Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KRO | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock | |
Entity Registrant Name | KRONOS WORLDWIDE, INC. | |
Entity Central Index Key | 0001257640 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 115,542,717 | |
Entity File Number | 1-31763 | |
Entity Tax Identification Number | 76-0294959 | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 373.6 | $ 355.3 |
Restricted cash | 1.7 | 2 |
Accounts and other receivables, net | 338.3 | 323 |
Inventories, net | 473 | 519 |
Prepaid expenses and other | 13.6 | 19 |
Total current assets | 1,200.2 | 1,218.3 |
Other assets: | ||
Investment in TiO2 manufacturing joint venture | 106.7 | 103.3 |
Restricted cash | 4.6 | 4.7 |
Marketable securities | 3 | 2.2 |
Operating lease right-of-use assets | 24.6 | 26.1 |
Deferred income taxes | 143.3 | 151 |
Other | 7.1 | 6.5 |
Total other assets | 289.3 | 293.8 |
Property and equipment: | ||
Land | 42.7 | 44.1 |
Buildings | 228 | 233.9 |
Equipment | 1,141.1 | 1,173.7 |
Mining properties | 128.5 | 127.8 |
Construction in progress | 59.5 | 56.1 |
Gross property and equipment | 1,599.8 | 1,635.6 |
Less accumulated depreciation and amortization | 1,092.7 | 1,111 |
Net property and equipment | 507.1 | 524.6 |
Total assets | 1,996.6 | 2,036.7 |
Current liabilities: | ||
Current maturities of long-term debt | 0.7 | 0.7 |
Accounts payable and accrued liabilities | 238 | 243.8 |
Income taxes | 16.5 | 15.7 |
Total current liabilities | 255.2 | 260.2 |
Noncurrent liabilities: | ||
Long-term debt | 465.9 | 486.7 |
Accrued pension costs | 355.8 | 372.6 |
Payable to affiliate - income taxes | 50.6 | 50.6 |
Operating lease liabilities | 17.6 | 18.8 |
Deferred income taxes | 24.1 | 24.6 |
Other | 26.5 | 26.7 |
Total noncurrent liabilities | 940.5 | 980 |
Stockholders' equity: | ||
Common stock | 1.2 | 1.2 |
Additional paid-in capital | 1,395.3 | 1,395.3 |
Retained deficit | (153) | (151.8) |
Accumulated other comprehensive loss | (442.6) | (448.2) |
Total stockholders' equity | 800.9 | 796.5 |
Total liabilities and stockholders' equity | 1,996.6 | 2,036.7 |
Commitments and contingencies (Notes 11 and 13) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 465 | $ 421 |
Cost of sales | 369.3 | 332.9 |
Gross margin | 95.7 | 88.1 |
Selling, general and administrative expense | 58 | 53.5 |
Other operating income (expense): | ||
Currency transactions, net | (0.5) | 12.2 |
Other operating expense, net | (3.2) | (3.3) |
Income from operations | 34 | 43.5 |
Other income (expense): | ||
Interest and dividend income | 0.1 | 1.2 |
Insurance settlement gain | 1.5 | |
Marketable equity securities | 0.8 | (1.5) |
Other components of net periodic pension and OPEB cost | (4.3) | (4.7) |
Interest expense | (5) | (4.6) |
Income before income taxes | 25.6 | 35.4 |
Income tax expense | 6 | 8.4 |
Net income | $ 19.6 | $ 27 |
Net income per basic and diluted share | $ 0.17 | $ 0.23 |
Weighted average shares used in the calculation of net income per share | 115.5 | 115.6 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 19.6 | $ 27 |
Other comprehensive income (loss), net of tax: | ||
Currency translation | 2.2 | (41.9) |
Total other comprehensive income (loss), net | 5.6 | (39) |
Comprehensive income (loss) | 25.2 | (12) |
Defined Benefit Pension Plans | ||
Other comprehensive income (loss), net of tax: | ||
Defined benefit plans | 3.5 | 3 |
OPEB | ||
Other comprehensive income (loss), net of tax: | ||
Defined benefit plans | $ (0.1) | $ (0.1) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Retained deficit | Accumulated other comprehensive loss | Treasury stock |
Beginning Balance at Dec. 31, 2019 | $ 816.1 | $ 1.2 | $ 1,396.2 | $ (132.5) | $ (448.8) | |
Net income | 27 | 27 | ||||
Other comprehensive income (loss), net of tax | (39) | (39) | ||||
Dividends paid | (20.8) | (20.8) | ||||
Treasury stock acquired | (1) | $ (1) | ||||
Ending Balance at Mar. 31, 2020 | 782.3 | 1.2 | 1,396.2 | (126.3) | (487.8) | $ (1) |
Beginning Balance at Dec. 31, 2020 | 796.5 | 1.2 | 1,395.3 | (151.8) | (448.2) | |
Net income | 19.6 | 19.6 | ||||
Other comprehensive income (loss), net of tax | 5.6 | 5.6 | ||||
Dividends paid | (20.8) | (20.8) | ||||
Ending Balance at Mar. 31, 2021 | $ 800.9 | $ 1.2 | $ 1,395.3 | $ (153) | $ (442.6) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividends per share | $ 0.18 | $ 0.18 |
Retained deficit | ||
Cash dividends per share | $ 0.18 | $ 0.18 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 19.6 | $ 27 |
Depreciation | 12.7 | 14.9 |
Amortization of operating lease right-of-use assets | 1.7 | 1.6 |
Deferred income taxes | 0.2 | (0.9) |
Benefit plan expense greater than cash funding | 3.7 | 3 |
