Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | VHI | |
Entity Registrant Name | VALHI, INC. | |
Entity Central Index Key | 0000059255 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 28,273,093 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-5467 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0110150 | |
Entity Address, Address Line One | 5430 LBJ Freeway | |
Entity Address, Address Line Two | Suite 1700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240-2620 | |
City Area Code | 972 | |
Local Phone Number | 233-1700 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 491.2 | $ 523.8 |
Restricted cash equivalents | 9.4 | 27 |
Marketable securities | 1.8 | 2.1 |
Accounts and other receivables, net | 337.6 | 329.2 |
Inventories, net | 521 | 522.1 |
Other current assets | 37.6 | 21.2 |
Total current assets | 1,398.6 | 1,425.4 |
Other assets: | ||
Investment in TiO2 manufacturing joint venture | 96.5 | 90.2 |
Goodwill | 379.7 | 379.7 |
Deferred income taxes | 120.2 | 106 |
Other assets | 219.6 | 230.1 |
Total other assets | 816 | 806 |
Property and equipment: | ||
Land | 46.4 | 46.2 |
Buildings | 244.2 | 248 |
Equipment | 1,162.2 | 1,166 |
Mining properties | 13.8 | 26.2 |
Construction in progress | 63.5 | 62.7 |
Gross property and equipment | 1,530.1 | 1,549.1 |
Less accumulated depreciation and amortization | 993.6 | 986.1 |
Net property and equipment | 536.5 | 563 |
Total assets | 2,751.1 | 2,794.4 |
Current liabilities: | ||
Current maturities of long-term debt | 3.1 | 4.9 |
Accounts payable and accrued liabilities | 245.9 | 307.4 |
Income taxes | 46.8 | 10.2 |
Total current liabilities | 295.8 | 322.5 |
Noncurrent liabilities: | ||
Long-term debt | 783.3 | 789.4 |
Deferred income taxes | 44.3 | 38.1 |
Payable to affiliate - income taxes | 50.4 | 56.3 |
Accrued pension costs | 315.2 | 315.6 |
Accrued environmental remediation and related costs | 94.5 | 95.2 |
Other liabilities | 192.1 | 197.2 |
Total noncurrent liabilities | 1,479.8 | 1,491.8 |
Equity: Valhi stockholders' equity: | ||
Preferred stock | 667.3 | 667.3 |
Common stock | 0.3 | 0.3 |
Additional paid-in capital | 1.5 | 3.3 |
Retained earnings | 247.1 | 239.4 |
Accumulated other comprehensive loss | (232) | (220.7) |
Treasury stock, at cost | (49.6) | (49.6) |
Total Valhi stockholders' equity | 634.6 | 640 |
Noncontrolling interest in subsidiaries | 340.9 | 340.1 |
Total equity | 975.5 | 980.1 |
Total liabilities and equity | 2,751.1 | 2,794.4 |
Commitments and contingencies (Notes 13 and 16) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues and other income: | ||||
Net sales | $ 415 | $ 528.6 | $ 874.3 | $ 1,008.2 |
Other, net | (3.6) | 15.4 | 31.3 | 22 |
Total revenues and other income | 411.4 | 544 | 905.6 | 1,030.2 |
Costs and expenses: | ||||
Cost of sales | 311 | 405.4 | 670.6 | 763.2 |
Selling, general and administrative | 69.6 | 73.6 | 140.5 | 145 |
Litigation settlement, net | 19.6 | 19.6 | ||
Other components of net periodic pension expense | 5 | 4.1 | 9.7 | 8.2 |
Interest | 8.8 | 10.1 | 18.5 | 20.4 |
Total costs and expenses | 394.4 | 512.8 | 839.3 | 956.4 |
Income before income taxes | 17 | 31.2 | 66.3 | 73.8 |
Income tax expense | 21.2 | 13 | 32.6 | 27.2 |
Net income (loss) | (4.2) | 18.2 | 33.7 | 46.6 |
Noncontrolling interest in net income of subsidiaries | 4.9 | 11.1 | 18.4 | 21.3 |
Net income (loss) attributable to Valhi stockholders | $ (9.1) | $ 7.1 | $ 15.3 | $ 25.3 |
Amounts attributable to Valhi stockholders: | ||||
Basic and diluted net income (loss) per share | $ (0.32) | $ 0.25 | $ 0.54 | $ 0.89 |
Basic and diluted weighted average shares outstanding | 28.5 | 28.5 | 28.5 | 28.5 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ (4.2) | $ 18.2 | $ 33.7 | $ 46.6 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation | 16.3 | 6.6 | (21.4) | 6.3 |
Total other comprehensive income (loss), net | 19.2 | 8.6 | (15.6) | 10.4 |
Comprehensive income | 15 | 26.8 | 18.1 | 57 |
Comprehensive income attributable to noncontrolling interest | 9.9 | 13.3 | 14.1 | 24 |
Comprehensive income attributable to Valhi stockholders | 5.1 | 13.5 | 4 | 33 |
Defined Benefit Pension Plans | ||||
Other comprehensive income (loss), net of tax: | ||||
Pension and other postretirement benefit plan | 3 | 2.2 | 6 | 4.5 |
OPEB | ||||
Other comprehensive income (loss), net of tax: | ||||
Pension and other postretirement benefit plan | $ (0.1) | $ (0.2) | $ (0.2) | $ (0.4) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in Capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Non-controlling interest |
Balance at Dec. 31, 2018 | $ 989 | $ 667.3 | $ 0.3 | $ 3.3 | $ 220.3 | $ (206.2) | $ (49.6) | $ 353.6 |
Net income (loss) | 46.6 | 25.3 | 21.3 | |||||
Other comprehensive income (loss), net | 10.4 | 7.7 | 2.7 | |||||
Dividends paid to noncontrolling interest | (14.7) | (14.7) | ||||||
Cash dividends | (13.6) | (0.3) | (13.3) | |||||
Equity transactions with noncontrolling interest, net and other | (0.7) | 0.3 | (2.1) | 1.1 | ||||
Balance at Jun. 30, 2019 | 1,017 | 667.3 | 0.3 | 3.3 | 230.2 | (198.5) | (49.6) | 364 |
Balance at Mar. 31, 2019 | 1,006.1 | 667.3 | 0.3 | 3.3 | 231.7 | (204.9) | (49.6) | 358 |
Net income (loss) | 18.2 | 7.1 | 11.1 | |||||
Other comprehensive income (loss), net | 8.6 | 6.4 | 2.2 | |||||
Dividends paid to noncontrolling interest | (8.3) | (8.3) | ||||||
Cash dividends | (6.8) | (0.3) | (6.5) | |||||
Equity transactions with noncontrolling interest, net and other | (0.8) | 0.3 | (2.1) | 1 | ||||
Balance at Jun. 30, 2019 | 1,017 | 667.3 | 0.3 | 3.3 | 230.2 | (198.5) | (49.6) | 364 |
Balance at Dec. 31, 2019 | 980.1 | 667.3 | 0.3 | 3.3 | 239.4 | (220.7) | (49.6) | 340.1 |
Net income (loss) | 33.7 | 15.3 | 18.4 | |||||
Other comprehensive income (loss), net | (15.6) | (11.3) | (4.3) | |||||
Dividends paid to noncontrolling interest | (13.2) | (13.2) | ||||||
Cash dividends | (9) | (2.2) | (6.8) | |||||
Equity transactions with noncontrolling interest, net and other | (0.5) | 0.4 | (0.8) | (0.1) | ||||
Balance at Jun. 30, 2020 | 975.5 | 667.3 | 0.3 | 1.5 | 247.1 | (232) | (49.6) | 340.9 |
Balance at Mar. 31, 2020 | 966.9 | 667.3 | 0.3 | 3.3 | 256.4 | (246.2) | (49.6) | 335.4 |
Net income (loss) | (4.2) | (9.1) | 4.9 | |||||
Other comprehensive income (loss), net | 19.2 | 14.2 | 5 | |||||
Dividends paid to noncontrolling interest | (4.6) | (4.6) | ||||||
Cash dividends | (2.2) | (2.2) | ||||||
Equity transactions with noncontrolling interest, net and other | 0.4 | 0.4 | (0.2) | 0.2 | ||||
Balance at Jun. 30, 2020 | $ 975.5 | $ 667.3 | $ 0.3 | $ 1.5 | $ 247.1 | $ (232) | $ (49.6) | $ 340.9 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends per share | $ 0.08 | $ 0.24 | $ 0.32 | $ 0.48 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 33.7 | $ 46.6 |
Depreciation and amortization | 34.3 | 26.8 |
Benefit plan expense greater than cash funding | 7.7 | 3.9 |
Deferred income taxes | (9) | 9.1 |
Contributions to TiO2 manufacturing joint venture, net | (6.3) | (4.4) |
Other, net | 6.4 | 1.9 |
Change in assets and liabilities: | ||
Accounts and other receivables, net | (9) | (90.2) |
Inventories, net | (7.4) | 11.1 |
Land held for development, net | (5) | 0.1 |
Accounts payable and accrued liabilities | (59.2) | 12.1 |
Accounts with affiliates | (13.2) | (7.2) |
Income taxes | 41.1 | (6.5) |
Other, net | (8.1) | 29.5 |
Net cash provided by operating activities | 6 | 32.8 |
Cash flows from investing activities: | ||
Capital expenditures | (26.7) | (28.3) |
Purchases of marketable securities | (0.9) | (2.9) |
Proceeds from disposal of marketable securities | 1.8 | 3.1 |
Other, net | 2.7 | 0.1 |
Net cash used in investing activities | (23.1) | (28) |
Cash flows from financing activities: | ||
Principal payments on indebtedness | (9) | (4.6) |
Valhi cash dividends paid | (9) | (13.6) |
Distributions to noncontrolling interest in subsidiaries | (13.2) | (14.7) |
Subsidiary treasury stock acquired | (1) | (1.4) |
Net cash used in financing activities | (32.2) | (34.3) |
Cash, cash equivalents and restricted cash and cash equivalents - net change from: | ||
Operating, investing and financing activities | (49.3) | (29.5) |
Effect of exchange rates on cash | (0.4) | (0.6) |
Balance at beginning of period | 583.8 | 523.7 |
Balance at end of period | 534.1 | 493.6 |
Cash paid for: | ||
Interest, net of capitalized interest | 16.8 | 19.5 |
Income taxes, net | 1.1 | 28.5 |
Noncash investing activities: | ||
Change in accruals for capital expenditures | $ 1.4 | $ 1.7 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1—Organization and basis of presentation: Organization— We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at June 30, 2020. 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 June 30, 2020, Ms. Simmons and the Family Trust may be deemed to control Contran and us. Basis of Presentation— Consolidated in this Quarterly Report are the results of our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 that we filed with the SEC on March 12, 2020 (the “2019 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, 2019 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, 2019) 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 June 30, 2020 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 2019 Consolidated Financial Statements contained in our 2019 Annual Report. Our results of operations for the second quarter of 2020 were significantly impacted by the COVID-19 pandemic due to government mandated closures and reduced demand for many of our segments’ products resulting from the rapid contraction of vast areas of the global economy. The extent of the COVID-19 impact on our future operations will depend on the time period and degree to which the COVID-19 pandemic persists in the global economy thereby reducing customer demand for certain of our segments’ products, including the timing and extent to which our customers’ operations continue to be impacted, our customers’ perception as to when consumer demand for their products will return to pre-pandemic levels and on any future disruptions in our operations or our suppliers’ operations, all of which are difficult to predict. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 2—Business segment information: Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 86 % Real estate management and development BMI and LandWell 63 - 77 % Our control of Kronos includes approximately 50% we hold directly and approximately 30% held directly by NL. We own approximately 83% of NL. Our control of CompX is through NL. We own approximately 63% of BMI. Our control of LandWell includes the approximately 27% we hold directly and 50% held by BMI. