Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-13905 | ||
Entity Registrant Name | COMPX INTERNATIONAL INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 57-0981653 | ||
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 | 448-1400 | ||
Title of 12(b) Security | Class A common stock | ||
Trading Symbol | CIX | ||
Security Exchange Name | NYSEAMER | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 36 | ||
Entity Common Stock, Shares Outstanding | 12,307,157 | ||
Documents Incorporated by Reference [Text Block] | The information required by Part III is incorporated by reference from the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report. | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Dallas, Texas | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001049606 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 26,748 | $ 76,579 |
Marketable securities | 33,147 | |
Accounts receivable, net | 17,840 | 15,546 |
Inventories, net | 31,290 | 25,642 |
Prepaid expenses and other | 2,136 | 2,464 |
Total current assets | 111,161 | 120,231 |
Other assets: | ||
Note receivable from affiliate | 13,200 | 18,700 |
Goodwill | 23,742 | 23,742 |
Other noncurrent assets | 590 | 597 |
Total other assets | 37,532 | 43,039 |
Property and equipment: | ||
Land | 5,390 | 5,071 |
Buildings | 23,181 | 23,161 |
Equipment | 74,113 | 70,664 |
Construction in progress | 722 | 2,028 |
Gross property and equipment | 103,406 | 100,924 |
Less accumulated depreciation | 74,712 | 71,742 |
Net property and equipment | 28,694 | 29,182 |
Total assets | 177,387 | 192,452 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 15,618 | 14,724 |
Income taxes payable to affiliate | 1,035 | 1,722 |
Total current liabilities | 16,653 | 16,446 |
Noncurrent liabilities: | ||
Deferred income taxes | 2,230 | 2,918 |
Other | 68 | |
Total noncurrent liabilities | 2,298 | 2,918 |
Stockholders' equity: | ||
Common stock | 123 | 124 |
Additional paid-in capital | 53,155 | 54,780 |
Retained earnings | 105,175 | 118,184 |
Accumulated other comprehensive loss - unrealized loss on marketable securities | (17) | |
Total stockholders' equity | 158,436 | 173,088 |
Total liabilities and stockholders' equity | $ 177,387 | $ 192,452 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 12,307,157 | 12,380,657 |
Common stock, shares outstanding | 12,307,157 | 12,380,657 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,307,157 | 12,380,657 |
Common stock, shares outstanding | 12,307,157 | 12,380,657 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 166,562 | $ 140,815 | $ 114,537 |
Cost of sales | 117,763 | 98,066 | 81,689 |
Gross margin | 48,799 | 42,749 | 32,848 |
Selling, general and administrative expense | 23,363 | 22,223 | 21,031 |
Operating income | 25,436 | 20,526 | 11,817 |
Interest income | 1,877 | 1,197 | 1,680 |
Income before income taxes | 27,313 | 21,723 | 13,497 |
Provision for income taxes | 6,442 | 5,155 | 3,174 |
Net income | 20,871 | 16,568 | 10,323 |
Other comprehensive loss, marketable securities adjustment: | |||
Unrealized net loss arising during year | (17) | ||
Comprehensive income | $ 20,854 | $ 16,568 | $ 10,323 |
Net income per basic share | $ 1.69 | $ 1.34 | $ 0.83 |
Net income per diluted share | $ 1.69 | $ 1.34 | $ 0.83 |
Weighted average shares outstanding - basic | 12,340 | 12,411 | 12,448 |
Weighted average shares outstanding - diluted | 12,340 | 12,411 | 12,448 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock Class A Common Stock | Additional paid-in Capital | Retained Earnings | Accumulated other comprehensive loss | Treasury Stock | Total |
Balance at Dec. 31, 2019 | $ 124 | $ 55,869 | $ 106,202 | $ 162,195 | ||
Net income | 10,323 | 10,323 | ||||
Issuance of common stock | 118 | 118 | ||||
Cash dividends | (4,980) | (4,980) | ||||
Balance at Dec. 31, 2020 | 124 | 55,987 | 111,545 | 167,656 | ||
Net income | 16,568 | 16,568 | ||||
Issuance of common stock | 104 | 104 | ||||
Cash dividends | (9,929) | (9,929) | ||||
Treasury stock: | ||||||
Acquired | $ (1,311) | (1,311) | ||||
Retired | (1,311) | 1,311 | ||||
Balance at Dec. 31, 2021 | 124 | 54,780 | 118,184 | 173,088 | ||
Net income | 20,871 | 20,871 | ||||
Issuance of common stock | 118 | 118 | ||||
Other comprehensive loss | $ (17) | (17) | ||||
Cash dividends | (33,880) | (33,880) | ||||
Treasury stock: | ||||||
Acquired | (1,744) | (1,744) | ||||
Retired | (1) | (1,743) | $ 1,744 | |||
Balance at Dec. 31, 2022 | $ 123 | $ 53,155 | $ 105,175 | $ (17) | $ 158,436 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends per share | $ 2.75 | $ 0.80 | $ 0.40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 20,871 | $ 16,568 | $ 10,323 |
Depreciation and amortization | 3,977 | 3,839 | 3,827 |
Deferred income taxes | (688) | (321) | (48) |
Other, net | 213 | 269 | 346 |
Change in assets and liabilities: | |||
Accounts receivable, net | (2,309) | (4,806) | 1,118 |
Inventories, net | (5,832) | (7,479) | (193) |
Accounts payable and accrued liabilities | 943 | 2,547 | 95 |
Accounts with affiliates | (687) | 854 | 449 |
Prepaids and other, net | 403 | (997) | (415) |
Net cash provided by operating activities | 16,891 | 10,474 | 15,502 |
Cash flows from investing activities: | |||
Capital expenditures | (3,695) | (4,094) | (1,740) |
Proceeds from sale of fixed assets, net | 133 | 2 | |
Purchases of marketable securities | (33,036) | ||
Note receivable from affiliate: | |||
Collections | 29,800 | 40,600 | 33,428 |
Advances | (24,300) | (29,800) | (34,828) |
Net cash provided by (used in) investing activities | (31,098) | 6,708 | (3,140) |
Cash flows from financing activities: | |||
Dividends paid | (33,880) | (9,929) | (4,980) |
Treasury stock acquired | (1,744) | (1,311) | |
Net cash used in financing activities | (35,624) | (11,240) | (4,980) |
Cash and cash equivalents - net change from: | |||
Operating, investing and financing activities | (49,831) | 5,942 | 7,382 |
Balance at beginning of period | 76,579 | 70,637 | 63,255 |
Balance at end of period | 26,748 | 76,579 | 70,637 |