Marketable equity securities | (0.8) | 1.5 |
Contributions to TiO2 manufacturing joint venture, net | (3.4) | (2.2) |
Other, net | 0.1 | (1.1) |
Change in assets and liabilities: | ||
Accounts and other receivables, net | (23.5) | (38.7) |
Inventories, net | 35.6 | 3.3 |
Prepaid expenses | 5 | 3.6 |
Accounts payable and accrued liabilities | 0.5 | (30.5) |
Income taxes | 0.9 | 9.4 |
Accounts with affiliates | 4.2 | (1.5) |
Other, net | 0.2 | 0.8 |
Net cash provided by (used in) operating activities | 56.7 | (9.8) |
Cash flows from investing activities: | ||
Capital expenditures | (10.8) | (15.3) |
Proceeds from insurance settlement | 1.5 | |
Net cash used in investing activities | (10.8) | (13.8) |
Cash flows from financing activities: | ||
Payments on long-term debt | (0.2) | (0.1) |
Dividends paid | (20.8) | (20.8) |
Treasury stock acquired | (1) | |
Net cash used in financing activities | (21) | (21.9) |
Cash, cash equivalents and restricted cash - net change from: | ||
Operating, investing and financing activities | 24.9 | (45.5) |
Currency translation | (7) | (3.9) |
Balance at beginning of period | 362 | 392.3 |
Balance at end of period | 379.9 | 342.9 |
Cash paid for: | ||
Interest, net of amount capitalized | 9.2 | 8.5 |
Income taxes | 3.9 | (0.1) |
Accrual for capital expenditures | $ 2.5 | $ 2.3 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 - Organization and basis of presentation: Organization - At March 31, 2021, Valhi, Inc. (NYSE: VHI) held approximately 50% of our outstanding common stock and a wholly-owned subsidiary of NL Industries, Inc. (NYSE: NL) held approximately 30% of our common stock. Valhi owned approximately 83% of NL’s outstanding common stock and a wholly-owned subsidiary of Contran Corporation held approximately 92% of Valhi’s outstanding common stock. 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 March 31, 2021 Ms. Simmons 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 - The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2020 that we filed with the Securities and Exchange Commission (SEC) on March 10, 2021 (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 period ended March 31, 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 Kronos Worldwide, Inc. and its subsidiaries (NYSE: KRO) taken as a whole. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 2 - Accounts and other receivables, net: December March 31, 2020 2021 (In millions) Trade receivables $ 294.8 $ 314.7 Recoverable VAT and other receivables 21.3 17.5 Receivables from affiliates 3.5 2.7 Refundable income taxes 5.3 5.4 Allowance for doubtful accounts (1.9 ) (2.0 ) Total $ 323.0 $ 338.3 |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 3 - Inventories, net: December March 31, 2020 2021 (In millions) Raw materials $ 133.2 $ 134.7 Work in process 36.8 30.5 Finished products 269.2 229.4 Supplies 79.8 78.4 Total $ 519.0 $ 473.0 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | Note 4 - Marketable securities: Our marketable securities consist of investments in the publicly-traded shares of related parties: Valhi, NL and CompX International Inc. NL owns the majority of CompX’s outstanding common stock. All of our marketable securities are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets for each marketable security and represent a Level 1 input within the fair value hierarchy. Any unrealized gains or losses on the securities are recognized in Other income (expense) - Marketable equity securities on our Condensed Consolidated Statements of Income. Fair measurement Market Cost Marketable security level value basis Unrealized loss (In millions) December 31, 2020: Valhi common stock 1 $ 2.1 $ 3.2 $ (1.1 ) NL and CompX common stocks 1 .1 .1 - Total $ 2.2 $ 3.3 $ (1.1 ) March 31, 2021: Valhi common stock 1 $ 2.9 $ 3.2 $ (.3 ) NL and CompX common stocks 1 .1 .1 - Total $ 3.0 $ 3.3 $ (.3 ) At December 31, 2020 and March 31, 2021, we held approximately 144,000 shares of Valhi’s common stock. We also held a nominal number of shares of NL and CompX common stocks. At December 31, 2020 and March 31, 2021, the per share quoted market price of Valhi’s common stock was $15.20 and $20.51, respectively. The Valhi, CompX and NL common stocks we own are subject to restrictions on resale pursuant to certain provisions of SEC Rule 144. In addition, as a majority-owned subsidiary of Valhi we cannot vote our shares of Valhi common stock under Delaware General Corporation law, but we receive dividends from Valhi on these shares when declared and paid. |
Long-Term debt
