Kronos Worldwide Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kronos Worldwide Inc. filed its Q1 2024 10-Q, detailing financial positions and debt obligations.</b>

AI Summary

KRONOS WORLDWIDE INC (KRO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Kronos Worldwide Inc. filed its 10-Q report for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key financial statement items such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed. The report references specific debt instruments, including a 3.75% Senior Secured Note due September 2027. Accumulated adjustments related to pension plans and other postretirement benefits are also presented.

Why It Matters

For investors and stakeholders tracking KRONOS WORLDWIDE INC, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Kronos Worldwide Inc., crucial for understanding its current financial health and performance. The specific details on debt instruments and equity accounts offer insights into the company's capital structure and financial commitments.

Risk Assessment

Risk Level: medium — KRONOS WORLDWIDE INC shows moderate risk based on this filing. The company operates in the industrial inorganic chemicals sector, which can be subject to cyclical demand and raw material price volatility, impacting financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess Kronos Worldwide Inc.'s performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Fiscal quarter end date)
• 2024-05-08 — Filing Date (Date the report was filed)
• 3.75% — Senior Secured Note Interest Rate (Interest rate on a specific debt instrument)
• September 2027 — Senior Secured Note Maturity (Maturity date for a specific debt instrument)

Key Players & Entities

• KRONOS WORLDWIDE INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filing date
• 5430 LBJ FREEWAY SUITE 1700 (address) — Business address
• DALLAS (location) — Business address city
• TX (location) — Business address state
• 75240-2620 (postal_code) — Business address zip
• 9722331700 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

Retained Earnings

The cumulative amount of net income of a corporation that has not been distributed to its shareholders as dividends. (Indicates the company's profitability over time and its ability to reinvest earnings back into the business.)

Additional Paid-In Capital

The amount of money a company receives from selling stock for more than its par value. (Reflects capital raised through equity issuance beyond the nominal value of the shares.)

Filing Documents

• kro-20240331x10q.htm (10-Q) — 1222KB
• kro-20240331xex31d1.htm (EX-31.1) — 11KB
• kro-20240331xex31d2.htm (EX-31.2) — 12KB
• kro-20240331xex32d1.htm (EX-32.1) — 7KB
• 0001558370-24-007346.txt (&nbsp;) — 5791KB
• kro-20240331.xsd (EX-101.SCH) — 45KB
• kro-20240331_cal.xml (EX-101.CAL) — 65KB
• kro-20240331_def.xml (EX-101.DEF) — 179KB
• kro-20240331_lab.xml (EX-101.LAB) — 413KB
• kro-20240331_pre.xml (EX-101.PRE) — 299KB
• kro-20240331x10q_htm.xml (XML) — 906KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets - December 31, 2023; March 31, 2024 (unaudited) 3 Condensed Consolidated Statements of Operations (unaudited) - Three months ended March 31, 2023 and 2024 5 Condensed Consolidated Statements of Comprehensive Loss (unaudited) - Three months ended March 31, 2023 and 2024 6 Condensed Consolidated Statements of Stockholders' Equity (unaudited) - Three months ended March 31, 2023 and 2024 7 Condensed Consolidated Statements of Cash Flows (unaudited) - Three months ended March 31, 2023 and 2024 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3. Quantitative and Qualitative Disclosure About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27 Part II. OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 27 Item 6. Exhibits 28 Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report. 2 Table of Contents KRONOS WORLDWIDE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) ASSETS December 31, March 31, 2023 2024 (unaudited) Current assets: Cash and cash equivalents $ 194.7 $ 120.7 Restricted cash 2.2 1.6 Accounts and other receivables, net 312.5 348.7 Inventories, net 564.6 475.8 Prepaid expenses and other 43.4 37.9 Total current assets 1,117.4 984.7 Other assets: Investment in TiO 2 manufacturing joint venture 111.0 108.7 Restricted cash 5.2 5.0 Marketable securities 2.2 2.5 Operating lease right-of-use assets 22.7 21.8 Deferred income taxes 83.3 81.8 Other 13.3 13.3 Total other assets 237.7 233.1 Property and equipment: Land 44.7 43.3 Buildings 236.8 231.1 Equipment 1,172.0 1,143.8 Mining properties 130.5 122.2 Construction in progress 22.9 22.1 1,606.9 1,562.5 Less accumulated depreciation and amortization 1,124.0 1,100.9 Net property and equipment 482.9 461.6 Total assets $ 1,838.0 $ 1,679.4 3 Table of Contents KRONOS WORLDWIDE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (In millions) LIABILITIES AND STOCKHOLDERS' EQUITY December 31, March 31, 2023 2024 (unaudited) Current liabilities: Accounts payable and accrued liabilities $ 355.4 $ 251.3 Income taxes 15.4 16.6 Total current liabilities 370.8 267.9 Noncurrent liabilities: Long-term debt 440.9 426.9 Accrued pension costs 150.0 143.6 Payable to affiliate - income taxes 18.6 18.6 Operating lease liabilities 18.6 17.9 Deferred income taxes 9.0 8.7 Other 21.8 21.4 Total noncurrent liabilities 658.9 637.1 Stockholders' equity: Common stock 1.2 1.2 Additional paid-in capital 1,390.2 1,390.2 Retained

View Full Filing

View this 10-Q filing on SEC EDGAR