Supplemental disclosures - | |||
Cash paid for income taxes | $ 7,817 | $ 4,700 | $ 3,261 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Organization. Unless otherwise indicated, references in this report to “we,” “us,” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. Management estimates. Principles of consolidation . Fiscal year. Cash and cash equivalents . Marketable securities and securities transactions. Fair Value Measurements and Disclosures ● Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the assets or liability; and ● Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. We classify our marketable debt securities as available-for-sale. We accumulate unrealized gains and losses on marketable debt securities as part of accumulated other comprehensive income (loss), net of related deferred income taxes. See Notes 3 and 12. We base realized gains and losses upon the specific identification of the securities sold. Accounts receivable. Inventories and cost of sales . Net sales . Revenue from Contracts with Customers, Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our products. Prices for our products are based on terms specified in published list prices and purchase orders, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASC 606 and we have not assessed whether a contract has a significant financing component. We state sales net of price, early payment and distributor discounts as well as volume rebates (collectively, variable consideration). Variable consideration, to the extent present, is not material and is recognized as the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. Differences, if any, between estimates of the amount of variable consideration to which we will be entitled and the actual amount of such variable consideration have not been material in the past. We occasionally receive partial or full consideration from our customers prior to the completion of our performance obligation (shipment of product). We record estimated deferred revenue on the amount to which we are most-likely to be entitled and deferred revenue is recognized into revenue as our performance obligation has been satisfied. Deferred revenue has not been material in the past. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses). Frequently, we receive orders for products to be delivered over dates that may extend across reporting periods. We invoice for each delivery upon shipment and recognize revenue for each distinct shipment when all sales recognition criteria for that shipment have been satisfied. As scheduled delivery dates for these orders are within a one year period, under the optional exemption provided by ASC 606, we do not disclose sales allocated to future shipments of partially completed contracts. We have determined that our disclosure of sales by segment meets the requirements to disclose a disaggregation of our sales into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 2. Selling, general and administrative expenses; advertising costs. Goodwill. Property and equipment; depreciation expense . We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s net carrying value to determine if impairment exists. Leases. Leases Employee benefit plans. Self-insurance. Income taxes . As a member of the Contran Tax Group, we are a party to a tax sharing agreement which provides that we compute our provision for U.S. income taxes on a separate-company basis. Pursuant to the tax sharing agreement, we make payments to or receive payments from NL in amounts we would have paid to or received from the U.S. Internal Revenue Service or the applicable state tax authority had we not been a member of the Contran Tax Group. The separate company provisions and payments are computed using the tax elections made by Contran. We made net cash payments for income taxes to NL of $3.2 million in 2020, $4.7 million in 2021 and $7.8 million in 2022. Deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amounts of assets and liabilities. Deferred income tax assets and liabilities for each tax-paying jurisdiction in which we operate are netted and presented as either a noncurrent deferred income tax asset or liability, as applicable. We periodically evaluate our deferred tax assets in the various taxing jurisdictions in which we operate and adjust any related valuation allowance based on the estimate of the amount of deferred tax assets which we believe do not meet the more-likely-than-not recognition criteria. See Notes 8 and 11. We record a reserve for uncertain tax positions for tax positions where we believe it is more-likely-than-not our position will not prevail with the applicable tax authorities. We did not have a reserve for uncertain tax positions in 2020, 2021 or 2022. |
Business and Geographic Segment
Business and Geographic Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business and Geographic Segments | Note 2 – Our operating segments are defined as components of our operations about which separate financial information is available that is regularly evaluated by our chief operating decision maker in determining how to allocate resources and in assessing performance. At December 31, 2022, we had two reportable operating segments – Security Products and Marine Components. The Security Products segment, with a facility in South Carolina and a facility shared with Marine Components in Illinois, manufactures locking mechanisms and other security products for sale to the postal, transportation, office and institutional furniture, cabinetry, tool storage, healthcare and other industries. Our Marine Components segment, with a facility in Wisconsin and a facility shared with Security Products in Illinois, manufactures and distributes wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories primarily for ski/wakeboard boats and performance boats. The chief operating decision maker evaluates segment performance based on segment operating income, which is defined as income before income