Long-Term debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 5 - Long-term debt: December 31, March 31, 2020 2021 (In millions) Kronos International, Inc. 3.75% Senior Notes $ 485.7 $ 465.0 Other 1.7 1.6 Total debt 487.4 466.6 Less current maturities .7 .7 Total long-term debt $ 486.7 $ 465.9 Senior Notes - At March 31, 2021, the carrying value of our 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $4.3 million. Revolving credit facilities - On April 20, 2021, we entered into a new global $225 million revolving credit facility (Global Revolver) which matures in April 2026. The Global Revolver replaces our 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. The full $225 million was available for borrowing upon the commencement of the Global Revolver. Borrowings under the Global Revolver are available for our 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 our 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 our 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 March 31 , 202 1 . |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 6 - Accounts payable and accrued liabilities: December March 31, 2020 2021 (In millions) Accounts payable $ 111.0 $ 132.0 Employee benefits 27.8 30.3 Accrued sales discounts and rebates 29.1 14.6 Payables to affiliates: Louisiana Pigment Company, L.P. 19.3 16.8 Income taxes payable to Valhi 8.6 9.7 Operating lease liabilities 6.7 6.3 Other 41.3 28.3 Total $ 243.8 $ 238.0 |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Note 7 - Other noncurrent liabilities: December 31, March 31, 2020 2021 (In millions) Accrued postretirement benefits $ 8.7 $ 8.8 Employee benefits 6.2 5.8 Other 11.8 11.9 Total $ 26.7 $ 26.5 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 8 - Revenue recognition: The following table disaggregates our net sales 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 March 31, 2020 2021 (In millions) Net sales - point of origin: United States $ 237.0 $ 253.9 Germany 229.1 231.2 Canada 67.7 97.2 Belgium 66.1 66.5 Norway 54.3 71.0 Eliminations (233.2 ) (254.8 ) Total $ 421.0 $ 465.0 Net sales - point of destination: Europe $ 214.5 $ 227.3 North America 132.3 145.3 Other 74.2 92.4 Total $ 421.0 $ 465.0 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 9 - Employee benefit plans: The components of net periodic defined benefit pension cost are presented in the table below. Three months ended March 31, 2020 2021 (In millions) Service cost $ 3.2 $ 3.8 Interest cost 2.6 2.2 Expected return on plan assets (2.3 ) (3.0 ) Recognized actuarial losses 4.4 5.1 Total $ 7.9 $ 8.1 We expect our 20 2 1 contributions for our pension plans to be approximately $ 17 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 - Income taxes: Three months ended March 31, 2020 2021 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 7.4 $ 5.4 Non-U.S. tax rates .9 .7 Incremental net tax benefit on earnings and losses of U.S. and non-U.S. companies (1.3 ) (.7 ) Global intangible low-tax income, net 1.2 .5 Valuation allowance, net (.5 ) .5 Adjustment to the reserve for uncertain tax positions, net .4 (.5 ) Other, net .3 .1 Income tax expense $ 8.4 $ 6.0 Comprehensive provision for income taxes allocable to: Net income $ 8.4 $ 6.0 Other comprehensive income - pension plans 1.4 1.6 Total $ 9.8 $ 7.6 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 expense (benefit) on earnings and losses of U.S. and non-U.S. companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current-year earnings of all of our non-U.S. subsidiaries and (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 our non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, to the extent the current-year income (losses) of such subsidiaries is subject to U.S. income tax under the U.S. dual-resident provisions of the Internal Revenue Code. 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 $.5 million related to the reversal of 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 are examining certain of our U.S. and non-U.S. tax returns and may propose tax deficiencies, including penalties and interest. We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations. We believe the ultimate disposition of tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. We currently estimate that our unrecognized tax benefits will decrease by approximately $1.1 million during the next twelve months primarily due to the expiration of certain statutes of limitations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 11 – Accumulated other comprehensive loss: Changes in accumulated other comprehensive loss are presented in the table below. See Note 4 for further discussion of our marketable securities and Note 9 for discussion of our defined benefit pension plans. Three months ended March 31, 2020 2021 (In millions) Accumulated other comprehensive loss, net of tax: Currency translation: Balance