$VHI
VALHI INC /DE/

2017 Q3 Form 10-Q Financial Statement

#000156459017023247 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $496.5M $393.1M
YoY Change 26.3% 2.58%
Cost Of Revenue $332.1M $321.5M
YoY Change 3.3% -3.57%
Gross Profit $161.5M $85.70M
YoY Change 88.45% 72.09%
Gross Profit Margin 32.53% 21.8%
Selling, General & Admin $65.20M $64.00M
YoY Change 1.88% -0.16%
% of Gross Profit 40.37% 74.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.90M $16.50M
YoY Change -21.82% -5.17%
% of Gross Profit 7.99% 19.25%
Operating Expenses $65.20M $64.00M
YoY Change 1.87% -0.16%
Operating Profit $103.1M $34.80M
YoY Change 196.26% -796.0%
Interest Expense $15.00M -$10.20M
YoY Change -247.06% 20.0%
% of Operating Profit 14.55% -29.31%
Other Income/Expense, Net -$3.500M $400.0K
YoY Change -975.0% -500.0%
Pretax Income $76.90M $11.60M
YoY Change 562.93% -150.88%
Income Tax $14.70M $2.600M
% Of Pretax Income 19.12% 22.41%
Net Earnings $45.90M $3.000M
YoY Change 1430.0% -125.64%
Net Earnings / Revenue 9.24% 0.76%
Basic Earnings Per Share
Diluted Earnings Per Share $1.611M $105.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $425.2M $205.7M
YoY Change 106.71% -12.13%
Cash & Equivalents $475.3M $235.1M
Short-Term Investments $800.0K $700.0K
Other Short-Term Assets $34.30M $34.40M
YoY Change -0.29% -23.04%
Inventory $374.3M $350.2M
Prepaid Expenses
Receivables $363.9M $280.7M
Other Receivables $19.80M $21.40M
Total Short-Term Assets $1.218B $892.4M
YoY Change 36.43% -7.07%
LONG-TERM ASSETS
Property, Plant & Equipment $701.9M $823.0M
YoY Change -14.71% -1.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $331.8M $336.0M
YoY Change -1.25% -0.41%
Other Assets $174.1M $85.50M
YoY Change 103.63% -3.17%
Total Long-Term Assets $1.601B $1.638B
YoY Change -2.24% -1.13%
TOTAL ASSETS
Total Short-Term Assets $1.218B $892.4M
Total Long-Term Assets $1.601B $1.638B
Total Assets $2.818B $2.530B
YoY Change 11.4% -3.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.6M $134.4M
YoY Change -5.8% 9.45%
Accrued Expenses $117.9M $113.1M
YoY Change 4.24% 4.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M $26.90M
YoY Change -85.5% 198.89%
Total Short-Term Liabilities $354.1M $306.3M
YoY Change 15.61% 2.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.103B $971.1M
YoY Change 13.56% 2.89%
Other Long-Term Liabilities $464.1M $108.6M
YoY Change 327.35% -74.22%
Total Long-Term Liabilities $1.567B $1.727B
YoY Change -9.24% 26.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $354.1M $306.3M
Total Long-Term Liabilities $1.567B $1.727B
Total Liabilities $2.531B $2.292B
YoY Change 10.44% -0.67%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.600M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $287.0M $237.8M
YoY Change
Total Liabilities & Shareholders Equity $2.818B $2.530B
YoY Change 11.4% -3.31%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $45.90M $3.000M
YoY Change 1430.0% -125.64%
Depreciation, Depletion And Amortization $12.90M $16.50M
YoY Change -21.82% -5.17%
Cash From Operating Activities $115.6M $48.40M
YoY Change 138.84% 26.37%
INVESTING ACTIVITIES
Capital Expenditures -$15.40M -$12.10M
YoY Change 27.27% -9.7%
Acquisitions
YoY Change
Other Investing Activities $400.0K $2.400M
YoY Change -83.33% -204.35%
Cash From Investing Activities -$15.00M -$9.700M
YoY Change 54.64% -38.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 105.0M -21.90M
YoY Change -579.45% 1725.0%
NET CHANGE
Cash From Operating Activities 115.6M 48.40M
Cash From Investing Activities -15.00M -9.700M
Cash From Financing Activities 105.0M -21.90M
Net Change In Cash 205.6M 16.80M
YoY Change 1123.81% -21.5%
FREE CASH FLOW
Cash From Operating Activities $115.6M $48.40M
Capital Expenditures -$15.40M -$12.10M
Free Cash Flow $131.0M $60.50M
YoY Change 116.53% 17.02%

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 18&#8212;Recent accounting pronouncements:</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Adopted </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2017, the FASB issued ASU 2017-04, <font style="font-style:italic;">Intangibles</font>&#8212;&#160;<font style="font-style:italic;">Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment</font>, which aims to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test.&nbsp;&nbsp;Previously, Step 2 measured a goodwill impairment loss by comparing the implied fair value of a reporting unit&#8217;s goodwill with the carrying amount of that goodwill.&nbsp;&nbsp;Instead, under the new ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and a goodwill impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value. In no circumstances would the loss recognized exceed the total amount of goodwill allocated to that reporting unit. We have elected to adopt this ASU beginning with our goodwill impairment test performed in the third quarter of 2017. The application of ASU 2017-04 did not have a material effect on our Condensed Consolidated Financial Statements. </p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Pending Adoption</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font>.&#160; This standard replaces existing revenue recognition guidance, which in many cases was tailored for specific industries, with a uniform accounting standard applicable to all industries and transactions.&#160; The new standard, as amended, is currently effective for us beginning with the first quarter of 2018.&#160; Entities may elect to adopt ASU No. 2014-09 retrospectively for all periods for all contracts and transactions which occurred during the period (with a few exceptions for practical expediency) or retrospectively with a cumulative effect recognized as of the date of adoption.