taxes, exclusive of certain general corporate income and expense items (primarily interest income) and certain non-recurring items (such as gains or losses on the disposition of long-lived assets outside the ordinary course of business). The accounting policies of the reportable operating segments are the same as those described in Note 1. Capital expenditures include additions to property and equipment but exclude amounts attributable to business combinations. Segment assets are comprised of all assets attributable to the reportable segments. Corporate assets are not attributable to the operating segments and consist primarily of cash, cash equivalents and note receivable from affiliate. For geographic information, the point of origin (place of manufacture) for all net sales is the U.S., the point of destination for net sales is based on the location of the customer, and property and equipment are attributable to their physical location. Intersegment sales are not material. Years ended December 31, 2020 2021 2022 (In thousands) Net sales: Security Products $ 87,863 $ 105,124 $ 114,519 Marine Components 26,674 35,691 52,043 Total net sales $ 114,537 $ 140,815 $ 166,562 Operating income: Security Products $ 14,926 $ 21,622 $ 22,744 Marine Components 4,088 5,591 9,561 Corporate operating expenses (7,197) (6,687) (6,869) Total operating income 11,817 20,526 25,436 Interest income 1,680 1,197 1,877 Income before income taxes $ 13,497 $ 21,723 $ 27,313 Depreciation and amortization: Security Products $ 3,069 $ 2,890 $ 2,801 Marine Components 757 940 1,167 Corporate 1 9 9 Total $ 3,827 $ 3,839 $ 3,977 Capital expenditures: Security Products $ 1,252 $ 1,044 $ 2,015 Marine Components 458 3,050 1,680 Corporate 30 — — Total $ 1,740 $ 4,094 $ 3,695 Net sales point of destination: United States $ 107,712 $ 129,160 $ 153,982 Canada 4,423 8,061 9,227 Mexico 431 589 722 Other 1,971 3,005 2,631 Total $ 114,537 $ 140,815 $ 166,562 December 31, 2020 2021 2022 (In thousands) Total assets: Security Products $ 70,755 $ 78,193 $ 80,671 Marine Components 15,515 18,167 26,372 Corporate 97,775 96,092 70,344 Total $ 184,045 $ 192,452 $ 177,387 Net property and equipment for 2020, 2021 and 2022 is entirely located within the United States. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 3 – Amortized Unrealized Market value cost basis loss, net (In thousands) December 31, 2021: Current assets $ — $ — $ — December 31, 2022: Current assets $ 33,147 $ 33,164 $ (17) Our marketable securities are invested in U.S. government treasuries with original maturities ranging in length from 4 months to 12 months. The fair value of our marketable securities are determined using Level 2 inputs (because although these securities are traded, in many cases the market is not active and the year-end valuation is generally based on the last trade of the year, which may be several days prior to December 31). |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 4 – December 31, December 31, 2021 2022 (In thousands) Accounts receivable, net: Security Products $ 12,896 $ 13,767 Marine Components 2,720 4,143 Allowance for doubtful accounts (70) (70) Total accounts receivable, net $ 15,546 $ 17,840 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 5 – December 31, December 31, 2021 2022 (In thousands) Raw materials: Security Products $ 3,640 $ 4,172 Marine Components 1,402 2,073 Total raw materials 5,042 6,245 Work-in-process: Security Products 12,721 14,193 Marine Components 4,046 5,790 Total work-in-process 16,767 19,983 Finished goods: Security Products 2,271 3,163 Marine Components 1,562 1,899 Total finished goods 3,833 5,062 Total inventories, net $ 25,642 $ 31,290 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 6 – We assign goodwill based on reporting unit Goodwill units for impairment during the third quarter of each year or when circumstances arise that indicate an impairment might be present. In 2020, 2021 and 2022, our goodwill was tested for impairment only in the third quarter of each year in connection with our annual testing date. No impairment was indicated as part of such annual reviews of goodwill. As permitted by GAAP, during each of 2020, 2021 and 2022 we used the qualitative assessment of ASC 350-20-35 for our annual impairment test and determined it was not necessary to perform the quantitative goodwill impairment test. Our gross goodwill at December 31, 2022 is $33.6 million. Prior to 2020, we recorded a $9.9 million goodwill impairment in our Marine Components segment resulting in a net consolidated carrying amount of $23.7 million. There have been no changes in the carrying amount of our goodwill during the past three years. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 7 – December 31, December 31, 2021 2022 (In thousands) Accounts payable: Security Products $ 2,594 $ 2,663 Marine Components 814 874 Accrued liabilities: Employee benefits 9,797 10,489 Taxes other than on income 391 279 Customer tooling 516 135 Advances from customers — 298 Insurance 208 255 Deferred revenue — 243 Other 404 382 Total accounts payable and accrued liabilities $ 14,724 $ 15,618 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – The provision for income taxes and the difference between such provision for income taxes and the amount that would be expected using the U.S. federal statutory income tax rate of 21% are presented below. All of our pre-tax income relates to operations in the United States. Years ended December 31, 2020 2021 2022 (In thousands) Provision for income taxes: Currently payable $ 3,222 $ 5,476 $ 7,130 Deferred income tax benefit (48) (321) (688) Total $ 3,174 $ 5,155 $ 6,442 Expected tax expense, at the U.S. federal statutory $ 2,835 $ 4,562 $ 5,736 State income taxes 378 692 827 FDII benefit (55) (120) (144) Other, net 16 21 23 Total provision for income taxes $ 3,174 $ 5,155 $ 6,442 On August 16, 2022, the Inflation Reduction Act was signed into law. Among other things, this legislation provides for a 15% corporate alternative