0001558370-22-012205 | 10-Q | XBRL Viewer

Accounts and Other Receivables, Net

6 Months Ended

Jun. 30, 2022

Note 3 – Accounts and other receivables, net:


	December 31,		June 30,
	2021		2022

	(In millions)
Trade accounts receivable:
Kronos	$	326.3	$	372.1
CompX		15.6		17.6
BMI/LandWell		2.8		1.7
VAT and other receivables		38.0		28.9
Refundable income taxes		4.5		5.0
Receivables from affiliates:
Louisiana Pigment Company, L.P. ("LPC")		15.8		6.7
Contran - trade items		.1		.4
Other - trade items		2.6		3.3
Allowance for doubtful accounts		(2.0)		(3.4)
Total	$	403.7	$	432.3

Defined Benefit Pension Plans - Additional Information (Detail) $ in Millions	Jun. 30, 2022 USD ($)
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution	$ 20

Other Income, Net

6 Months Ended

Jun. 30, 2022

Other Income And Expenses [Abstract]

Other Income, Net

Note 11 – Other income, net:


	Six months ended
	June 30,
	2021		2022

	(In millions)
Interest income and other:
Interest and dividends	$	1.9	$	2.8
Securities transactions, net		.1		(.5)
Total		2.0		2.3
Infrastructure reimbursement		6.2		.8
Gain on land and related sales		5.6		—
Currency transactions, net		—		10.4
Other, net		1.0		1.5
Total	$	14.8	$	15.0

Infrastructure reimbursement – As disclosed in Note 7 to our 2021 Annual Report, under an Owner Participation Agreement (“OPA”) entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, as LandWell develops certain real property for commercial and residential purposes in its master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to LandWell through tax increment. During the first six months of 2021, LandWell received approval for additional tax increment reimbursement of $6.2 million (all in the first quarter), which was recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson.

LandWell also has an agreement with the energy utility providing electric power to the Cadence master planned community under which certain costs incurred for the development of power infrastructure may be reimbursed to LandWell. During the second quarter of 2022, LandWell received $.8 million in reimbursement for past costs incurred.

Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Long-term debt
Total debt	$ 598.1	$ 653.0
Less current maturities	(16.4)	(3.1)
Total long-term debt	581.7	649.9
VALHI, INC. \| Contran Credit Facility
Long-term debt
Total debt	153.4	172.9
Kronos Worldwide, Inc. \| 3.75% Senior Secured Notes due September 15, 2025
Long-term debt
Total debt	415.1	448.8
BMI \| Bank loan \| Western Alliance Bank
Long-term debt
Total debt	14.3	15.4
LandWell \| Unsecured Debt \| Western Alliance Bank
Long-term debt
Total debt	13.2	13.5
Other Subsidiary \| Other
Long-term debt
Total debt	2.1	2.4
Subsidiary
Long-term debt
Total debt	$ 444.7	$ 480.1

Stockholders' Equity - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) Transaction item shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($) shares
Kronos Worldwide, Inc.
Schedule Of Stockholders Equity [Line Items]
Shares acquired		73,881
Shares acquired, value \| $		$ 1.1
Shares available for purchase	1,500,000
CompX
Schedule Of Stockholders Equity [Line Items]
Shares available for purchase	500,000
NL
Schedule Of Stockholders Equity [Line Items]
Common stock, Repurchased	2,000
Shares Repurchased in Market Transaction \| CompX
Schedule Of Stockholders Equity [Line Items]
Common stock, Repurchased	70,000
Shares Repurchased from Affiliates
Schedule Of Stockholders Equity [Line Items]
Number of affiliates \| item	2
Number of private transactions \| Transaction	2
Shares Repurchased from Affiliates \| CompX
Schedule Of Stockholders Equity [Line Items]
Common stock, Repurchased	8,900
Class A \| CompX
Schedule Of Stockholders Equity [Line Items]
Common stock, Repurchased	78,900		50,000
Stock repurchase, aggregate purchase price \| $	$ 1.7		$ 0.8

Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Environmental Remediation Obligations [Abstract]
Balance at the beginning of the period	$ 97.6
Additions charged to expense, net	1.4
Payments, net	(0.9)
Balance at the end of the period	98.1
Amounts recognized in the Consolidated Balance Sheet at the end of the period:
Current liabilities	4.0	$ 3.5
Noncurrent liabilities	94.1	94.1
Total	$ 98.1	$ 97.6

Commitments and Contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) case installment site	Dec. 31, 2021 USD ($)
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	$ 98.1	$ 97.6
Other Environmental Cleanup Matters
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	5.0
NL \| Environmental Remediation Sites NL Named As PRP Or Defendant
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	$ 93.0
Number of sites associated with remediation and related costs \| site	33
Number of sites for which NL not currently able to reasonably estimate range of costs \| site	5
NL \| Maximum \| Environmental Remediation Sites NL Named As PRP Or Defendant
Commitments And Contingent Liabilities [Line Items]
Upper end range, estimate costs for remediation and related matters	$ 118.0
Lead Pigment Litigation \| NL
Commitments And Contingent Liabilities [Line Items]
Number of cases settled and dismissed and found not liable \| case	100
Period by which loss contingency claims settled and dismissed	30 years
C A Lead Paint Litigation \| NL
Commitments And Contingent Liabilities [Line Items]
Number of annual installment payments \| installment	4
Remaining litigation settlement charge due in first installment	$ 12.0
Remaining litigation settlement charge due in second installment	12.0
Remaining litigation settlement charge due in third installment	12.0
Remaining litigation settlement charge due in fourth installment	$ 16.7

