10-Q Filing

KRONOS WORLDWIDE INC CIK: 1257640 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001564590-14-001881`
Period End Date	20140331
Filing Date	20140508
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	kro-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 32 Cash Flow Statement 64 Stockholders Equity 9 Comprehensive Income 10

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$102.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$179.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$282.70M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.60M	USD	Point-in-time
Accounts and other receivables	`ReceivablesNetCurrent`	$282.50M	USD	Point-in-time
Accounts and other receivables	`ReceivablesNetCurrent`	$331.50M	USD	Point-in-time
Inventories, net	`InventoryNet`	$416.60M	USD	Point-in-time
Inventories, net	`InventoryNet`	$405.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$9.10M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$10.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$16.60M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$9.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$781.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$937.90M	USD	Point-in-time
Investment in TiO2 manufacturing joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$97.80M	USD	Point-in-time
Investment in TiO2 manufacturing joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$102.30M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$15.30M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesNoncurrent`	$30.40M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$145.20M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$148.40M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$20.50M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$25.40M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$301.60M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$283.70M	USD	Point-in-time
Land	`Land`	$48.30M	USD	Point-in-time
Land	`Land`	$46.30M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$242.70M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$244.10M	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$1.12B	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$1.14B	USD	Point-in-time
Mining properties	`MiningProperties`	$130.10M	USD	Point-in-time
Mining properties	`MiningProperties`	$131.60M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$50.00M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$30.30M	USD	Point-in-time
Gross property and equipment	`PropertyPlantAndEquipmentGross`	$1.59B	USD	Point-in-time
Gross property and equipment	`PropertyPlantAndEquipmentGross`	$1.60B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.06B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.06B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$536.30M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$534.40M	USD	Point-in-time
Total assets	`Assets`	$1.76B	USD	Point-in-time
Total assets	`Assets`	$1.62B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$3.90M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$3.10M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$264.00M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$260.30M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$8.90M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$8.70M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$2.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$2.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$274.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$278.00M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$180.40M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$346.60M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$13.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$19.50M	USD	Point-in-time
Accrued pension cost	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$158.10M	USD	Point-in-time
Accrued pension cost	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$163.80M	USD	Point-in-time
Accrued postretirement benefits cost	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$7.60M	USD	Point-in-time
Accrued postretirement benefits cost	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$7.80M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$34.50M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$34.30M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$560.50M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$406.00M	USD	Point-in-time
Common stock	`CommonStockValue`	$1.20M	USD	Point-in-time
Common stock	`CommonStockValue`	$1.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.40B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.40B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-312.60M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-315.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-152.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-218.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-163.40M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-197.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$935.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$920.60M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.76B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.62B	USD	Point-in-time
Commitments and contingencies (Notes 8 and 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 8 and 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$463.60M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$420.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$459.70M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$339.60M	USD	1 Quarter
Gross margin	`GrossProfit`	$80.50M	USD	1 Quarter
Gross margin	`GrossProfit`	$3.90M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$49.40M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$49.10M	USD	1 Quarter
Currency transaction gains (losses), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.80M	USD	1 Quarter
Currency transaction gains (losses), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.70M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-3.20M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-2.70M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$26.00M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-46.90M	USD	1 Quarter
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$200.00K	USD	1 Quarter
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$300.00K	USD	1 Quarter
Loss on prepayment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$-6.60M	USD	1 Quarter
Loss on prepayment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$-6.60M	USD	Point-in-time
Interest expense	`InterestExpense`	$6.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$4.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-59.60M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$22.20M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-18.50M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$7.90M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-41.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.30M	USD	1 Quarter
