Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NL | |
Entity Registrant Name | NL INDUSTRIES INC | |
Entity Central Index Key | 0000072162 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 48,727,884 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 111,361 | $ 116,259 |
Restricted cash and cash equivalents | 3,818 | 3,727 |
Accrued insurance recovery related to litigation settlement | 15,000 | 15,000 |
Accounts and other receivables, net | 15,681 | 12,440 |
Inventories, net | 18,510 | 17,102 |
Receivable from affiliate | 233 | 792 |
Prepaid expenses and other | 1,143 | 1,324 |
Total current assets | 165,746 | 166,644 |
Other assets: | ||
Notes receivable from affiliate | 40,000 | 34,000 |
Marketable securities | 33,202 | 27,740 |
Investment in Kronos Worldwide, Inc. | 259,061 | 255,565 |
Goodwill | 27,156 | 27,156 |
Other assets, net | 4,216 | 4,111 |
Total other assets | 363,635 | 348,572 |
Property and equipment: | ||
Land | 5,151 | 5,151 |
Buildings | 22,842 | 22,842 |
Equipment | 67,526 | 67,446 |
Construction in progress | 621 | 603 |
Property and equipment, gross | 96,140 | 96,042 |
Less accumulated depreciation | 64,724 | 64,016 |
Net property and equipment | 31,416 | 32,026 |
Total assets | 560,797 | 547,242 |
Current liabilities: | ||
Accounts payable | 4,497 | 4,831 |
Accrued litigation settlement | 60,000 | 60,000 |
Accrued and other current liabilities | 7,178 | 10,854 |
Accrued environmental remediation and related costs | 4,746 | 5,027 |
Payable to affiliates | 567 | 567 |
Income taxes | 55 | 44 |
Total current liabilities | 77,043 | 81,323 |
Noncurrent liabilities: | ||
Long-term debt from affiliate | 500 | 500 |
Accrued pension costs | 10,122 | 10,389 |
Accrued environmental remediation and related costs | 92,270 | 93,184 |
Long-term litigation settlement | 17,000 | 17,000 |
Deferred income taxes | 34,112 | 31,373 |
Other | 9,850 | 9,915 |
Total noncurrent liabilities | 163,854 | 162,361 |
NL stockholders' equity: | ||
Common stock | 6,090 | 6,090 |
Additional paid-in capital | 301,139 | 301,139 |
Retained earnings | 240,360 | 225,156 |
Accumulated other comprehensive loss | (247,537) | (248,270) |
Total NL stockholders' equity | 300,052 | 284,115 |
Noncontrolling interest in subsidiary | 19,848 | 19,443 |
Total equity | 319,900 | 303,558 |
Total liabilities and equity | 560,797 | 547,242 |
Commitments and contingencies (Note 14) |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 31,176 | $ 28,413 |
Cost of sales | 21,552 | 18,910 |
Gross margin | 9,624 | 9,503 |
Selling, general and administrative expense | 5,334 | 5,130 |
Other operating income (expense): | ||
Insurance recoveries | 283 | 163 |
Other income, net | 619 | |
Corporate expense | (2,055) | (7,953) |
Income (loss) from operations | 2,518 | (2,798) |
Equity in earnings of Kronos Worldwide, Inc. | 9,225 | 21,479 |
Other income (expense): | ||
Marketable equity securities | 5,462 | (1,581) |
Other components of net periodic pension and OPEB cost | (428) | (99) |
Interest and dividend income | 1,519 | 1,072 |
Interest expense | (9) | (8) |
Income before income taxes | 18,287 | 18,065 |
Income tax expense | 2,561 | 3,330 |
Net income | 15,726 | 14,735 |
Noncontrolling interest in net income of subsidiary | 522 | 487 |
Net income attributable to NL stockholders | $ 15,204 | $ 14,248 |
Amounts attributable to NL stockholders: | ||
Basic and diluted net income per share | $ 0.31 | $ 0.29 |
Weighted average shares used in the calculation of net income per share | 48,727 | 48,715 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 15,726 | $ 14,735 |
Other comprehensive income (loss), net of tax: | ||
Currency translation | (25) | 2,591 |
Defined benefit pension plans | 828 | 983 |
Other | (70) | (73) |
Total other comprehensive income, net | 733 | 3,501 |
Comprehensive income | 16,459 | 18,236 |
Comprehensive income attributable to noncontrolling interest | 522 | 487 |
Comprehensive income attributable to NL stockholders | $ 15,937 | $ 17,749 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interest in subsidiary |
Beginning Balance at Dec. 31, 2017 | $ 353,078 | $ 6,089 | $ 300,866 | $ 220,104 | $ (191,737) | $ 17,756 |
Change in accounting principle- ASU 2016-01 at Dec. 31, 2017 | 46,069 | (46,069) | ||||
Balance at January 1, 2018, as adjusted at Dec. 31, 2017 | 353,078 | 6,089 | 300,866 | 266,173 | (237,806) | 17,756 |
Net income | 14,735 | 14,248 | 487 | |||
Other comprehensive income, net of tax | 3,501 | 3,501 | ||||
Dividends paid to noncontrolling interest | (83) | (83) | ||||
Ending Balance at Mar. 31, 2018 | 371,231 | 6,089 | 300,866 | 280,421 | (234,305) | 18,160 |
Beginning Balance at Dec. 31, 2018 | 303,558 | 6,090 | 301,139 | 225,156 | (248,270) | 19,443 |
Net income | 15,726 | 15,204 | 522 | |||
Other comprehensive income, net of tax | 733 | 733 | ||||
Dividends paid to noncontrolling interest | (117) | (117) | ||||
Ending Balance at Mar. 31, 2019 | $ 319,900 | $ 6,090 | $ 301,139 | $ 240,360 | $ (247,537) | $ 19,848 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 15,726 | $ 14,735 |
Depreciation and amortization | 901 | 889 |
Deferred income taxes | 2,552 | 3,420 |
Equity in earnings of Kronos Worldwide, Inc. | (9,225) | (21,479) |
Marketable equity securities | (5,462) | 1,581 |
Dividends received from Kronos Worldwide, Inc. | 6,339 | 5,987 |
Cash funding of benefit plans in excess of net benefit plan expense | 9 | (120) |
Other, net | 39 | 56 |
Change in assets and liabilities: | ||
Accounts and other receivables, net | (3,244) | (2,226) |
Inventories, net | (1,475) | (980) |
Prepaid expenses and other | 181 | (819) |
Accounts payable and accrued liabilities | (3,949) | (2,867) |
Income taxes | 9 | 16 |
Accounts with affiliates | 559 | (132) |
Accrued environmental remediation and related costs | (1,194) | 3,848 |
Other noncurrent assets and liabilities, net | (16) | (66) |
Net cash provided by operating activities | 1,750 | 1,843 |
Cash flows from investing activities: | ||
Capital expenditures | (439) | (644) |
Promissory notes receivable from affiliate: | ||
Loans | (17,400) | (12,400) |
Collections | 11,400 | 12,600 |
Other, net | 224 | |
Net cash used in investing activities | (6,439) | (220) |
Cash flows from financing activities - | ||
Distributions to noncontrolling interests in subsidiary | (117) | (83) |
Cash and cash equivalents and restricted cash and cash equivalents - net change from: | ||
Operating, investing and financing activities | (4,806) | 1,540 |
Balance at beginning of period | 120,989 | 102,941 |
Balance at end of period | 116,183 | 104,481 |
Supplemental disclosure - cash paid (received) for: | ||
Interest | 9 | 8 |
Income taxes, net | $ (16) | $ 25 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and basis of presentation | Note 1 – Organization and basis of presentation: Organization – At March 31, 2019, Valhi, Inc. (NYSE: VHI) held approximately 83% of our outstanding common stock and a wholly-owned subsidiary of Contran Corporation held approximately 92% of Valhi’s outstanding common stock. All of Contran’s outstanding voting stock is held by a family trust established for the benefit of Lisa K. Simmons and Serena Simmons Connelly and their children for which Ms. Simmons and Ms. Connelly are co-trustees, or is held directly by Ms. Simmons and Ms. Connelly or entities related to them. Consequently, Ms. Simmons and Ms. Connelly may be deemed to control Contran, Valhi and us. Basis of presentation – Consolidated in this Quarterly Report are the results of our majority-owned subsidiary, CompX International Inc. We also own 30% of Kronos Worldwide, Inc. (Kronos). CompX (NYSE MKT: CIX) and Kronos (NYSE: KRO) 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 in our Annual Report on Form 10-K for the year ended December 31, 2018 that we filed with the SEC on March 11, 2019 (the 2018 Annual Report). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments) in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2018 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2018) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Our results of operations for the interim period ended March 31, 2019 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2018 Consolidated Financial Statements contained in our 2018 Annual Report. Unless otherwise indicated, references in this report to “NL,” “we,” “us” or “our” refer to NL Industries, Inc. and its subsidiaries and affiliate, Kronos, taken as a whole. |
