Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 24, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIX | |
Entity Registrant Name | COMPX INTERNATIONAL INC | |
Entity Central Index Key | 0001049606 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-13905 | |
Entity Tax Identification Number | 57-0981653 | |
Entity Address, Address Line One | 5430 LBJ Freeway | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, Address Line Three | Three Lincoln Centre | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240 | |
City Area Code | 972 | |
Local Phone Number | 448-1400 | |
Entity Common Stock, Shares Outstanding | 12,443,057 | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Class A common stock | |
Security Exchange Name | NYSEAMER | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 50,224 | $ 45,414 |
Accounts receivable, net | 13,433 | 12,140 |
Inventories, net | 18,826 | 17,102 |
Prepaid expenses and other | 1,680 | 1,629 |
Total current assets | 84,163 | 76,285 |
Other assets: | ||
Note receivable from affiliate | 36,700 | 34,000 |
Goodwill | 23,742 | 23,742 |
Other noncurrent | 590 | 590 |
Total other assets | 61,032 | 58,332 |
Property and equipment: | ||
Land | 4,940 | 4,940 |
Buildings | 22,856 | 22,835 |
Equipment | 67,221 | 67,073 |
Construction in progress | 963 | 603 |
Gross property and equipment | 95,980 | 95,451 |
Less accumulated depreciation | 64,765 | 63,639 |
Net property and equipment | 31,215 | 31,812 |
Total assets | 176,410 | 166,429 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 12,314 | 12,504 |
Income taxes payable to affiliates | 818 | 1,165 |
Total current liabilities | 13,132 | 13,669 |
Noncurrent liabilities - | ||
Deferred income taxes | 3,443 | 3,198 |
Stockholders' equity: | ||
Preferred stock | ||
Additional paid-in capital | 55,869 | 55,751 |
Retained earnings | 103,842 | 93,687 |
Total stockholders' equity | 159,835 | 149,562 |
Total liabilities and stockholders’ equity | 176,410 | 166,429 |
Commitments and contingencies (Note 1) | ||
Class A Common Stock | ||
Stockholders' equity: | ||
Common stock | 124 | 124 |
Total stockholders' equity | $ 124 | $ 124 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 29,703 | $ 30,029 | $ 94,610 | $ 90,827 |
Cost of sales | 20,227 | 20,435 | 64,571 | 60,494 |
Gross margin | 9,476 | 9,594 | 30,039 | 30,333 |
Selling, general and administrative expense | 5,210 | 5,074 | 15,860 | 15,454 |
Operating income | 4,266 | 4,520 | 14,179 | 14,879 |
Interest income | 848 | 697 | 2,512 | 1,908 |
Income before taxes | 5,114 | 5,217 | 16,691 | 16,787 |
Provision for income taxes | 1,227 | 1,286 | 3,923 | 4,132 |
Net income | $ 3,887 | $ 3,931 | $ 12,768 | $ 12,655 |
Basic and diluted net income per common share | $ 0.31 | $ 0.32 | $ 1.03 | $ 1.02 |
Basic and diluted weighted average shares outstanding | 12,443 | 12,436 | 12,439 | 12,431 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Additional paid-in Capital | Retained Earnings |
Balance at Dec. 31, 2017 | $ 136,585 | $ 24 | $ 100 | $ 55,612 | $ 80,849 |
Net income | 3,726 | 3,726 | |||
Cash dividends | (621) | (621) | |||
Balance at Mar. 31, 2018 | 139,690 | 24 | 100 | 55,612 | 83,954 |
Balance at Dec. 31, 2017 | 136,585 | 24 | 100 | 55,612 | 80,849 |
Net income | 12,655 | ||||
Balance at Sep. 30, 2018 | 147,514 | 124 | 55,751 | 91,639 | |
Balance at Mar. 31, 2018 | 139,690 | 24 | 100 | 55,612 | 83,954 |
Net income | 4,997 | 4,997 | |||
Issuance of common stock | 139 | 139 | |||
Cash dividends | (622) | (622) | |||
Balance at Jun. 30, 2018 | 144,204 | 24 | 100 | 55,751 | 88,329 |
Net income | 3,931 | 3,931 | |||
Share conversion | 100 | $ (100) | |||
Cash dividends | (621) | (621) | |||
Balance at Sep. 30, 2018 | 147,514 | 124 | 55,751 | 91,639 | |
Balance at Dec. 31, 2018 | 149,562 | 124 | 55,751 | 93,687 | |
Net income | 3,986 | 3,986 | |||
Cash dividends | (870) | (870) | |||
Balance at Mar. 31, 2019 | 152,678 | 124 | 55,751 | 96,803 | |
Balance at Dec. 31, 2018 | 149,562 | 124 | 55,751 | 93,687 | |
Net income | 12,768 | ||||
Balance at Sep. 30, 2019 | 159,835 | 124 | 55,869 | 103,842 | |
Balance at Mar. 31, 2019 | 152,678 | 124 | 55,751 | 96,803 | |
Net income | 4,895 | 4,895 | |||
Issuance of common stock | 118 | 118 | |||
Cash dividends | (872) | (872) | |||
Balance at Jun. 30, 2019 | 156,819 | 124 | 55,869 | 100,826 | |
Net income | 3,887 | 3,887 | |||
Cash dividends | (871) | (871) | |||