Net income (loss) per basic and diluted share	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	1 Quarter
Net income (loss) per basic and diluted share	`EarningsPerShareBasicAndDiluted`	$0.12	USD	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareCashPaid`	$0.15	USD	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareCashPaid`	$0.15	USD	1 Quarter
Weighted average shares used in the calculation of net income (loss) per share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	115.90M	shares	1 Quarter
Weighted average shares used in the calculation of net income (loss) per share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	115.90M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-41.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.30M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.60M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.60M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-32.70M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$9.40M	USD	1 Quarter
Loss on prepayment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$-6.60M	USD	1 Quarter
Loss on prepayment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$-6.60M	USD	Point-in-time
Defined benefit plan expense greater (less) than cash funding	`DefinedBenefitPensionExpense`	$-1.70M	USD	1 Quarter
Defined benefit plan expense greater (less) than cash funding	`DefinedBenefitPensionExpense`	$1.40M	USD	1 Quarter
Other postretirement benefit plans	`OtherPostretirementBenefitExpense`	$-200.00K	USD	1 Quarter
Distributions from TiO2 manufacturing joint venture, net	`DividendsOrDistributionsFromEquityMethodInvestments`	$4.50M	USD	1 Quarter
Distributions from TiO2 manufacturing joint venture, net	`DividendsOrDistributionsFromEquityMethodInvestments`	$9.80M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-1.40M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-2.40M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$61.20M	USD	1 Quarter
Accounts and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$83.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-93.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-8.60M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.90M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-500.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.90M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$33.00M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$16.40M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$400.00K	USD	1 Quarter
Accounts with affiliates	`IncreaseDecreaseDueFromAffiliates`	$-7.50M	USD	1 Quarter
Accounts with affiliates	`IncreaseDecreaseDueFromAffiliates`	$59.70M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$100.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.40M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-39.30M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.50M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.30M	USD	1 Quarter
Change in restricted cash, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$-600.00K	USD	1 Quarter
Change in restricted cash, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$-700.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.70M	USD	1 Quarter
Borrowings	`ProceedsFromLongTermLinesOfCredit`	$191.80M	USD	1 Quarter
Borrowings	`ProceedsFromLongTermLinesOfCredit`	$429.30M	USD	1 Quarter
Principal payments	`RepaymentsOfLongTermDebt`	$295.30M	USD	1 Quarter
Principal payments	`RepaymentsOfLongTermDebt`	$262.30M	USD	1 Quarter
Deferred financing fees	`PaymentsOfFinancingCosts`	$6.10M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$17.40M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$17.40M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$143.50M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-120.90M	USD	1 Quarter
Operating, investing and financing activities	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$125.30M	USD	1 Quarter
Operating, investing and financing activities	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-178.50M	USD	1 Quarter
Currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.00M	USD	1 Quarter
Currency translation	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-100.00K	USD	1 Quarter
Balance at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$102.20M	USD	Point-in-time
Balance at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$53.80M	USD	Point-in-time
Balance at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$179.00M	USD	Point-in-time
Balance at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$282.70M	USD	Point-in-time
Balance at end of period	`CashAndCashEquivalentsAtCarryingValue`	$102.20M	USD	Point-in-time
Balance at end of period	`CashAndCashEquivalentsAtCarryingValue`	$53.80M	USD	Point-in-time
Balance at end of period	`CashAndCashEquivalentsAtCarryingValue`	$179.00M	USD	Point-in-time
Balance at end of period	`CashAndCashEquivalentsAtCarryingValue`	$282.70M	USD	Point-in-time
Interest, net of capitalized interest	`InterestPaidNet`	$3.10M	USD	1 Quarter
Interest, net of capitalized interest	`InterestPaidNet`	$5.90M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$1.90M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$14.00M	USD	1 Quarter
Accrual for capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$4.10M	USD	1 Quarter
Accrual for capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$4.60M	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$935.10M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$920.60M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-41.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.30M	USD	1 Quarter
Total other comprehensive loss, net	`OtherComprehensiveIncomeLossNetOfTax`	$-21.10M	USD	1 Quarter
Total other comprehensive loss, net	`OtherComprehensiveIncomeLossNetOfTax`	$-11.40M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$17.40M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$935.10M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$920.60M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-41.10M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$14.30M	USD	1 Quarter
Marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$3.70M	USD	1 Quarter
Marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$-10.60M	USD	1 Quarter
Currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-27.30M	USD	1 Quarter
Currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.60M	USD	1 Quarter
Total other comprehensive loss, net	`OtherComprehensiveIncomeLossNetOfTax`	$-21.10M	USD	1 Quarter
Total other comprehensive loss, net	`OtherComprehensiveIncomeLossNetOfTax`	$-11.40M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$2.90M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-62.20M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.