Company Quick10K Filing
Valhi
Price2.00 EPS0
Shares342 P/E8
MCap684 P/FCF6
Net Debt226 EBIT153
TEV910 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
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10-K 2019-12-31 Filed 2020-03-12
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10-K 2009-12-31 Filed 2010-03-10
8-K 2020-08-10 Enter Agreement, Amend Bylaw, Exhibits
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-05-29
8-K 2020-05-28
8-K 2020-05-07
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8-K 2018-05-30
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8-K 2018-03-19
8-K 2018-03-15
8-K 2018-03-01
8-K 2018-01-26

VHI 10Q Quarterly Report

Note 1 - Organization and Basis of Presentation:
Note 2 - Business Segment Information:
Note 3 - Accounts and Other Receivables, Net:
Note 4 - Inventories, Net:
Note 5 - Other Assets:
Note 6 - Long - Term Debt:
Note 7 - Accounts Payable and Accrued Liabilities:
Note 8 - Other Noncurrent Liabilities:
Note 9 - Revenue - Disaggregation of Sales:
Note 10 - Defined Benefit Pension Plans:
Note 11 - Other Income, Net:
Note 12 - Income Taxes:
Note 13 - Noncontrolling Interest in Subsidiaries:
Note 14 - Stockholders' Equity:
Note 15 - Commitments and Contingencies:
Note 16 - Fair Value Measurements and Financial Instruments:
Note 17 - Recent Accounting Pronouncements:
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-31.1 vhi-ex311_7.htm
EX-31.2 vhi-ex312_104.htm
EX-32.1 vhi-ex321_105.htm

Valhi Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.22.61.91.30.60.02012201420172020
Assets, Equity
0.60.40.30.1-0.0-0.22012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

vhi-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from       to

Commission file number 1-5467

 VALHI, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware

 

87-0110150

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

Identification No.)

 

 

 

5430 LBJ Freeway, Suite 1700

Dallas, Texas 75240-2620

(Address of principal executive office)

Registrant’s telephone number, including area code: (972233-1700

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock

 

VHI

 

NYSE

 

Indicate by check mark:

Whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Whether the Registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer,” smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act.

Large accelerated filer

 

 

  

Accelerated filer

 

Non-accelerated filer

 

☐  

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes     No  .

Number of shares of the registrant’s common stock, $.01 par value per share, outstanding on July 31, 2020: 28,273,093

 

 

 


 

VALHI, INC. AND SUBSIDIARIES

INDEX

 

 

 

 

 

 

 

Page
number

 

 

 

 

 

 

 

 

Part I.

 

FINANCIAL INFORMATION

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 1.

  

Financial Statements

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Condensed Consolidated Balance Sheets – December 31, 2019 and June 30, 2020 (unaudited)

  

 

3

  

 

 

 

 

 

 

 

 

 

 

 

 

  

Condensed Consolidated Statements of Operations (unaudited) – Three and six months ended June 30, 2019 and 2020

  

 

5

  

 

 

 

 

 

 

 

 

 

 

 

 

  

Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three and six months ended June 30, 2019 and 2020

  

 

6

  

 

 

 

 

 

 

 

 

 

 

 

 

  

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) – Three and six months ended June 30, 2019 and 2020

  

 

7

  

 

 

 

 

 

 

 

 

 

 

 

 

  

Condensed Consolidated Statements of Cash Flows (unaudited) – Six months ended June 30, 2019 and 2020

  

 

8

  

 

 

 

 

 

 

 

 

 

 

 

 

  

Notes to Condensed Consolidated Financial Statements (unaudited)

  

 

9

  

 

 

 

 

 

 

 

 

 

 

 

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 

22

 

 

 

 

 

 

 

 

 

 

 

 

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

  

 

41

 

 

 

 

 

 

 

 

 

 

 

 

Item 4.

  

Controls and Procedures

  

 

41

 

 

 

 

 

 

 

 

 

 

Part II.

 

OTHER INFORMATION

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 1.