at beginning of period $ (246.8 ) $ (233.4 ) Other comprehensive income (loss) (41.9 ) 2.2 Balance at end of period $ (288.7 ) $ (231.2 ) Defined benefit pension plans: Balance at beginning of period $ (202.2 ) $ (214.5 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 3.0 3.5 Balance at end of period $ (199.2 ) $ (211.0 ) OPEB plans: Balance at beginning of period $ .2 $ (.3 ) Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost (.1 ) (.1 ) Balance at end of period $ .1 $ (.4 ) Total accumulated other comprehensive loss: Balance at beginning of period $ (448.8 ) $ (448.2 ) Other comprehensive income (loss) (39.0 ) 5.6 Balance at end of period $ (487.8 ) $ (442.6 ) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 - Commitments and contingencies: We are involved in various environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our business. At least quarterly our management discusses and evaluates the status of any pending litigation to which we are a party. The factors considered in such evaluation include, among other things, the nature of such pending cases, the status of such pending cases, the advice of legal counsel and our experience in similar cases (if any). Based on such evaluation, we make a determination as to whether we believe (i) it is probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (ii) it is reasonably possible but not probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (iii) the probability a loss has been incurred is remote. We have not accrued any amounts for litigation matters because it is not reasonably possible we have incurred a loss that would be material to our consolidated financial statements, results of operations or liquidity. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Note 13 - Financial instruments: See Note 4 for information on how we determine 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, 2020 March 31, 2021 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash $ 362.0 $ 362.0 $ 379.9 $ 379.9 Long-term debt - Fixed rate Senior Notes 485.7 499.9 465.0 478.1 At March 31, 2021, the estimated market price of our Senior Notes was €1,019 per €1,000 principal amount. The fair value of our Senior Notes was based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Notes trade were not active. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 2 and 6. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation - The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2020 that we filed with the Securities and Exchange Commission (SEC) on March 10, 2021 (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 period ended March 31, 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 Kronos Worldwide, Inc. and its subsidiaries (NYSE: KRO) taken as a whole. |
Marketable Securities | All of our marketable securities are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets for each marketable security and represent a Level 1 input within the fair value hierarchy. Any unrealized gains or losses on the securities are recognized in Other income (expense) - Marketable equity securities on our Condensed Consolidated Statements of Income. |
Commitments and Contingencies | We are involved in various environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our business. At least quarterly our management discusses and evaluates the status of any pending litigation to which we are a party. The factors considered in such evaluation include, among other things, the nature of such pending cases, the status of such pending cases, the advice of legal counsel and our experience in similar cases (if any). Based on such evaluation, we make a determination as to whether we believe (i) it is probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (ii) it is reasonably possible but not probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (iii) the probability a loss has been incurred is remote. We have not accrued any amounts for litigation matters because it is not reasonably possible we have incurred a loss that would be material to our consolidated financial statements, results of operations or liquidity. |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | December March 31, 2020 2021 (In millions) Trade receivables $ 294.8 $ 314.7 Recoverable VAT and other receivables 21.3 17.5 Receivables from affiliates 3.5 2.7 Refundable income taxes 5.3 5.4 Allowance for doubtful accounts (1.9 ) (2.0 ) Total $ 323.0 $ 338.3 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | December March 31, 2020 2021 (In millions) Raw materials $ 133.2 $ 134.7 Work in process 36.8 30.5 Finished products 269.2 229.4 Supplies 79.8 78.4 Total $ 519.0 $ 473.0 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Classification