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Holding Percentage of Subsidiaries


		% controlled at
Business segment	Entity	June 30, 2022
Chemicals	Kronos	81%
Component products	CompX	87%
Real estate management and development	BMI and LandWell	63% - 77%

Segment Operating Performance


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Net sales:
Chemicals	$	478.6	$	565.3	$	943.6	$	1,128.2
Component products		36.3		41.6		72.2		83.7
Real estate management and development		10.4		27.7		18.5		51.7
Total net sales	$	525.3	$	634.6	$	1,034.3	$	1,263.6
Cost of sales:
Chemicals	$	369.9	$	445.1	$	739.6	$	859.0
Component products		24.9		28.0		49.8		58.0
Real estate management and development		5.9		14.8		11.0		29.2
Total cost of sales	$	400.7	$	487.9	$	800.4	$	946.2
Gross margin:
Chemicals	$	108.7	$	120.2	$	204.0	$	269.2
Component products		11.4		13.6		22.4		25.7
Real estate management and development		4.5		12.9		7.5		22.5
Total gross margin	$	124.6	$	146.7	$	233.9	$	317.4
Operating income (loss):
Chemicals	$	47.4	$	69.2	$	85.1	$	155.6
Component products		5.8		7.7		11.6		14.0
Real estate management and development		2.4		(5.0)		10.2		3.0
Total operating income		55.6		71.9		106.9		172.6
General corporate items:
Interest income and other		1.1		1.4		2.0		2.3
Gain on land and related sales		5.6		—		5.6		—
Changes in market value of Valhi common stock held by subsidiaries		.9		3.9		2.2		4.0
Other components of net periodic pension and OPEB expense		(4.6)		(3.3)		(8.9)		(6.6)
General expenses, net		(9.3)		(10.5)		(17.4)		(18.7)
Interest expense		(8.7)		(7.0)		(17.3)		(13.9)
Income before income taxes	$	40.6	$	56.4	$	73.1	$	139.7

Fair Value Measurements and Financial Instruments - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025	Jun. 30, 2022 EUR (€)
Financial Instrument At Fair Value [Line Items]
Estimated market price of the notes	€ 892
Principal amount of debt instrument	€ 1,000

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities


	December 31,		June 30,
	2021		2022

	(In millions)
Accounts payable:
Kronos	$	143.6	$	137.9
CompX		3.4		6.4
BMI/LandWell		5.3		7.9
Other		.4		.7
Total		152.7		152.9
Payables to affiliates:
Contran - income taxes		1.5		11.2
LPC		17.3		22.6
Accrued litigation settlement		11.8		11.9
Deferred income		125.8		112.5
Employee benefits		39.9		30.4
Accrued sales discounts and rebates		28.7		17.1
Interest		5.3		4.9
Operating lease liabilities		3.7		3.5
Environmental remediation and related costs		3.5		4.0
Other		57.9		58.1
Total	$	448.1	$	429.1

Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade accounts receivable:
VAT and other receivables	$ 28.9	$ 38.0
Refundable income taxes	5.0	4.5
Allowance for doubtful accounts	(3.4)	(2.0)
Total	432.3	403.7
Trade Accounts Receivable \| Kronos Worldwide, Inc.
Trade accounts receivable:
Accounts receivable	372.1	326.3
Trade Accounts Receivable \| CompX
Trade accounts receivable:
Accounts receivable	17.6	15.6
Trade Accounts Receivable \| BMI/LandWell
Trade accounts receivable:
Accounts receivable	1.7	2.8
Louisiana Pigment Company, L.P. ("LPC")
Trade accounts receivable:
Receivables from affiliates	6.7	15.8
Contran \| Trade Items
Trade accounts receivable:
Receivables from affiliates	0.4	0.1
Other \| Trade Items
Trade accounts receivable:
Receivables from affiliates	$ 3.3	$ 2.6

Business Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segment Information

Note 2 – Business segment information:


		% controlled at
Business segment	Entity	June 30, 2022
Chemicals	Kronos	81%
Component products	CompX	87%
Real estate management and development	BMI and LandWell	63% - 77%

