$VHI
VALHI INC /DE/

2018 Q3 Form 10-Q Financial Statement

#000156459018028561 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $455.2M $496.5M
YoY Change -8.32% 26.3%
Cost Of Revenue $322.5M $332.1M
YoY Change -2.89% 3.3%
Gross Profit $132.7M $161.5M
YoY Change -17.83% 88.45%
Gross Profit Margin 29.15% 32.53%
Selling, General & Admin $78.20M $65.20M
YoY Change 19.94% 1.88%
% of Gross Profit 58.93% 40.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.60M $12.90M
YoY Change 13.18% -21.82%
% of Gross Profit 11.0% 7.99%
Operating Expenses $78.20M $65.20M
YoY Change 19.94% 1.87%
Operating Profit $69.20M $103.1M
YoY Change -32.88% 196.26%
Interest Expense $14.00M $15.00M
YoY Change -6.67% -247.06%
% of Operating Profit 20.23% 14.55%
Other Income/Expense, Net -$2.800M -$3.500M
YoY Change -20.0% -975.0%
Pretax Income $56.90M $76.90M
YoY Change -26.01% 562.93%
Income Tax -$91.40M $14.70M
% Of Pretax Income -160.63% 19.12%
Net Earnings $143.5M $45.90M
YoY Change 212.64% 1430.0%
Net Earnings / Revenue 31.52% 9.24%
Basic Earnings Per Share
Diluted Earnings Per Share $5.035M $1.611M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $573.7M $425.2M
YoY Change 34.92% 106.71%
Cash & Equivalents $571.5M $475.3M
Short-Term Investments $2.200M $800.0K
Other Short-Term Assets $24.90M $34.30M
YoY Change -27.41% -0.29%
Inventory $464.2M $374.3M
Prepaid Expenses
Receivables $351.5M $363.9M
Other Receivables $30.20M $19.80M
Total Short-Term Assets $1.470B $1.218B
YoY Change 20.74% 36.43%
LONG-TERM ASSETS
Property, Plant & Equipment $694.3M $701.9M
YoY Change -1.08% -14.71%
Goodwill $379.7M
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.80M $331.8M
YoY Change -74.44% -1.25%
Other Assets $170.0M $174.1M
YoY Change -2.35% 103.63%
Total Long-Term Assets $1.299B $1.601B
YoY Change -18.83% -2.24%
TOTAL ASSETS
Total Short-Term Assets $1.470B $1.218B
Total Long-Term Assets $1.299B $1.601B
Total Assets $2.769B $2.818B
YoY Change -1.74% 11.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.2M $126.6M
YoY Change 10.74% -5.8%
Accrued Expenses $180.1M $117.9M
YoY Change 52.76% 4.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $3.900M
YoY Change -58.97% -85.5%
Total Short-Term Liabilities $381.9M $354.1M
YoY Change 7.85% 15.61%
LONG-TERM LIABILITIES
Long-Term Debt $809.7M $1.103B
YoY Change -26.58% 13.56%
Other Long-Term Liabilities $94.90M $464.1M
YoY Change -79.55% 327.35%
Total Long-Term Liabilities $94.90M $1.567B
YoY Change -93.94% -9.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $381.9M $354.1M
Total Long-Term Liabilities $94.90M $1.567B
Total Liabilities $2.119B $2.531B
YoY Change -16.28% 10.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $650.0M $287.0M
YoY Change
Total Liabilities & Shareholders Equity $2.769B $2.818B
YoY Change -1.74% 11.4%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $143.5M $45.90M
YoY Change 212.64% 1430.0%
Depreciation, Depletion And Amortization $14.60M $12.90M
YoY Change 13.18% -21.82%
Cash From Operating Activities $31.80M $115.6M
YoY Change -72.49% 138.84%
INVESTING ACTIVITIES
Capital Expenditures -$11.50M -$15.40M
YoY Change -25.32% 27.27%
Acquisitions
YoY Change
Other Investing Activities $13.70M $400.0K
YoY Change 3325.0% -83.33%
Cash From Investing Activities $2.200M -$15.00M
YoY Change -114.67% 54.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.20M 105.0M
YoY Change -116.38% -579.45%
NET CHANGE
Cash From Operating Activities 31.80M 115.6M
Cash From Investing Activities 2.200M -15.00M
Cash From Financing Activities -17.20M 105.0M
Net Change In Cash 16.80M 205.6M
YoY Change -91.83% 1123.81%
FREE CASH FLOW
Cash From Operating Activities $31.80M $115.6M
Capital Expenditures -$11.50M -$15.40M
Free Cash Flow $43.30M $131.0M
YoY Change -66.95% 116.53%