Accounts and Other Receivables,
Accounts and Other Receivables, Net | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Accounts and other receivables, net | Note 2 – December 31, March 31, 2018 2019 (In thousands) Trade receivables - CompX $ 12,210 $ 15,428 Accrued insurance recoveries 266 233 Other receivables 34 90 Allowance for doubtful accounts (70 ) (70 ) Total $ 12,440 $ 15,681 Accrued insurance recoveries are discussed in Note 14. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 3 – Inventories, net: December 31, March 31, 2018 2019 (In thousands) Raw materials $ 2,661 $ 3,316 Work in process 11,130 11,849 Finished products 3,311 3,345 Total $ 17,102 $ 18,510 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable securities | Note 4 – Our marketable securities consist of investments in the publicly-traded shares of our immediate parent company Valhi, Inc. All of our marketable securities are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets for each marketable security. Any unrealized gains or losses on the securities are recognized in Marketable equity securities on our Condensed Consolidated Statements of Income. The fair value of our equity securities represent a Level 1 input within the fair value hierarchy. Fair value measurement level Market value Cost basis Unrealized gain (loss) (In thousands) December 31, 2018 Valhi common stock 1 $ 27,740 $ 24,347 $ 3,393 March 31, 2019 Valhi common stock 1 $ 33,202 $ 24,347 $ 8,855 At December 31, 2018 and March 31, 2019, we held approximately 14.4 million shares of common stock of Valhi. See Note 1. Our shares of Valhi common stock are carried at fair value based on quoted market prices, representing a Level 1 input within the fair value hierarchy. At December 31, 2018 and March 31, 2019, the quoted per share market price of Valhi common stock was $1.93 and $2.31, respectively. The Valhi common stock we own is subject to the restrictions on resale pursuant to certain provisions of the SEC Rule 144. In addition, as a majority-owned subsidiary of Valhi, we cannot vote our shares of Valhi common stock under Delaware General Corporation Law, but we do receive dividends from Valhi on these shares, when declared and paid. In March 2019, Valhi filed a Form S-3 registration statement with the SEC, registering our shares of Valhi common stock for resale. The registration statement has been declared effective by the SEC. We may sell all or a portion of such shares from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares are sold through underwriters or broker-dealers, we would be responsible for underwriting discounts or commissions or agents’ commissions. The shares may be sold in one or more transactions at fixed prices, prevailing market prices determined at the time of the sale, varying prices determined at the time of sale or negotiated prices (in each case we may determine). We have agreed to reimburse Valhi for its expenses incurred in connection with such registration statement (which expenses are not material). Through May 9, 2019, we have not sold any of our shares of Valhi common stock under the registration statement. |
Investment in Kronos Worldwide,
Investment in Kronos Worldwide, Inc. | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in Kronos Worldwide, Inc. | Note 5 – Investment in Kronos Worldwide, Inc.: At December 31, 2018 and March 31, 2019, we owned approximately 35.2 million shares of Kronos common stock. At March 31, 2019, the quoted market price of Kronos’ common stock was $14.02 per share, or an aggregate market value of $493.8 million. At December 31, 2018, the quoted market price was $11.52 per share, or an aggregate market value of $405.7 million. The change in the carrying value of our investment in Kronos during the first three months of 2019 is summarized below. Amount (In millions) Balance at the beginning of the period $ 255.5 Equity in earnings of Kronos 9.2 Dividends received from Kronos (6.3 ) Equity in Kronos' other comprehensive income: Defined benefit pension plans .7 Balance at the end of the period $ 259.1 Selected financial information of Kronos is summarized below: December 31, March 31, 2018 2019 (In millions) Current assets $ 1,201.4 $ 1,203.1 Property and equipment, net 486.4 482.4 Investment in TiO 2 81.3 82.1 Other noncurrent assets 129.0 159.5 Total assets $ 1,898.1 $ 1,927.1 Current liabilities $ 233.4 $ 241.3 Long-term debt 455.1 445.8 Accrued pension and postretirement benefits 262.9 256.3 Other noncurrent liabilities 106.9 132.4 Stockholders' equity 839.8 851.3 Total liabilities and stockholders' equity $ 1,898.1 $ 1,927.1 Three months ended March 31, 2018 2019 (In millions) Net sales $ 430.4 $ 436.5 Cost of sales 255.6 327.2 Income from operations 107.5 49.0 Income tax expense 29.0 12.8 Net income 70.7 30.3 |
Other Noncurrent Assets, Net
Other Noncurrent Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other noncurrent assets, net | Note 6 – December 31, March 31, 2018 2019 (In thousands) Restricted cash $ 1,003 $ 1,006 Pension asset 1,898 1,986 Other 1,210 1,224 Total $ 4,111 $ 4,216 |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued and other current liabilities | Note 7 – December 31, March 31, 2018 2019 (In thousands) Employee benefits $ 9,001 $ 5,139 Other 1,853 2,039 Total $ 10,854 $ 7,178 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term debt | Note 8 – During the first three months of 2019, our wholly owned subsidiary, NLKW Holding, LLC had no borrowings or repayments under its $50 million secured revolving credit facility with Valhi. At March 31, 2019, we had outstanding borrowings of $0.5 million under such facility, and the remaining $49.5 million was available for future borrowing under this facility. Outstanding borrowings under such credit facility bear interest at the prime rate plus 1.875% per annum, and the average interest rate as of and for the three months ended March 31, 2019 was 7.375%. |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other noncurrent liabilities | Note 9 – December 31, March 31, 2018 2019 (In thousands) Reserve for uncertain tax positions $ 7,312 $ 7,312 Insurance claims and expenses 621 645 OPEB 1,519 1,454 Other 463 439 Total $ 9,915 $ 9,850 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 10 – Revenue Recognition The following table disaggregates our net sales by reporting unit, which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended March 31, 2018 2019 (In thousands) Net sales: Security Products $ 24,056 $ 24,704 Marine Components 4,357 6,472 Total net sales $ 28,413 $ 31,176 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee benefit plans | Note 11 – The components of net periodic defined benefit pension cost are presented in the table below. Three months ended March 31, 2018 2019 (In thousands) Interest