Our control of Kronos includes approximately 50% we hold directly and approximately 31% held directly by NL. We own approximately 83% of NL. Our control of CompX is through NL. We own approximately 63% of BMI. Our control of LandWell includes the approximately 27% we hold directly and 50% held by BMI.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Net sales:
Chemicals	$	478.6	$	565.3	$	943.6	$	1,128.2
Component products		36.3		41.6		72.2		83.7
Real estate management and development		10.4		27.7		18.5		51.7
Total net sales	$	525.3	$	634.6	$	1,034.3	$	1,263.6
Cost of sales:
Chemicals	$	369.9	$	445.1	$	739.6	$	859.0
Component products		24.9		28.0		49.8		58.0
Real estate management and development		5.9		14.8		11.0		29.2
Total cost of sales	$	400.7	$	487.9	$	800.4	$	946.2
Gross margin:
Chemicals	$	108.7	$	120.2	$	204.0	$	269.2
Component products		11.4		13.6		22.4		25.7
Real estate management and development		4.5		12.9		7.5		22.5
Total gross margin	$	124.6	$	146.7	$	233.9	$	317.4
Operating income (loss):
Chemicals	$	47.4	$	69.2	$	85.1	$	155.6
Component products		5.8		7.7		11.6		14.0
Real estate management and development		2.4		(5.0)		10.2		3.0
Total operating income		55.6		71.9		106.9		172.6
General corporate items:
Interest income and other		1.1		1.4		2.0		2.3
Gain on land and related sales		5.6		—		5.6		—
Changes in market value of Valhi common stock held by subsidiaries		.9		3.9		2.2		4.0
Other components of net periodic pension and OPEB expense		(4.6)		(3.3)		(8.9)		(6.6)
General expenses, net		(9.3)		(10.5)		(17.4)		(18.7)
Interest expense		(8.7)		(7.0)		(17.3)		(13.9)
Income before income taxes	$	40.6	$	56.4	$	73.1	$	139.7

Segment results we report may differ from amounts separately reported by our various subsidiaries due to purchase accounting adjustments and related amortization or differences in the way we define operating income. Intersegment sales are not material. Infrastructure reimbursement is included in the determination of Real Estate Management and Development operating income. See Note 11. The fixed asset impairment of $16.0 million recognized during the second quarter of 2022 discussed below is also included in the determination of the Real Estate Management and Development operating income.

BMI provides utility services, among other things, to an industrial park located in Henderson, Nevada and is responsible for the delivery of water to the City of Henderson and various other users under long-term contracts through a water delivery system owned and operated by Basic Water Company (“BWC”), a wholly-owned subsidiary of BMI. BWC’s water delivery system operates on Lake Mead in Nevada. Due to the Western drought, water levels in Lake Mead have been declining for much of the last twenty years. As a result of water release curtailments upstream of Lake Mead which began late in the second quarter, Lake Mead water levels have dropped precipitously to historically low levels. On June 30, 2022 BWC was no longer able to pump water without the risk of damaging the system and consequently ceased operations at its water intake facility to best preserve the system. In the period since BWC stopped pumping water, lake levels have continued to fall, and current estimates of Lake Mead water levels do not indicate BWC will be able to resume pumping water for the foreseeable future. We considered BWC’s inability to pump water from Lake Mead to be a triggering event under the ASC 360 Property, Plant, and Equipment, which caused us to evaluate the water system fixed assets for impairment. Because BWC is unable to deliver water under its current contracts and therefore unable to generate revenue, we determined the water system’s assets were fully impaired except to the extent certain equipment had alternative use outside of BWC’s operations, in which case those assets were written down to estimated salvage value. The $16.0 million impairment charge recognized in the second quarter

of 2022 represents the write down of the book value to the estimated salvage value of the assets. At June 30, 2022 a nominal amount was recognized in property, plant, and equipment for the water system fixed assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Accounts and Other Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Components of Accounts and Other Receivables


	December 31,		June 30,
	2021		2022

	(In millions)
Trade accounts receivable:
Kronos	$	326.3	$	372.1
CompX		15.6		17.6
BMI/LandWell		2.8		1.7
VAT and other receivables		38.0		28.9
Refundable income taxes		4.5		5.0
Receivables from affiliates:
Louisiana Pigment Company, L.P. ("LPC")		15.8		6.7
Contran - trade items		.1		.4
Other - trade items		2.6		3.3
Allowance for doubtful accounts		(2.0)		(3.4)
Total	$	403.7	$	432.3

Other Noncurrent Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities


	December 31,		June 30,
	2021		2022

	(In millions)
Deferred income	$	81.6	$	56.7
Accrued development costs		55.4		53.5
Accrued litigation settlement		38.5		38.9
Insurance claims and expenses		36.4		32.2
Operating lease liabilities		15.8		15.5
Other postretirement benefits		10.2		9.9
Employee benefits		6.1		5.4
Reserve for uncertain tax positions		3.5		4.9
Other		10.0		6.5
Total	$	257.5	$	223.5

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Component of Income Taxes Expenses


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Expected tax expense at U.S. federal statutory income tax rate of 21%	$	8.6	$	11.8	$	15.4	$	29.3
Non-U.S. tax rates		1.0		1.2		1.8		3.3
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. tax group companies		(.8)		(.4)		(1.9)		(1.3)
Valuation allowance		.3		(.4)		1.5		.2
Global intangible low-tax income, net		.5		.7		1.0		1.4
Adjustment to the reserve for uncertain tax positions, net		.2		.3		(.2)		(.4)
Nondeductible expenses		.2		.2		.4		.6
U.S. state income taxes and other, net		.3		.6		.3		.8
Income tax expense	$	10.3	$	14.0	$	18.3	$	33.9

Comprehensive provision for income taxes allocable to:
Net income	$	10.3	$	14.0	$	18.3	$	33.9
Other comprehensive income (loss):
Currency translation		.2		(4.1)		.4		(3.4)
Pension plans		2.1		1.4		4.2		2.8
Other		—		—		(.1)		.2
Total	$	12.6	$	11.3	$	22.8	$	33.5

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Change in Accrued Environmental Remediation and Related Costs

The table below presents a summary of the activity in our accrued environmental costs during the first six months of 2022.


