VALHI INC /DE/ VHI Cash Flow

Valhi inc /de/ (VHI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income
37,900	14,400	17,200	18,200	28,400	23,800	149,000	20,400	107,800	161,800	63,900	55,100	21,800	17,700	9,000	-7,700	-22,000	-35,700	-13,300	-139,400	17,300	13,700	37,500	23,700	4,600	10,800	-40,900	-48,600	-48,200	9,200	31,800	61,600	119,500	75,800	93,100	72,900	53,200
Depreciation and amortization
17,000	16,000	14,000	14,000	12,800	14,900	14,600	14,400	14,500	12,900	12,900	16,600	16,600	16,500	16,500	17,500	17,000	16,700	17,400	17,500	18,300	19,600	19,600	19,700	19,500	18,800	18,700	18,400	18,600	19,100	17,400	17,200	15,700	15,600	16,300	16,300	15,600
Net (gain) loss from:
Sale of business
-	-	-	-	-	0	0	0	58,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Land sales
-	-	-	-	-	0	0	0	12,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Call premium and interest paid on Senior Notes redeemed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-2,500
Benefit plan expense greater than cash funding
3,100	3,900	1,100	2,800	1,100	2,000	300	2,900	500	2,600	3,300	1,200	3,400	1,400	2,000	-300	1,500	400	1,600	1,700	-800	-300	-800	300	-2,300	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-800	-900	5,500	3,600	-700	-110,000	0	37,200	-121,600	12,300	-186,400	2,500	-23,600	1,500	-7,600	-9,400	-4,500	-5,900	97,100	-1,000	3,500	13,900	-4,000	-3,400	-36,300	-15,900	-97,500	34,900	13,600	5,500	7,200	25,200	26,000	38,200	18,500	12,600
Loss on prepayment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-2,300	0	-6,600	-	-	-	-	100	100	0	-3,300
Defined benefit pension expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,300	-	900	-600	100	200	1,100	1,200	-2,100
Other postretirement benefit expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	400	400	-	1,800	-200	-500	-500	-400	-400	-500
Contributions to TiO2 manufacturing joint venture, net
-2,200	-7,500	2,600	-3,600	-800	-1,500	700	-700	5,500	-9,800	-4,600	11,500	-3,100	500	-3,500	7,400	-800	-1,100	3,000	-6,600	11,200	-2,600	-500	9,200	4,500	6,900	-10,700	4,900	9,800	-	-	-	-	1,700	-900	1,900	1,100
Contract related intangible asset impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	5,100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-3,100	-700	-5,100	-800	-1,100	400	-7,700	-5,000	-1,600	-	-700	-700	-800	-1,700	-600	-1,200	1,600	1,600	-6,900	800	-3,300	-5,100	-1,200	-100	-1,600	400	700	-4,300	-2,800	-	-	-	-	5,200	-4,200	-1,900	-400
Change in assets and liabilities:
Accounts and other receivables, net
39,700	-51,800	-47,000	44,200	46,000	-34,200	-19,200	23,600	40,900	-28,200	-2,100	50,100	27,700	1,100	-6,700	35,500	17,500	-25,100	-36,800	-10,800	50,500	-56,200	-5,300	27,100	61,600	-58,400	-61,200	7,300	89,400	60,500	-224,000	6,800	163,400	-73,200	-600	65,000	56,700
Inventories, net
-2,700	58,700	-39,100	-14,800	3,700	65,100	30,500	-100	41,800	45,100	-17,000	-35,000	12,400	42,300	-23,100	-38,700	-20,100	10,900	-5,000	-6,300	8,800	45,500	21,900	-18,900	6,600	21,000	-65,600	-267,800	92,400	342,400	-375,700	91,800	126,100	123,600	41,300	-19,200	38,600
Land held for development, net
2,700	-2,200	1,200	-1,200	1,100	-5,000	-4,000	-200	1,400	-6,800	3,300	-4,200	1,100	-17,200	-500	-1,600	1,000	-800	700	-5,000	-2,000	2,200	1,200	1,600	1,800	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
-35,000	16,500	-43,200	16,300	-4,200	-7,300	10,300	39,700	23,000	-34,100	38,200	-7,300	16,100	1,500	10,100	-1,600	-10,300	-14,700	-4,800	36,000	-30,800	-5,200	-24,500	-8,100	11,400	53,300	22,500	-31,600	29,200	-7,400	-85,200	56,400	-8,000	33,000	65,600	-15,900	13,400
Accounts with affiliates
1,500	2,700	-8,700	9,000	-1,800	8,300	-2,400	-22,000	-3,400	-49,800	14,900	4,400	-4,700	-25,700	11,400	-15,100	15,600	0	8,900	-12,500	-13,500	16,600	3,400	5,000	-11,800	-6,000	19,400	-40,100	45,400	-119,500	97,700	-14,600	-29,000	34,600	3,700	-100	-1,600