cost $ 372 $ 474 Expected return on plan assets (590 ) (477 ) Recognized actuarial losses 365 406 Total $ 147 $ 403 We currently expect our 2019 contributions to our defined benefit pension plans to be approximately $1.5 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 12 – Three months ended March 31, 2018 2019 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 3.8 $ 3.8 Rate differences on equity in earnings of Kronos (1.2 ) (1.4 ) U.S. state income taxes and other, net .7 .2 Income tax expense $ 3.3 $ 2.6 Comprehensive provision for income taxes allocable to: Net income $ 3.3 $ 2.6 Other comprehensive income: Currency translation .7 - Pension plans .3 .2 Total $ 4.3 $ 2.8 In accordance with GAAP, we recognize deferred income taxes on our undistributed equity in earnings (losses) of Kronos. Because we and Kronos are part of the same U.S. federal income tax group, any dividends we receive from Kronos are nontaxable to us. Accordingly, we do not recognize and we are not required to pay income taxes on dividends from Kronos. We received aggregate dividends from Kronos of $6.0 million in the first three months of 2018 and $6.3 million in the first three months of 2019. The amounts shown in the above table of our income tax rate reconciliation for rate differences on equity in earnings of Kronos represents the net tax (benefit) associated with such non-taxability of the dividends we receive from Kronos, as it relates to the amount of deferred income taxes we recognize on our undistributed equity in earnings (losses) of Kronos and 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. Income tax matters related to Kronos Kronos records global intangible low-tax income (GILTI) tax as a current-period expense when incurred under the period cost method. Kronos has evaluated the tax impact of GILTI and base erosion anti abuse tax (BEAT) provisions and related U.S. tax credit provisions applicable to tax years beginning in 2018 based on the relevant statutes and guidance provided under the proposed regulations. Given the complexity of the international provisions, it is possible that final regulations could differ from the proposed regulations and materially impact its determinations with respect to such items. Any material change will be recognized in the period in which the final regulations are published. None of Kronos U.S. and non-U.S. tax returns are currently under examination. As a result of prior audits in certain jurisdictions, which are now settled, in 2008 Kronos filed Advance Pricing Agreement Requests with the tax authorities in the U.S., Canada and Germany. These requests have been under review with the respective tax authorities since 2008 and prior to 2016, it was uncertain whether an agreement would be reached between the tax authorities and whether Kronos would agree to execute and finalize such agreements. During the first quarter of 2018, Kronos’ German subsidiary executed and finalized the related Advance Pricing Agreement with the Competent Authority for Germany (the “Germany- Canada APA”) effective for tax years 2005 - 2017. Kronos recognized a net $1.4 million non-cash income tax benefit related to an APA tax settlement payment between its German and Canadian subsidiaries. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Accumulated other comprehensive income (loss) | Note 13 – Changes in accumulated other comprehensive income (loss) attributable to NL stockholders, including amounts resulting from our investment in Kronos Worldwide (see Note 5), are presented in the table below. Three months ended March 31, 2018 2019 (In thousands) Accumulated other comprehensive loss, net of tax: Marketable securities: Balance at beginning of period $ 46,069 $ - Change in accounting principle (46,069 ) - Balance at end of period $ - $ - Currency translation: Balance at beginning of period $ (164,467 ) $ (172,434 ) Other comprehensive income (loss) 2,591 (25 ) Balance at end of period $ (161,876 ) $ (172,459 ) Defined benefit pension plans: Balance at beginning of period $ (72,951 ) $ (75,286 ) Other comprehensive income - amortization of net losses included in net periodic pension cost 983 828 Balance at end of period $ (71,968 ) $ (74,458 ) OPEB plans: Balance at beginning of period $ (388 ) $ (550 ) Other comprehensive loss - amortization of net gains included in net periodic OPEB cost (73 ) (70 ) Balance at end of period $ (461 ) $ (620 ) Total accumulated other comprehensive loss: Balance at beginning of period $ (191,737 ) $ (248,270 ) Change in accounting principle (46,069 ) - Balance at beginning of period, as adjusted (237,806 ) (248,270 ) Other comprehensive income 3,501 733 Balance at end of period $ (234,305 ) $ (247,537 ) See Note 11 for amounts related to our defined benefit pension plans. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 14 – Commitments and contingencies: General We are involved in various environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our current and former businesses. At least quarterly our management discusses and evaluates the status of any pending litigation or claim to which we are a party or which has been asserted against us. The factors considered in such evaluation include, among other things, the nature of such pending cases and claims, the status of such pending cases and claims, the advice of legal counsel and our experience in similar cases and claims (if any). Based on such evaluation, we make a determination as to whether we believe (i) it is probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (ii) it is reasonably possible but not probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (iii) the probability a loss has been incurred is remote. Lead pigment litigation Our former operations included the manufacture of lead pigments for use in paint and lead-based paint. We, 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 we intend 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 we are a party, and with respect to all such lead pigment litigation cases to which we are a party, other than with respect to the Santa Clara case discussed below, we believe liability to us that may result, if any, in this regard cannot be reasonably estimated, because: • we have 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 (subject to the final outcome of the Santa Clara case discussed below), • no final, non-appealable adverse verdicts have ever been entered against us (subject to the final outcome of the Santa Clara case discussed below), and • we have never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a twenty-year period for which we were previously a party and for which we have been dismissed without any finding of liability (subject to the final outcome of the Santa Clara case discussed below). 