  

Legal Proceedings

  

 

42

 

 

 

 

 

 

 

 

 

 

 

 

Item 1A.

  

Risk Factors

  

 

42

 

 

 

 

 

 

 

 

 

 

 

 

Item 6.

  

Exhibits

  

 

43

 

Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report.

 

 

 


VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

 

 

December 31,

 

 

June 30,

 

 

2019

 

 

2020

 

 

 

 

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

523.8

 

 

$

491.2

 

Restricted cash equivalents

 

27.0

 

 

 

9.4

 

Marketable securities

 

2.1

 

 

 

1.8

 

Accounts and other receivables, net

 

329.2

 

 

 

337.6

 

Inventories, net

 

522.1

 

 

 

521.0

 

Other current assets

 

21.2

 

 

 

37.6

 

Total current assets

 

1,425.4

 

 

 

1,398.6

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

Investment in TiO2 manufacturing joint venture

 

90.2

 

 

 

96.5

 

Goodwill

 

379.7

 

 

 

379.7

 

Deferred income taxes

 

106.0

 

 

 

120.2

 

Other assets

 

230.1

 

 

 

219.6

 

Total other assets

 

806.0

 

 

 

816.0

 

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

 

Land

 

46.2

 

 

 

46.4

 

Buildings

 

248.0

 

 

 

244.2

 

Equipment

 

1,166.0

 

 

 

1,162.2

 

Mining properties

 

26.2

 

 

 

13.8

 

Construction in progress

 

62.7

 

 

 

63.5

 

 

 

1,549.1

 

 

 

1,530.1

 

Less accumulated depreciation and amortization

 

986.1

 

 

 

993.6

 

Net property and equipment

 

563.0

 

 

 

536.5

 

Total assets

$

2,794.4

 

 

$

2,751.1

 

 

- 3 -


VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(In millions)

 

 

 

December 31,

 

 

June 30,

 

 

2019

 

 

2020

 

 

 

 

 

 

(unaudited)

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

4.9

 

 

$

3.1

 

Accounts payable and accrued liabilities

 

307.4

 

 

 

245.9

 

Income taxes

 

10.2

 

 

 

46.8

 

Total current liabilities

 

322.5

 

 

 

295.8

 

Noncurrent liabilities:

 

 

 

 

 

 

 

Long-term debt

 

789.4

 

 

 

783.3

 

Deferred income taxes

 

38.1

 

 

 

44.3

 

Payable to affiliate - income taxes

 

56.3

 

 

 

50.4

 

Accrued pension costs

 

315.6

 

 

 

315.2

 

Accrued environmental remediation and related costs

 

95.2

 

 

 

94.5

 

Other liabilities

 

197.2

 

 

 

192.1

 

Total noncurrent liabilities

 

1,491.8

 

 

 

1,479.8

 

Equity:

 

 

 

 

 

 

 

Valhi stockholders' equity:

 

 

 

 

 

 

 

Preferred stock

 

667.3

 

 

 

667.3

 

Common stock

 

.3

 

 

 

.3

 

Additional paid-in capital

 

3.3

 

 

 

1.5

 

Retained earnings

 

239.4

 

 

 

247.1

 

Accumulated other comprehensive loss

 

(220.7

)

 

 

(232.0

)

Treasury stock, at cost

 

(49.6

)

 

 

(49.6

)

Total Valhi stockholders' equity

 

640.0

 

 

 

634.6

 

Noncontrolling interest in subsidiaries

 

340.1

 

 

 

340.9

 

Total equity

 

980.1

 

 

 

975.5

 

Total liabilities and equity

$

2,794.4

 

 

$

2,751.1

 

 

 

Commitments and contingencies (Notes 12 and 15)

 

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

- 4 -


VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

 

 

 

 

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

528.6

 

 

$

415.0

 

 

$

1,008.2

 

 

$

874.3

 

Other, net

 

15.4

 

 

 

(3.6

)

 

 

22.0

 

 

 

31.3

 

Total revenues and other income

 

544.0

 

 

 

