10-Q Filing

KRONOS WORLDWIDE INC CIK: 1257640 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-024079`
Period End Date	20210331
Filing Date	20210505
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	kro-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 33 Cash Flow Statement 62 Stockholders Equity 17 Comprehensive Income 8

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$355.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$373.60M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.70M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Accounts and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$323.00M	USD	Point-in-time
Accounts and other receivables, net	`AccountsAndOtherReceivablesNetCurrent`	$338.30M	USD	Point-in-time
Inventories, net	`InventoryNet`	$473.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$519.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$19.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$13.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.20B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.22B	USD	Point-in-time
Investment in TiO2 manufacturing joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$106.70M	USD	Point-in-time
Investment in TiO2 manufacturing joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$103.30M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$4.60M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$4.70M	USD	Point-in-time
Marketable securities	`EquitySecuritiesFvNi`	$2.20M	USD	Point-in-time
Marketable securities	`EquitySecuritiesFvNi`	$3.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$24.60M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$26.10M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$151.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$143.30M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$7.10M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$6.50M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$293.80M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$289.30M	USD	Point-in-time
Land	`Land`	$44.10M	USD	Point-in-time
Land	`Land`	$42.70M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$233.90M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$228.00M	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$1.14B	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$1.17B	USD	Point-in-time
Mining properties	`MiningProperties`	$128.50M	USD	Point-in-time
Mining properties	`MiningProperties`	$127.80M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$56.10M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$59.50M	USD	Point-in-time
Gross property and equipment	`PropertyPlantAndEquipmentGross`	$1.60B	USD	Point-in-time
Gross property and equipment	`PropertyPlantAndEquipmentGross`	$1.64B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.09B	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.11B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$507.10M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$524.60M	USD	Point-in-time
Total assets	`Assets`	$2.04B	USD	Point-in-time
Total assets	`Assets`	$2.00B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$700.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$700.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$238.00M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$243.80M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$15.70M	USD	Point-in-time
Income taxes	`AccruedIncomeTaxesCurrent`	$16.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$255.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$260.20M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$465.90M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$486.70M	USD	Point-in-time
Accrued pension costs	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$355.80M	USD	Point-in-time
Accrued pension costs	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$372.60M	USD	Point-in-time
Payable to affiliate - income taxes	`DueToAffiliateNoncurrent`	$50.60M	USD	Point-in-time
Payable to affiliate - income taxes	`DueToAffiliateNoncurrent`	$50.60M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.80M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$17.60M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$24.60M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$24.10M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$26.70M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$26.50M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$940.50M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$980.00M	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	`AdditionalPaidInCapitalCommonStock`	$1.40B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.40B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-151.80M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-153.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-442.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-448.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$800.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$816.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$796.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$782.30M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.04B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.00B	USD	Point-in-time
Commitments and contingencies (Notes 11 and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 11 and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$465.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$421.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$332.90M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$369.30M	USD	1 Quarter
Gross margin	`GrossProfit`	$88.10M	USD	1 Quarter
Gross margin	`GrossProfit`	$95.70M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$53.50M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$58.00M	USD	1 Quarter
Currency transactions, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-500.00K	USD	1 Quarter
Currency transactions, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$12.20M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-3.30M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-3.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$34.00M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$43.50M	USD	1 Quarter
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$1.20M	USD	1 Quarter
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$100.00K	USD	1 Quarter
Insurance settlement gain	`InsuranceRecoveries`	$1.50M	USD	1 Quarter
Marketable equity securities	`MarketableSecuritiesGainLoss`	$800.00K	USD	1 Quarter
Marketable equity securities	`MarketableSecuritiesGainLoss`	$-1.50M	USD	1 Quarter
Other components of net periodic pension and OPEB cost	`DefinedBenefitPlanOtherCosts`	$4.30M	USD	1 Quarter
Other components of net periodic pension and OPEB cost	`DefinedBenefitPlanOtherCosts`	$4.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$4.60M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$25.60M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.40M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$19.60M	USD	1 Quarter