	Amount
	(In millions)

Balance at the beginning of the period	$	97.6
Additions charged to expense, net		1.4
Payments, net		(.9)
Balance at the end of the period	$	98.1
Amounts recognized in the Consolidated Balance Sheet at the end of the period:
Current liabilities	$	4.0
Noncurrent liabilities		94.1
Total	$	98.1

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories, Net

.7
	December 31,		June 30,
	2021		2022

	(In millions)
Raw materials:
Chemicals	$	76.3	$	108.9
Component products		5.0		7.2
Total raw materials		81.3		116.1
Work in process:
Chemicals		30.4		28.6
Component products		16.8		21.0
Total in-process products		47.2		49.6
Finished products:
Chemicals		246.4		221.0
Component products		3.8		5.1
Total finished products		250.2		226.1
Supplies (chemicals)		80.0		77.3
Total	$	458.7	$	469.1

Organization and Basis of Presentation (Policies)	6 Months Ended
Organization and Basis of Presentation (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Organization	Organization – We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at June 30, 2022. A majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and various family trusts established for the benefit of Ms. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and their children and for which Ms. Simmons or Mr. Connelly, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly serves as trustee, he is required to vote the shares of Contran voting stock held in such trusts in the same manner as Ms. Simmons. Such voting rights of Ms. Simmons last through April 22, 2030 and are personal to Ms. Simmons. The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-party financial institution serves as trustee. Consequently, at June 30, 2022, Ms. Simmons and the Family Trust may be deemed to control Contran and us.
Basis of Presentation	Basis of Presentation – Consolidated in this Quarterly Report are the results of our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”). The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 that we filed with the SEC on March 10, 2022 (the “2021 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2021 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2021) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim periods ended June 30, 2022 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2021 Consolidated Financial Statements contained in our 2021 Annual Report. Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole.

Business Segment Information - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Fixed asset impairment	$ 16.0	$ 16.0
Kronos Worldwide, Inc.
Segment Reporting Information [Line Items]
Direct ownership percentage by parent	50.00%	50.00%
Indirect controlling interest in subsidiary	31.00%	31.00%
NL
Segment Reporting Information [Line Items]
Direct ownership percentage by parent	83.00%	83.00%
LandWell
Segment Reporting Information [Line Items]
Direct ownership percentage by parent	27.00%	27.00%
Indirect controlling interest in subsidiary	50.00%	50.00%
BMI
Segment Reporting Information [Line Items]
Direct ownership percentage by parent	63.00%	63.00%

Organization and Basis of Presentation - Additional Information (Detail)	Jun. 30, 2022
Valhi Incorporation
Basis Of Presentation And Significant Accounting Policies [Line Items]
Parent company ownership interest	92.00%

Long-Term Debt - Kronos Senior Secured Notes - Additional Information (Detail) - Kronos Worldwide, Inc. - 3.75% Senior Secured Notes due September 15, 2025 € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)
Debt Instrument [Line Items]
Debt instrument interest rate	3.75%	3.75%
Debt instrument maturity date	Sep. 15, 2025
Debt instrument principal amount \| €		€ 400
Unamortized debt issuance costs \| $	$ 2.8

Other Income, Net (Tables)

6 Months Ended

Jun. 30, 2022

Other Income And Expenses [Abstract]

Schedule of Components of Other Income


	Six months ended
	June 30,
	2021		2022

	(In millions)
Interest income and other:
Interest and dividends	$	1.9	$	2.8
Securities transactions, net		.1		(.5)
Total		2.0		2.3
Infrastructure reimbursement		6.2		.8
Gain on land and related sales		5.6		—
Currency transactions, net		—		10.4
Other, net		1.0		1.5
Total	$	14.8	$	15.0

Other Assets - Other Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other noncurrent assets:
Restricted cash and cash equivalents	$ 36.8	$ 41.9
Note receivables - OPA	36.6	38.7
IBNR receivables	30.7	34.4
Land held for development	27.2	36.0
Operating lease right-of-use assets	19.3	19.9
Pension asset	8.4	9.0
Marketable securities	3.5	3.3
Other	19.1	16.8
Total	181.6	$ 200.0
Noncurrent restricted cash reclassified	$ 7.3