minimum tax on certain large corporations, imposes a 1% excise tax on qualifying stock buybacks for transactions occurring after December 31, 2022, and provides for certain energy-related tax credits. We have evaluated the relevant provisions of the Act and do not expect them to have a material impact on our tax provision. Under the “Tax Cuts and Jobs Act,” domestic corporations who are U.S. exporters with no foreign operations may be eligible for a deduction under the foreign derived intangible income (FDII) provisions. We qualify for this deduction and recognized a current cash tax benefit of $.1 million in each of 2020, 2021 and 2022. See also Note 11 to our Consolidated Financial Statements. The components of the net deferred tax liability are summarized below. December 31, 2021 2022 (In thousands) Tax effect of temporary differences related to: Inventories $ 531 $ 369 Property and equipment (2,951) (2,188) Accrued liabilities and other deductible differences 39 51 Accrued employee benefits 1,182 1,262 Goodwill (1,693) (1,693) Other taxable differences (26) (31) Total deferred tax liability $ (2,918) $ (2,230) We and Contran file income tax returns in U.S. federal and various state and local jurisdictions. Our income tax returns prior to 2019 are generally considered closed to examination by applicable tax authorities. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 9 – Shares of common stock Issued Treasury Outstanding Balance at December 31, 2019 12,443,057 — 12,443,057 Issued 8,100 — 8,100 Balance at December 31, 2020 12,451,157 — 12,451,157 Issued 4,500 — 4,500 Acquired — (75,000) (75,000) Retired (75,000) 75,000 — Balance at December 31, 2021 12,380,657 — 12,380,657 Issued 5,400 — 5,400 Acquired — (78,900) (78,900) Retired (78,900) 78,900 — Balance at December 31, 2022 12,307,157 — 12,307,157 Common stock. Share repurchases and cancellations. million. During the second quarter of 2022, we acquired 78,900 shares of our Class A common stock for an aggregate amount of approximately $1.7 million under prior repurchase authorizations. Of these shares, 70,000 shares were purchased in a market transaction, and 8,900 shares were purchased from two of our affiliates in two separate private transactions that were also approved in advance by our independent directors. We cancelled these treasury shares and allocated their costs to common stock at par value and additional paid-in-capital. At December 31, 2022, 523,647 shares were available for purchase under these authorizations. Incentive compensation plan. Dividends. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related party transactions: We may be deemed to be controlled by Ms. Lisa Simmons and the Family Trust. See Note 1. Corporations that may be deemed to be controlled by or affiliated with these individuals sometimes engage in (a) intercorporate transactions such as guarantees, management and expense sharing arrangements, shared fee arrangements, joint ventures, partnerships, loans, options, advances of funds on open account, and sales, leases and exchanges of assets, including securities issued by both related and unrelated parties and (b) common investment and acquisition strategies, business combinations, reorganizations, recapitalizations, securities repurchases, and purchases and sales (and other acquisitions and dispositions) of subsidiaries, divisions or other business units, which transactions have involved both related and unrelated parties and have included transactions that resulted in the acquisition by one related party of a publicly-held minority equity interest in another related party. We continuously consider, review and evaluate, and understand that Contran and related entities consider, review and evaluate such transactions. Depending upon the business, tax and other objectives then relevant, it is possible that we might be a party to one or more such transactions in the future. From time to time, we may have loans and advances outstanding between us and various related parties pursuant to term and demand notes. We generally enter into these loans and advances for cash management purposes. When we loan funds to related parties, we are generally able to earn a higher rate of return on the loan than we would earn if we invested the funds in other instruments. While certain of these loans may be of a lesser credit quality than cash equivalent instruments otherwise available to us, we believe we have evaluated the credit risks in the terms of the applicable loans. In this regard, prior to 2020, we entered into an unsecured revolving demand promissory note with Valhi under which, as amended, we have agreed to loan Valhi up to $25 million. Our loan to Valhi, as amended, bears interest at prime plus 1.00%, payable quarterly, with all principal due on demand, but in any event no earlier than December 31, 2024. Loans made to Valhi at any time under the agreement are at our discretion. At the end of our fiscal year in 2021 and 2022, the outstanding principal balance receivable from Valhi under the promissory note was $18.7 million and $13.2 million, respectively. Interest income (including unused commitment fees) on our loan to Valhi was $1.5 million in 2020, $1.2 million in 2021 and $1.0 million in 2022. Under the terms of an Intercorporate Service Agreement (“ISA”) with Contran, employees of Contran perform certain management, tax planning, financial, legal and administrative services for us on a fee basis. Such fees are based upon the compensation of individual Contran employees providing services for us and/or estimates of time devoted to our affairs by such persons. Because of the number of companies affiliated with Contran, we believe we benefit from cost savings and economies of scale gained by not having certain management, financial and administrative staffs duplicated at each entity, thus allowing certain individuals to provide services to multiple companies but only be compensated by one entity. We negotiate ISA fees annually and agreements