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Net sales: Chemicals $ 484.5 $ 386.0 $ 921.0 $ 807.0 Component products 33.7 23.8 64.9 56.1 Real estate management and development 10.4 5.2 22.3 11.2 Total net sales $ 528.6 $ 415.0 $ 1,008.2 $ 874.3 Cost of sales: Chemicals $ 375.4 $ 291.1 $ 703.1 $ 624.5 Component products 22.8 16.4 44.3 38.3 Real estate management and development 7.2 3.5 15.8 7.8 Total cost of sales $ 405.4 $ 311.0 $ 763.2 $ 670.6 Gross margin: Chemicals $ 109.1 $ 94.9 $ 217.9 $ 182.5 Component products 10.9 7.4 20.6 17.8 Real estate management and development 3.2 1.7 6.5 3.4 Total gross margin $ 123.2 $ 104.0 $ 245.0 $ 203.7 Operating income: Chemicals $ 50.5 $ 35.9 $ 103.3 $ 82.7 Component products 5.6 2.4 10.0 7.4 Real estate management and development 9.8 1.0 13.0 20.2 Total operating income 65.9 39.3 126.3 110.3 General corporate items: Securities earnings 3.3 1.0 6.4 2.6 Insurance recoveries 4.7 - 5.0 1.6 Changes in market value of Valhi common stock held by subsidiaries 1.9 (.5 ) 3.0 (2.9 ) Other components of net periodic pension expense (4.1 ) (5.0 ) (8.2 ) (9.7 ) Litigation settlement expense, net (19.6 ) - (19.6 ) - General expenses, net (10.8 ) (9.0 ) (18.7 ) (17.1 ) Interest expense (10.1 ) (8.8 ) (20.4 ) (18.5 ) Income before income taxes $ 31.2 $ 17.0 $ 73.8 $ 66.3 Segment results we report may differ from amounts separately reported by our various subsidiaries due to purchase accounting adjustments and related amortization or differences in the way we define operating income. Intersegment sales are not material. Infrastructure reimbursement income is included in the determination of Real Estate Management and Development operating income. See Note 11. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Accounts and Other Receivables, Net | Note 3—Accounts and other receivables, net: December June 30, 2019 2020 (In millions) Trade accounts receivable: Kronos $ 270.5 $ 287.3 CompX 11.9 11.4 BMI and LandWell 1.6 1.4 VAT and other receivables 31.2 21.1 Refundable income taxes 7.9 4.1 Receivable from affiliates: Contran - trade items .4 .3 Louisiana Pigment Company, L.P. ("LPC") 4.7 10.9 Other - trade items 2.2 2.5 Allowance for doubtful accounts (1.2 ) (1.4 ) Total $ 329.2 $ 337.6 |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 4—Inventories, net: December June 30, 2019 2020 (In millions) Raw materials: Chemicals $ 124.4 $ 104.0 Component products 2.9 3.4 Total raw materials 127.3 107.4 Work in process: Chemicals 39.0 49.8 Component products 11.8 13.6 Total in-process products 50.8 63.4 Finished products: Chemicals 270.7 276.0 Component products 3.6 4.8 Total finished products 274.3 280.8 Supplies (chemicals) 69.7 69.4 Total $ 522.1 $ 521.0 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | Note 5—Other assets: December June 30, 2019 2020 (In millions) Other noncurrent assets: Land held for development $ 125.3 $ 102.9 Operating lease right-of-use assets 29.0 26.7 Restricted cash and cash equivalents 33.0 33.5 IBNR receivables 8.5 8.1 Marketable securities 6.2 5.4 Pension asset 7.4 8.0 Note receivables - OPA 8.8 27.6 Other 11.9 7.4 Total $ 230.1 $ 219.6 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6—Long-term debt: December 31, June 30, 2019 2020 (In millions) Valhi: Contran credit facility $ 313.0 $ 309.2 Subsidiary debt: Kronos: Senior Notes 442.6 443.8 Tremont: Promissory note payable 2.0 - BMI: Bank loan - Western Alliance Bank 17.2 16.2 LandWell: Note payable to Western Alliance Business Trust 15.0 14.5 Note payable to the City of Henderson 1.6 - Other 2.9 2.7 Total subsidiary debt 481.3 477.2 Total debt 794.3 786.4 Less current maturities (4.9 ) (3.1 ) Total long-term debt $ 789.4 $ 783.3 Valhi – Contran credit facility – During the first six months of 2020, we had no borrowings and repaid $3.8 million under this facility. The average interest rate on the existing balance for the six months ended June 30, 2020 was 4.8%. At June 30, 2020, the interest rate was 4.25% and $50.8 million was available for borrowing under this facility. Kronos – Senior Notes - At June 30, 2020, the carrying value of Kronos’ 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $4.8 million. North American and European revolving credit facilities – During the first six months of 2020, Kronos had no borrowings or repayments under its North American revolving credit facility and its European revolving credit facility. At June 30, 2020, approximately $125.0 million was available for borrowing under the North American revolving credit facility. Kronos’ European revolving credit facility requires the maintenance of certain financial ratios and one of such requirements is based on the ratio of net debt to last twelve months earnings before income tax, interest, depreciation and amortization expense (EBITDA) of the borrowers. Based upon the borrowers’ last twelve months EBITDA as of June 30, 2020 and the net debt to EBITDA financial test, the full €90.0 million of the credit facility ($100.9 million) was available for borrowing at June 30, 2020. Tremont – Promissory note payable – During the first six months of 2020, Tremont fully repaid (without penalty) the remaining principal balance of $2.0 million on the promissory note payable. LandWell – In January 2020, LandWell fully repaid (without penalty) the remaining $1.6 million principal balance on its promissory note payable to the City of Henderson, Nevada. Restrictions and other – Certain of the credit facilities with unrelated, third-party lenders described above require the respective borrowers to maintain minimum levels of equity, require the maintenance of certain financial ratios, limit dividends and additional indebtedness and contain other provisions and restrictive covenants customary in lending transactions of this type. We are in compliance with all of our debt covenants at June 30, 2020. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 7—Accounts payable and accrued liabilities: December June 30, 2019 2020 (In millions) Accounts payable: Kronos $ 137.2 $ 96.9 CompX 2.5 2.8 BMI and LandWell 3.7 4.5 NL .9 .1 Other .4 .4 Payable to affiliates: Contran - income taxes 4.0 9.6 LPC 16.4 15.0 Accrued litigation settlement 11.8 11.9 Employee benefits 30.6 28.6 Operating lease liabilities 6.2 6.1 Accrued sales discounts and rebates 33.7 20.1 Deferred income 10.3 8.1 Environmental remediation and related costs 4.5 4.5 Interest 5.2 5.2 Other 40.0 32.1 Total $ 307.4 $ 245.9 |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | Note December 31, June 30, 2019 2020 (In millions) Operating lease liabilities $ 22.2 $ 20.1 Reserve for uncertain tax positions 13.6 12.2 Accrued litigation settlement 60.1 60.7 Deferred income 47.4 45.4 Other postretirement benefits 10.5 10.0 Employee benefits 6.0 5.8 Insurance claims and expenses 11.0 10.3 Deferred payment obligation 9.9 10.0 Accrued development costs 8.3 7.9 Other 8.2 9.7 Total $ 197.2 $ 192.1 |
Revenue - Disaggregation of Sal
Revenue - Disaggregation of Sales | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue - Disaggregation of Sales | Note 9 – Revenue – disaggregation of sales: The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and to the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Net sales - point of origin: United States $ 289.3 $ 226.6 $ 534.6 $ 463.6 Germany 248.5 183.1 467.7 412.2 Canada 95.9 85.6 174.4 153.3 Belgium 77.7 50.9 147.4 117.0 Norway 47.7 62.6 99.2 116.9 Eliminations (274.6 ) (222.8 ) (502.3 ) (456.0 ) Total $ 484.5 $ 386.0 $ 921.0 $ 807.0 Net sales - point of destination: Europe $ 229.4 $ 169.8 $ 444.6 $ 384.3 North America 161.5 148.9 308.3 281.2 Other 93.6 67.3 168.1 141.5 Total $ 484.5 $ 386.0 $ 921.0 $ 807.0 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Component Products: Net sales: Security products $ 26.9 $ 18.6 $ 51.6 $ 44.0 Marine components 6.8 5.2 13.3 12.1 Total $ 33.7 $ 23.8 $ 64.9 $ 56.1 Real Estate Management and Development: Net sales: Land sales $ 8.4 $ 2.7 $ 17.9 $ 6.2 Water delivery 1.6 2.1 3.5 4.0 Utility and other .4 .4 .9 1.0 Total $ 10.4 $ 5.2 $ 22.3 $ 11.2 |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 6 Months Ended |
Jun. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plans | Note 10—Defined benefit pension plans: The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Service cost $ 2.8 $ 3.2 $ 5.6 $ 6.4 Interest cost 4.0 3.0 8.0 5.9 Expected return on plan assets (3.5 ) (2.8 ) (7.2 ) (5.5 ) Amortization of prior service cost - .1 .1 .1 Recognized actuarial losses 3.7 4.7 7.5 9.4 Total $ 7.0 $ 8.2 $ 14.0 $ 16.3 We expect to contribute the equivalent of approximately $19.0 million to all of our defined benefit pension plans during 2020. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | |
Other Income, Net | Note 11—Other income, net: Six months ended June 30, 2019 2020 (In millions) Securities earnings: Dividends and interest $ 6.1 $ 2.9 Securities transactions, net .3 (.3 ) Total 6.4 2.6 Currency transactions, net (.2 ) 6.1 Insurance recoveries 5.0 1.6 Infrastructure reimbursement 9.1 19.1 Gain on land sales .7 .5 Other, net 1.0 1.4 Total $ 22.0 $ 31.3 Insurance recoveries reflect, in part, amounts NL received from certain of its former insurance carriers and relate to the recovery of prior lead pigment and asbestos litigation defense costs incurred by NL. See Note 15. In the first quarter of 2020, Kronos recognized a $1.5 million gain related to an insurance settlement for a property damage claim. Infrastructure reimbursement – As disclosed in Note 7 to our 2019 Annual Report, under an Owner Participation Agreement (“OPA”) entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, as LandWell develops certain real property for commercial and residential purposes in its master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to LandWell through tax increment. During the first six months of 2019, we received approval for additional tax increment reimbursement of $8.8 million (primarily in the second quarter) and during the first six months of 2020 we received $19.1 million (all in the first quarter), which was recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12—Income taxes: Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 6.6 $ 3.6 $ 15.5 $ 13.9 Incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies - (2.1 ) (.2 ) (3.9 ) Non-U.S. tax rates 2.3 .1 4.6 1.0 Valuation allowance 2.8 7.2 3.8 7.0 Adjustment to the reserve for uncertain tax positions, net .5 .6 1.0 1.2 Global intangible low-tax income, net .4 11.9 1.1 13.1 Nondeductible expenses .3 1.4 .6 1.8 U.S. state income taxes and other, net .1 (1.5 ) .8 (1.5 ) Income tax expense $ 13.0 $ 21.2 $ 27.2 $ 32.6 Comprehensive provision for income taxes allocable to: Net income $ 13.0 $ 21.2 $ 27.2 $ 32.6 Other comprehensive income (loss): Currency translation .8 2.0 .8 (2.7 ) Pension plans 1.5 1.8 3.1 3.6 Other (.1 ) 0.1 (.2 ) (.1 ) Total $ 15.2 $ 25.1 $ 30.9 $ 33.4 The amount shown in the above table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate. The amount shown on such table for incremental net tax expense (benefit) on earnings and losses on non-U.S., U.S. and non-tax group companies includes, as applicable, (i) deferred state and non-U.S. income taxes (or deferred income tax benefits) and deferred withholding taxes, as applicable, associated with the current-year change in the aggregate amount of undistributed earnings of all of our non-U.S. subsidiaries, which earnings are not permanently reinvested , (ii) current U.S. income taxes (or current income tax benefit) attributable to current-year income (losses) of one of Kronos’ non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, (iii) deferred income taxes associated with our direct investment in Kronos and (iv) current and deferred income taxes associated with distributions and earnings from our investments in LandWell and BMI. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was signed into law in response to the COVID-19 pandemic. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer-side social security payments, modifications to the limitation of business interest for tax years beginning in 2019 and 2020 and technical corrections to tax depreciation methods for qualified improvement property. The modification to the business interest provisions increases the business interest limitation from 30% of adjusted taxable income to 50% of adjusted taxable income which increases our allowable interest expense deduction for 2019 and 2020. Consequently, in the first quarter of 2020 we recognized a cash tax benefit of $1.0 million related to an adjustment to the valuation allowance recognized in 2019 for the portion of the disallowed interest expense we did not expect to fully utilize at December 31, 2019. We have determined other provisions of the CARES Act will not have a material impact on our provision for income taxes in 2020. Tax authorities may in the future propose tax deficiencies, including penalties and interest, related to examinations of our U.S. and non-U.S. income tax returns. Because of the uncertainties involved in settlement initiatives and court and tax proceedings, we cannot guarantee that these tax matters, if any, will be resolved in our favor, and therefore our potential exposure, if any, is also uncertain. 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 $5.4 million during the next twelve months primarily due to the expiration of certain statutes of limitations. |
Noncontrolling Interest in Subs
Noncontrolling Interest in Subsidiaries | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Subsidiaries | Note 13—Noncontrolling interest in subsidiaries: December June 30, 2019 2020 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 216.6 $ 213.5 NL Industries 65.8 65.6 CompX International 22.7 23.3 BMI 20.1 20.8 LandWell 14.9 17.7 Total $ 340.1 $ 340.9 Six months ended June 30, 2019 2020 (In millions) Noncontrolling interest in net income of subsidiaries: Kronos Worldwide $ 11.6 $ 8.7 NL Industries 3.6 1.1 CompX International 1.2 .9 BMI 2.0 3.0 LandWell 2.9 4.7 Total $ 21.3 $ 18.4 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 14—Stockholders’ equity: Accumulated Other Comprehensive Income – Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Accumulated other comprehensive income (loss), net of tax and noncontrolling interest: Marketable securities: Balance at beginning of period $ 1.7 $ 1.7 $ 1.7 $ 1.7 Other comprehensive loss - unrealized losses arising during the period - .1 - .1 Balance at end of period $ 1.7 $ 1.8 $ 1.7 $ 1.8 Currency translation adjustment: Balance at beginning of period $ (75.8 ) $ (104.4 ) $ (75.6 ) $ (76.8 ) Other comprehensive income (loss) 4.9 12.0 4.7 (15.6 ) Balance at end of period $ (70.9 ) $ (92.4 ) $ (70.9 ) $ (92.4 ) Defined benefit pension plans: Balance at beginning of period $ (132.3 ) $ (144.3 ) $ (134.0 ) $ (146.6 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 1.7 2.2 3.4 4.5 Balance at end of period $ (130.6 ) $ (142.1 ) $ (130.6 ) $ (142.1 ) OPEB plans: Balance at beginning of period $ 1.5 $ .8 $ 1.7 $ 1.0 Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost (.2 ) (.1 ) (.4 ) (.3 ) Balance at end of period $ 1.3 $ .7 $ 1.3 $ .7 Total accumulated other comprehensive income (loss): Balance at beginning of period $ (204.9 ) $ (246.2 ) $ (206.2 ) $ (220.7 ) Other comprehensive income (loss) 6.4 14.2 7.7 (11.3 ) Balance at end of period $ (198.5 ) $ (232.0 ) $ (198.5 ) $ (232.0 ) Reverse stock split – On May 28, 2020 following stockholder approval at our annual meeting, our board of directors approved a reverse stock split of our common stock at a ratio of 1-for-12, which was effective on June 1, 2020. share and per-share disclosures for all periods presented in our consolidated financial statements have been adjusted to give effect to the reverse stock split and we have adjusted our stockholders’ equity at December 31, 2018, March 31, 2019, December 31, 2019 and March 31, 2020 to reflect the split by reclassifying $3.3 million from common stock to additional paid-in capital representing $.01 per share par value of each share of common stock eliminated as a result of the reverse stock split. Other – |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 – Commitments and contingencies: Lead pigment litigation – NL NL’s former operations included the manufacture of lead pigments for use in paint and lead-based paint. NL, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (LIA), which discontinued business operations in 2002, have been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions have been filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others have been asserted as class actions. These lawsuits seek recovery under a variety of theories, including public and private nuisance, negligent product design, negligent failure to warn, strict liability, breach of warranty, conspiracy/concert of action, aiding and abetting, enterprise liability, market share or risk contribution liability, intentional tort, fraud and misrepresentation, violations of state consumer protection statutes, supplier negligence and similar claims. The plaintiffs in these actions generally seek to impose on the defendants responsibility for lead paint abatement and health concerns associated with the use of lead-based paints, including damages for personal injury, contribution and/or indemnification for medical expenses, medical monitoring expenses and costs for educational programs. To the extent the plaintiffs seek compensatory or punitive damages in these actions, such damages are generally unspecified. In some cases, the damages are unspecified pursuant to the requirements of applicable state law. A number of cases are inactive or have been dismissed or withdrawn. Most of the remaining cases are in various pre-trial stages. Some are on appeal following dismissal or summary judgment rulings or a trial verdict in favor of either the defendants or the plaintiffs. We believe that these actions are without merit, and NL intends to continue to deny all allegations of wrongdoing and liability and to defend against all actions vigorously. Other than with respect to the Santa Clara, California public nuisance case discussed below, we do not believe it is probable that we have incurred any liability with respect to all of the lead pigment litigation cases to which NL is a party, and with respect to all such lead pigment litigation cases to which NL is a party, we believe liability to NL that may result, if any, in this regard cannot be reasonably estimated, because: • NL has never settled any of the market share, intentional tort, fraud, nuisance, supplier negligence, breach of warranty, conspiracy, misrepresentation, aiding and abetting, enterprise liability, or statutory cases (other than the Santa Clara case discussed below), • no final, non-appealable adverse judgments have ever been entered against NL, and • NL has never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a thirty-year Accordingly, other than with respect to the Santa Clara case discussed below, we have not accrued any amounts for any of the pending lead pigment and lead-based paint litigation cases filed by or on behalf of states, counties, cities or their public housing authorities and school districts, or those asserted as class actions. In addition, we have determined that liability to NL which may result, if any, cannot be reasonably estimated at this time because there is no prior history of a loss of this nature on which an estimate could be made and there is no substantive information available upon which an estimate could be based. In the matter titled County of Santa Clara v. Atlantic Richfield Company, et al Under the terms of the global settlement agreement, each defendant must pay an aggregate $101.7 million to the plaintiffs as follows: $25.0 million within sixty days of the court’s approval of the settlement and dismissal of the case and the remaining $76.7 million in six annual installments beginning on the first anniversary of the initial payment ($12.0 million for the first five installments and $16.7 million for the sixth installment). NL’s sixth installment will be made with funds already on deposit at the court that are committed to the settlement, including all accrued interest at the date of payment, with any remaining balance to be paid by NL (and any amounts on deposit in excess of the final payment would be returned to NL). For financial reporting purposes we used a discount rate of 1.9% per annum to discount the settlement to the estimated net present value. We recognized additional litigation settlement expense of $19.3 million during 2019 (primarily during the second quarter). New cases may continue to