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 other than the Santa Clara case noted below. In addition, we have determined that liability to us 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 one of these lead pigment cases, in April 2000 we were served with a complaint in County of Santa Clara v. Atlantic Richfield Company, et al The Santa Clara case is unusual in that this is the second time that an adverse verdict in a public nuisance lead pigment case has been entered against us (the first adverse verdict against us was ultimately overturned on appeal). Given the appellate court’s November 2017 ruling, and the denial of an appeal by the California Supreme Court, we previously concluded that the likelihood of a loss in this case has reached a standard of “probable” as contemplated by ASC 450. Under the remand ordered by the appellate court, the trial court was required to, among other things, (i) recalculate the amount of the abatement fund, excluding remediation of homes built between 1951 and 1980, (ii) hold an evidentiary hearing to appoint a suitable receiver for the abatement fund and (iii) enter an order setting forth its rulings on these issues. We believe any party will have a right to appeal any of these new decisions to be made by the trial court from the remand of the case. Several uncertainties will still exist with respect to the new decisions to be made by the trial court from the remand of the case, including the following: • The appellate court remanded the case back to the trial court to recalculate the total amount of the abatement, limiting the abatement to pre-1951 homes. In this regard, NL and the other defendants filed a brief with the trial court proposing a recalculated maximum abatement fund amount of no more than $409 million and plaintiffs filed a brief proposing an abatement fund amount of $730 million. In September 2018, following a case-management hearing regarding the recalculated abatement fund amount held in August 2018, the trial court issued an order setting the recalculated amount of the abatement fund at $409 million; • The appellate court upheld NL’s and the other defendants’ right to seek contribution from other liable parties (e.g. property owners who have violated the applicable housing code) on a house-by-house basis. The method by which the trial court would undertake to determine such house-by-house responsibility, and the outcome of such a house-by-house determination, is not presently known; • Participation in any abatement program by each homeowner is voluntary, and each homeowner would need to consent to allowing someone to come into the home to undertake any inspection and abatement, as well as consent to the nature, timing and extent of any abatement. The original trial court’s judgment unrealistically assumed 100% participation by the affected homeowners. Actual participation rates are likely to be less than 100% (the ultimate extent of participation is not presently known); • The remedy ordered by the trial court is an abatement fund. The trial court ordered that any funds unspent after four years are to be returned to the defendants (this provision of the trial court’s original judgment was not overturned by the appellate court). As noted above, the actual number of homes which would participate in any abatement, and the nature, timing and extent of any such abatement, is not presently known; and • We and the other two defendants are jointly and severally liable for the abatement, which means we or either of the two other defendants could ultimately be responsible for payment of the full amount of the abatement fund. However, we do not believe any individual defendant would be 100% responsible for the cost of any abatement, and the allocation of the recalculated amount of the abatement fund ($409 million, as explained below) among the three defendants has not yet been determined. In May 2018, we and the plaintiffs entered into a settlement agreement pursuant to which, as supplemented, the plaintiffs would be paid an aggregate of $80 million, in return for which we would be dismissed from the case with prejudice and all pending and future claims, causes of action, cross-complaints, actions or proceedings against us and our affiliates for indemnity, contribution, reimbursement or declaratory relief in respect to the case would be barred, discharged and enjoined as a matter of applicable law. Of such $80 million, $65 million would be paid by us and $15 million would be provided by one of our former insurance carriers that has previously placed such amount on deposit with the trial court in satisfaction of potential liability such former carrier might have with respect to the case under certain insurance policies we had with such former carrier. Of such $65 million which would be paid by us, $45 million would be paid upon approval of the terms of the settlement, and the remaining $20 million would be paid in five annual installments beginning four years from such approval ($6 million for the first installment, $5 million for the second installment and $3 million for each of the third, fourth and fifth installments). The settlement agreement is subject to a number of conditions including the trial court’s approval of the terms of the settlement (which trial court approval includes a determination that such settlement agreement meets the standards for a “good faith” settlement under applicable California law). The other defendants filed motions with the trial court objecting to the terms of the settlement. With all of the uncertainties that exist with respect to the new decisions to be made by the trial court from the remand of the case, as noted above, we had previously concluded that the amount of such loss could not be reasonably estimated (nor could a range of loss be reasonably estimated). However, the terms of the settlement agreement entered into by us and the plaintiffs in May 2018, as supplemented, provides evidence that the amount of the loss to us could be reasonably estimated (and provides evidence of the low end of a range of loss to us). For financial reporting purposes, we discounted the five payments aggregating $20 million to be paid in installments to their estimated net present value, using a discount rate of 3.0% per annum. Such net present value is $17 million, and we would begin to accrete such present value amount upon approval of the settlement agreement. Accordingly, in the second quarter of 2018 we recognized a net $62 million pre-tax charge with respect to this matter ($45 million for the amount to be paid by us upon approval of the terms of the settlement and $17 million for the net present value of the five payments aggregating $20 million to be paid by us in installments beginning four years from such approval), representing the net amount we would pay in full settlement of our liability under the terms of the proposed settlement agreement. For purposes of our Consolidated Balance Sheet, we have presented the aggregate $45 million that would be paid to the plaintiffs upon approval of the terms of the settlement and the $15 million that would be paid to the plaintiffs from the amount placed on deposit with the trial court by one of our former insurance carriers (for a total of $60 million) as a current liability, $17 million for the net present value of the five payments aggregating $20 million to be paid by us in installments beginning four years from such approval as a noncurrent liability and the $15 million portion of such aggregate $80 million undiscounted amount which would be funded from the amount placed on deposit with the trial court by one of our former insurance carriers as a current insurance recovery receivable. In July 2018, we and the other defendants filed appeals with the U.S. Supreme Court, seeking its review of two federal issues in the trial court’s original judgment. Review by the U.S. Supreme Court is discretionary, and in October 2018 the U.S. Supreme Court denied the petitions for the Court to hear such appeals. In September 2018, following a case-management hearing regarding the recalculated abatement fund amount held in August 2018, the trial court issued an order setting the recalculated amount of the abatement fund at $409 million. Also in September 2018, the trial court denied approval of the settlement agreement, finding among other things that the settlement agreement did not meet the standards for a “good faith” settlement under