renew quarterly. Fees pursuant to these agreements aggregated $3.4 million in each of 2020, 2021, and 2022. Contran and certain of its subsidiaries and affiliates, including us, purchase certain of their insurance policies and risk management services as a group, with the costs of the jointly-owned policies and services being apportioned among the participating companies. Tall Pines Insurance Company (“Tall Pines”), a subsidiary of Valhi, underwrites certain insurance policies for Contran and certain of its subsidiaries and affiliates, including us. Tall Pines purchases reinsurance from highly rated (as determined by A.M. Best or other internationally recognized ratings agency) third-party insurance carriers for substantially all of the risks it underwrites. Consistent with insurance industry practices, Tall Pines receives commissions from the reinsurance underwriters and/or assesses fees for certain of the policies that it underwrites. During 2020, 2021 and 2022 we paid $2.8 million, $2.9 million and $3.3 million, respectively under the group insurance program, which amounts principally represent insurance premiums, including $.7 million, $.9 million and $1.0 million, respectively, for policies written by Tall Pines. Amounts paid under the group insurance program also include payments to insurers or reinsurers for the reimbursement of claims within our applicable deductible or retention ranges that such insurers and reinsurers paid to third parties on our behalf, as well as amounts for claims and risk management services and various other third-party fees and expenses incurred by the program. We expect these relationships will continue in 2023. With respect to certain of such jointly-owned insurance policies, it is possible that unusually large losses incurred by one or more insureds during a given policy period could leave the other participating companies without adequate coverage under that policy for the balance of the policy period. As a result, and in the event that the available coverage under a particular policy would become exhausted by one or more claims, Contran and certain of its subsidiaries and affiliates, including us, have entered into a loss sharing agreement under which any uninsured loss arising because the available coverage had been exhausted by one or more claims will be shared ratably amongst those entities that had submitted claims under the relevant policy. We believe the benefits, in the form of reduced premiums and broader coverage associated with the group coverage for such policies, justifies the risk associated with the potential for any uninsured loss. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 – Legal proceedings Environmental matters and litigation Income taxes. We are a party to a tax sharing agreement with Contran and NL providing for the allocation of tax liabilities and tax payments as described in Note 1. Under applicable law, we, as well as every other member of the Contran Tax Group, are each jointly and severally liable for the aggregate federal income tax liability of Contran and the other companies included in the Contran Tax Group for all periods in which we are included in the Contran Tax Group. NL has agreed, however, to indemnify us for any liability for income taxes of the Contran Tax Group in excess of our tax liability in accordance with the tax sharing agreement. Concentration of credit risk |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 12 – See Note 3 for information on how we determine the fair value of our marketable securities. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2021 December 31, 2022 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 76,579 $ 76,579 $ 26,748 $ 26,748 Accounts receivable, net 15,546 15,546 17,840 17,840 Accounts payable 3,408 3,408 3,537 3,537 Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization. Unless otherwise indicated, references in this report to “we,” “us,” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. |
Management Estimates | Management estimates. |
Principles of Consolidation | Principles of consolidation . |
Fiscal Year | Fiscal year. |
Cash and Cash Equivalents | Cash and cash equivalents . |
Marketable securities and securities transactions | Marketable securities and securities transactions. Fair Value Measurements and Disclosures ● Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the assets or liability; and ● Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. We classify our marketable debt securities as available-for-sale. We accumulate unrealized gains and losses on marketable debt securities as part of accumulated other comprehensive income (loss), net of related deferred income taxes. See Notes 3 and 12. We base realized gains and losses upon the specific identification of the securities sold. |
Net Sales | Net sales . Revenue from Contracts with Customers, Revenue is recorded in an amount that reflects the net consideration we expect to receive in exchange for our products. Prices for our products are based on terms specified in published list prices and purchase orders, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASC 606 and we have not assessed whether a contract has a significant financing component. We state sales net of price, early payment and distributor discounts as well as volume rebates (collectively, variable consideration). Variable consideration, to the extent present, is not material and is recognized as the amount to which we are most-likely to be entitled, using all information (historical, current and forecasted) that is reasonably available to us, and only to the extent that a significant reversal in the amount of the cumulative revenue recognized is not probable of occurring in a future period. Differences, if any, between estimates of the amount of variable consideration to which we will be entitled and the actual amount of such variable consideration have not been material in the past. We occasionally receive partial or full consideration from our customers prior to the completion of our performance obligation (shipment of product). We record estimated deferred revenue on the amount to which we are most-likely to be entitled and deferred revenue is recognized into revenue as our performance obligation has been satisfied. Deferred revenue has not been material in the past. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses). Frequently, we receive orders for products to be delivered over dates that may extend across reporting periods. We invoice for each delivery upon shipment and recognize revenue for each distinct shipment when all sales recognition criteria for that shipment have been satisfied. As scheduled delivery dates for these orders are within a one year period, under the optional exemption provided by ASC 606, we do not disclose sales allocated to future shipments of partially completed contracts. We have determined that our disclosure of sales by segment meets the requirements to disclose a disaggregation of our sales into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 2. |
Accounts Receivable | Accounts receivable. |
Inventories and Cost of Sales | Inventories and cost of sales . |
Selling, General and Administrative Expenses; Advertising Costs | Selling, general and administrative expenses; advertising costs. |
Goodwill | Goodwill. |
Property and Equipment; Depreciation Expense | Property and equipment; depreciation expense . We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s net carrying value to determine if impairment exists. |
Leases | Leases. Leases |
Employee Benefit Plans | Employee benefit plans. |
Self-Insurance | Self-insurance. |
Income Taxes | Income taxes . As a member of the Contran Tax Group, we are a party to a tax sharing agreement which provides that we compute our provision for U.S. income taxes on a separate-company basis. Pursuant to the tax sharing agreement, we make payments to or receive payments from NL in amounts we would have paid to or received from the U.S. Internal Revenue Service or the applicable state tax authority had we not been a member of the Contran Tax Group. The separate company provisions and payments are computed using the tax elections made by Contran. We made net cash payments for income taxes to NL of $3.2 million in 2020, $4.7 million in 2021 and $7.8 million in 2022. Deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amounts of assets and liabilities. Deferred income tax assets and liabilities for each tax-paying jurisdiction in which we operate are netted and presented as either a noncurrent deferred income tax asset or liability, as applicable. We periodically evaluate our deferred tax assets in the various taxing jurisdictions in which we operate and adjust any related valuation allowance based on the estimate of the amount of deferred tax assets which we believe do not meet the more-likely-than-not recognition criteria. See Notes 8 and 11. We record a reserve for uncertain tax positions for tax positions where we believe it is more-likely-than-not our position will not prevail with the applicable tax authorities. We did not have a reserve for uncertain tax positions in 2020, 2021 or 2022. |
Business and Geographic Segme_2
Business and Geographic Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Years ended December 31, 2020 2021 2022 (In thousands) Net sales: Security Products $ 87,863 $ 105,124 $ 114,519 Marine Components 26,674 35,691 52,043 Total net sales $ 114,537 $ 140,815 $ 166,562 Operating income: Security Products $ 14,926 $ 21,622 $ 22,744 Marine Components 4,088 5,591 9,561 Corporate operating expenses (7,197) (6,687) (6,869) Total operating income 11,817 20,526 25,436 Interest income 1,680 1,197 1,877 Income before income taxes $ 13,497 $ 21,723 $ 27,313 Depreciation and amortization: Security Products $ 3,069 $ 2,890 $ 2,801 Marine Components 757 940 1,167 Corporate 1 9 9 Total $ 3,827 $ 3,839 $ 3,977 Capital expenditures: Security Products $ 1,252 $ 1,044 $ 2,015 Marine Components 458 3,050 1,680 Corporate 30 — — Total $ 1,740 $ 4,094 $ 3,695 Net sales point of destination: United States $ 107,712 $ 129,160 $ 153,982 Canada 4,423 8,061 9,227 Mexico 431 589 722 Other 1,971 3,005 2,631 Total $ 114,537 $ 140,815 $ 166,562 December 31, 2020 2021 2022 (In thousands) Total assets: Security Products $ 70,755 $ 78,193 $ 80,671 Marine Components 15,515 18,167 26,372 Corporate 97,775 96,092 70,344 Total $ 184,045 $ 192,452 $ 177,387 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of marketable securities | Amortized Unrealized Market value cost basis loss, net (In thousands) December 31, 2021: Current assets $ — $ — $ — December 31, 2022: Current assets $ 33,147 $ 33,164 $ (17) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | December 31, December 31, 2021 2022 (In thousands) Accounts receivable, net: Security Products $ 12,896 $ 13,767 Marine Components 2,720 4,143 Allowance for doubtful accounts (70) (70) Total accounts receivable, net $ 15,546 $ 17,840 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December 31, December 31, 2021 2022 (In thousands) Raw materials: Security Products $ 3,640 $ 4,172 Marine Components 1,402 2,073 Total raw materials 5,042 6,245 Work-in-process: Security Products 12,721 14,193 Marine Components 4,046 5,790 Total work-in-process 16,767 19,983 Finished goods: Security Products 2,271 3,163 Marine Components 1,562 1,899 Total finished goods 3,833 5,062 Total inventories, net $ 25,642 $ 31,290 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | December 31, December 31, 2021 2022 (In thousands) Accounts payable: Security Products $ 2,594 $ 2,663 Marine Components 814 874 Accrued liabilities: Employee benefits 9,797 10,489 Taxes other than on income 391 279 Customer tooling 516 135 Advances from customers — 298 Insurance 208 255 Deferred revenue — 243 Other 404 382 Total accounts payable and accrued liabilities $ 14,724 $ 15,618 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Pre-tax Income and Provision for Income Taxes | Years ended December 31, 2020 2021 2022 (In thousands) Provision for income taxes: Currently payable $ 3,222 $ 5,476 $ 7,130 Deferred income tax benefit (48) (321) (688) Total $ 3,174 $ 5,155 $ 6,442 Expected tax expense, at the U.S. federal statutory $ 2,835 $ 4,562 $ 5,736 State income taxes 378 692 827 FDII benefit (55) (120) (144) Other, net 16 21 23 Total provision for income taxes $ 3,174 $ 5,155 $ 6,442 |