be filed against NL . We do not know if we will incur liability in the future with respect to any of the pending or possible litigation in view of the inherent uncertainties involved in court and jury rulings. In the future, if new information regarding such matters becomes available to us (such as a final, non-appealable adverse verdict against NL or otherwise ultimately being found liable with respect to such matters), at that time we would consider such information in evaluating any remaining cases then-pending against NL as to whether it might then have become probable we have incurred liability with respect to these matters, and whether such liability, if any, could have become reasonably estimable. The resolution of any of these cases could result in the recognition of a loss contingency accrual that could have a material adverse impact on our net income for the interim or annual period during which such liability is recognized and a material adverse impact on our consolidated financial condition and liquidity. Environmental matters and litigation Our operations are governed by various environmental laws and regulations. Certain of our businesses are and have been engaged in the handling, manufacture or use of substances or compounds that may be considered toxic or hazardous within the meaning of applicable environmental laws and regulations. As with other companies engaged in similar businesses, certain of our past and current operations and products have the potential to cause environmental or other damage. We have implemented and continue to implement various policies and programs in an effort to minimize these risks. Our policy is to maintain compliance with applicable environmental laws and regulations at all of our plants and to strive to improve environmental performance. From time to time, we may be subject to environmental regulatory enforcement under U.S. and non-U.S. statutes, the resolution of which typically involves the establishment of compliance programs. It is possible that future developments, such as stricter requirements of environmental laws and enforcement policies, could adversely affect our production, handling, use, storage, transportation, sale or disposal of such substances. We believe that all of our facilities are in substantial compliance with applicable environmental laws. Certain properties and facilities used in NL’s former operations, including divested primary and secondary lead smelters and former mining locations, are the subject of civil litigation, administrative proceedings or investigations arising under federal and state environmental laws and common law. Additionally, in connection with past operating practices, we are currently involved as a defendant, potentially responsible party (“PRP”) or both, pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (“CERCLA”), and similar state laws in various governmental and private actions associated with waste disposal sites, mining locations, and facilities that we or our predecessors, our subsidiaries or their predecessors currently or previously owned, operated or used, certain of which are on the United States Environmental Protection Agency’s (“EPA”) Superfund National Priorities List or similar state lists. These proceedings seek cleanup costs, damages for personal injury or property damage and/or damages for injury to natural resources. Certain of these proceedings involve claims for substantial amounts. Although we may be jointly and severally liable for these costs, in most cases we are only one of a number of PRPs who may also be jointly and severally liable, and among whom costs may be shared or allocated. In addition, we are occasionally named as a party in a number of personal injury lawsuits filed in various jurisdictions alleging claims related to environmental conditions alleged to have resulted from our operations. Obligations associated with environmental remediation and related matters are difficult to assess and estimate for numerous reasons including the: • complexity and differing interpretations of governmental regulations, • number of PRPs and their ability or willingness to fund such allocation of costs, • financial capabilities of the PRPs and the allocation of costs among them, • solvency of other PRPs, • multiplicity of possible solutions, • number of years of investigatory, remedial and monitoring activity required, • uncertainty over the extent, if any, to which our former operations might have contributed to the conditions allegedly giving rise to such personal injury, property damage, natural resource and related claims, and • number of years between former operations and notice of claims and lack of information and documents about the former operations. In addition, the imposition of more stringent standards or requirements under environmental laws or regulations, new developments or changes regarding site cleanup costs or the allocation of costs among PRPs, solvency of other PRPs, the results of future testing and analysis undertaken with respect to certain sites or a determination that we are potentially responsible for the release of hazardous substances at other sites, could cause our expenditures to exceed our current estimates. It is possible that actual costs will exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and it is possible that costs will be incurred for sites where no estimates presently can be made. Further, additional environmental and related matters may arise in the future. If we were to incur any future liability, this could have a material adverse effect on our consolidated financial statements, results of operations and liquidity. We record liabilities related to environmental remediation and related matters (including costs associated with damages for personal injury or property damage and/or damages for injury to natural resources) when estimated future expenditures are probable and reasonably estimable. We adjust such accruals as further information becomes available to us or as circumstances change. Unless the amounts and timing of such estimated future expenditures are fixed and reasonably determinable, we generally do not discount estimated future expenditures to their present value due to the uncertainty of the timing of the payout. We recognize recoveries of costs from other parties, if any, as assets when their receipt is deemed probable. We do not know and cannot estimate the exact time frame over which we will make payments for our accrued environmental and related costs. The timing of payments depends upon a number of factors, including but not limited to the timing of the actual remediation process; which in turn depends on factors outside of our control. At each balance sheet date, we estimate the amount of our accrued environmental and related costs which we expect to pay within the next twelve months, and we classify this estimate as a current liability. We classify the remaining accrued environmental costs as a noncurrent liability. The table below presents a summary of the activity in our accrued environmental costs during the first six months of 2020. Amount (In millions) Balance at the beginning of the year $ 99.7 Additions charged to expense .4 Payments, net (1.0 ) Other, net (.1 ) Balance at the end of the period $ 99.0 Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: Current liabilities $ 4.5 Noncurrent liabilities 94.5 Total $ 99.0 NL – On a quarterly basis, NL evaluates the potential range of its liability for environmental remediation and related costs at sites where it has been named as a PRP or defendant. At June 30, 2020, NL had accrued approximately $94 million related to approximately 32 sites associated with remediation and related matters that it believes are at the present time and/or in their current phase reasonably estimable. The upper end of the range of reasonably possible costs to NL for remediation and related matters for which we believe it is possible to estimate costs is approximately $115 million, including the amount currently accrued. NL believes that it is not reasonably possible to estimate the range of costs for certain sites. At June 30, 2020, there were approximately five sites for which NL is not currently able to estimate a range of costs. For these sites, generally the investigation is in the early stages, and NL is unable to determine whether or not NL actually had any association with the site, the nature of its responsibility, if any, for the contamination at the site, if any, and the extent of contamination at and cost to remediate the site. The timing and availability of information on these sites is dependent on events outside of NL’s control, such as when the party alleging liability provides information to us. At certain of these previously inactive sites, NL has received general and special notices of liability from the EPA and/or state agencies alleging that NL, sometimes with other PRPs, is liable for past and future costs of remediating environmental contamination allegedly caused by former operations. These notifications may assert that NL, along with any other alleged PRPs, is liable for past and/or future clean-up costs. As further information becomes available to us for any of these sites which would allow us to estimate a range of costs, we would at that time adjust our accruals. Any such adjustment could result in the recognition of an accrual that would have a material effect on our financial position, results of operations and liquidity. Other – We have also accrued approximately $5 million at June 30, 2020 for other environmental cleanup matters. Insurance coverage claims – NL NL is involved in certain legal proceedings with a number of its former insurance carriers regarding the nature and extent of the carriers’ obligations to NL under insurance policies with respect to certain lead pigment and asbestos lawsuits. The issue of whether insurance coverage for defense costs or indemnity or both will be found to exist for NL’s lead pigment and asbestos litigation depends upon a variety of factors and we cannot assure you that such insurance coverage will be available. NL has agreements with certain of its former insurance carriers pursuant to which the carriers reimburse it for a portion of its future lead pigment litigation defense costs, and one such carrier reimburses NL for a portion of its future asbestos litigation defense costs. We are not able to determine how much NL will ultimately recover from these carriers for defense costs incurred by NL because of certain issues that arise regarding which defense costs qualify for reimbursement. While NL continues to seek additional insurance recoveries, we do not know if we will be successful in obtaining reimbursement for either defense costs or indemnity. Accordingly, we recognize insurance recoveries in income only when receipt of the recovery is probable and we are able to reasonably estimate the amount of the recovery. In this regard, NL recognized $ 4.7 million in insurance recoveries in the second quarter of 2019 which represented recovery of past and future litigation defense costs related to a single insurance recovery settlement. For additional discussion of certain litigation involving NL and certain of its former insurance carriers, please refer to our 2019 Annual Report. Other litigation In addition to the litigation described above, we and our affiliates are involved in various other environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our present and former businesses. In certain cases, we have insurance coverage for these items, although we do not expect any additional material insurance coverage for our environmental claims. We currently believe that the disposition of all of these various other claims and disputes (including asbestos-related claims), individually or in the aggregate, should not have a material adverse effect on our consolidated financial position, results of operations or liquidity beyond the accruals already provided. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Financial Instruments | Note 16—Fair value measurements and financial instruments: The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2019 June 30, 2020 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash equivalents $ 583.8 $ 583.8 $ 534.1 $ 534.1 Deferred payment obligation 9.9 9.9 10.0 10.0 Long-term debt (excluding capitalized leases): Kronos Senior Notes 442.6 457.0 443.8 441.6 Valhi credit facility with Contran 313.0 313.0 309.2 309.2 Tremont promissory note payable 2.0 2.0 - - BMI bank note payable 17.2 17.9 16.2 16.9 LandWell note payable to the City of Henderson 1.6 1.6 - - LandWell bank note payable 15.0 15.0 14.5 14.5 At June 30, 2020, the estimated market price of Kronos’ Senior Notes was €984 per €1,000 principal amount. The fair value of Kronos’ Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the term loan trades were not active. The fair value of variable interest rate debt and other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying values. See Note 6. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 7. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 17—Recent accounting pronouncements: In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes, which changes the accounting for certain income tax transactions and reduces complexity in accounting for income taxes in certain areas. The ASU introduces new guidance including providing a policy election for an entity to not allocate consolidated current and deferred tax expense when a member of a consolidated tax return is not subject to income tax in its separate financial statements and is a disregarded entity by the taxing authority; and providing guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction. The ASU also changes existing guidance in a number of areas, including: the method of making an intraperiod allocation of total income tax expense if there is a loss in continuing operations and gains outside of continuing operations; determining when a deferred tax liability is recognized after an investor in a non-U.S. entity transitions to or from the equity method of accounting; accounting for tax law changes and year-to-date losses in interim periods; and determining how to apply the income tax guidance to franchise taxes that are partially based on income. We adopted this ASU as of January 1, 2020. The adoption of this ASU in the first quarter of 2020 did not have a material effect on our Condensed Consolidated Financial Statements. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization | Organization— We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at June 30, 2020. 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 June 30, 2020, Ms. Simmons and the Family Trust may be deemed to control Contran and us. |
Basis of Presentation | Basis of Presentation— Consolidated in this Quarterly Report are the results of our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 that we filed with the SEC on March 12, 2020 (the “2019 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, 2019 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, 2019) 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 June 30, 2020 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 2019 Consolidated Financial Statements contained in our 2019 Annual Report. Our results of operations for the second quarter of 2020 were significantly impacted by the COVID-19 pandemic due to government mandated closures and reduced demand for many of our segments’ products resulting from the rapid contraction of vast areas of the global economy. The extent of the COVID-19 impact on our future operations will depend on the time period and degree to which the COVID-19 pandemic persists in the global economy thereby reducing customer demand for certain of our segments’ products, including the timing and extent to which our customers’ operations continue to be impacted, our customers’ perception as to when consumer demand for their products will return to pre-pandemic levels and on any future disruptions in our operations or our suppliers’ operations, all of which are difficult to predict. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole. |
Recent accounting pronouncements | In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes, which changes the accounting for certain income tax transactions and reduces complexity in accounting for income taxes in certain areas. The ASU introduces new guidance including providing a policy election for an entity to not allocate consolidated current and deferred tax expense when a member of a consolidated tax return is not subject to income tax in its separate financial statements and is a disregarded entity by the taxing authority; and providing guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction. The ASU also changes existing guidance in a number of areas, including: the method of making an intraperiod allocation of total income tax expense if there is a loss in continuing operations and gains outside of continuing operations; determining when a deferred tax liability is recognized after an investor in a non-U.S. entity transitions to or from the equity method of accounting; accounting for tax law changes and year-to-date losses in interim periods; and determining how to apply the income tax guidance to franchise taxes that are partially based on income. We adopted this ASU as of January 1, 2020. The adoption of this ASU in the first quarter of 2020 did not have a material effect on our Condensed Consolidated Financial Statements. |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Holding Percentage of Subsidiaries | Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 86 % Real estate management and development BMI and LandWell 63 - 77 % |
Segment Operating Performance | Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Net sales: Chemicals $ 484.5 $ 386.0 $ 921.0 $ 807.0 Component products 33.7 23.8 64.9 56.1 Real estate management and development 10.4 5.2 22.3 11.2 Total net sales $ 528.6 $ 415.0 $ 1,008.2 $ 874.3 Cost of sales: Chemicals $ 375.4 $ 291.1 $ 703.1 $ 624.5 Component products 22.8 16.4 44.3 38.3 Real estate management and development 7.2 3.5 15.8 7.8 Total cost of sales $ 405.4 $ 311.0 $ 763.2 $ 670.6 Gross margin: Chemicals $ 109.1 $ 94.9 $ 217.9 $ 182.5 Component products 10.9 7.4 20.6 17.8 Real estate management and development 3.2 1.7 6.5 3.4 Total gross margin $ 123.2 $ 104.0 $ 245.0 $ 203.7 Operating income: Chemicals $ 50.5 $ 35.9 $ 103.3 $ 82.7 Component products 5.6 2.4 10.0 7.4 Real estate management and development 9.8 1.0 13.0 20.2 Total operating income 65.9 39.3 126.3 110.3 General corporate items: Securities earnings 3.3 1.0 6.4 2.6 Insurance recoveries 4.7 - 5.0 1.6 Changes in market value of Valhi common stock held by subsidiaries 1.9 (.5 ) 3.0 (2.9 ) Other components of net periodic pension expense (4.1 ) (5.0 ) (8.2 ) (9.7 ) Litigation settlement expense, net (19.6 ) - (19.6 ) - General expenses, net (10.8 ) (9.0 ) (18.7 ) (17.1 ) Interest expense (10.1 ) (8.8 ) (20.4 ) (18.5 ) Income before income taxes $ 31.2 $ 17.0 $ 73.8 $ 66.3 |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Components of Accounts and Other Receivables | December June 30, 2019 2020 (In millions) Trade accounts receivable: Kronos $ 270.5 $ 287.3 CompX 11.9 11.4 BMI and LandWell 1.6 1.4 VAT and other receivables 31.2 21.1 Refundable income taxes 7.9 4.1 Receivable from affiliates: Contran - trade items .4 .3 Louisiana Pigment Company, L.P. ("LPC") 4.7 10.9 Other - trade items 2.2 2.5 Allowance for doubtful accounts (1.2 ) (1.4 ) Total $ 329.2 $ 337.6 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | December June 30, 2019 2020 (In millions) Raw materials: Chemicals $ 124.4 $ 104.0 Component products 2.9 3.4 Total raw materials 127.3 107.4 Work in process: Chemicals 39.0 49.8 Component products 11.8 13.6 Total in-process products 50.8 63.4 Finished products: Chemicals 270.7 276.0 Component products 3.6 4.8 Total finished products 274.3 280.8 Supplies (chemicals) 69.7 69.4 Total $ 522.1 $ 521.0 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | December June 30, 2019 2020 (In millions) Other noncurrent assets: Land held for development $ 125.3 $ 102.9 Operating lease right-of-use assets 29.0 26.7 Restricted cash and cash equivalents 33.0 33.5 IBNR receivables 8.5 8.1 Marketable securities 6.2 5.4 Pension asset 7.4 8.0 Note receivables - OPA 8.8 27.6 Other 11.9 7.4 Total $ 230.1 $ 219.6 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | December 31, June 30, 2019 2020 (In millions) Valhi: Contran credit facility $ 313.0 $ 309.2 Subsidiary debt: Kronos: Senior Notes 442.6 443.8 Tremont: Promissory note payable 2.0 - BMI: Bank loan - Western Alliance Bank 17.2 16.2 LandWell: Note payable to Western Alliance Business Trust 15.0 14.5 Note payable to the City of Henderson 1.6 - Other 2.9 2.7 Total subsidiary debt 481.3 477.2 Total debt 794.3 786.4 Less current maturities (4.9 ) (3.1 ) Total long-term debt $ 789.4 $ 783.3 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December June 30, 2019 2020 (In millions) Accounts payable: Kronos $ 137.2 $ 96.9 CompX 2.5 2.8 BMI and LandWell 3.7 4.5 NL .9 .1 Other .4 .4 Payable to affiliates: Contran - income taxes 4.0 9.6 LPC 16.4 15.0 Accrued litigation settlement 11.8 11.9 Employee benefits 30.6 28.6 Operating lease liabilities 6.2 6.1 Accrued sales discounts and rebates 33.7 20.1 Deferred income 10.3 8.1 Environmental remediation and related costs 4.5 4.5 Interest 5.2 5.2 Other 40.0 32.1 Total $ 307.4 $ 245.9 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | December 31, June 30, 2019 2020 (In millions) Operating lease liabilities $ 22.2 $ 20.1 Reserve for uncertain tax positions 13.6 12.2 Accrued litigation settlement 60.1 60.7 Deferred income 47.4 45.4 Other postretirement benefits 10.5 10.0 Employee benefits 6.0 5.8 Insurance claims and expenses 11.0 10.3 Deferred payment obligation 9.9 10.0 Accrued development costs 8.3 7.9 Other 8.2 9.7 Total $ 197.2 $ 192.1 |
