estate Management And Development | Water Delivery | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2.3 | 2.2 | 4.8 | 6.2 |
Real Estate Management And Development | Utility and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 0.4 | $ 0.5 | $ 1.3 | $ 1.5 |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3.7 | $ 3.5 | $ 11.1 | $ 9.9 |
Interest cost | 2.5 | 3.1 | 7.3 | 9 |
Expected return on plan assets | (3.3) | (2.9) | (10.1) | (8.4) |
Amortization of prior service cost | 0.1 | 0.1 | 0.2 | |
Recognized actuarial losses | 5.3 | 5 | 16.3 | 14.4 |
Total | $ 8.2 | $ 8.8 | $ 24.7 | $ 25.1 |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Additional Information (Detail) $ in Millions | Sep. 30, 2021USD ($) |
Defined Benefit Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution | $ 18 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Securities earnings: | ||||
Dividends and interest | $ 2.8 | $ 3.8 | ||
Securities transactions, net | 0.1 | (0.3) | ||
Total | $ 0.9 | $ 0.9 | 2.9 | 3.5 |
Currency transactions, net | 1.2 | 3.2 | ||
Insurance recoveries | 1.6 | |||
Infrastructure reimbursement | 6.2 | 19.6 | ||
Gain on land and related sales | 16 | 4.5 | ||
Other, net | 1.6 | 1.5 | ||
Total | $ 13.1 | $ 2.6 | $ 27.9 | $ 33.9 |
Other Income, Net - Additional
Other Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||
Net proceeds | $ 23.4 | $ 1.2 | |||
Pre-tax gain on sale of land | $ 10.4 | 16 | 0.5 | ||
Infrastructure reimbursement | 6.2 | 19.6 | |||
Kronos Worldwide, Inc. | |||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||
Gain on insurance settlement related to property damage claim | $ 1.5 | ||||
BMI | |||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||
Pre-tax gain on sale of land | $ 4 | ||||
City Of Henderson | |||||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||||
Infrastructure reimbursement | $ 6.2 | $ 19.1 |
Income Taxes - Components of Co
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Income Tax [Line Items] | ||||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 14.9 | $ 1.7 | $ 30.3 | $ 15.6 |
Incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies | (0.7) | (3.9) | (2.6) | (7.8) |
Non-U.S. tax rates | 1.3 | (0.2) | 3.1 | 0.8 |
Valuation allowance | (0.7) | (2.1) | 0.8 | 4.9 |
Adjustment to the reserve for uncertain tax positions, net | 0.3 | (0.5) | 0.1 | 0.7 |
Global intangible low-tax income, net | 0.9 | (6.8) | 1.9 | 6.3 |
Nondeductible expenses | 0.3 | (0.5) | 0.7 | 1.3 |
U.S. state income taxes and other, net | 0.6 | 0.9 | 0.9 | (0.6) |
Income tax expense (benefit) | 16.9 | (11.4) | 35.2 | 21.2 |
Comprehensive provision (benefit) for income taxes allocable to: | ||||
Net income | 16.9 | (11.4) | 35.2 | 21.2 |
Other comprehensive income (loss): | ||||
Currency translation | (0.8) | 1.2 | (0.4) | (1.5) |
Total | 18 | (8.4) | 40.8 | 25 |
OPEB | ||||
Other comprehensive income (loss): | ||||
Defined benefit plans | (0.1) | (0.1) | (0.2) | (0.2) |
Pension Plans | ||||
Other comprehensive income (loss): | ||||
Defined benefit plans | $ 2 | $ 1.9 | $ 6.2 | $ 5.5 |
Income Taxes - Components of _2
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Mar. 27, 2020 | Mar. 26, 2020 | Mar. 31, 2020 | Sep. 30, 2021 |
Income Tax Disclosure [Abstract] | ||||
Business interest income, adjusted taxable income | 30.00% | |||
CARES act of 2020, Business interest income, adjusted taxable income | 50.00% | |||
Cash tax benefit recognized | $ 1 | |||
Decrease in unrecognized tax benefits due to the expiration of certain statutes of limitations | $ 4 |
Noncontrolling Interest in Su_3
Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Net Assets of Subsidiaries (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 313.2 | $ 324.4 |
Kronos Worldwide, Inc. | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 217.2 | 212.3 |
NL Industries | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 72.3 | 67.1 |
CompX International | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 22.5 | 23.5 |
BMI | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 6.8 | 14.7 |
LandWell | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ (5.6) | $ 6.8 |
Noncontrolling Interest in Su_4
Noncontrolling Interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income of Subsidiaries (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | $ 15.5 | $ 4 | $ 34.1 | $ 22.4 |
Kronos Worldwide, Inc. | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 15.8 | 10.2 | ||
NL | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 6.2 | 1.8 | ||
CompX | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 1.8 | 1.1 | ||
BMI | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 4 | 4.4 | ||
LandWell | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | $ 6.3 | $ 4.9 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 682.5 | |||
Balance at end of period | $ 756.5 | 756.5 | ||
Marketable Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 1.7 | $ 1.8 | 1.8 | $ 1.7 |