411.4

 

 

 

1,030.2

 

 

 

905.6

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

405.4

 

 

 

311.0

 

 

 

763.2

 

 

 

670.6

 

Selling, general and administrative

 

73.6

 

 

 

69.6

 

 

 

145.0

 

 

 

140.5

 

Litigation settlement, net

 

19.6

 

 

 

-

 

 

 

19.6

 

 

 

-

 

Other components of net periodic pension expense

 

4.1

 

 

 

5.0

 

 

 

8.2

 

 

 

9.7

 

Interest

 

10.1

 

 

 

8.8

 

 

 

20.4

 

 

 

18.5

 

Total costs and expenses

 

512.8

 

 

 

394.4

 

 

 

956.4

 

 

 

839.3

 

Income before income taxes

 

31.2

 

 

 

17.0

 

 

 

73.8

 

 

 

66.3

 

Income tax expense

 

13.0

 

 

 

21.2

 

 

 

27.2

 

 

 

32.6

 

Net income (loss)

 

18.2

 

 

 

(4.2

)

 

 

46.6

 

 

 

33.7

 

Noncontrolling interest in net income of subsidiaries

 

11.1

 

 

 

4.9

 

 

 

21.3

 

 

 

18.4

 

Net income (loss) attributable to Valhi stockholders

$

7.1

 

 

$

(9.1

)

 

$

25.3

 

 

$

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts attributable to Valhi stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income (loss) per share

$

.25

 

 

$

(.32

)

 

$

.89

 

 

$

.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

 

28.5

 

 

 

28.5

 

 

 

28.5

 

 

 

28.5

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

- 5 -


 

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

 

 

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

(unaudited)

 

Net income (loss)

$

18.2

 

 

$

(4.2

)

 

$

46.6

 

 

$

33.7

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation

 

6.6

 

 

 

16.3

 

 

 

6.3

 

 

 

(21.4

)

Defined benefit pension plans

 

2.2

 

 

 

3.0

 

 

 

4.5

 

 

 

6.0

 

Other

 

(.2

)

 

 

(.1

)

 

 

(.4

)

 

 

(.2

)

Total other comprehensive income (loss), net

 

8.6

 

 

 

19.2

 

 

 

10.4

 

 

 

(15.6

)

Comprehensive income

 

26.8

 

 

 

15.0

 

 

 

57.0

 

 

 

18.1

 

Comprehensive income attributable to noncontrolling interest

 

13.3

 

 

 

9.9

 

 

 

24.0

 

 

 

14.1

 

Comprehensive income attributable to Valhi stockholders

$

13.5

 

 

$

5.1

 

 

$

33.0

 

 

$

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

- 6 -


 

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions)

 

 

Three months ended June 30, 2019 and 2020 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Preferred

 

 

Common

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

Treasury

 

 

controlling

 

 

 

 

 

 

stock

 

 

stock

 

 

capital

 

 

earnings

 

 

loss

 

 

stock

 

 

interest

 

 

Total

 

 

 

 

 

 

 

 

Balance at March 31, 2019

$

667.3

 

 

$

.3

 

 

$

3.3

 

 

$

231.7

 

 

$

(204.9

)

 

$

(49.6

)

 

$

358.0

 

 

$

1,006.1

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

7.1

 

 

 

-

 

 

 

-

 

 

 

11.1

 

 

 

18.2

 

Other comprehensive income, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6.4

 

 

 

-

 

 

 

2.2

 

 

 

8.6

 

Dividends paid to noncontrolling interest

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8.3

)

 

 

(8.3

)

Cash dividends - $.24 per share

 

-

 

 

 

-

 

 

 

(.3

)

 

 

(6.5

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6.8

)

Equity transactions with noncontrolling

interest, net and other

 

-

 

 

 

-

 

 

 

.3

 

 

 

(2.1

)

 

 

-

 

 

 

-

 

 

 

1.0

 

 

 

(.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

$

667.3

 

 

$

.3

 

 

$

3.3

 

 

$

230.2