Income taxes
11,800	1,000	4,100	-8,100	1,600	-27,800	-10,500	12,600	7,500	5,800	7,900	1,100	4,700	3,800	5,300	-1,900	-3,500	-700	4,900	-3,300	-1,800	9,500	600	-5,800	1,100	-800	-4,300	-20,900	16,400	-13,200	-5,000	-13,400	11,600	1,000	6,200	2,700	9,900
Other, net
12,700	20,100	9,000	-26,300	-3,200	12,900	12,800	-19,000	-1,700	5,900	23,600	-4,400	-10,200	-22,400	13,200	1,300	-4,900	-11,700	3,700	11,800	2,100	-6,000	13,500	-2,000	-2,200	-21,500	15,000	-4,800	-6,900	12,100	-2,600	-5,900	-1,300	-18,400	20,600	-5,200	8,200
Net cash used in operating activities
-18,200	64,200	80,200	35,000	-2,200	-26,000	31,800	112,000	47,700	55,000	115,600	52,200	36,500	40,100	48,400	24,400	-33,100	-11,000	38,300	25,000	-30,200	51,700	12,300	9,100	-5,800	68,700	65,000	17,700	-34,300	25,700	122,600	38,000	-114,400	71,900	159,400	58,600	2,500
Cash flows from investing activities:
Capital expenditures
16,000	22,000	9,600	11,500	16,800	22,300	11,500	10,700	16,900	25,400	15,400	16,800	13,700	20,200	12,100	10,200	16,400	18,200	13,400	9,700	13,300	23,000	14,500	15,300	19,900	20,200	17,800	16,400	20,200	32,800	16,600	14,800	34,600	55,100	37,100	30,000	24,000
Capitalized permit costs
-	-	-	-	-	-	-	-	-	0	0	1,900	300	500	-100	300	800	400	500	300	100	200	0	-100	200	900	100	300	200	1,200	1,000	1,000	900	2,300	3,000	2,200	1,400
Mutual funds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31,300	43,500	197,800
Purchases of marketable securities
400	500	1,500	1,900	1,000	600	100	200	3,500	2,000	2,100	2,800	2,800	5,400	1,600	2,900	1,500	3,000	4,200	1,200	5,200	6,000	2,200	3,900	4,200	2,700	700	700	3,800	6,000	1,700	3,500	500	-	800	2,800	2,200
Cash, cash equivalents and restricted cash and cash equivalents of discontinued operations at time of sale
-	-	-	-	-	-	-100	0	28,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from land sales
-	-	-	-	-	0	0	0	19,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from:
Titanium Metals Corporation ("TIMET") common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-10,000	-20,400
Disposals of marketable securities
-	-	-	-	-	-	13,700	500	3,400	-	2,700	900	4,600	-	3,000	1,200	2,100	4,100	3,200	500	7,200	6,200	2,600	4,600	1,700	3,300	1,300	2,500	4,000	-	-	-	-	-	65,000	70,000	92,000
Proceeds from disposal of marketable securities
600	-	-	-	1,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	500	2,900
Sale of business
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	300
Collection of real-estate related note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,200	1,800	-	-	-	-	-	-	-	-
Disposal of assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,600	-	-	-	-	-	-	-	-
Change in restricted cash equivalents, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	0	200	-	2,400	-19,300	2,100	10,800	-700	600	-800	10,700	1,700	1,000	2,300	6,400	-2,400	1,600	-2,600
Other, net
-2,700	-	-	-	-	-	0	500	-600	-	-	-	-100	-100	500	300	-200	-	-	-	-	-	-	-	300	-300	100	0	300	-4,400	-200	-400	-2,100	-100	-100	7,400	800
Net cash used in investing activities
-13,100	-17,000	-5,700	-11,900	-16,100	-22,500	2,200	-10,900	-25,800	-26,600	-15,000	-20,700	-12,100	-21,600	-11,100	-12,500	-16,400	-16,100	-15,700	-10,700	-11,600	-37,400	-16,400	5,100	-25,000	-8,900	-16,700	-14,300	-16,300	133,000	-18,000	-1,800	-12,300	-35,700	-9,400	-27,000	-148,800
Cash flows from financing activities:
Indebtedness:
Borrowings
-	-	-	-	-	-	-	-	-	0	572,400	122,400	53,300	56,300	106,700	118,300	30,900	26,300	19,900	19,500	19,200	16,800	18,600	22,600	457,600	116,100	119,700	43,200	214,800	229,500	0	394,800	108,500	2,200	5,800	0	113,300
Principal payments on indebtedness