&#160; ASU No. 2014-09 is a fundamental rewriting of existing GAAP with respect to revenue recognition, and we are still evaluating the effect the Standard will have on our Condensed Consolidated Financial Statements.&#160; We expect to adopt the standard in the first quarter of 2018 using the modified retrospective approach to adoption.&nbsp;&nbsp;Generally sales within our Chemicals and Component Products Segments involve single performance obligations to ship goods pursuant to customer purchase orders without further underlying contracts, and as such we expect adoption of this standard will have a minimal effect on revenues from these segments.&nbsp;&nbsp;Revenues from our Waste Management and Real Estate Management and Development Segments are generally under long-term contract and we are in the process of evaluating the impact of adoption on the revenues of these two segments.&nbsp;&nbsp;We are in the process of evaluating the additional disclosure requirements across all segments.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2016, the FASB issued ASU 2016-01, <font style="font-style:italic;">Financial Instruments-Overall (Subtopic 825-10):&nbsp;&nbsp;Recognition and Measurement of Financial Assets and Financial Liabilities</font>, which addresses certain aspects related to the recognition, measurement, presentation and disclosure of financial instruments.&nbsp;&nbsp;The ASU requires equity investments (except for those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to generally be measured at fair value with changes in fair value recognized in net income.&nbsp;&nbsp;The amendment also requires a number of other changes, including among others:&nbsp;&nbsp;simplifying the impairment assessment for equity instruments without readily determinable fair values; eliminating the requirement for public business entities to disclose methods and assumptions used to determine fair value for financial instruments measured at amortized cost; requiring an exit price notion when measuring the fair value of financial instruments for disclosure purposes; and requiring separate presentation of financial assets and liabilities by measurement category and form of asset.&nbsp;&nbsp;The changes indicated above will be effective for us beginning in the first quarter of 2018, with prospective application required, and early adoption is not permitted.&nbsp;&nbsp;The most significant aspect of adopting this ASU will be the requirement to recognize changes in fair value of our available-for-sale marketable equity securities in net income (currently changes in fair value of such securities are recognized in other comprehensive income). </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02, <font style="font-style:italic;">Leases (Topic 842)</font>, which is a comprehensive rewriting of the lease accounting guidance which aims to increase comparability and transparency with regard to lease transactions.&#160;&#160; The primary change will be the recognition of lease assets for the right-of&#8211;use of the underlying asset and lease liabilities for the obligation to make payments by lessees on the balance sheet for leases currently classified as operating leases.&#160;&#160; The ASU also requires increased qualitative disclosure about leases in addition to quantitative disclosures currently required.&#160; Companies are required to use a modified retrospective approach to adoption with a practical expedient which will allow companies to continue to account for existing leases under the prior guidance unless a lease is modified, other than the requirement to recognize the right-of-use asset and lease liability for all operating leases. The changes indicated above will be effective for us beginning in the first quarter of 2019, with early adoption permitted.&#160; We are currently in the process of assessing all of our current leases across all of our segments.&nbsp;&nbsp;We have not yet evaluated the effect this ASU will have on our Condensed Consolidated Financial Statements, but given the material amount of our future minimum payments under non-cancellable operating leases at December 31, 2016 discussed in Note 18 to our 2016 Annual Report, we expect to recognize a material right-of-use lease asset and lease liability upon adoption of the ASU.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2017, the FASB issued ASU 2017-07, <font style="font-style:italic;">Compensation&#8212;&#160;Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font>, which requires that the service cost component of net periodic defined benefit pension and OPEB cost be reported in the same line item as other compensation costs for applicable employees incurred during the period.&nbsp;&nbsp;Other components of such net benefit cost are required to be presented in the income statement separately from the service cost component, and below income from operations (if such a subtotal is presented).&nbsp;&nbsp;These other net benefit cost components must be disclosed either on the face of the financial statements or in the notes to the financial statements.&nbsp;&nbsp;In addition only the service cost component is eligible for capitalization in assets where applicable (inventory or internally constructed fixed assets for example). The amendments in ASU 2017-06 are effective for us beginning with in the first quarter of 2018, early adoption as of the beginning of an annual period is permitted, retrospective presentation is required for the income statement presentation of the service cost component and other components of net benefit cost, and prospective application is required for the capitalization in assets of the service cost component of net benefit cost.