applicable California law. Subsequently in October 2018, we filed an appeal of the trial court’s denial of approval of the settlement agreement with the Sixth District Court of Appeal for the State of California, asserting among other things that in denying such approval the trial court made several legal errors in applying applicable California law to the terms of the settlement. The plaintiffs filed a brief in support of The trial court has selected and appointed a receiver for the abatement fund. The trial court has also previously stated it will not enter the judgment in the case until after the Sixth District Court of Appeals determines whether to hear the appeal regarding our settlement agreement. In March 2019, the trial court entered an order granting an offset of $8 million from a previous settlement thereby lowering the abatement fund amount from $409 million to $401 million. In April 2019, the plaintiffs filed a motion asking the trial court to move forward with entry of a judgment, even if the Sixth District Court of Appeals has not yet decided whether to hear the appeal. Subsequently, NL and the other defendants filed a response, opposing the plaintiffs’ motion. If the appellate court does not reverse the trial court decision and approve the terms of this or any other settlement agreement between us and the plaintiffs, the proceedings in the trial court under the remand, as discussed above, would continue. In such event, NL’s share of the recalculated amount of the abatement fund ($401 million) is not presently known, and other uncertainties exist with respect to the new decisions to be made by the trial court from the remand of the case, as discussed above, including but not limited to the final amount of the abatement fund ($401 million) which will ultimately be expended, particularly because participation in the abatement program by eligible homeowners is voluntary and the ultimate extent of participation and how the abatement fund will be administered is uncertain. As with any legal proceeding, there is no assurance that any appeal would be successful, and it is reasonably possible, based on the outcome of the appeals process and the remand proceedings in the trial court, that NL may in the future incur liability resulting in the recognition of an additional loss contingency accrual that could have a material adverse impact on our results of operations, financial position and liquidity. In November 2018, NL was served with two complaints filed by county governments in Pennsylvania. E New cases may continue to be filed against us. We cannot assure you that we will not incur liability in the future in respect of 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 us 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 us 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 our 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. We cannot assure you that actual costs will not exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and we cannot assure you that costs will not 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 recognize recoveries of costs from other parties, if any, as assets when their receipt is deemed probable. At December 31, 2018 and March 31, 2019, we have recognized 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. Changes in the accrued environmental remediation and related costs during the first three months of 2019 are as follows: Amount (In thousands) Balance at the beginning of the period $ 98,211 Additions charged (credited) to expense, net (668 ) Payments, net (527 ) Balance at the end of the period $ 97,016 Amounts recognized in the Condensed Consolidated Balance Sheet at the end of the period: Current liability $ 4,746 Noncurrent liability 92,270 Balance at the end of the period $ 97,016 On a quarterly basis, we evaluate the potential range of our liability for environmental remediation and related costs at sites where we have been named as a PRP or defendant, including sites for which our wholly-owned environmental management subsidiary, NL Environmental Management Services, Inc. (EMS), has contractually assumed our obligations. At March 31, 2019, we had accrued approximately $97 million related to approximately 32 sites associated with remediation and related matters that we believe are at the present time and/or in their current phase reasonably estimable. The upper end of the range of reasonably possible costs to us for remediation and related matters for which we believe it is possible to estimate costs is approximately $117 million, including the amount currently accrued. These accruals have not been discounted to present value. We believe that it is not reasonably possible to estimate the range of costs for certain sites. At March 31, 2019, there were approximately 5 sites for which we are not currently able to reasonably estimate a range of costs. For these sites, generally the investigation is in the early stages, and we are unable to determine whether or not we actually had any association with the site, the nature of our responsibility 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 our control, such as when the party alleging liability provides information to us. At certain of these previously inactive sites, we have received general and special notices of liability from the EPA and/or state agencies alleging that we, sometimes with other PRPs, are liable for past and future costs of remediating environmental contamination allegedly caused by former operations. These notifications may assert that we, along with any other alleged PRPs, are liable for past and/or future clean-up costs. As further information becomes available to us for any of these sites, which would allow us to estimate a range of costs, we would at that time adjust our accruals. Any such adjustment could result in the recognition of an accrual that would have a material effect on our consolidated financial statements, results of operations and liquidity. Insurance coverage claims We are involved in certain legal proceedings with a number of our former insurance carriers regarding the nature and extent of the carriers’ obligations to us 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 our lead pigment and asbestos litigation depends upon a variety of factors and we cannot assure you that such insurance coverage will be available. We have agreements with certain of our former insurance carriers pursuant to which the carriers reimburse us for a portion of our future lead pigment litigation defense costs, and one such carrier reimburses us for a portion of our future asbestos litigation defense costs. We are not able to determine how much we will ultimately recover from these carriers for defense costs incurred by us because of certain issues that arise regarding which defense costs qualify for reimbursement. While we continue to seek additional insurance recoveries, we do not know if we will be successful in obtaining reimbursement for either defense costs or indemnity. Accordingly, we recognize insurance recoveries in income only when receipt of the recovery is probable and we are able to reasonably estimate the amount of the recovery. For a complete discussion of certain litigation involving us and certain of our former insurance carriers, refer to our 2018 Annual Report. Other litigation In addition to the litigation described above, we and our affiliates are also involved in various other environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to present and former businesses. In certain cases, we have insurance coverage for these items, although we do not expect additional material insurance coverage for environmental matters. We currently believe the disposition of all of these various other claims and disputes, individually and 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. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial instruments and fair value measurements | Note 15 – Financial instruments and fair value measurements: See Note 4 for information on how we determine fair value of our marketable securities. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2018 March 31, 2019 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash, cash equivalents and restricted cash $ 120,989 $ 120,989 $ 116,183 $ 116,183 Noncontrolling interest in CompX common stock 19,443 22,871 19,848 24,585 The fair value of our noncontrolling interest in CompX stockholders’ equity is based upon its quoted market price at each balance sheet date, which represents a Level 1 input. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting pronouncements | Note 16 – Adopted On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization – At March 31, 2019, Valhi, Inc. (NYSE: VHI) held approximately 83% of our outstanding common stock and a wholly-owned subsidiary of Contran Corporation held approximately 92% of Valhi’s outstanding common stock. All of Contran’s outstanding voting stock is held by a family trust established for the benefit of Lisa K. Simmons and Serena Simmons Connelly and their children for which Ms. Simmons and Ms. Connelly are co-trustees, or is held directly by Ms. Simmons and Ms. Connelly or entities related to them. Consequently, Ms. Simmons and Ms. Connelly may be deemed to control Contran, Valhi and us. |
Basis of presentation | Basis of presentation – Consolidated in this Quarterly Report are the results of our majority-owned subsidiary, CompX International Inc. We also own 30% of Kronos Worldwide, Inc. (Kronos). CompX (NYSE MKT: CIX) and Kronos (NYSE: KRO) 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 in our Annual Report on Form 10-K for the year ended December 31, 2018 that we filed with the SEC on March 11, 2019 (the 2018 Annual Report). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments) in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2018 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2018) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Our results of operations for the interim period ended March 31, 2019 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2018 Consolidated Financial Statements contained in our 2018 Annual Report. Unless otherwise indicated, references in this report to “NL,” “we,” “us” or “our” refer to NL Industries, Inc. and its subsidiaries and affiliate, Kronos, taken as a whole. |
Accounts and Other Receivable_2
Accounts and Other Receivables, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Notes Loans and Financing Receivable | December 31, March 31, 2018 2019 (In thousands) Trade receivables - CompX $ 12,210 $ 15,428 Accrued insurance recoveries 266 233 Other receivables 34 90 Allowance for doubtful accounts (70 ) (70 ) Total $ 12,440 $ 15,681 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net | December 31, March 31, 2018 2019 (In thousands) Raw materials $ 2,661 $ 3,316 Work in process 11,130 11,849 Finished products 3,311 3,345 Total $ 17,102 $ 18,510 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Marketable Securities | Fair value measurement level Market value Cost basis Unrealized gain (loss) (In thousands) December 31, 2018 Valhi common stock 1 $ 27,740 $ 24,347 $ 3,393 March 31, 2019 Valhi common stock 1 $ 33,202 $ 24,347 $ 8,855 |
Investment in Kronos Worldwid_2
Investment in Kronos Worldwide, Inc. (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Changes in Carrying Value of Investment | The change in the carrying value of our investment in Kronos during the first three months of 2019 is summarized below. Amount (In millions) Balance at the beginning of the period $ 255.5 Equity in earnings of Kronos 9.2 Dividends received from Kronos (6.3 ) Equity in Kronos' other comprehensive income: Defined benefit pension plans .7 Balance at the end of the period $ 259.1 |
Selected Financial Information of Kronos Balance Sheet | Selected financial information of Kronos is summarized below: December 31, March 31, 2018 2019 (In millions) Current assets $ 1,201.4 $ 1,203.1 Property and equipment, net 486.4 482.4 Investment in TiO 2 81.3 82.1 Other noncurrent assets 129.0 159.5 Total assets $ 1,898.1 $ 1,927.1 Current liabilities $ 233.4 $ 241.3 Long-term debt 455.1 445.8 Accrued pension and postretirement benefits 262.9 256.3 Other noncurrent liabilities 106.9 132.4 Stockholders' equity 839.8 851.3 Total liabilities and stockholders' equity $ 1,898.1 $ 1,927.1 |
Selected Financial Information of Kronos Income Statement | Three months ended March 31, 2018 2019 (In millions) Net sales $ 430.4 $ 436.5 Cost of sales 255.6 327.2 Income from operations 107.5 49.0 Income tax expense 29.0 12.8 Net income 70.7 30.3 |
Other Noncurrent Assets, Net (T
Other Noncurrent Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Summary of Other Noncurrent Assets | December 31, March 31, 2018 2019 (In thousands) Restricted cash $ 1,003 $ 1,006 Pension asset 1,898 1,986 Other 1,210 1,224 Total $ 4,111 $ 4,216 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | December 31, March 31, 2018 2019 (In thousands) Employee benefits $ 9,001 $ 5,139 Other 1,853 2,039 Total $ 10,854 $ 7,178 |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Noncurrent Liabilities | December 31, March 31, 2018 2019 (In thousands) Reserve for uncertain tax positions $ 7,312 $ 7,312 Insurance claims and expenses 621 645 OPEB 1,519 1,454 Other 463 439 Total $ 9,915 $ 9,850 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregates Net Sales By Reporting Unit | The following table disaggregates our net sales by reporting unit, which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three months ended March 31, 2018 2019 (In thousands) Net sales: Security Products $ 24,056 $ 24,704 Marine Components 4,357 6,472 Total net sales $ 28,413 $ 31,176 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Pension Plans | |
Components of Net Periodic Defined Benefit Cost (Income) | The components of net periodic defined benefit pension cost are presented in the table below. Three months ended March 31, 2018 2019 (In thousands) Interest cost $ 372 $ 474 Expected return on plan assets (590 ) (477 ) Recognized actuarial losses 365 406 Total $ 147 $ 403 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Component of Income Taxes | Three months ended March 31, 2018 2019 (In millions) Expected tax expense, at U.S. federal statutory income tax rate of 21% $ 3.8 $ 3.8 Rate differences on equity in earnings of Kronos (1.2 ) (1.4 ) U.S. state income taxes and other, net .7 .2 Income tax expense $ 3.3 $ 2.6 Comprehensive provision for income taxes allocable to: Net income $ 3.3 $ 2.6 Other comprehensive income: Currency translation .7 - Pension plans .3 .2 Total $ 4.3 $ 2.