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Equity
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Equity

Note 14—Stockholders’ equity:

Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders for the three months ended March 31, 2019 and 2020 are presented in the table below.

 

 

Three months ended

 

 

March 31,

 

 

2019

 

 

2020

 

 

(In millions)

 

Accumulated other comprehensive income (loss), net of tax

   and noncontrolling interest:

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

Balance at beginning of period

$

1.7

 

 

$

1.7

 

Other comprehensive loss - unrealized losses arising

  during the period

 

-

 

 

 

-

 

Balance at end of period

$

1.7

 

 

$

1.7

 

Currency translation adjustment:

 

 

 

 

 

 

 

Balance at beginning of period

$

(75.6

)

 

$

(76.8

)

Other comprehensive income (loss)

 

(.2

)

 

 

(27.6

)

Balance at end of period

$

(75.8

)

 

$

(104.4

)

Defined benefit pension plans:

 

 

 

 

 

 

 

Balance at beginning of period

$

(134.0

)

 

$

(146.6

)

Other comprehensive income - amortization of

  prior service cost and net losses included in net

  periodic pension cost

1.7

 

 

 

2.3

 

Balance at end of period

$

(132.3

)

 

$

(144.3

)

OPEB plans:

 

 

 

 

 

 

 

Balance at beginning of period

$

1.7

 

 

$

1.0

 

Other comprehensive loss - amortization of prior

service credit and net losses included in

net periodic OPEB cost

 

(.2

)

 

 

(.2

)

Balance at end of period

$

1.5

 

 

$

.8

 

Total accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

Balance at beginning of period

$

(206.2

)

 

$

(220.7

)

Other comprehensive income (loss)

 

1.3

 

 

 

(25.5

)

Balance at end of period

$

(204.9

)

 

$

(246.2

)

 

Reverse stock split As disclosed in our proxy statement filed with the Securities and Exchange Commission on April 7, 2020, our stockholders will vote on a proposal to approve a reverse stock split of our common stock at a reverse stock split ratio of 1-for-8, 1-for-10 or 1-for-12, as determined by our board of directors following stockholder approval, at our annual meeting of stockholders scheduled to be held on May 28, 2020. Also as disclosed in our proxy statement, our controlling stockholder has indicated its intention to have its shares represented at the meeting and to vote its shares in favor of the reverse stock split proposal, in which case the proposal will be approved.  We expect to effect the reverse stock split promptly following the annual meeting, at the reverse stock split ratio selected by our board of directors immediately following the stockholders meeting.  Once the reverse stock split has been implemented, we will adjust all share and per-share disclosures for all periods presented in our consolidated financial statements to give effect to the split. 

 

Other During the first three months of 2020, Kronos acquired 122,489 shares of its common stock in market transactions for an aggregate purchase price of $1.0 million.  At March 31, 2020, 1.6 million shares are available for repurchase under Kronos’ previously authorized stock repurchase program.