&nbsp;&nbsp;&nbsp;&nbsp;We expect to adopt this ASU in the first quarter of 2018.&nbsp;&nbsp;We currently include a substantial portion of our net periodic defined benefit pension cost as part of compensation expense which is capitalized into inventory, and we do not present a subtotal for income from operations.&nbsp;&nbsp;A substantial portion of our net periodic OPEB cost is not capitalized into assets, and the service cost component of our net periodic OPEB cost is not material.&nbsp;&nbsp;Accordingly, adoption of this standard will change the amount of our aggregate compensation cost capitalized in inventory, mostly as it relates to our defined benefit pension plans.&nbsp;&nbsp;As disclosed in Note 11 to our 2016 Annual Report, the service cost component represented approximately $9.9 million of our total net periodic defined benefit pension costs of $22.9 million in 2016. </p></div>
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CY2016Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-800000
CY2017Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-7800000
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2100000
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-170400000
CY2016Q3 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
500000
CY2017Q3 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-7700000
us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
1100000
us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-6600000
CY2016Q3 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
700000
CY2017Q3 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
900000
us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1300000
us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1700000
CY2016Q3 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
-200000
CY2017Q3 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
1000000
us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
600000
us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
3100000
CY2016Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-300000
CY2017Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
500000
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-800000
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-4200000
CY2016Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-100000
CY2017Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
400000
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-300000
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
300000
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
800000
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-500000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
1000000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-1000000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
1800000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
10600000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
3600000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
28700000
CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
500000
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
1300000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-2200000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
1400000
CY2016Q3 vhi Income Tax Expense Benefit Allocable To Comprehensive Income
IncomeTaxExpenseBenefitAllocableToComprehensiveIncome
6300000
CY2017Q3 vhi Income Tax Expense Benefit Allocable To Comprehensive Income
IncomeTaxExpenseBenefitAllocableToComprehensiveIncome
28000000
vhi Income Tax Expense Benefit Allocable To Comprehensive Income
IncomeTaxExpenseBenefitAllocableToComprehensiveIncome
-1500000
vhi Income Tax Expense Benefit Allocable To Comprehensive Income
IncomeTaxExpenseBenefitAllocableToComprehensiveIncome
-100800000
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017Q3 vhi Deferred Income Tax Asset Valuation Estimated Reversal Amount For Remainder Of Year
DeferredIncomeTaxAssetValuationEstimatedReversalAmountForRemainderOfYear
11700000
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
Tax authorities are examining certain of our U.S. and non-U.S. tax returns and have or may propose tax deficiencies, including penalties and interest. Because of the inherent uncertainties involved in settlement initiatives and court and tax proceedings, we cannot guarantee that these matters will be resolved in our favor, and therefore our potential exposure, if any, is also uncertain. As a result of ongoing audits in certain jurisdictions, 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 we would agree to execute and finalize such agreements.
CY2017Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
-8000000
CY2016Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
122600000
vhi Accrual For Environmental Loss Contingencies Provision For New Losses And Increases For Revision In Estimates Charged To Expense
AccrualForEnvironmentalLossContingenciesProvisionForNewLossesAndIncreasesForRevisionInEstimatesChargedToExpense
3400000
us-gaap Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
5500000
vhi Accrual For Environmental Loss Contingencies Increase Decrease For Currency Translation And Other
AccrualForEnvironmentalLossContingenciesIncreaseDecreaseForCurrencyTranslationAndOther
100000
CY2017Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
120600000
CY2016Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
3100000

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