3,200	6,300	300	2,500	2,100	2,400	6,500	1,200	2,500	2,400	448,900	130,800	18,100	89,100	118,400	90,200	11,300	13,700	10,900	13,900	14,900	19,600	14,300	27,400	281,800	128,300	211,400	25,700	327,900	123,400	63,000	357,500	2,100	50,700	90,400	66,400	121,300
Deferred financing costs paid
-	-	-	-	-	-	-	-	-	600	8,200	0	200	-	-	-	-	-	-	-	-	0	0	100	6,000	-	-	-	-	-	-	-	-	-	-	-	-
Valhi cash dividends paid
6,800	6,700	6,800	6,800	6,800	6,700	6,800	6,800	6,800	6,800	6,800	6,800	6,800	6,700	6,800	6,800	6,800	6,700	6,800	6,800	6,800	6,900	6,700	6,700	17,000	17,000	17,000	16,900	17,000	17,000	16,900	17,000	14,100	14,100	14,100	14,100	11,400
Distributions to noncontrolling interest in subsidiaries
8,600	18,800	4,100	8,400	6,300	8,300	3,900	4,000	3,900	7,600	3,500	3,500	3,500	11,200	3,400	3,500	3,500	4,200	3,500	3,500	3,800	3,300	3,600	3,500	8,500	4,500	4,500	4,500	4,700	4,700	4,600	4,600	4,700	4,600	4,600	4,700	15,400
Net increase (decrease)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,300	-10,100	-900	113,500	-	-	-	-	-	-	-	-	-	-	-	-
Subsidiary treasury stock acquired
1,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	5,800	3,700
Issuance of subsidiary common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	300
Other
-	-	-	-	-	-	-	-	-	-	-	-	100	-	-	-	-	-	-	-	-	-	-	-	-	800	-800	-100	200	-	-	-	-	-	-	-	-100
Net cash used in financing activities
-19,600	-16,900	-12,900	-19,100	-15,200	-17,400	-17,200	-12,000	-13,200	-17,400	105,000	-18,800	24,800	-50,700	-21,900	17,800	9,300	1,600	-1,200	-4,700	-6,300	-13,000	-6,000	-15,100	144,300	-33,600	-114,000	-4,000	-134,600	84,300	-87,000	11,100	87,600	-67,300	-103,500	-90,700	-38,300
Cash, cash equivalents and restricted cash and cash equivalents - net change from:
Operating, investing and financing activities
-50,900	30,300	61,600	4,000	-33,500	-65,900	16,800	89,100	8,700	11,000	205,600	12,700	49,200	-32,200	15,400	29,700	-40,200	-25,500	21,400	9,600	-48,100	-	-10,100	-900	113,500	26,200	-65,700	-600	-185,200	243,000	17,600	47,300	-39,100	-31,100	46,500	-59,100	-184,600
Effect of exchange rates on cash
-3,900	4,000	-5,700	2,000	-2,600	-6,500	1,400	-14,700	5,400	3,100	2,700	7,400	1,200	-6,400	800	-1,000	1,300	-2,200	-300	2,200	-8,200	-5,500	-4,300	-200	-100	900	1,500	800	-2,000	400	2,700	-1,800	400	-900	-2,000	-200	2,700
Supplemental disclosures:
Cash paid (received) for:
Cash paid for:
Interest, net of capitalized interest
12,700	5,200	13,200	5,800	13,700	5,700	17,200	11,600	19,400	15,400	13,900	15,300	14,700	15,400	15,300	15,000	14,900	15,100	13,500	13,800	14,200	14,800	13,200	13,200	12,700	12,500	13,300	14,300	14,900	14,200	14,400	29,500	7,400	20,900	8,600	23,600	13,900
Income taxes, net
-700	3,100	1,800	22,200	6,300	37,300	25,300	-7,800	13,700	25,700	10,300	21,800	4,500	13,400	-1,600	4,800	3,700	-1,500	-1,900	4,500	9,100	1,100	5,300	21,300	5,700	-400	-600	18,200	-1,600	6,600	10,100	30,400	23,900	25,700	17,000	19,500	11,600
Change in accruals for capital expenditures
2,200	7,500	-100	-300	2,000	2,900	1,500	-800	1,800	5,300	100	-200	4,200	3,200	300	2,200	2,300	3,600	1,100	200	1,800	-	-	-	4,500	1,100	2,400	-3,300	4,400	7,500	1,100	1,400	6,100	6,600	2,700	3,800	10,400
Accrual for capitalized permit costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,600	700	3,500	-	-300	500	500
Noncash financing activities:
Trade payable to affiliate converted to indebtedness
-	-	-	-	-	0	0	0	36,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Indebtedness borrowings paid directly to lender to settle refinanced indebtedness
-	-	-	-	-	-	-	-	-	-	0	0	9,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Indebtedness principal payments paid directly by lender
-	-	-	-	-	-	-	-	-	-	0	0	8,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings paid directly to lender for debt issuance costs
-	-	-	-	-	-	-	-	-	0	0	0	900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-