Other Income, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure Other Income Net Additional Information Detail [Line Items]
Net proceeds				$ 8.4
Pre-tax gain on sale of land		$ 5.6		5.6
Infrastructure reimbursement	$ 0.8		$ 0.8	6.2
City Of Henderson
Disclosure Other Income Net Additional Information Detail [Line Items]
Infrastructure reimbursement				$ 6.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 105.8	$ 54.8
Depreciation and amortization	29.9	29.5
Gain from sale of land		(5.6)
Benefit plan expense greater than cash funding	4.0	4.8
Deferred income taxes	3.0	1.5
Contributions to TiO2 manufacturing joint venture, net	(4.1)	(0.2)
Fixed asset impairment	16.0
Other, net	2.3	2.2
Change in assets and liabilities:
Accounts and other receivables, net	(60.5)	(37.9)
Inventories, net	(38.0)	82.7
Land held for development, net	5.8	(10.2)
Accounts payable and accrued liabilities	(34.6)	(42.9)
Income taxes	1.4	(9.2)
Accounts with affiliates	11.7	(7.8)
Other, net	(14.9)	15.0
Net cash provided by operating activities	27.8	76.7
Cash flows from investing activities:
Capital expenditures	(33.2)	(23.5)
Proceeds from land sales		8.4
Purchases of marketable securities	(2.2)	(2.6)
Proceeds from disposal of marketable securities	1.9	3.2
Other, net	0.1	2.1
Net cash used in investing activities	(33.4)	(12.4)
Cash flows from financing activities:
Principal payments on indebtedness	(21.4)	(31.2)
Deferred financing fees		(1.8)
Valhi cash dividends paid	(4.5)	(4.5)
Distributions to noncontrolling interest in subsidiaries	(16.7)	(21.3)
Subsidiary treasury stock acquired	(2.8)	(0.8)
Net cash used in financing activities	(45.4)	(59.6)
Cash, cash equivalents and restricted cash and cash equivalents - net change from:
Operating, investing and financing activities	(51.0)	4.7
Effect of exchange rates on cash	(8.7)	(4.9)
Balance at beginning of period	792.9	570.3
Balance at end of period	733.2	570.1
Cash paid for:
Interest, net of amounts capitalized	13.0	15.4
Income taxes, net	29.9	34.1
Noncash investing activities:
Change in accruals for capital expenditures	$ 2.6	$ 2.0

Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deferred income	$ 56.7	$ 81.6
Accrued development costs	53.5	55.4
Accrued litigation settlement	38.9	38.5
Insurance claims and expenses	32.2	36.4
Operating lease liabilities	$ 15.5	$ 15.8
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total	Total
Other postretirement benefits	$ 9.9	$ 10.2
Employee benefits	5.4	6.1
Reserve for uncertain tax positions	4.9	3.5
Other	6.5	10.0
Total	$ 223.5	$ 257.5

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15 – Commitments and contingencies:

Lead pigment litigation – NL

NL’s former operations included the manufacture of lead pigments for use in paint and lead-based paint. NL, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (LIA), which discontinued business operations in 2002, have been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions have been filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others have been asserted as class actions. These lawsuits seek recovery under a variety of theories, including public and private nuisance, negligent product design, negligent failure to warn, strict liability, breach of warranty, conspiracy/concert of action, aiding and abetting, enterprise liability, market share or risk contribution liability, intentional tort, fraud and misrepresentation, violations of state consumer protection statutes, supplier negligence and similar claims.

The plaintiffs in these actions generally seek to impose on the defendants responsibility for lead paint abatement and health concerns associated with the use of lead-based paints, including damages for personal injury, contribution and/or indemnification for medical expenses, medical monitoring expenses and costs for educational programs. To the extent the plaintiffs seek compensatory or punitive damages in these actions, such damages are generally unspecified. In some cases, the damages are unspecified pursuant to the requirements of applicable state law. A number of cases are inactive or have been dismissed or withdrawn. Most of the remaining cases are in various pre-trial stages. Some are on appeal following dismissal or summary judgment rulings or a trial verdict in favor of either the defendants or the plaintiffs.

NL believes these actions are without merit, and intends to continue to deny all allegations of wrongdoing and liability and to defend against all actions vigorously. We do not believe it is probable we have incurred any liability with respect to pending lead pigment litigation cases to which NL is a party, and with respect to all such lead pigment litigation cases to which NL is a party, we believe liability to NL that may result, if any, in this regard cannot be reasonably estimated, because:

●

NL has never settled any of the market share, intentional tort, fraud, nuisance, supplier negligence, breach of warranty, conspiracy, misrepresentation, aiding and abetting, enterprise liability, or statutory cases (other than the Santa Clara case discussed below),

●

no final, non-appealable adverse judgments have ever been entered against NL, and

●

NL has never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a thirty-year period for which NL was previously a party and for which NL has been dismissed without any finding of liability.

Accordingly, we do not have any amounts accrued for any of the pending lead pigment and lead-based paint litigation cases filed by or on behalf of states, counties, cities or their public housing authorities and school districts, or those asserted as class actions. In addition, we have determined that liability to NL which may result, if any, cannot be reasonably estimated at this time because there is no prior history of a loss of this nature on which an estimate could be made and there is no substantive information available upon which an estimate could be based.