Balance at Sep. 30, 2019 | $ 159,835 | $ 124 | $ 55,869 | $ 103,842 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Cash dividends per share | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.05 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 12,768 | $ 12,655 |
Depreciation and amortization | 2,738 | 2,588 |
Deferred income taxes | 245 | 181 |
Other, net | 428 | 316 |
Change in assets and liabilities: | ||
Accounts receivable, net | (1,308) | (2,910) |
Inventories, net | (1,888) | (1,935) |
Accounts payable and accrued liabilities | (130) | 1,211 |
Accounts with affiliates | (432) | 718 |
Prepaids and other, net | 34 | (29) |
Net cash provided by operating activities | 12,455 | 12,795 |
Cash flows from investing activities: | ||
Capital expenditures | (2,453) | (2,042) |
Proceeds from sale of fixed assets, net | 121 | |
Note receivable from affiliate: | ||
Collections | 25,400 | 44,200 |
Advances | (28,100) | (39,000) |
Net cash provided by (used in) investing activities | (5,032) | 3,158 |
Cash flows from financing activities - | ||
Dividends paid | (2,613) | (1,865) |
Cash and cash equivalents - net change from: | ||
Operating, investing and financing activities | 4,810 | 14,088 |
Balance at beginning of period | 45,414 | 29,655 |
Balance at end of period | 50,224 | 43,743 |
Supplemental disclosures - | ||
Cash paid for income taxes | $ 4,020 | $ 3,233 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and basis of presentation: Organization . We (NYSE American: CIX) are 86% owned by NL Industries, Inc. (NYSE: NL) at September 30, 2019. We manufacture and sell component products (security products and recreational marine components). At September 30, 2019, Valhi, Inc. (NYSE: VHI) owns 83% of NL’s outstanding common stock and a wholly-owned subsidiary of Contran Corporation owns 92% of Valhi’s outstanding common stock. At September 30, 2019, a majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and Serena Simmons Connelly and various family trusts established for the benefit of Ms. Simmons and Ms. Connelly and their children and for which Ms. Simmons or Ms. Connelly, as applicable, serves as trustee. In addition, each of Ms. Simmons and Ms. Connelly serves as co-chair of the Contran board of directors. 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 Ms. Connelly and their children and for which a third-party financial institution serves as trustee. Consequently, at September 30, 2019, Ms. Simmons, Ms. Connelly and the Family Trust may be deemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran, Valhi, NL and us. Basis of presentation. Consolidated in this Quarterly Report are the results of CompX International Inc. and its subsidiaries. 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, 2018 that we filed with the Securities and Exchange Commission (“SEC”) on February 27, 2019 (the “2018 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, 2018 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, 2018) 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, 2019 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 2018 Consolidated Financial Statements contained in our 2018 Annual Report. Our operations are reported on a 52 or 53-week year. For presentation purposes, annual and quarterly information in the Condensed Consolidated Financial Statements and accompanying notes are presented as ended September 30, 2018, December 31, 2018 and September 30, 2019. The actual dates of our annual and quarterly periods are September 30, 2018, December 30, 2018 and September 29, 2019, respectively. Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 2 – Business segment information: Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In thousands) (In thousands) Net sales: Security Products $ 24,541 $ 23,405 $ 75,845 $ 75,036 Marine Components 5,488 6,298 14,982 19,574 Total net sales $ 30,029 $ 29,703 $ 90,827 $ 94,610 Operating income (loss): Security Products $ 5,335 $ 4,866 $ 17,761 $ 15,990 Marine Components 812 1,042 2,335 3,223 Corporate operating expenses (1,627 ) (1,642 ) (5,217 ) (5,034 ) Total operating income 4,520 4,266 14,879 14,179 Interest income 697 848 1,908 2,512 Income before taxes $ 5,217 $ 5,114 $ 16,787 $ 16,691 Intersegment sales are not material. |
Accounts Receivable, Net