Other comprehensive income (loss) | (0.1) | 0.1 | ||
Balance at end of period | 1.7 | 1.8 | 1.7 | 1.8 |
Currency Translation | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (64.8) | (92.4) | (67.4) | (76.8) |
Other comprehensive income (loss) | (5.3) | 6.8 | (2.7) | (8.8) |
Balance at end of period | (70.1) | (85.6) | (70.1) | (85.6) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (149.1) | (142.1) | (154.1) | (146.6) |
Other comprehensive income (loss) | 2.5 | 2.3 | 7.5 | 6.8 |
Balance at end of period | (146.6) | (139.8) | (146.6) | (139.8) |
Accumulated Defined Benefit Plans Adjustment | OPEB | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 0.1 | 0.7 | 0.3 | 1 |
Other comprehensive income (loss) | (0.1) | (0.3) | (0.3) | |
Balance at end of period | 0.7 | 0.7 | ||
Total Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (212.1) | (232) | (219.4) | (220.7) |
Other comprehensive income (loss) | (2.9) | 9.1 | 4.4 | (2.2) |
Balance at end of period | $ (215) | $ (222.9) | $ (215) | $ (222.9) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 10, 2020 | Mar. 31, 2021 | Sep. 30, 2021 |
Class A | CompX | |||
Schedule Of Stockholders Equity [Line Items] | |||
Common stock, Repurchased | 50,000 | ||
Stock repurchase, aggregate purchase price | $ 0.8 | ||
Shares available for purchase | 600,000 | ||
Contran | |||
Schedule Of Stockholders Equity [Line Items] | |||
Non-cumulative dividend on preferred stock | 6.00% | ||
Preferred stock returned to contribution agreement authorized designated | 5,000 | ||
Preferred stock, par value | $ 0.01 | ||
Contran | Series A Preferred Stock | |||
Schedule Of Stockholders Equity [Line Items] | |||
Non-cumulative dividend on preferred stock | 6.00% |
Commitments and Contingencies -
Commitments and Contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail) $ in Millions | Jul. 24, 2019USD ($)Installment | Sep. 30, 2021USD ($)site | Sep. 30, 2021USD ($)Casessite | Dec. 31, 2020USD ($) |
Commitments And Contingent Liabilities [Line Items] | ||||
Accrual for reasonably estimable environmental remediation and related matters | $ 97.8 | $ 97.8 | $ 98.6 | |
Other Environmental Cleanup Matters | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Accrual for reasonably estimable environmental remediation and related matters | 5 | 5 | ||
NL | Environmental Remediation Sites NL Named As PRP Or Defendant | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Accrual for reasonably estimable environmental remediation and related matters | $ 93 | $ 93 | ||
Number of sites associated with remediation and related costs | site | 32 | 32 | ||
Number of sites for which NL not currently able to reasonably estimate range of costs | site | 5 | 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 | $ 112 | $ 112 | ||
Lead Pigment Litigation | NL | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Number of cases settled and dismissed and found not liable | Cases | 100 | |||
Period by which loss contingency claims settled and dismissed | 30 years | |||
C A Lead Paint Litigation | NL | ||||
Commitments And Contingent Liabilities [Line Items] | ||||
Number of annual installment payments | Installment | 4 | |||
Litigation payment | $ 12 | |||
Remaining litigation settlement charge due in first installment | $ 12 | |||
Remaining litigation settlement charge due in second installment | 12 | |||
Remaining litigation settlement charge due in third installment | 12 | |||
Remaining litigation settlement charge due in fourth installment | $ 16.7 |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Environmental Remediation Obligations [Abstract] | ||
Balance at the beginning of the year | $ 98.6 | |
Additions charged to expense | 1.3 | |
Payments, net | (2.1) | |
Balance at the end of the period | 97.8 | |
Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: | ||
Current liabilities | 3.6 | $ 3.4 |
Noncurrent liabilities | 94.2 | 95.2 |
Total | $ 97.8 | $ 98.6 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
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 | $ 460.4 | $ 485.7 |
Long term debt, fair value | 472.4 | 499.9 |
VALHI, INC. | Contran Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 204.5 | 270.7 |
Long term debt, fair value | 204.5 | 270.7 |
BMI | Bank note payable | Meadows Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 15.3 | 16.3 |
Long term debt, fair value | 15.9 | 16.9 |
LandWell | Bank note payable | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 13.9 | 14.2 |
Long term debt, fair value | 13.9 | 14.2 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 615.2 | 570.3 |
Deferred payment obligation | 1.3 | |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | $ 615.2 | 570.3 |
Deferred payment obligation | $ 1.3 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 - Kronos International, Inc | Sep. 30, 2021EUR (€) |
Financial Instrument At Fair Value [Line Items] | |
Estimated market price of the notes | € 1,017 |
Principal amount of debt instrument | € 1,000 |