Revenue - Disaggregation of S_2
Revenue - Disaggregation of Sales (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregates of Net Sales | The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and to the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Net sales - point of origin: United States $ 289.3 $ 226.6 $ 534.6 $ 463.6 Germany 248.5 183.1 467.7 412.2 Canada 95.9 85.6 174.4 153.3 Belgium 77.7 50.9 147.4 117.0 Norway 47.7 62.6 99.2 116.9 Eliminations (274.6 ) (222.8 ) (502.3 ) (456.0 ) Total $ 484.5 $ 386.0 $ 921.0 $ 807.0 Net sales - point of destination: Europe $ 229.4 $ 169.8 $ 444.6 $ 384.3 North America 161.5 148.9 308.3 281.2 Other 93.6 67.3 168.1 141.5 Total $ 484.5 $ 386.0 $ 921.0 $ 807.0 The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Component Products: Net sales: Security products $ 26.9 $ 18.6 $ 51.6 $ 44.0 Marine components 6.8 5.2 13.3 12.1 Total $ 33.7 $ 23.8 $ 64.9 $ 56.1 Real Estate Management and Development: Net sales: Land sales $ 8.4 $ 2.7 $ 17.9 $ 6.2 Water delivery 1.6 2.1 3.5 4.0 Utility and other .4 .4 .9 1.0 Total $ 10.4 $ 5.2 $ 22.3 $ 11.2 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Defined Benefit Pension Plans | |
Components of Net Periodic Defined Benefit Cost | The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Service cost $ 2.8 $ 3.2 $ 5.6 $ 6.4 Interest cost 4.0 3.0 8.0 5.9 Expected return on plan assets (3.5 ) (2.8 ) (7.2 ) (5.5 ) Amortization of prior service cost - .1 .1 .1 Recognized actuarial losses 3.7 4.7 7.5 9.4 Total $ 7.0 $ 8.2 $ 14.0 $ 16.3 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | |
Schedule of Components of Other Income | Six months ended June 30, 2019 2020 (In millions) Securities earnings: Dividends and interest $ 6.1 $ 2.9 Securities transactions, net .3 (.3 ) Total 6.4 2.6 Currency transactions, net (.2 ) 6.1 Insurance recoveries 5.0 1.6 Infrastructure reimbursement 9.1 19.1 Gain on land sales .7 .5 Other, net 1.0 1.4 Total $ 22.0 $ 31.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Component of Income Taxes Expenses | Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 6.6 $ 3.6 $ 15.5 $ 13.9 Incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies - (2.1 ) (.2 ) (3.9 ) Non-U.S. tax rates 2.3 .1 4.6 1.0 Valuation allowance 2.8 7.2 3.8 7.0 Adjustment to the reserve for uncertain tax positions, net .5 .6 1.0 1.2 Global intangible low-tax income, net .4 11.9 1.1 13.1 Nondeductible expenses .3 1.4 .6 1.8 U.S. state income taxes and other, net .1 (1.5 ) .8 (1.5 ) Income tax expense $ 13.0 $ 21.2 $ 27.2 $ 32.6 Comprehensive provision for income taxes allocable to: Net income $ 13.0 $ 21.2 $ 27.2 $ 32.6 Other comprehensive income (loss): Currency translation .8 2.0 .8 (2.7 ) Pension plans 1.5 1.8 3.1 3.6 Other (.1 ) 0.1 (.2 ) (.1 ) Total $ 15.2 $ 25.1 $ 30.9 $ 33.4 |
Noncontrolling Interest in Su_2
Noncontrolling Interest in Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Net Assets of Subsidiaries | December June 30, 2019 2020 (In millions) Noncontrolling interest in net assets: Kronos Worldwide $ 216.6 $ 213.5 NL Industries 65.8 65.6 CompX International 22.7 23.3 BMI 20.1 20.8 LandWell 14.9 17.7 Total $ 340.1 $ 340.9 |
Schedule of Noncontrolling Interest in Net Income of Subsidiaries | Six months ended June 30, 2019 2020 (In millions) Noncontrolling interest in net income of subsidiaries: Kronos Worldwide $ 11.6 $ 8.7 NL Industries 3.6 1.1 CompX International 1.2 .9 BMI 2.0 3.0 LandWell 2.9 4.7 Total $ 21.3 $ 18.4 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income – Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below. Three months ended Six months ended June 30, June 30, 2019 2020 2019 2020 (In millions) Accumulated other comprehensive income (loss), net of tax and noncontrolling interest: Marketable securities: Balance at beginning of period $ 1.7 $ 1.7 $ 1.7 $ 1.7 Other comprehensive loss - unrealized losses arising during the period - .1 - .1 Balance at end of period $ 1.7 $ 1.8 $ 1.7 $ 1.8 Currency translation adjustment: Balance at beginning of period $ (75.8 ) $ (104.4 ) $ (75.6 ) $ (76.8 ) Other comprehensive income (loss) 4.9 12.0 4.7 (15.6 ) Balance at end of period $ (70.9 ) $ (92.4 ) $ (70.9 ) $ (92.4 ) Defined benefit pension plans: Balance at beginning of period $ (132.3 ) $ (144.3 ) $ (134.0 ) $ (146.6 ) Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost 1.7 2.2 3.4 4.5 Balance at end of period $ (130.6 ) $ (142.1 ) $ (130.6 ) $ (142.1 ) OPEB plans: Balance at beginning of period $ 1.5 $ .8 $ 1.7 $ 1.0 Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost (.2 ) (.1 ) (.4 ) (.3 ) Balance at end of period $ 1.3 $ .7 $ 1.3 $ .7 Total accumulated other comprehensive income (loss): Balance at beginning of period $ (204.9 ) $ (246.2 ) $ (206.2 ) $ (220.7 ) Other comprehensive income (loss) 6.4 14.2 7.7 (11.3 ) Balance at end of period $ (198.5 ) $ (232.0 ) $ (198.5 ) $ (232.0 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Change in Accrued Environmental Remediation and Related Costs | The table below presents a summary of the activity in our accrued environmental costs during the first six months of 2020. Amount (In millions) Balance at the beginning of the year $ 99.7 Additions charged to expense .4 Payments, net (1.0 ) Other, net (.1 ) Balance at the end of the period $ 99.0 Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: Current liabilities $ 4.5 Noncurrent liabilities 94.5 Total $ 99.0 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments not Carried at Fair Value | The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2019 June 30, 2020 Carrying amount Fair value Carrying amount Fair value (In millions) Cash, cash equivalents and restricted cash equivalents $ 583.8 $ 583.8 $ 534.1 $ 534.1 Deferred payment obligation 9.9 9.9 10.0 10.0 Long-term debt (excluding capitalized leases): Kronos Senior Notes 442.6 457.0 443.8 441.6 Valhi credit facility with Contran 313.0 313.0 309.2 309.2 Tremont promissory note payable 2.0 2.0 - - BMI bank note payable 17.2 17.9 16.2 16.9 LandWell note payable to the City of Henderson 1.6 1.6 - - LandWell bank note payable 15.0 15.0 14.5 14.5 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | Jun. 30, 2020 |
Contran | Valhi Incorporation | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Parent company ownership interest | 92.00% |
Business Segment Information -
Business Segment Information - Holding Percentage of Subsidiaries (Detail) | Jun. 30, 2020 |
Chemicals | Kronos Worldwide, Inc. | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 80.00% |
Component Products | CompX | |
Segment Reporting Information [Line Items] | |
Parent company ownership interest | 86.00% |
Real Estate Management And Development | BMI | |
Segment Reporting Information [Line Items] | |
Parent company ownership interest | 63.00% |
Real Estate Management And Development | LandWell | Aggregate General And Limited Interests | |
Segment Reporting Information [Line Items] | |
Controlling interest in subsidiary | 77.00% |
Business Segment Information _2
Business Segment Information - Additional Information (Detail) | Jun. 30, 2020 |
Kronos Worldwide, Inc. | Valhi Incorporation | |
Segment Reporting Information [Line Items] | |
Direct ownership percentage by parent | 50.00% |
Kronos Worldwide, Inc. | NL | |
Segment Reporting Information [Line Items] | |
Indirect controlling interest in subsidiary | 30.00% |
NL | Valhi Incorporation | |
Segment Reporting Information [Line Items] | |
Direct ownership percentage by parent | 83.00% |
LandWell | Valhi Incorporation | |
Segment Reporting Information [Line Items] | |
Direct ownership percentage by parent | 27.00% |
LandWell | BMI | |
Segment Reporting Information [Line Items] | |
Indirect controlling interest in subsidiary | 50.00% |
BMI | Valhi Incorporation | |
Segment Reporting Information [Line Items] | |
Direct ownership percentage by parent | 63.00% |
Business Segment Information _3
Business Segment Information - Segment Operating Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 415 | $ 528.6 | $ 874.3 | $ 1,008.2 |
Cost of sales | 311 | 405.4 | 670.6 | 763.2 |
Gross margin | 104 | 123.2 | 203.7 | 245 |
Operating income | 39.3 | 65.9 | 110.3 | 126.3 |
Securities earnings | 1 | 3.3 | 2.6 | 6.4 |
Insurance recoveries | 4.7 | 1.6 | 5 | |
Changes in market value of Valhi common stock held by subsidiaries | (0.5) | 1.9 | (2.9) | 3 |
Other components of net periodic pension expense | (5) | (4.1) | (9.7) | (8.2) |
Litigation settlement expense, net | (19.6) | (19.6) | ||
General expenses, net | (9) | (10.8) | (17.1) | (18.7) |
Interest expense | (8.8) | (10.1) | (18.5) | (20.4) |
Income before income taxes | 17 | 31.2 | 66.3 | 73.8 |
Chemicals | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 386 | 484.5 | 807 | 921 |
Cost of sales | 291.1 | 375.4 | 624.5 | 703.1 |
Gross margin | 94.9 | 109.1 | 182.5 | 217.9 |
Operating income | 35.9 | 50.5 | 82.7 | 103.3 |
Component Products | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 23.8 | 33.7 | 56.1 | 64.9 |
Cost of sales | 16.4 | 22.8 | 38.3 | 44.3 |
Gross margin | 7.4 | 10.9 | 17.8 | 20.6 |
Operating income | 2.4 | 5.6 | 7.4 | 10 |
Real Estate Management And Development | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5.2 | 10.4 | 11.2 | 22.3 |
Cost of sales | 3.5 | 7.2 | 7.8 | 15.8 |