of Marketable Securities | Fair measurement Market Cost Marketable security level value basis Unrealized loss (In millions) December 31, 2020: Valhi common stock 1 $ 2.1 $ 3.2 $ (1.1 ) NL and CompX common stocks 1 .1 .1 - Total $ 2.2 $ 3.3 $ (1.1 ) March 31, 2021: Valhi common stock 1 $ 2.9 $ 3.2 $ (.3 ) NL and CompX common stocks 1 .1 .1 - Total $ 3.0 $ 3.3 $ (.3 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long Term Debt | December 31, March 31, 2020 2021 (In millions) Kronos International, Inc. 3.75% Senior Notes $ 485.7 $ 465.0 Other 1.7 1.6 Total debt 487.4 466.6 Less current maturities .7 .7 Total long-term debt $ 486.7 $ 465.9 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Components of Accounts Payable and Accrued Liabilities | December March 31, 2020 2021 (In millions) Accounts payable $ 111.0 $ 132.0 Employee benefits 27.8 30.3 Accrued sales discounts and rebates 29.1 14.6 Payables to affiliates: Louisiana Pigment Company, L.P. 19.3 16.8 Income taxes payable to Valhi 8.6 9.7 Operating lease liabilities 6.7 6.3 Other 41.3 28.3 Total $ 243.8 $ 238.0 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Noncurrent Liabilities | December 31, March 31, 2020 2021 (In millions) Accrued postretirement benefits $ 8.7 $ 8.8 Employee benefits 6.2 5.8 Other 11.8 11.9 Total $ 26.7 $ 26.5 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Net Sales by Place of Manufacture and to Location of Customer | The following table disaggregates our net sales 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 March 31, 2020 2021 (In millions) Net sales - point of origin: United States $ 237.0 $ 253.9 Germany 229.1 231.2 Canada 67.7 97.2 Belgium 66.1 66.5 Norway 54.3 71.0 Eliminations (233.2 ) (254.8 ) Total $ 421.0 $ 465.0 Net sales - point of destination: Europe $ 214.5 $ 227.3 North America 132.3 145.3 Other 74.2 92.4 Total $ 421.0 $ 465.0 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic defined benefit pension cost are presented in the table below. Three months ended March 31, 2020 2021 (In millions) Service cost $ 3.2 $ 3.8 Interest cost 2.6 2.2 Expected return on plan assets (2.3 ) (3.0 ) Recognized actuarial losses 4.4 5.1 Total $ 7.9 $ 8.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation | Three months ended March 31, 2020 2021 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 7.4 $ 5.4 Non-U.S. tax rates .9 .7 Incremental net tax benefit on earnings and losses of U.S. and non-U.S. companies (1.3 ) (.7 ) Global intangible low-tax income, net 1.2 .5 Valuation allowance, net (.5 ) .5 Adjustment to the reserve for uncertain tax positions, net .4 (.5 ) Other, net .3 .1 Income tax expense $ 8.4 $ 6.0 Comprehensive provision for income taxes allocable to: Net income $ 8.4 $ 6.0 Other comprehensive income - pension plans 1.4 1.6 Total $ 9.8 $ 7.6 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss are presented in the table below. See Note 4 for further discussion of our marketable securities and Note 9 for discussion of our defined benefit pension plans. Three months ended March 31, 2020 2021 (In millions) Accumulated other comprehensive loss, net of tax: Currency translation: Balance at beginning of period $ (246.8 ) $ (233.4 ) Other comprehensive income (loss) (41.9 ) 2.2 Balance at end of period $ (288.7 ) $ (231.2 ) Defined benefit pension plans: Balance at beginning of period $ (202.2 ) $ (214.5 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 3.0 3.5 Balance at end of period $ (199.2 ) $ (211.0 ) OPEB plans: Balance at beginning of period $ .2 $ (.3 ) Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost (.1 ) (.1 ) Balance at end of period $ .1 $ (.4 ) Total accumulated other comprehensive loss: Balance at beginning of period $ (448.8 ) $ (448.2 ) Other comprehensive income (loss) (39.0 ) 5.6 Balance at end of period $ (487.8 ) $ (442.6 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments not Carried at Fair Value but which Require Fair Value Disclosure | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2020 March 31, 2021 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash $ 362.0 $ 362.0 $ 379.9 $ 379.9 Long-term debt - Fixed rate Senior Notes 485.7 499.9 465.0 478.1 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Valhi Inc | Parent Company | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 50.00% |
Valhi Inc | NL Industries Inc. | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage in company | 83.00% |
NL Industries Inc. | Parent Company | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 30.00% |
Contran | |
Organization And Basis Of Presentation [Line Items] | |
Controlling interest description | Consequently, at March 31, 2021 Ms. Simmons 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. |