Net income per basic and diluted share	`EarningsPerShareBasicAndDiluted`	$0.23	USD	1 Quarter
Net income per basic and diluted share	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter
Weighted average shares used in the calculation of net income per share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	115.50M	shares	1 Quarter
Weighted average shares used in the calculation of net income per share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	115.60M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$27.00M	USD	1 Quarter
Net income	`ProfitLoss`	$19.60M	USD	1 Quarter
Depreciation	`Depreciation`	$14.90M	USD	1 Quarter
Depreciation	`Depreciation`	$12.70M	USD	1 Quarter
Amortization of operating lease right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$1.70M	USD	1 Quarter
Amortization of operating lease right-of-use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$1.60M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-900.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$200.00K	USD	1 Quarter
Benefit plan expense greater than cash funding	`PensionAndOtherPostretirementBenefitExpense`	$3.00M	USD	1 Quarter
Benefit plan expense greater than cash funding	`PensionAndOtherPostretirementBenefitExpense`	$3.70M	USD	1 Quarter
Marketable equity securities	`MarketableSecuritiesGainLoss`	$800.00K	USD	1 Quarter
Marketable equity securities	`MarketableSecuritiesGainLoss`	$-1.50M	USD	1 Quarter
Contributions to TiO2 manufacturing joint venture, net	`EquityMethodInvestmentDistributionsFromContributionsToNet`	$-3.40M	USD	1 Quarter
Contributions to TiO2 manufacturing joint venture, net	`EquityMethodInvestmentDistributionsFromContributionsToNet`	$-2.20M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-100.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$1.10M	USD	1 Quarter
Accounts and other receivables, net	`IncreaseDecreaseInAccountsAndOtherReceivables`	$38.70M	USD	1 Quarter
Accounts and other receivables, net	`IncreaseDecreaseInAccountsAndOtherReceivables`	$23.50M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-3.30M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-35.60M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-5.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.60M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-30.50M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$500.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$900.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$9.40M	USD	1 Quarter
Accounts with affiliates	`IncreaseDecreaseDueFromAffiliates`	$1.50M	USD	1 Quarter
Accounts with affiliates	`IncreaseDecreaseDueFromAffiliates`	$-4.20M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-200.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-800.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.80M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$56.70M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.30M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.80M	USD	1 Quarter
Proceeds from insurance settlement	`ProceedsFromInsuranceSettlementInvestingActivities`	$1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.80M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.80M	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$200.00K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$100.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$20.80M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$20.80M	USD	1 Quarter
Treasury stock acquired	`PaymentsForRepurchaseOfCommonStock`	$1.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.90M	USD	1 Quarter
Operating, investing and financing activities	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-45.50M	USD	1 Quarter
Operating, investing and financing activities	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$24.90M	USD	1 Quarter
Currency translation	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-7.00M	USD	1 Quarter
Currency translation	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.90M	USD	1 Quarter
Balance at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$392.30M	USD	Point-in-time
Balance at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$379.90M	USD	Point-in-time
Balance at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.90M	USD	Point-in-time
Balance at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$362.00M	USD	Point-in-time
Balance at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$392.30M	USD	Point-in-time
Balance at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$379.90M	USD	Point-in-time
Balance at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.90M	USD	Point-in-time
Balance at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$362.00M	USD	Point-in-time
Interest, net of amount capitalized	`InterestPaidNet`	$9.20M	USD	1 Quarter
Interest, net of amount capitalized	`InterestPaidNet`	$8.50M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$3.90M	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$-100.00K	USD	1 Quarter
Accrual for capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$2.30M	USD	1 Quarter
Accrual for capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$2.50M	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Cash dividends per share	`CommonStockDividendsPerShareCashPaid`	$0.18	USD	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareCashPaid`	$0.18	USD	1 Quarter
Beginning Balance	`StockholdersEquity`	$800.90M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$816.10M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$796.50M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$782.30M	USD	Point-in-time
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$19.60M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-39.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.60M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$20.80M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$20.80M	USD	1 Quarter
Treasury stock acquired	`TreasuryStockValueAcquiredCostMethod`	$1.00M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$800.90M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$816.10M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$796.50M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$782.30M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$27.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$19.60M	USD	1 Quarter
Currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.20M	USD	1 Quarter
Currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-41.90M	USD	1 Quarter
Total other comprehensive income (loss), net	`OtherComprehensiveIncomeLossNetOfTax`	$-39.00M	USD	1 Quarter
Total other comprehensive income (loss), net	`OtherComprehensiveIncomeLossNetOfTax`	$5.60M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$25.20M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-12.00M	USD	1 Quarter

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