Gross margin | 1.7 | 3.2 | 3.4 | 6.5 |
Operating income | $ 1 | $ 9.8 | $ 20.2 | $ 13 |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Trade accounts receivable: | ||
VAT and other receivables | $ 21.1 | $ 31.2 |
Refundable income taxes | 4.1 | 7.9 |
Allowance for doubtful accounts | (1.4) | (1.2) |
Total | 337.6 | 329.2 |
Trade Accounts Receivable | Kronos Worldwide, Inc. | ||
Trade accounts receivable: | ||
Accounts receivable | 287.3 | 270.5 |
Trade Accounts Receivable | CompX | ||
Trade accounts receivable: | ||
Accounts receivable | 11.4 | 11.9 |
Trade Accounts Receivable | BMI and LandWell | ||
Trade accounts receivable: | ||
Accounts receivable | 1.4 | 1.6 |
Contran | Trade Items | ||
Trade accounts receivable: | ||
Receivable from affiliates | 0.3 | 0.4 |
LPC | ||
Trade accounts receivable: | ||
Receivable from affiliates | 10.9 | 4.7 |
Other | Trade Items | ||
Trade accounts receivable: | ||
Receivable from affiliates | $ 2.5 | $ 2.2 |
Inventories, Net - Inventories,
Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Raw materials | $ 107.4 | $ 127.3 |
Work in process | 63.4 | 50.8 |
Finished products | 280.8 | 274.3 |
Supplies (chemicals) | 69.4 | 69.7 |
Total | 521 | 522.1 |
Chemicals | ||
Inventory [Line Items] | ||
Raw materials | 104 | 124.4 |
Work in process | 49.8 | 39 |
Finished products | 276 | 270.7 |
Component Products | ||
Inventory [Line Items] | ||
Raw materials | 3.4 | 2.9 |
Work in process | 13.6 | 11.8 |
Finished products | $ 4.8 | $ 3.6 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other noncurrent assets: | ||
Land held for development | $ 102.9 | $ 125.3 |
Operating lease right-of-use assets | 26.7 | 29 |
Restricted cash and cash equivalents | 33.5 | 33 |
IBNR receivables | 8.1 | 8.5 |
Marketable securities | 5.4 | 6.2 |
Pension asset | 8 | 7.4 |
Note receivables - OPA | 27.6 | 8.8 |
Other | 7.4 | 11.9 |
Total | $ 219.6 | $ 230.1 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Long-term debt | ||
Total debt | $ 786.4 | $ 794.3 |
Less current maturities | (3.1) | (4.9) |
Total long-term debt | 783.3 | 789.4 |
VALHI, INC. | Contran Credit Facility | ||
Long-term debt | ||
Total debt | 309.2 | 313 |
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | ||
Long-term debt | ||
Total debt | 443.8 | 442.6 |
Tremont | Promissory Note | ||
Long-term debt | ||
Total debt | 2 | |
BMI | Bank loan | Western Alliance Bank | ||
Long-term debt | ||
Total debt | 16.2 | 17.2 |
LandWell | Unsecured Debt | ||
Long-term debt | ||
Total debt | 1.6 | |
LandWell | Unsecured Debt | Western Alliance Bank | ||
Long-term debt | ||
Total debt | 14.5 | 15 |
Other Subsidiary | Other | ||
Long-term debt | ||
Total debt | 2.7 | 2.9 |
Subsidiary | ||
Long-term debt | ||
Total debt | $ 477.2 | $ 481.3 |
Long-Term Debt - Valhi Contran
Long-Term Debt - Valhi Contran Credit Facility - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Debt Instrument [Line Items] | |
Borrowings of credit facility | $ 0 |
Repaid credit facility | $ 3.8 |
VALHI, INC. | Contran Credit Facility | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate at period end | 4.80% |
Debt instrument, Interest rate during period | 4.25% |
Amount available for borrowing | $ 50.8 |
Long-Term Debt - Kronos Senior
Long-Term Debt - Kronos Senior Secured Notes - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 - Kronos International, Inc $ in Millions | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | |
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.75% | 3.75% |
Debt instrument maturity date | Sep. 15, 2025 | |
Debt instrument principal amount | € | € 400,000,000 | |
Unamortized debt issuance costs | $ | $ 4.8 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - 6 months ended Jun. 30, 2020 € in Millions, $ in Millions | USD ($) | EUR (€) |
Line Of Credit Facility [Line Items] | ||
Revolving credit facility, borrowings | $ 0 | |
European Revolving Credit Facility | Kronos Worldwide, Inc. | ||
Line Of Credit Facility [Line Items] | ||
Amount available for borrowing | 100.9 | € 90 |
Revolving credit facility, borrowings | 0 | |
Repayment of credit facility | 0 | |
North American Revolving Credit Facility | Kronos Worldwide, Inc. | ||
Line Of Credit Facility [Line Items] | ||
Amount available for borrowing | 125 | |
Revolving North American Credit Facility | Kronos Worldwide, Inc. | ||
Line Of Credit Facility [Line Items] | ||
Revolving credit facility, borrowings | 0 | |
Repayment of credit facility | $ 0 |
Long-Term Debt - Tremont Promis
Long-Term Debt - Tremont Promissory Note Payable - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Promissory Note | Tremont | |
Debt Instrument [Line Items] | |
Repaid remaining principal balance of note | $ 2 |
Long-Term Debt - LandWell Promi
Long-Term Debt - LandWell Promissory Note Payable - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jan. 31, 2020USD ($) | |
Promissory Note | LandWell | |
Debt Instrument [Line Items] | |
Repaid remaining principal balance of note | $ 1.6 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Payable to affiliates: | ||
Accrued litigation settlement | $ 11.9 | $ 11.8 |
Employee benefits | 28.6 | 30.6 |
Operating lease liabilities | 6.1 | 6.2 |
Accrued sales discounts and rebates | 20.1 | 33.7 |
Deferred income | 8.1 | 10.3 |
Environmental remediation and related costs | 4.5 | 4.5 |
Interest | 5.2 | 5.2 |
Other | 32.1 | 40 |
Total | 245.9 | 307.4 |
Kronos Worldwide, Inc. | ||
Accounts payable: | ||
Accounts payable | 96.9 | 137.2 |
CompX | ||
Accounts payable: | ||
Accounts payable | 2.8 | 2.5 |
BMI and LandWell | ||
Accounts payable: | ||
Accounts payable | 4.5 | 3.7 |
NL | ||
Accounts payable: | ||
Accounts payable | 0.1 | 0.9 |
Other | ||
Accounts payable: | ||
Accounts payable | 0.4 | 0.4 |
Contran | Income Taxes Payable | ||
Payable to affiliates: | ||
Payable to affiliates | 9.6 | 4 |
LPC | ||
Payable to affiliates: | ||
Payable to affiliates | $ 15 | $ 16.4 |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Operating lease liabilities | $ 20.1 | $ 22.2 |
Reserve for uncertain tax positions | 12.2 | 13.6 |
Accrued litigation settlement | 60.7 | 60.1 |
Deferred income | 45.4 | 47.4 |
Other postretirement benefits | 10 | 10.5 |
Employee benefits | 5.8 | 6 |
Insurance claims and expenses | 10.3 | 11 |
Deferred payment obligation | 10 | 9.9 |
Accrued development costs | 7.9 | 8.3 |
Other | 9.7 | 8.2 |
Total | $ 192.1 | $ 197.2 |
Revenue - Disaggregation of S_3
Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Chemicals Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 415 | $ 528.6 | $ 874.3 | $ 1,008.2 |
Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 386 | 484.5 | 807 | 921 |
Point of Origin | Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 386 | 484.5 | 807 | 921 |
Point of Origin | Chemicals | Germany | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 183.1 | 248.5 | 412.2 | 467.7 |
Point of Origin | Chemicals | United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 226.6 | 289.3 | 463.6 | 534.6 |
Point of Origin | Chemicals | Canada | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 85.6 | 95.9 | 153.3 | 174.4 |
Point of Origin | Chemicals | Belgium | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 50.9 | 77.7 | 117 | 147.4 |
Point of Origin | Chemicals | Norway | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 62.6 | 47.7 | 116.9 | 99.2 |
Point of Origin | Chemicals | Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | (222.8) | (274.6) | (456) | (502.3) |
Point of Destination | Chemicals | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 386 | 484.5 | 807 | 921 |
Point of Destination | Chemicals | Europe | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 169.8 | 229.4 | 384.3 | 444.6 |
Point of Destination | Chemicals | North America | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 148.9 | 161.5 | 281.2 | 308.3 |
Point of Destination | Chemicals | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 67.3 | $ 93.6 | $ 141.5 | $ 168.1 |
Revenue - Disaggregation of S_4
Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Component Products and Real Estate Management and Development Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 415 | $ 528.6 | $ 874.3 | $ 1,008.2 |
Component Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 23.8 | 33.7 | 56.1 | 64.9 |
Component Products | Security Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 18.6 | 26.9 | 44 | 51.6 |
Component Products | Marine Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5.2 | 6.8 | 12.1 | 13.3 |
Real Estate Management And Development | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 5.2 | 10.4 | 11.2 | 22.3 |
Real Estate Management And Development | Land Sales | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2.7 | 8.4 | 6.2 | 17.9 |
Real Estate Management And Development | Water Delivery | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2.1 | 1.6 | 4 | 3.5 |
Real Estate Management And Development | Utility and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 0.4 | $ 0.4 | $ 1 | $ 0.9 |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3.2 | $ 2.8 | $ 6.4 | $ 5.6 |
Interest cost | 3 | 4 | 5.9 | 8 |
Expected return on plan assets | (2.8) | (3.5) | (5.5) | (7.2) |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 | |
Recognized actuarial losses | 4.7 | 3.7 | 9.4 | 7.5 |
Total | $ 8.2 | $ 7 | $ 16.3 | $ 14 |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Additional Information (Detail) $ in Millions | Jun. 30, 2020USD ($) |
Defined Benefit Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution | $ 19 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Securities earnings: | ||||
Dividends and interest | $ 2.9 | $ 6.1 | ||
Securities transactions, net | (0.3) | 0.3 | ||
Total | $ 1 | $ 3.3 | 2.6 | 6.4 |
Currency transactions, net | 6.1 | (0.2) | ||
Insurance recoveries | 4.7 | 1.6 | 5 | |
Infrastructure reimbursement | 19.1 | 9.1 | ||
Gain on land sales | 0.5 | 0.7 | ||
Other, net | 1.4 | 1 | ||
Total | $ (3.6) | $ 15.4 | $ 31.3 | $ 22 |
Other Income, Net - Additional
Other Income, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Other Income Net Additional Information Detail [Line Items] | |||
Infrastructure reimbursement | $ 19.1 | $ 9.1 | |
Kronos Worldwide, Inc. | |||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||
Gain on insurance settlement related to property damage claim | $ 1.5 | ||
City Of Henderson | |||
Disclosure Other Income Net Additional Information Detail [Line Items] | |||