In the terms of the County of Santa Clara v. Atlantic Richfield Company, et al. (Superior Court of the State of California, County of Santa Clara, Case No. 1-00-CV-788657) global settlement agreement, NL has four annual installment payments remaining ($12.0 million for the next three installments and $16.7 million for the final installment). NL’s final installment will be made with funds already on deposit at the court, which are included in noncurrent restricted cash on our Condensed Consolidated Balance Sheets, that are committed to the settlement, including all accrued interest at the date of payment, with any remaining balance to be paid by NL (and any amounts on deposit in excess of the final payment would be returned to NL). See Note 18 to our 2021 Annual Report.

New cases may continue to be filed against NL. We cannot assure you that we will not incur liability in the future with respect to any of the pending or possible litigation in view of the inherent uncertainties involved in court and jury rulings. In the future, if new information regarding such matters becomes available to us (such as a final, non-appealable adverse verdict against NL or otherwise ultimately being found liable with respect to such matters), at that time we would consider such information in evaluating any remaining cases then-pending against NL as to whether it might then have become probable we have incurred liability with respect to these matters, and whether such liability, if any, could have become reasonably estimable. The resolution of any of these cases could result in the

recognition of a loss contingency accrual that could have a material adverse impact on our net income for the interim or annual period during which such liability is recognized and a material adverse impact on our consolidated financial condition and liquidity.

Environmental matters and litigation

Our operations are governed by various environmental laws and regulations. Certain of our businesses are and have been engaged in the handling, manufacture or use of substances or compounds that may be considered toxic or hazardous within the meaning of applicable environmental laws and regulations. As with other companies engaged in similar businesses, certain of our past and current operations and products have the potential to cause environmental or other damage. Our businesses have implemented and continue to implement various policies and programs in an effort to minimize these risks. Our policy is to maintain compliance with applicable environmental laws and regulations at all of our plants and to strive to improve environmental performance. From time to time, our businesses may be subject to environmental regulatory enforcement under U.S. and non-U.S. statutes, the resolution of which typically involves the establishment of compliance programs. It is possible that future developments, such as stricter requirements of environmental laws and enforcement policies, could adversely affect our production, handling, use, storage, transportation, sale or disposal of such substances. We believe all of our facilities are in substantial compliance with applicable environmental laws.

Certain properties and facilities used in our former operations (primarily NL’s former operations), including divested primary and secondary lead smelters and former mining locations, are the subject of civil litigation, administrative proceedings or investigations arising under federal and state environmental laws and common law. Additionally, in connection with past operating practices, we are currently involved as a defendant, potentially responsible party (“PRP”) or both, pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (“CERCLA”), and similar state laws in various governmental and private actions associated with waste disposal sites, mining locations, and facilities that we or our predecessors, and NL or its predecessors, our subsidiaries or their predecessors currently or previously owned, operated or used, certain of which are on the United States Environmental Protection Agency’s (“EPA”) Superfund National Priorities List or similar state lists. These proceedings seek cleanup costs, damages for personal injury or property damage and/or damages for injury to natural resources. Certain of these proceedings involve claims for substantial amounts. Although we may be jointly and severally liable for these costs, in most cases we are only one of a number of PRPs who may also be jointly and severally liable, and among whom costs may be shared or allocated. In addition, we are occasionally named as a party in a number of personal injury lawsuits filed in various jurisdictions alleging claims related to environmental conditions alleged to have resulted from our operations.

Obligations associated with environmental remediation and related matters are difficult to assess and estimate for numerous reasons including the:

●

complexity and differing interpretations of governmental regulations,

●

number of PRPs and their ability or willingness to fund such allocation of costs,

●

financial capabilities of the PRPs and the allocation of costs among them,

●

solvency of other PRPs,

●

multiplicity of possible solutions,

●

number of years of investigatory, remedial and monitoring activity required,

●

uncertainty over the extent, if any, to which our former operations might have contributed to the conditions allegedly giving rise to such personal injury, property damage, natural resource and related claims, and

●

number of years between former operations and notice of claims and lack of information and documents about the former operations.

In addition, the imposition of more stringent standards or requirements under environmental laws or regulations, new developments or changes regarding site cleanup costs or the allocation of costs among PRPs, solvency of other PRPs, the results of future testing and analysis undertaken with respect to certain sites or a determination that we are potentially responsible for the release of hazardous substances at other sites, could cause our expenditures to exceed our current estimates. Actual costs could exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and costs may be incurred for sites where no estimates presently can be made. Further, additional environmental and related matters may arise in the future. If we were to incur any future liability, this could have a material adverse effect on our consolidated financial statements, results of operations and liquidity.

We record liabilities related to environmental remediation and related matters (including costs associated with damages for personal injury or property damage and/or damages for injury to natural resources) when estimated future expenditures are probable and reasonably estimable. We adjust such accruals as further information becomes available to us or as circumstances change. Unless the amounts and timing of such estimated future expenditures are fixed and reasonably determinable, we generally do not discount estimated future expenditures to their present value due to the uncertainty of the timing of the payout. We recognize recoveries of costs from other parties, if any, as assets when their receipt is deemed probable.