Contran | Valhi Inc | |
Organization And Basis Of Presentation [Line Items] | |
Ownership percentage of parent company held by related party | 92.00% |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Accounts and Other Receivables, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Receivables from affiliates | $ 2.7 | $ 3.5 |
Allowance for doubtful accounts | (2) | (1.9) |
Total | 338.3 | 323 |
Trade receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts and other receivables | 314.7 | 294.8 |
Recoverable VAT and other receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts and other receivables | 17.5 | 21.3 |
Refundable income taxes | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Refundable income taxes | $ 5.4 | $ 5.3 |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 134.7 | $ 133.2 |
Work in process | 30.5 | 36.8 |
Finished products | 229.4 | 269.2 |
Supplies | 78.4 | 79.8 |
Total | $ 473 | $ 519 |
Marketable Securities - Classif
Marketable Securities - Classification of Marketable Securities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Market value | $ 3 | $ 2.2 |
Cost basis | 3.3 | 3.3 |
Unrealized loss | (0.3) | (1.1) |
Level 1 | Common stock | Valhi | ||
Marketable Securities [Line Items] | ||
Market value | 2.9 | 2.1 |
Cost basis | 3.2 | 3.2 |
Unrealized loss | (0.3) | (1.1) |
Level 1 | Common stock | NL And CompX | ||
Marketable Securities [Line Items] | ||
Market value | 0.1 | 0.1 |
Cost basis | $ 0.1 | $ 0.1 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - Valhi Inc - Common stock - $ / shares shares in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Investments in publicly-traded shares | 144,000 | 144,000 |
Quoted market price of per share | $ 20.51 | $ 15.20 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) € in Millions, $ in Millions | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
Kronos International, Inc. 3.75% Senior Notes | $ 465 | $ 485.7 | |
Other | 1.6 | 1.7 | |
Total debt | 466.6 | 487.4 | |
Less current maturities | 0.7 | 0.7 | |
Total long-term debt | 465.9 | 486.7 | |
Kronos International, Inc | 3.75% Senior Notes | |||
Debt Instrument [Line Items] | |||
Kronos International, Inc. 3.75% Senior Notes | $ 465 | € 400 | $ 485.7 |
Long-Term Debt - Senior Notes -
Long-Term Debt - Senior Notes - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate principal amount outstanding | $ 465 | $ 485.7 | |
Kronos International, Inc | 3.75% Senior Secured Notes due September 15, 2025 | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount outstanding | $ 465 | € 400 | $ 485.7 |
Debt instrument interest rate | 3.75% | 3.75% | |
Unamortized debt issuance costs | $ 4.3 | ||
Debt instrument maturity date | Sep. 15, 2025 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facilities - Additional Information (Detail) - Apr. 20, 2021 - Subsequent Event | USD ($) | EUR (€) | CAD ($) |
Global Revolver | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 225,000,000 | ||
Line of Credit Maturity | 2026-04 | ||
Amount available for Borrowing | $ 225,000,000 | ||
Fixed charge coverage ratio, minimum value | 100.00% | ||
Global Revolver | Non Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument basis spread on variable rate | 1.50% | ||
Global Revolver | Non Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument basis spread on variable rate | 2.00% | ||
Global Revolver | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument basis spread on variable rate | 0.50% | ||
Global Revolver | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument basis spread on variable rate | 2.00% | ||
Global Revolver | Canadian Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 25,000,000 | ||
Global Revolver | Belgian Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | € | € 30,000,000 | ||
Global Revolver | German Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | € | € 60,000,000 | ||
North American Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings under this credit facility | $ 0 | ||
European Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings under this credit facility | $ 0 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accounts payable | $ 132 | $ 111 |
Employee benefits | 30.3 | 27.8 |
Accrued sales discounts and rebates | 14.6 | 29.1 |
Operating lease liabilities | $ 6.3 | $ 6.7 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total | Total |
Other | $ 28.3 | $ 41.3 |
Total | 238 | 243.8 |
Louisiana Pigment Company, L.P. | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Payables to affiliate | 16.8 | 19.3 |