Infrastructure reimbursement | $ 19.1 | $ 8.8 |
Income Taxes - Components of Co
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Income Tax [Line Items] | ||||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 3.6 | $ 6.6 | $ 13.9 | $ 15.5 |
Incremental net tax benefit on earnings and losses of non-U.S., U.S. and non-tax group companies | (2.1) | (3.9) | (0.2) | |
Non-U.S. tax rates | 0.1 | 2.3 | 1 | 4.6 |
Valuation allowance | 7.2 | 2.8 | 7 | 3.8 |
Adjustment to the reserve for uncertain tax positions, net | 0.6 | 0.5 | 1.2 | 1 |
Global intangible low-tax income, net | 11.9 | 0.4 | 13.1 | 1.1 |
Nondeductible expenses | 1.4 | 0.3 | 1.8 | 0.6 |
U.S. state income taxes and other, net | (1.5) | 0.1 | (1.5) | 0.8 |
Income tax expense | 21.2 | 13 | 32.6 | 27.2 |
Comprehensive provision for income taxes allocable to: | ||||
Net income | 21.2 | 13 | 32.6 | 27.2 |
Other comprehensive income (loss): | ||||
Currency translation | 2 | 0.8 | (2.7) | 0.8 |
Total | 25.1 | 15.2 | 33.4 | 30.9 |
OPEB | ||||
Other comprehensive income (loss): | ||||
Defined benefit plans | 0.1 | (0.1) | (0.1) | (0.2) |
Pension Plans | ||||
Other comprehensive income (loss): | ||||
Defined benefit plans | $ 1.8 | $ 1.5 | $ 3.6 | $ 3.1 |
Income Taxes - Components of _2
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Mar. 27, 2020 | Mar. 26, 2020 | Mar. 31, 2020 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | ||||
Business interest income, adjusted taxable income | 30.00% | |||
CARES act of 2020, Business interest income, adjusted taxable income | 50.00% | |||
Cash tax benefit recognized | $ 1 | |||
Decrease in unrecognized tax benefits due to the expiration of certain statutes of limitations | $ 5.4 |
Noncontrolling Interest in Su_3
Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Net Assets of Subsidiaries (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 340.9 | $ 340.1 |
Kronos Worldwide, Inc. | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 213.5 | 216.6 |
NL Industries | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 65.6 | 65.8 |
CompX International | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 23.3 | 22.7 |
BMI | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | 20.8 | 20.1 |
LandWell | ||
Noncontrolling interest in net assets: | ||
Noncontrolling interest in subsidiaries | $ 17.7 | $ 14.9 |
Noncontrolling Interest in Su_4
Noncontrolling Interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income of Subsidiaries (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | $ 4.9 | $ 11.1 | $ 18.4 | $ 21.3 |
Kronos Worldwide, Inc. | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 8.7 | 11.6 | ||
NL Industries | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 1.1 | 3.6 | ||
CompX International | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 0.9 | 1.2 | ||
BMI | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | 3 | 2 | ||
LandWell | ||||
Noncontrolling interest in net income of subsidiaries: | ||||
Noncontrolling interest in net income of subsidiaries | $ 4.7 | $ 2.9 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | $ 640 | |||
Balance at end of period | $ 634.6 | 634.6 | ||
Marketable Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 1.7 | $ 1.7 | 1.7 | $ 1.7 |
Other comprehensive income (loss) | 0.1 | 0.1 | ||
Balance at end of period | 1.8 | 1.7 | 1.8 | 1.7 |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (104.4) | (75.8) | (76.8) | (75.6) |
Other comprehensive income (loss) | 12 | 4.9 | (15.6) | 4.7 |
Balance at end of period | (92.4) | (70.9) | (92.4) | (70.9) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (144.3) | (132.3) | (146.6) | (134) |
Other comprehensive income (loss) | 2.2 | 1.7 | 4.5 | 3.4 |
Balance at end of period | (142.1) | (130.6) | (142.1) | (130.6) |
Accumulated Defined Benefit Plans Adjustment | OPEB | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | 0.8 | 1.5 | 1 | 1.7 |
Other comprehensive income (loss) | (0.1) | (0.2) | (0.3) | (0.4) |
Balance at end of period | 0.7 | 1.3 | 0.7 | 1.3 |
Total Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at beginning of period | (246.2) | (204.9) | (220.7) | (206.2) |
Other comprehensive income (loss) | 14.2 | 6.4 | (11.3) | 7.7 |
Balance at end of period | $ (232) | $ (198.5) | $ (232) | $ (198.5) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions | May 28, 2020 | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares |
Equity Class Of Treasury Stock [Line Items] | |||
Reverse stock split, description | Reverse stock split – On May 28, 2020 following stockholder approval at our annual meeting, our board of directors approved a reverse stock split of our common stock at a ratio of 1-for-12, which was effective on June 1, 2020. | ||
Reverse stock split, conversion ratio | 12 | ||
Reclassification from common stock to additional paid-in capital | $ | $ 3.3 | ||
Common stock par value | $ / shares | $ 0.01 | ||
Kronos Worldwide, Inc. | |||
Equity Class Of Treasury Stock [Line Items] | |||
Common stock, Repurchased | shares | 122,489 | 110,303 | |
Stock repurchase, aggregate purchase price | $ | $ 1 | $ 1.4 | |
Shares available for purchase | shares | 1,600,000 |
Commitments and Contingencies -
Commitments and Contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail) $ in Millions | Jul. 24, 2019USD ($)DefendantInstallment | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Casessite | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Commitments And Contingent Liabilities [Line Items] | |||||
Litigation settlement | $ 11.9 | $ 11.8 | |||
Litigation settlement expense, net | $ 19.6 | $ 19.6 | |||
Accrual for reasonably estimable environmental remediation and related matters | 99 | $ 99.7 | |||
Insurance recoveries | 4.7 | 1.6 | $ 5 | ||
Other Environmental Cleanup Matters | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Accrual for reasonably estimable environmental remediation and related matters | 5 | ||||
NL | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Insurance recoveries | 4.7 | ||||
NL | Environmental Remediation Sites NL Named As PRP Or Defendant | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Accrual for reasonably estimable environmental remediation and related matters | $ 94 | ||||
Number of sites associated with remediation and related costs | site | 32 | ||||
Number of sites for which NL not currently able to reasonably estimate range of costs | site | 5 | ||||
NL | Maximum | Environmental Remediation Sites NL Named As PRP Or Defendant | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Upper end range, estimate costs for remediation and related matters | $ 115 | ||||
Lead Pigment Litigation | NL | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Number of cases settled and dismissed and found not liable | Cases | 100 | ||||
Period by which loss contingency claims settled and dismissed | 30 years | ||||
California Lead Paint Litigation | NL | |||||
Commitments And Contingent Liabilities [Line Items] | |||||
Description of defendants | July 24, 2019 an order approving a global settlement agreement entered into among all of the plaintiffs and the three defendants remaining in the case (the Sherwin Williams Company, ConAgra Grocery Products and NL) was entered by the court and the case was dismissed with prejudice. The global settlement agreement provides that an aggregate $305 million will be paid collectively by the three co-defendants in full satisfaction of all claims resulting in a dismissal of the case with prejudice and the resolution of (i) all pending and future claims by the plaintiffs in the case, and (ii) all potential claims for contribution or indemnity between NL and its co-defendants in respect to the case. | ||||
Number of Defendant | Defendant | 3 | ||||
Settlement amount | $ 305 | ||||
Litigation settlement | 101.7 | ||||
Litigation settlement charge upon approval of settlement terms | 25 | ||||
Remaining litigation settlement charge | $ 76.7 | ||||
Number of annual installments | Installment | 6 | ||||
Remaining litigation settlement charge due in first installment | $ 12 | ||||
Remaining litigation settlement charge due in second installment | 12 | ||||
Remaining litigation settlement charge due in third installment | 12 | ||||
Remaining litigation settlement charge due in fourth installment | 12 | ||||
Remaining litigation settlement charge due in fifth installment | 12 | ||||
Remaining litigation settlement charge due in sixth installment | $ 16.7 | ||||
Discounted rate for estimated present value of remaining litigation amount | 1.90% | ||||
Litigation settlement expense, net | $ 19.3 |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |||
Balance at the beginning of the year | $ 99.7 | ||
Additions charged to expense | 0.4 | ||
Payments, net | (1) | ||
Other, net | (0.1) | ||
Balance at the end of the period | 99 | ||
Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: | |||
Current liabilities | $ 4.5 | $ 4.5 | |
Noncurrent liabilities | 94.5 | 95.2 | |
Total | $ 99 | $ 99 | $ 99.7 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Kronos Worldwide, Inc. | 3.75% Senior Secured Notes due September 15, 2025 | Kronos International, Inc | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | $ 443.8 | $ 442.6 |
Long term debt, fair value | 441.6 | 457 |
VALHI, INC. | Contran Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 309.2 | 313 |
Long term debt, fair value | 309.2 | 313 |
Tremont | Promissory Note | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 2 | |
Long term debt, fair value | 2 | |
BMI | Bank note payable | Meadows Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 16.2 | 17.2 |
Long term debt, fair value | 16.9 | 17.9 |
LandWell | Bank note payable | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 14.5 | 15 |
Long term debt, fair value | 14.5 | 15 |
LandWell | Unsecured Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 1.6 | |
Long term debt, fair value | 1.6 | |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 534.1 | 583.8 |
Deferred payment obligation | 10 | 9.9 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash equivalents | 534.1 | 583.8 |
Deferred payment obligation | $ 10 | $ 9.9 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 - Kronos International, Inc | Jun. 30, 2020EUR (€) |
Financial Instrument At Fair Value [Line Items] | |
Estimated market price of the notes | € 984 |
Principal amount of debt instrument | € 1,000 |