Accounts Receivable, Net | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 3 – Accounts receivable, net: December 31, September 30, 2018 2019 (In thousands) Accounts receivable, net: Security Products $ 10,596 $ 11,239 Marine Components 1,614 2,264 Allowance for doubtful accounts (70 ) (70 ) Total accounts receivable, net $ 12,140 $ 13,433 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 4 – Inventories, net: December 31, September 30, 2018 2019 (In thousands) Raw materials: Security Products $ 2,001 $ 2,505 Marine Components 660 808 Total raw materials 2,661 3,313 Work-in-process: Security Products 9,018 9,258 Marine Components 2,112 2,694 Total work-in-process 11,130 11,952 Finished goods: Security Products 2,363 2,603 Marine Components 948 958 Total finished goods 3,311 3,561 Total inventories, net $ 17,102 $ 18,826 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 5 – Accounts payable and accrued liabilities: December 31, September 30, 2018 2019 (In thousands) Accounts payable: Security Products $ 2,708 $ 2,705 Marine Components 527 793 Accrued liabilities: Employee benefits 8,068 7,084 Customer tooling 334 312 Taxes other than on income 328 667 Other 539 753 Total accounts payable and accrued liabilities $ 12,504 $ 12,314 |
Provision for Income Taxes
Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Note 6 – Provision for income taxes: Nine months ended September 30, 2018 2019 (In thousands) Expected tax expense, at the U.S. federal statutory income tax rate of 21% $ 3,525 $ 3,505 State income taxes 576 588 FDII benefit — (170 ) Other, net 31 — Total income tax expense $ 4,132 $ 3,923 Under the 2017 Tax Act enacted into law on December 22, 2017, beginning in 2018, domestic corporations who are U.S. exporters with no foreign operations may be eligible for a deduction under the foreign derived intangible income provisions. We qualify for this deduction and recognized a current cash tax benefit of $170,000 in the first nine months of 2019 ($98,000 of such current cash tax benefit is related to 2018). |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 7 – Financial instruments: The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, September 30, 2018 2019 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 45,414 $ 45,414 $ 50,224 $ 50,224 Accounts receivable, net 12,140 12,140 13,433 13,433 Accounts payable 3,235 3,235 3,498 3,498 Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8 – Related party transactions: 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, and when we borrow from related parties, we are generally able to pay a lower rate of interest than we would pay if we had incurred third-party indebtedness. While certain of these loans to affiliates may be of a lesser credit quality than cash equivalent instruments otherwise available to us, we believe we have considered the credit risks in the terms of the applicable loans. In this regard, we have an unsecured revolving demand promissory note with Valhi whereby we agreed to loan Valhi up to $40 million. Our loan to Valhi, as amended, bears interest at prime plus 1.00%, (6.0% at September 30, 2019) payable quarterly, with all principal due on demand, but in any event no earlier than December 31, 2020. Loans made to Valhi at any time under the agreement are at our discretion. At September 30, 2019, the outstanding principal balance receivable from Valhi under the promissory note was $36.7 million. Interest income (including unused commitment fees) on our loan to Valhi was $0.5 million and $0.6 million for each of the three month periods ended September 30, 2018 and 2019, respectively, and $1.6 million and $1.9 million for the nine months ended September 30, 2018 and 2019, respectively. On September 30, 2019 (one day after our fiscal quarterly period, but on the last day of the fiscal period for Valhi), we loaned $3.3 million to Valhi, increasing the outstanding principal balance receivable from Valhi under the promissory note to $40.0 million. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Note 9 – Recent accounting pronouncements: Adopted On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization . We (NYSE American: CIX) are 86% owned by NL Industries, Inc. (NYSE: NL) at September 30, 2019. We manufacture and sell component products (security products and recreational marine components). At September 30, 2019, Valhi, Inc. (NYSE: VHI) owns 83% of NL’s outstanding common stock and a wholly-owned subsidiary of Contran Corporation owns 92% of Valhi’s outstanding common stock. At September 30, 2019, a majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and Serena Simmons Connelly and various family trusts established for the benefit of Ms. Simmons and Ms. Connelly and their children and for which Ms. Simmons or Ms. Connelly, as applicable, serves as trustee. In addition, each of Ms. Simmons and Ms. Connelly serves as co-chair of the Contran board of directors. 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 Ms. Connelly and their children and for which a third-party financial institution serves as trustee. Consequently, at September 30, 2019, Ms. Simmons, Ms. Connelly and the Family Trust may be deemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran, Valhi, NL and us. |