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) attributable to NL stockholders, including amounts resulting from our investment in Kronos Worldwide (see Note 5), are presented in the table below. Three months ended March 31, 2018 2019 (In thousands) Accumulated other comprehensive loss, net of tax: Marketable securities: Balance at beginning of period $ 46,069 $ - Change in accounting principle (46,069 ) - Balance at end of period $ - $ - Currency translation: Balance at beginning of period $ (164,467 ) $ (172,434 ) Other comprehensive income (loss) 2,591 (25 ) Balance at end of period $ (161,876 ) $ (172,459 ) Defined benefit pension plans: Balance at beginning of period $ (72,951 ) $ (75,286 ) Other comprehensive income - amortization of net losses included in net periodic pension cost 983 828 Balance at end of period $ (71,968 ) $ (74,458 ) OPEB plans: Balance at beginning of period $ (388 ) $ (550 ) Other comprehensive loss - amortization of net gains included in net periodic OPEB cost (73 ) (70 ) Balance at end of period $ (461 ) $ (620 ) Total accumulated other comprehensive loss: Balance at beginning of period $ (191,737 ) $ (248,270 ) Change in accounting principle (46,069 ) - Balance at beginning of period, as adjusted (237,806 ) (248,270 ) Other comprehensive income 3,501 733 Balance at end of period $ (234,305 ) $ (247,537 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Changes in Accrued Environmental Remediation and Related Costs | Changes in the accrued environmental remediation and related costs during the first three months of 2019 are as follows: Amount (In thousands) Balance at the beginning of the period $ 98,211 Additions charged (credited) to expense, net (668 ) Payments, net (527 ) Balance at the end of the period $ 97,016 Amounts recognized in the Condensed Consolidated Balance Sheet at the end of the period: Current liability $ 4,746 Noncurrent liability 92,270 Balance at the end of the period $ 97,016 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of 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, 2018 March 31, 2019 Carrying Fair Carrying Fair amount value amount value (In thousands) Cash, cash equivalents and restricted cash $ 120,989 $ 120,989 $ 116,183 $ 116,183 Noncontrolling interest in CompX common stock 19,443 22,871 19,848 24,585 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | Mar. 31, 2019 |
Kronos | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 30.00% |
Parent Company | Valhi Inc | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 83.00% |
Parent Company | Contran Corporation | |
Organization And Basis Of Presentation [Line Items] | |
Parent company ownership interest | 92.00% |
Accounts and Other Receivable_3
Accounts and Other Receivables, Net - Schedule of Accounts Notes Loans and Financing Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Accrued insurance recoveries | $ 233 | $ 266 |
Other receivables | 90 | 34 |
Total | 15,681 | 12,440 |
CompX | ||
Receivables [Abstract] | ||
Trade receivables | 15,428 | 12,210 |
Allowance for doubtful accounts | $ (70) | $ (70) |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,316 | $ 2,661 |
Work in process | 11,849 | 11,130 |
Finished products | 3,345 | 3,311 |
Total | $ 18,510 | $ 17,102 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Detail) - Level 1 - Valhi Inc - Common stock - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Market value | $ 33,202 | $ 27,740 |
Cost basis | 24,347 | 24,347 |
Unrealized gain | $ 8,855 | $ 3,393 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - Valhi Inc - Common stock - $ / shares shares in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Number of shares owned | 14.4 | 14.4 |
Quoted marked price per share | $ 2.31 | $ 1.93 |
Investment in Kronos Worldwid_3
Investment in Kronos Worldwide, Inc. - Additional Information (Detail) - Kronos - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Number of shares owned | 35.2 | 35.2 |
Aggregate market value | $ 493.8 | $ 405.7 |
Quoted market price per share | $ 14.02 | $ 11.52 |
Investment in Kronos Worldwid_4
Investment in Kronos Worldwide, Inc. - Changes in Carrying Value of Investment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance at the beginning of the period | $ 255,565 | |
Equity in earnings of Kronos Worldwide, Inc. | 9,225 | $ 21,479 |
Dividends received from Kronos | (6,339) | $ (5,987) |
Equity in Kronos' other comprehensive income: | ||
Balance at the end of the period | 259,061 | |
Kronos | ||
Balance at the beginning of the period | 255,500 | |
Equity in earnings of Kronos Worldwide, Inc. | 9,200 | |
Dividends received from Kronos | (6,300) | |
Equity in Kronos' other comprehensive income: | ||
Balance at the end of the period | 259,100 | |
Kronos | Defined Benefit Pension Plans | ||
Equity in Kronos' other comprehensive income: | ||
Defined benefit pension plans | $ 700 |
Investment in Kronos Worldwid_5
Investment in Kronos Worldwide, Inc. - Selected Financial Information of Kronos Balance Sheet (Detail) - Kronos - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $ 1,203.1 | $ 1,201.4 |
Property and equipment, net | 482.4 | 486.4 |
Investment in TiO2 joint venture | 82.1 | 81.3 |
Other noncurrent assets | 159.5 | 129 |
Total assets | 1,927.1 | 1,898.1 |
Current liabilities | 241.3 | 233.4 |
Long-term debt | 445.8 | 455.1 |
Accrued pension and postretirement benefits | 256.3 | 262.9 |
Other noncurrent liabilities | 132.4 | 106.9 |
Stockholders' equity | 851.3 | 839.8 |
Total liabilities and stockholders' equity | $ 1,927.1 | $ 1,898.1 |
Investment in Kronos Worldwid_6
Investment in Kronos Worldwide, Inc. - Selected Financial Information of Kronos Income Statement (Detail) - Kronos - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||
Net sales | $ 436.5 | $ 430.4 |
Cost of sales | 327.2 | 255.6 |
Income from operations | 49 | 107.5 |
Income tax expense | 12.8 | 29 |
Net income | $ 30.3 | $ 70.7 |
Other Noncurrent Assets, Net -
Other Noncurrent Assets, Net - Summary of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Restricted cash | $ 1,006 | $ 1,003 |
Pension asset | 1,986 | 1,898 |
Other | 1,224 | 1,210 |
Total | $ 4,216 | $ 4,111 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Employee benefits | $ 5,139 | $ 9,001 |
Other | 2,039 | 1,853 |
Total | $ 7,178 | $ 10,854 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - NLKW Holding, LLC - Valhi - Valhi Credit Facility | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Maximum borrowing under credit facility | $ 50,000,000 |
Borrowings or repayments under revolving credit facility | 0 |
Outstanding borrowing | 500,000 |
Remaining future borrowing under revolving credit facility | $ 49,500,000 |
Debt instrument, description of variable rate basis | prime rate |
Variable rate basis spread above reference rate | 1.875% |
Debt instrument average interest rate | 7.375% |
Other Noncurrent Liabilities -
Other Noncurrent Liabilities - Summary of Other Noncurrent Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Reserve for uncertain tax positions | $ 7,312 | $ 7,312 |
Insurance claims and expenses | 645 | 621 |
OPEB | 1,454 | 1,519 |
Other | 439 | 463 |
Total | $ 9,850 | $ 9,915 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregates Net Sales By Reporting Unit (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total net sales | $ 31,176 | $ 28,413 |
Security Products | ||
Disaggregation Of Revenue [Line Items] | ||
Total net sales | 24,704 | 24,056 |
Marine Components | ||
Disaggregation Of Revenue [Line Items] | ||
Total net sales | $ 6,472 | $ 4,357 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Defined Benefit Cost (Income) (Detail) - Defined Benefit Pension Plans - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 474 | $ 372 |
Expected return on plan assets | (477) | (590) |
Recognized actuarial losses | 406 | 365 |
Total | $ 403 | $ 147 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Defined Benefit Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution during 2019 | $ 1.5 |
Income Taxes - Component of Inc
Income Taxes - Component of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ 3,800 | $ 3,800 |
Rate differences on equity in earnings of Kronos | (1,400) | (1,200) |