We do not know and cannot estimate the exact time frame over which we will make payments for our accrued environmental and related costs. The timing of payments depends upon a number of factors, including but not limited to the timing of the actual remediation process; which in turn depends on factors outside of our control. At each balance sheet date, we estimate the amount of the accrued environmental and related costs which we expect to pay within the next twelve months, and we classify this estimate as a current liability. We classify the remaining accrued environmental costs as a noncurrent liability.

The table below presents a summary of the activity in our accrued environmental costs during the first six months of 2022.


	Amount
	(In millions)

Balance at the beginning of the period	$	97.6
Additions charged to expense, net		1.4
Payments, net		(.9)
Balance at the end of the period	$	98.1
Amounts recognized in the Consolidated Balance Sheet at the end of the period:
Current liabilities	$	4.0
Noncurrent liabilities		94.1
Total	$	98.1

NL – On a quarterly basis, NL evaluates the potential range of its liability for environmental remediation and related costs at sites where it has been named as a PRP or defendant. At June 30, 2022, NL had accrued approximately $93 million related to approximately 33 sites associated with remediation and related matters it believes are at the present time and/or in their current phase reasonably estimable. The upper end of the range of reasonably possible costs to NL for remediation and related matters for which NL believes it is possible to estimate costs is approximately $118 million, including the amount currently accrued.

NL believes that it is not reasonably possible to estimate the range of costs for certain sites. At June 30, 2022, there were approximately five sites for which NL is not currently able to reasonably estimate a range of costs. For these sites, generally the investigation is in the early stages, and NL is unable to determine whether or not NL actually had any association with the site, the nature of its responsibility, if any, for the contamination at the site, if any, and the extent of contamination at and cost to remediate the site. The timing and availability of information on these sites is dependent on events outside of NL’s control, such as when the party alleging liability provides information to NL. At certain of these previously inactive sites, NL has received general and special notices of liability from the EPA and/or state agencies alleging that NL, sometimes with other PRPs, is liable for past and future costs of remediating environmental contamination allegedly caused by former operations. These notifications may assert that NL, along with any other alleged PRPs, is liable for past and/or future clean-up costs. As further information becomes available to us for any of these sites which would allow us to estimate a range of costs, we would at that time adjust our accruals. Any such adjustment could result in the recognition of an accrual that would have a material effect on our consolidated financial statements, results of operations and liquidity.

Other – We have also accrued approximately $5 million at June 30, 2022 for other environmental cleanup matters which represents our best estimate of the liability.

Insurance coverage claims – NL

NL is involved in certain legal proceedings with a number of its former insurance carriers regarding the nature and extent of the carriers’ obligations to NL under insurance policies with respect to certain lead pigment and asbestos lawsuits. The issue of whether insurance coverage for defense costs or indemnity or both will be found to exist for NL’s lead pigment and asbestos litigation depends upon a variety of factors, and we cannot assure you that such insurance coverage will be available.

NL has agreements with certain of its former insurance carriers pursuant to which the carriers reimburse it for a portion of its future lead pigment litigation defense costs, and one such carrier reimburses NL for a portion of its future asbestos litigation defense costs. We are not able to determine how much NL will ultimately recover from these carriers for defense costs incurred by NL because of certain issues that arise regarding which defense costs qualify for reimbursement. While NL continues to seek additional insurance recoveries, we do not know if we will be successful in obtaining reimbursement for either defense costs or indemnity. Accordingly, we recognize insurance recoveries in income only when receipt of the recovery is probable and we are able to reasonably estimate the amount of the recovery.

For a complete discussion of certain litigation involving NL and certain of its former insurance carriers, please refer to our 2021 Annual Report.

Other litigation

In addition to the litigation described above, we and our affiliates are also involved in various other environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our present and former businesses. In certain cases, we have insurance coverage for these items, although we do not expect additional material insurance coverage for our environmental matters. We currently believe the disposition of all of these various other claims and disputes (including asbestos-related claims), individually and in the aggregate, should not have a material adverse effect on our consolidated financial position, results of operations or liquidity beyond the accruals already provided.

Noncontrolling Interest in Subsidiaries

6 Months Ended

Jun. 30, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest in Subsidiaries

Note 13 – Noncontrolling interest in subsidiaries:


	December 31,		June 30,
	2021		2022

	(In millions)
Noncontrolling interest in net assets:
Kronos Worldwide	$	226.6	$	230.0
NL Industries		75.7		81.7
CompX International		22.5		22.9
BMI		8.3		3.5
LandWell		(4.2)		(2.9)
Total	$	328.9	$	335.2


	Six months ended June 30,
	2021		2022

	(In millions)
Noncontrolling interest in net income (loss) of subsidiaries:
Kronos Worldwide	$	8.8	$	19.8
NL Industries		4.4		8.3
CompX International		1.2		1.5
BMI		1.6		(1.9)
LandWell		2.6		4.7
Total	$	18.6	$	32.4