Valhi | Income taxes | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Payables to affiliate | $ 9.7 | $ 8.6 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Components of Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Noncurrent [Abstract] | ||
Accrued postretirement benefits | $ 8.8 | $ 8.7 |
Employee benefits | 5.8 | 6.2 |
Other | 11.9 | 11.8 |
Total | $ 26.5 | $ 26.7 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Net Sales by Place of Manufacture and to Location of Customer (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | $ 465 | $ 421 |
Point of origin | Reportable Geographical Components | United States | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 253.9 | 237 |
Point of origin | Reportable Geographical Components | Germany | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 231.2 | 229.1 |
Point of origin | Reportable Geographical Components | Canada | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 97.2 | 67.7 |
Point of origin | Reportable Geographical Components | Belgium | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 66.5 | 66.1 |
Point of origin | Reportable Geographical Components | Norway | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 71 | 54.3 |
Point of origin | Eliminations | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | (254.8) | (233.2) |
Point of destination | Europe | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 227.3 | 214.5 |
Point of destination | North America | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | 145.3 | 132.3 |
Point of destination | Other | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Net sales | $ 92.4 | $ 74.2 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3.8 | $ 3.2 |
Interest cost | 2.2 | 2.6 |
Expected return on plan assets | (3) | (2.3) |
Recognized actuarial losses | 5.1 | 4.4 |
Total | $ 8.1 | $ 7.9 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
Expected contributions for pension plans in 2021 | $ 17 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Income Tax [Line Items] | ||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 5.4 | $ 7.4 |
Non-U.S. tax rates | 0.7 | 0.9 |
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. companies | (0.7) | (1.3) |
Global intangible low-tax income, net | 0.5 | 1.2 |
Valuation allowance, net | 0.5 | (0.5) |
Adjustment to the reserve for uncertain tax positions, net | (0.5) | 0.4 |
Other, net | 0.1 | 0.3 |
Income tax expense | 6 | 8.4 |
Comprehensive provision for income taxes allocable to: | ||
Net income | 6 | 8.4 |
Total | 7.6 | 9.8 |
Defined Benefit Pension Plans | ||
Comprehensive provision for income taxes allocable to: | ||
Other comprehensive income - pension plans | $ 1.6 | $ 1.4 |
Income Taxes - Components of _2
Income Taxes - Components of Income Taxes and Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
U.S. Federal statutory income tax rate | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Mar. 27, 2020 | Mar. 26, 2020 | Mar. 31, 2020 | Mar. 31, 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 due to reversal of valuation allowance | $ 0.5 | |||
Estimated unrecognized tax benefits decrease amount for next twelve months | $ 1.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 796.5 | $ 816.1 |
Ending Balance | 800.9 | 782.3 |
Currency Translation | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (233.4) | (246.8) |
Other comprehensive income (loss) | 2.2 | (41.9) |
Ending Balance | (231.2) | (288.7) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (214.5) | (202.2) |
Other comprehensive income (loss) | 3.5 | 3 |
Ending Balance | (211) | (199.2) |
Accumulated Defined Benefit Plans Adjustment | OPEB Plans | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (0.3) | 0.2 |
Other comprehensive income (loss) | (0.1) | (0.1) |
Ending Balance | (0.4) | 0.1 |
Total Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (448.2) | (448.8) |
Other comprehensive income (loss) | 5.6 | (39) |
Ending Balance | $ (442.6) | $ (487.8) |
Financial Instruments - Financi
Financial Instruments - Financial Instruments not Carried at Fair Value but which Require Fair Value Disclosure (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||||
Cash, cash equivalents and restricted cash, Carrying amount | $ 379.9 | $ 362 | $ 342.9 | $ 392.3 |
Long-term debt - Fixed rate Senior Notes, Carrying amount | 465 | 485.7 | ||
Cash, cash equivalents and restricted cash, Fair value | 379.9 | 362 | ||
Long-term debt - Fixed rate Senior Notes, Fair value | $ 478.1 | $ 499.9 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Senior Notes | Mar. 31, 2021EUR (€) |
Financial Instrument At Fair Value [Line Items] | |
Debt instrument base principal amount | € 1,000 |
Debt instrument estimated market price per 1000 principal amount | € 1,019 |