Basis of Presentation | Basis of presentation. Consolidated in this Quarterly Report are the results of CompX International Inc. and its subsidiaries. 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, 2018 that we filed with the Securities and Exchange Commission (“SEC”) on February 27, 2019 (the “2018 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, 2018 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, 2018) 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, 2019 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 2018 Consolidated Financial Statements contained in our 2018 Annual Report. Our operations are reported on a 52 or 53-week year. For presentation purposes, annual and quarterly information in the Condensed Consolidated Financial Statements and accompanying notes are presented as ended September 30, 2018, December 31, 2018 and September 30, 2019. The actual dates of our annual and quarterly periods are September 30, 2018, December 30, 2018 and September 29, 2019, respectively. Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Business Segment Information | Three months ended Nine months ended September 30, September 30, 2018 2019 2018 2019 (In thousands) (In thousands) Net sales: Security Products $ 24,541 $ 23,405 $ 75,845 $ 75,036 Marine Components 5,488 6,298 14,982 19,574 Total net sales $ 30,029 $ 29,703 $ 90,827 $ 94,610 Operating income (loss): Security Products $ 5,335 $ 4,866 $ 17,761 $ 15,990 Marine Components 812 1,042 2,335 3,223 Corporate operating expenses (1,627 ) (1,642 ) (5,217 ) (5,034 ) Total operating income 4,520 4,266 14,879 14,179 Interest income 697 848 1,908 2,512 Income before taxes $ 5,217 $ 5,114 $ 16,787 $ 16,691 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | December 31, September 30, 2018 2019 (In thousands) Accounts receivable, net: Security Products $ 10,596 $ 11,239 Marine Components 1,614 2,264 Allowance for doubtful accounts (70 ) (70 ) Total accounts receivable, net $ 12,140 $ 13,433 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December 31, September 30, 2018 2019 (In thousands) Raw materials: Security Products $ 2,001 $ 2,505 Marine Components 660 808 Total raw materials 2,661 3,313 Work-in-process: Security Products 9,018 9,258 Marine Components 2,112 2,694 Total work-in-process 11,130 11,952 Finished goods: Security Products 2,363 2,603 Marine Components 948 958 Total finished goods 3,311 3,561 Total inventories, net $ 17,102 $ 18,826 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | December 31, September 30, 2018 2019 (In thousands) Accounts payable: Security Products $ 2,708 $ 2,705 Marine Components 527 793 Accrued liabilities: Employee benefits 8,068 7,084 Customer tooling 334 312 Taxes other than on income 328 667 Other 539 753 Total accounts payable and accrued liabilities $ 12,504 $ 12,314 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Nine months ended September 30, 2018 2019 (In thousands) Expected tax expense, at the U.S. federal statutory income tax rate of 21% $ 3,525 $ 3,505 State income taxes 576 588 FDII benefit — (170 ) Other, net 31 — Total income tax expense $ 4,132 $ 3,923 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Value of Financial Instruments | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, September 30, 2018 2019 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash and cash equivalents $ 45,414 $ 45,414 $ 50,224 $ 50,224 Accounts receivable, net 12,140 12,140 13,433 13,433 Accounts payable 3,235 3,235 3,498 3,498 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | Sep. 30, 2019 |
NL Industries | CompX International Inc | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Percentage of ownership held by parent company | 86.00% |