Components of Net Deferred Tax Liability | December 31, 2021 2022 (In thousands) Tax effect of temporary differences related to: Inventories $ 531 $ 369 Property and equipment (2,951) (2,188) Accrued liabilities and other deductible differences 39 51 Accrued employee benefits 1,182 1,262 Goodwill (1,693) (1,693) Other taxable differences (26) (31) Total deferred tax liability $ (2,918) $ (2,230) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Stockholders' Equity | Shares of common stock Issued Treasury Outstanding Balance at December 31, 2019 12,443,057 — 12,443,057 Issued 8,100 — 8,100 Balance at December 31, 2020 12,451,157 — 12,451,157 Issued 4,500 — 4,500 Acquired — (75,000) (75,000) Retired (75,000) 75,000 — Balance at December 31, 2021 12,380,657 — 12,380,657 Issued 5,400 — 5,400 Acquired — (78,900) (78,900) Retired (78,900) 78,900 — Balance at December 31, 2022 12,307,157 — 12,307,157 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Value of Financial Instruments | December 31, 2021 December 31, 2022 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 76,579 $ 76,579 $ 26,748 $ 26,748 Accounts receivable, net 15,546 15,546 17,840 17,840 Accounts payable 3,408 3,408 3,537 3,537 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Defined contribution plan expense | $ 3.9 | $ 3.7 | $ 3 |
Income tax payments to NL | $ 7.8 | $ 4.7 | $ 3.2 |
Minimum | Building | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 15 years | ||
Minimum | Equipment and software | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 3 years | ||
Maximum | Building | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 40 years | ||
Maximum | Equipment and software | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 20 years | ||
N L Industries [Member] | Comp X International Inc [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership held by parent company | 87% | ||
Valhi Inc [Member] | N L Industries [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership held by parent company | 83% | ||
Contran Corporation [Member] | Valhi Inc [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership held by parent company | 92% |
Business and Geographic Segme_3
Business and Geographic Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Business and Geographic Segme_4
Business and Geographic Segments - Schedule of Business Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales: | |||
Total net sales | $ 166,562 | $ 140,815 | $ 114,537 |
Operating income (loss): | |||
Total operating income | 25,436 | 20,526 | 11,817 |
Interest income | 1,877 | 1,197 | 1,680 |
Income before income taxes | 27,313 | 21,723 | 13,497 |
Depreciation and amortization | 3,977 | 3,839 | 3,827 |
Total capital expenditures | 3,695 | 4,094 | 1,740 |
Operating Segments | Security Products | |||
Net sales: | |||
Total net sales | 114,519 | 105,124 | 87,863 |
Operating income (loss): | |||
Total operating income | 22,744 | 21,622 | 14,926 |
Depreciation and amortization | 2,801 | 2,890 | 3,069 |
Total capital expenditures | 2,015 | 1,044 | 1,252 |
Operating Segments | Marine Components | |||
Net sales: | |||
Total net sales | 52,043 | 35,691 | 26,674 |
Operating income (loss): | |||
Total operating income | 9,561 | 5,591 | 4,088 |
Depreciation and amortization | 1,167 | 940 | 757 |
Total capital expenditures | 1,680 | 3,050 | 458 |
Corporate | |||
Operating income (loss): | |||
Total operating income | (6,869) | (6,687) | (7,197) |
Depreciation and amortization | $ 9 | $ 9 | 1 |
Total capital expenditures | $ 30 |
Business and Geographic Segme_5
Business and Geographic Segments - Business Segment Information by Geographical Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 166,562 | $ 140,815 | $ 114,537 |
Total assets | 177,387 | 192,452 | 184,045 |
Operating Segments [Member] | Security Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 114,519 | 105,124 | 87,863 |
Total assets | 80,671 | 78,193 | 70,755 |
Operating Segments [Member] | Marine Components | |||
Segment Reporting Information [Line Items] | |||
Net sales | 52,043 | 35,691 | 26,674 |
Total assets | 26,372 | 18,167 | 15,515 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total assets | 70,344 | 96,092 | 97,775 |
Point Of Destination | United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 153,982 | 129,160 | 107,712 |
Point Of Destination | Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 9,227 | 8,061 | 4,423 |
Point Of Destination | Mexico | |||
Segment Reporting Information [Line Items] | |||
Net sales | 722 | 589 | 431 |
Point Of Destination | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,631 | $ 3,005 | $ 1,971 |
Marketable Securities (Details)
Marketable Securities (Details) - Current assets $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Marketable securities | |
Market value | $ 33,147 |
Amortized cost basis | 33,164 |
Unrealized loss, net | $ (17) |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (70) | $ (70) |
Total accounts receivable, net | 17,840 | 15,546 |
Security Products | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | 13,767 | 12,896 |
Marine Components | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | $ 4,143 | $ 2,720 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Total raw materials | $ 6,245 | $ 5,042 |
Total work-in-process | 19,983 | 16,767 |
Total finished goods | 5,062 | 3,833 |
Total inventories, net | 31,290 | 25,642 |
Security Products | ||
Inventory [Line Items] | ||
Total raw materials | 4,172 | 3,640 |
Total work-in-process | 14,193 | 12,721 |
Total finished goods | 3,163 | 2,271 |
Marine Components | ||