Facts In Submission

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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 19&#8212;Recent accounting pronouncements:</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Adopted </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 1, 2018, we adopted ASU No. 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606) </font>for all contracts which were not completed as of January 1, 2018 using the modified retrospective method.&nbsp;&nbsp;Prior to adoption of this standard, we recorded sales of our Chemicals and Component Products Segments when our products were shipped and title and other risks and rewards of ownership had passed to our customer, which was generally at the time of shipment (although in some instances shipping terms were FOB destination point, for which we did not recognize revenue until the product was received by our customer).&nbsp;&nbsp;Following adoption of this standard, we will record sales of our Chemicals and Component Products Segments when we satisfy our performance obligation to our customers by transferring control of our products to them, which we have determined is at the same point in time as when we would have recognized revenue prior to adoption of this new standard.&nbsp;&nbsp;Accordingly, the adoption of Topic 606 as of January 1, 2018 did not have a material impact on our consolidated financial statements as it relates to sales of our Chemicals and Component Products Segments, and we believe adoption of this standard will have a minimal effect on our revenues of our Chemicals and Component Products Segments on an ongoing basis.&nbsp;&nbsp;See Note 11.&nbsp;&nbsp; </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenues from our Real Estate Management and Development Segment are generally under long-term contracts.&nbsp;&nbsp;We collect certain fees from builders when the builder sells a home to a customer which we previously recognized when received and now beginning on January 1, 2018 we recognize these fees as revenue at the time we sell the parcels to the builder versus our previous practice which did not recognize revenue until the homes were sold. Accordingly, upon adoption of ASU 2014-09, such fees we collect from builders when the builder sells a home to a customer are now estimated at the time we sell a parcel to a builder, and such fees are part of the revenue we recognize over time using cost based input methods for our retail land sales in the case of the home participation fee or over the time the homes in the parcel are sold in the case of the marketing fee.&nbsp;&nbsp;Under the transition requirements for adopting this ASU, we recognized the cumulative amount of such revenue that we would have recognized through December 31, 2017, had we recognized such builder fees under this new accounting method ($6.1 million, or $2.7 million, net of applicable income taxes and noncontrolling interest), as a direct increase in our retained earnings as of January 1, 2018.&nbsp;&nbsp;A portion of such builder fees are expected to be collected more than twelve months from the balance sheet date, and such amounts are classified as a noncurrent asset (Land contract receivables), see Note 7.&nbsp;&nbsp; In addition to recognizing such $6.1 million receivable, we recognized a contract asset of $8.8 million and an offsetting liability for deferred revenue of $8.8 million upon the adoption of this ASU for the estimated amount of such builder fees which we expect to receive from future home sales by the builders, which builder fees are not yet recognizable as revenue (and a portion of such contract asset is also classified as a noncurrent receivable along with an equal amount of noncurrent deferred revenue).&nbsp;&nbsp;Had we recognized revenue in 2018 on the same basis we did in 2017, our land sales revenue would have been higher by $.5 million and lower by $.7 million in the third quarter and first nine months of 2018, respectively.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 1, 2018, we adopted 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 (previously, changes in fair value of such securities were recognized in other comprehensive 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;We adopted the new standard prospectively.&nbsp;&nbsp;The most significant aspect of adopting this ASU is the requirement to recognize changes in fair value of our available-for-sale marketable equity securities in net income. At December 31, 2017, our portfolio of marketable equity securities was not material.&nbsp;&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;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 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). We adopted the amendments in ASU 2017-06 beginning in the first quarter of 2018, with retrospective presentation in our Condensed Consolidated Statements of Income.&nbsp;&nbsp;We began applying ASU 2017-07 prospectively beginning on January 1, 2018 as it relates to the capitalization of the service cost component of net benefit cost into assets (primarily inventory).&nbsp;&nbsp;We are availing ourselves of the practical expedient that permits us to use amounts we previously disclosed as components of our net periodic defined benefit pension and OPEB cost for periods prior to the adoption of this ASU as the estimation basis for applying the retrospective presentation requirements.&nbsp;&nbsp;As a result we have reclassified $2.8 million and $1.7 million previously classified as part of cost of sales and selling, general and administrative expenses, respectively, for the third quarter 2017 and $8.0 million and $4.9 million for the first nine months of 2017, to &#8220;Other components of net periodic pension and OPEB cost&#8221; in our Condensed Consolidated Statement of Income.&nbsp;&nbsp;See Note 12.</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-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 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-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, as amended, also requires increased qualitative disclosure about leases in addition to quantitative disclosures currently required.&#160; Upon adoption, companies are required to either apply a modified retrospective transition approach, or recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption with no restatement of prior period financial statement.&nbsp;&nbsp;We expect to elect the cumulative-effect adjustment method of transition.&nbsp;&nbsp;The ASU also provides 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.&nbsp;&nbsp;The changes indicated above will be effective for us beginning in the first quarter of 2019, with early adoption permitted.&#160; We expect to adopt ASU 2016-02 beginning in the first quarter of 2019.&nbsp;&nbsp;We are in the process of assessing all of our current leases.&nbsp;&nbsp;We are in the process of evaluating the effect this ASU will have on our Consolidated Financial Statements, but given the material amount of our future minimum payments under non-cancellable operating leases at December 31, 2017 discussed in Note 17 to our 2017 Annual Report, we expect to recognize a material right-of-use lease asset and lease liability upon adoption of the ASU.&nbsp;&nbsp;This ASU permits companies to elect certain practical expedients upon adoption, and at adoption we expect to elect such practical expedients related to, among other things, lease classification (in which existing leases classified as operating leases under current GAAP would be classified as an operating lease under the new ASU, and existing leases classified as a capital lease under current GAAP would be classified as a finance lease under the new ASU), nonlease components (in which nonlease components associated with a lease and paid by us to the lessor, such as property taxes, insurance and maintenance, would be treated as a lease component and considered part of minimum lease rent payments), and short-term leases (in which leases with an original term of 12 months or less would be excluded from the recognition requirements of the new ASU). </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></div>
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