Valhi Inc | NL Industries | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Percentage of ownership held by parent company | 83.00% |
Contran Corporation | Valhi Inc | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Percentage of ownership held by parent company | 92.00% |
Business Segment Information -
Business Segment Information - Schedule of Business Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales: | ||||
Total net sales | $ 29,703 | $ 30,029 | $ 94,610 | $ 90,827 |
Operating income (loss): | ||||
Total operating income | 4,266 | 4,520 | 14,179 | 14,879 |
Interest income | 848 | 697 | 2,512 | 1,908 |
Income before taxes | 5,114 | 5,217 | 16,691 | 16,787 |
Operating Segments | Security Products | ||||
Net sales: | ||||
Total net sales | 23,405 | 24,541 | 75,036 | 75,845 |
Operating income (loss): | ||||
Total operating income | 4,866 | 5,335 | 15,990 | 17,761 |
Operating Segments | Marine Components | ||||
Net sales: | ||||
Total net sales | 6,298 | 5,488 | 19,574 | 14,982 |
Operating income (loss): | ||||
Total operating income | 1,042 | 812 | 3,223 | 2,335 |
Corporate | ||||
Operating income (loss): | ||||
Total operating income | $ (1,642) | $ (1,627) | $ (5,034) | $ (5,217) |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (70) | $ (70) |
Total accounts receivable, net | 13,433 | 12,140 |
Security Products | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | 11,239 | 10,596 |
Marine Components | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts receivable, gross | $ 2,264 | $ 1,614 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Total raw materials | $ 3,313 | $ 2,661 |
Total work-in-process | 11,952 | 11,130 |
Total finished goods | 3,561 | 3,311 |
Total inventories, net | 18,826 | 17,102 |
Security Products | ||
Inventory [Line Items] | ||
Total raw materials | 2,505 | 2,001 |
Total work-in-process | 9,258 | 9,018 |
Total finished goods | 2,603 | 2,363 |
Marine Components | ||
Inventory [Line Items] | ||
Total raw materials | 808 | 660 |
Total work-in-process | 2,694 | 2,112 |
Total finished goods | $ 958 | $ 948 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued liabilities: | ||
Employee benefits | $ 7,084 | $ 8,068 |
Customer tooling | 312 | 334 |
Taxes other than on income | 667 | 328 |
Other | 753 | 539 |
Total accounts payable and accrued liabilities | 12,314 | 12,504 |
Security Products | ||
Accounts payable: | ||
Accounts payable | 2,705 | 2,708 |
Marine Components | ||
Accounts payable: | ||
Accounts payable | $ 793 | $ 527 |
Provision for Income Taxes - Pr
Provision for Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Expected tax expense, at the U.S. federal statutory income tax rate of 21% | $ 3,505 | $ 3,525 | |||
State income taxes | 588 | 576 | |||
FDII benefit | (170) | $ (98) | |||
Other, net | 31 | ||||
Total income tax expense | $ 1,227 | $ 1,286 | $ 3,923 | $ 4,132 |
Provision for Income Taxes - _2
Provision for Income Taxes - Provision for Income Taxes (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory income tax rate | 21.00% | 21.00% |
Provision for Income Taxes - Ad
Provision for Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Foreign-derived intangible income benefit | $ 170 | $ 98 |
Financial Instruments - Carryin
Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 50,224 | $ 45,414 |
Accounts receivable, net | 13,433 | 12,140 |
Accounts payable | 3,498 | 3,235 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 50,224 | 45,414 |
Accounts receivable, net | 13,433 | 12,140 |
Accounts payable | $ 3,498 | $ 3,235 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2016 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 01, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||
Note receivable from affiliate | $ 36,700,000 | $ 36,700,000 | $ 34,000,000 | ||||
Unsecured Revolving Demand Promissory | Valhi Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum loan amount | $ 40,000,000 | ||||||
Interest rate on loans repayment | 1.00% | 6.00% | 6.00% | ||||
Principal due on demand effective date | Dec. 31, 2020 | ||||||
Note receivable from affiliate | $ 36,700,000 | $ 36,700,000 | |||||
Interest income including unused commitment fees on our loan | 600,000 | $ 500,000 | 1,900,000 | $ 1,600,000 | |||
Amount loaned | $ 3,300,000 | $ 3,300,000 | |||||
Unsecured Revolving Demand Promissory | Valhi Inc | Subsequent Event | |||||||
Related Party Transaction [Line Items] | |||||||
Note receivable from affiliate | $ 40,000,000 |