Inventory [Line Items] | ||
Total raw materials | 2,073 | 1,402 |
Total work-in-process | 5,790 | 4,046 |
Total finished goods | $ 1,899 | $ 1,562 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 | |
Goodwill, gross | 33,600,000 | |||
Goodwill | 23,742,000 | 23,742,000 | ||
Increase (decrease) in carrying amount of goodwill | $ 0 | $ 0 | $ 0 | |
Marine Components | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charge | $ 9,900,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued liabilities: | ||
Employee benefits | $ 10,489 | $ 9,797 |
Taxes other than on income | 279 | 391 |
Customer tooling | 135 | 516 |
Advances from customers | 298 | |
Insurance | 255 | 208 |
Deferred revenue | 243 | |
Other | 382 | 404 |
Total accounts payable and accrued liabilities | 15,618 | 14,724 |
Security Products | ||
Accounts payable: | ||
Accounts payable | 2,663 | 2,594 |
Marine Components | ||
Accounts payable: | ||
Accounts payable | $ 874 | $ 814 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision for income taxes: | |||
Currently payable | $ 7,130 | $ 5,476 | $ 3,222 |
Deferred income tax benefit | (688) | (321) | (48) |
Total provision for income taxes | 6,442 | 5,155 | 3,174 |
Expected tax expense, at the U.S. federal statutory income tax rate of 21% | 5,736 | 4,562 | 2,835 |
State income taxes | 827 | 692 | 378 |
FDII benefit | 144 | 120 | 55 |
Other, net | 23 | 21 | 16 |
Total provision for income taxes | $ 6,442 | $ 5,155 | $ 3,174 |
Income Taxes - Provision for _2
Income Taxes - Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Inventories | $ 369 | $ 531 |
Property and equipment | (2,188) | (2,951) |
Accrued liabilities and other deductible differences | 51 | 39 |
Accrued employee benefits | 1,262 | 1,182 |
Goodwill | (1,693) | (1,693) |
Other taxable differences | (31) | (26) |
Total deferred tax liability | $ (2,230) | $ (2,918) |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stockholders' Equity (Detail) - shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class Of Stock Disclosures [Abstract] | ||||
Common stock, shares issued, beginning balance | 12,380,657 | 12,451,157 | 12,443,057 | |
Common stock, shares outstanding, beginning balance | 12,380,657 | 12,451,157 | 12,443,057 | |
Issued | 5,400 | 4,500 | 8,100 | |
Acquired | (78,900) | (75,000) | 0 | 0 |
Acquired, Outstanding | (78,900) | (75,000) | ||
Retired, Issued | (78,900) | (75,000) | ||
Retired | 78,900 | 75,000 | ||
Common stock, shares issued, ending balance | 12,307,157 | 12,380,657 | 12,451,157 | 12,443,057 |
Common stock, shares outstanding, ending balance | 12,307,157 | 12,380,657 | 12,451,157 | 12,443,057 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) item shares | Dec. 31, 2021 shares | Mar. 31, 2021 shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2019 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Treasury stock purchases | 78,900 | 75,000 | 0 | 0 | |||
Preferred stock, shares authorized | 1,000 | 1,000 | 1,000 | ||||
Purchase of common shares | 78,900 | 75,000 | |||||
Shares available for purchase | 523,647 | ||||||
Common Stock Dividend declared by directors | $ / shares | $ 0.25 | $ 0.20 | $ 0.10 | ||||
Special cash dividends per share | $ / shares | $ 1.75 | ||||||
Shares Repurchased in Market Transaction | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Purchase of common shares | 70,000 | ||||||
Shares Repurchased from Affiliates | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Purchase of common shares | 8,900 | ||||||
Number of affiliates | item | 2 | ||||||
Number of private transactions | item | 2 | ||||||
Class A Common Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Purchase of common shares | 78,900 | 25,000 | 50,000 | 75,000 | |||
Purchase of common shares value | $ | $ 1.7 | $ 1.3 | |||||
Class A Common Stock | 2013 Director Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for award | 131,050 | ||||||
Class A Common Stock | Non-Employee | 2013 Director Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock shares authorized to be issued under the plan | 200,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Note receivable from affiliate | $ 13,200,000 | $ 18,700,000 | ||
Contran Corporation [Member] | Intercorporate Services Agreements Fees | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 3,400,000 | 3,400,000 | $ 3,400,000 | |
Tall Pines Insurance Company or EWI RE Inc | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 3,300,000 | 2,900,000 | 2,800,000 | |
Tall Pines Insurance Company or EWI RE Inc | Policies Written by Tall Pines Insurance Company | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expense | 1,000,000 | 900,000 | 700,000 | |
Unsecured Revolving Demand Promissory | Valhi Inc | ||||
Related Party Transaction [Line Items] | ||||
Maximum loan amount | $ 25,000,000 | |||
Interest rate on loans repayment | 1% | |||
Principal due on demand effective date | Dec. 31, 2024 | |||
Note receivable from affiliate | 13,200,000 | 18,700,000 | ||
Interest income including unused commitment fees on our loan | $ 1,000,000 | $ 1,200,000 | $ 1,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Customer Concentration Risk - Consolidated Sales - customer | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Number of customers accounted for sale | 10 | ||
Sales Revenue, percentage | 52% | 51% | 48% |
Customer One | Security Products [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers accounted for sale | 1 | ||
Sales Revenue, percentage | 14% | 16% | 17% |
Customer One | Marine Components | |||
Concentration Risk [Line Items] | |||
Number of customers accounted for sale | 1 | ||
Sales Revenue, percentage | 12% |
Financial Instruments - Carryin
Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 26,748 | $ 76,579 |
Accounts receivable, net | 17,840 | 15,546 |
Accounts payable | 3,537 | 3,408 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 26,748 | 76,579 |
Accounts receivable, net | 17,840 | 15,546 |
Accounts payable | $ 3,537 | $ 3,408 |