U.S. state income taxes and other, net | 200 | 700 |
Income tax expense | $ 2,561 | $ 3,330 |
Income Taxes - Components of Co
Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Comprehensive provision for income taxes allocable to: | ||
Net income | $ 2,561 | $ 3,330 |
Other comprehensive income: | ||
Currency translation | 700 | |
Total | 2,800 | 4,300 |
Defined Benefit Pension Plans | ||
Other comprehensive income: | ||
Defined benefit plans | $ 200 | $ 300 |
Income Taxes - Component of I_2
Income Taxes - Component of Income Taxes (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
U.S. federal statutory income tax rate | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||
Dividends received from Kronos Worldwide, Inc. | $ 6,339 | $ 5,987 |
Kronos | ||
Income Tax Disclosure [Line Items] | ||
Dividends received from Kronos Worldwide, Inc. | $ 6,300 | $ 6,000 |
Kronos German Subsidiary | Germany- Canada APA | Germany Revenue Agency | Earliest Tax Year | ||
Income Tax Disclosure [Line Items] | ||
Effective tax year | 2005 | |
Kronos German Subsidiary | Germany- Canada APA | Germany Revenue Agency | Latest Tax Year | ||
Income Tax Disclosure [Line Items] | ||
Effective tax year | 2017 | |
Kronos Canadian And German Subsidiaries | Germany- Canada APA | ||
Income Tax Disclosure [Line Items] | ||
Non-cash income tax benefit | $ 1,400 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | $ 284,115 | |
Balance at end of period | 300,052 | |
Marketable Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | $ 46,069 | |
Change in accounting principle- ASU 2016-01 | (46,069) | |
Currency Translation | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | (172,434) | (164,467) |
Other comprehensive income (loss) | 733 | 3,501 |
Balance at end of period | (172,459) | (161,876) |
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | (75,286) | (72,951) |
Other comprehensive income (loss) | 828 | 983 |
Balance at end of period | (74,458) | (71,968) |
Accumulated Defined Benefit Plans Adjustment | OPEB | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | (550) | (388) |
Other comprehensive income (loss) | (70) | (73) |
Balance at end of period | (620) | (461) |
Accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | (248,270) | (191,737) |
Change in accounting principle- ASU 2016-01 | (46,069) | |
Balance at beginning of period, as adjusted | (248,270) | (237,806) |
Other comprehensive income (loss) | (25) | 2,591 |
Balance at end of period | $ (247,537) | $ (234,305) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2019USD ($)Installmentsite | Nov. 30, 2018Cases | Sep. 30, 2018USD ($) | May 31, 2018USD ($)Installment | Jan. 31, 2014USD ($) | Mar. 31, 2019USD ($)CasesInstallmentsite | Jun. 30, 2018USD ($)Installment | Dec. 31, 2018USD ($) | |
Commitments and Contingent Liabilities [Line Items] | ||||||||
Court approved abatement fund amount for defendant appeal | $ 401,000,000 | $ 409,000,000 | $ 409,000,000 | |||||
Litigation settlement | 60,000,000 | 60,000,000 | $ 60,000,000 | |||||
Litigation settlement net present value | 17,000,000 | 17,000,000 | 17,000,000 | |||||
Accrued insurance recoveries | 233,000 | 233,000 | 266,000 | |||||
Litigation offset, amount | 8,000,000 | |||||||
Number of complaints filed | Cases | 2 | |||||||
Accrual for reasonably estimable environmental remediation and related matters | 97,016,000 | 97,016,000 | 98,211,000 | |||||
Environmental Remediation Sites NL Named As PRP Or Defendant | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Accrual for reasonably estimable environmental remediation and related matters | $ 97,000,000 | $ 97,000,000 | ||||||
Number of sites associated with remediation and related costs | site | 32 | 32 | ||||||
Number of sites currently not able to reasonably estimate a range of costs | site | 5 | 5 | ||||||
Environmental Remediation Litigation | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Recoveries receivable | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||
Maximum | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Proposed abatement fund amount by defendant | 409,000,000 | |||||||
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 | 117,000,000 | $ 117,000,000 | ||||||
Lead Pigment Litigation | ||||||||
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 | 20 years | |||||||
Description of defendants | We and the other two defendants are jointly and severally liable for the abatement, which means we or either of the two other defendants could ultimately be responsible for payment of the full amount of the abatement fund. However, we do not believe any individual defendant would be 100% responsible for the cost of any abatement, and the allocation of the recalculated amount of the abatement fund ($409 million, as explained below) among the three defendants has not yet been determined. | |||||||
Percentage of defendants responsible for cost of abatement | 100.00% | |||||||
Litigation settlement | $ 65,000,000 | $ 62,000,000 | ||||||
Litigation settlement charge upon approval of settlement terms | 45,000,000 | 45,000,000 | $ 45,000,000 | 45,000,000 | ||||
Remaining litigation settlement charge | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||
Number of annual installments | Installment | 5 | 5 | 5 | 5 | ||||
Litigation settlement installments payment beginning term from approval | 4 years | 4 years | 4 years | |||||
Remaining litigation settlement charge due in first installment | $ 6,000,000 | |||||||
Remaining litigation settlement charge due in second installment | 5,000,000 | |||||||
Remaining litigation settlement charge due in third installment | 3,000,000 | |||||||
Remaining litigation settlement charge due in fourth installment | 3,000,000 | |||||||
Remaining litigation settlement charge due in fifth installment | $ 3,000,000 | |||||||
Discounted rate for estimated present value of remaining litigation amount | 3.00% | 3.00% | ||||||
Litigation settlement net present value | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | |||||
Accrued insurance recoveries | $ 15,000,000 | 15,000,000 | ||||||
Litigation settlement, current | 80,000,000 | |||||||
California Lead Paint Litigation | ||||||||
Commitments and Contingent Liabilities [Line Items] | ||||||||
Amount awarded to the plaintiff | $ 1,150,000,000 | |||||||
Minimum required period of abatement funds unspent to return to defendants | 4 years | |||||||
Proposed abatement fund amount by plaintiff | $ 730,000,000 | |||||||
Percentage of assumed homeowners participation | 100.00% | |||||||
Percentage of actual likely homeowners participation rates | 100.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance at the beginning of the period | $ 98,211 | |
Additions charged (credited) to expense, net | (668) | |
Payments, net | (527) | |
Balance at the end of the period | 97,016 | |
Amounts recognized in the Condensed Consolidated Balance Sheet at the end of the period: | ||
Current liability | 4,746 | $ 5,027 |
Noncurrent liability | $ 92,270 | $ 93,184 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Summary of Financial Instruments Not Carried at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash, Fair value | $ 116,183 | $ 120,989 |
Noncontrolling interest in subsidiary | 19,848 | 19,443 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash, Carrying amount | 116,183 | 120,989 |
Carrying Amount | CompX | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Noncontrolling interest in subsidiary | 19,848 | 19,443 |
Fair Value | CompX | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Noncontrolling interest in subsidiary | $ 24,585 | $ 22,871 |