Long-Term Debt - Notes Payable to BMI - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2017	Jun. 30, 2022
Debt Instrument [Line Items]
Noncurrent restricted cash reclassified		$ 7.3
BMI \| 2017 Bank Loan \| Western Alliance Bank \| Bank note payable
Debt Instrument [Line Items]
Principal amount of loan agreement	$ 20.5
Frequency of debt instrument payment		semi-annual
Debt instrument, payment terms		The agreement requires semi-annual payments of principal and interest on June 1 and December 1, aggregating $1.9 million annually beginning on June 1, 2017 through the maturity date in June 2032.
Periodic principal and interest payments	$ 1.9
Loans maturity period	2032-06
Interest rate	5.34%
Carrying value of loan		$ 14.3
Noncurrent restricted cash reclassified		7.3
Debt issuance cost		$ 0.5

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts payable:
Accounts payable	$ 152.9	$ 152.7
Payable to affiliates:
Accrued litigation settlement	11.9	11.8
Deferred income	112.5	125.8
Employee benefits	30.4	39.9
Accrued sales discounts and rebates	17.1	28.7
Interest	4.9	5.3
Operating lease liabilities	$ 3.5	$ 3.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Environmental remediation and related costs	$ 4.0	$ 3.5
Other	58.1	57.9
Total	429.1	448.1
Kronos Worldwide, Inc.
Accounts payable:
Accounts payable	137.9	143.6
CompX
Accounts payable:
Accounts payable	6.4	3.4
BMI/LandWell
Accounts payable:
Accounts payable	7.9	5.3
Other
Accounts payable:
Accounts payable	0.7	0.4
Contran \| Income Taxes Payable
Payable to affiliates:
Payable to affiliates	11.2	1.5
LPC
Payable to affiliates:
Payable to affiliates	$ 22.6	$ 17.3

Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Component Products and Real Estate Management and Development Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Net sales	$ 634.6	$ 525.3	$ 1,263.6	$ 1,034.3
Component Products
Disaggregation Of Revenue [Line Items]
Net sales	41.6	36.3	83.7	72.2
Component Products \| Security Products
Disaggregation Of Revenue [Line Items]
Net sales	28.8	27.6	58.4	53.5
Component Products \| Marine Components
Disaggregation Of Revenue [Line Items]
Net sales	12.8	8.7	25.3	18.7
Real Estate Management And Development
Disaggregation Of Revenue [Line Items]
Net sales	27.7	10.4	51.7	18.5
Real Estate Management And Development \| Land Sales
Disaggregation Of Revenue [Line Items]
Net sales	25.9	8.5	48.1	15.1
Real Estate Management And Development \| Water Delivery
Disaggregation Of Revenue [Line Items]
Net sales	1.4	1.5	2.9	2.5
Real Estate Management And Development \| Utility and Other
Disaggregation Of Revenue [Line Items]
Net sales	$ 0.4	$ 0.4	$ 0.7	$ 0.9

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Name Accounting Standards Codification
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+ Details

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1 – Organization and basis of presentation:

Organization – We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 92% of our outstanding common stock at June 30, 2022. A majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and various family trusts established for the benefit of Ms. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and their children and for which Ms. Simmons or Mr. Connelly, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly serves as trustee, he is required to vote the shares of Contran voting stock held in such trusts in the same manner as Ms. Simmons. Such voting rights of Ms. Simmons last through April 22, 2030 and are personal to Ms. Simmons. The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-party financial institution serves as trustee. Consequently, at June 30, 2022, Ms. Simmons and the Family Trust may be deemed to control Contran and us.

Basis of Presentation – Consolidated in this Quarterly Report are the results of our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the Securities and Exchange Commission (“SEC”).

The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 that we filed with the SEC on March 10, 2022 (the “2021 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2021 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2021) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim periods ended June 30, 2022 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2021 Consolidated Financial Statements contained in our 2021 Annual Report.

Unless otherwise indicated, references in this report to “we,” “us” or “our” refer to Valhi, Inc. and its subsidiaries (NYSE: VHI), taken as a whole.

Long-Term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Note 6 – Long-term debt:


	December 31,		June 30,
	2021		2022

	(In millions)
Valhi:
Contran credit facility	$	172.9	$	153.4
Subsidiary debt:
Kronos:
Senior Secured Notes		448.8		415.1
BMI:
BWC Bank loan from Western Alliance Bank		15.4		14.3
LandWell:
Note payable to Western Alliance Business Trust		13.5		13.2
Other		2.4		2.1
Total subsidiary debt		480.1		444.7
Total debt		653.0		598.1
Less current maturities		(3.1)		(16.4)
Total long-term debt	$	649.9	$	581.7

Valhi – Contran credit facility – During the first six months of 2022, we had borrowings of $.1 million and repayments of $19.6 million under this facility. The average interest rate on the existing balance for the six months ended June 30, 2022 was 4.61%. At June 30, 2022, the interest rate was 5.75% and $71.6 million was available for borrowing under this facility.

Kronos – Senior Notes – At June 30, 2022, the carrying value of Kronos’ 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $2.8 million.

Revolving credit facility – During the first six months of 2022, Kronos had no borrowings or repayments under its $225 million global revolving credit facility (“Global Revolver”) and at June 30, 2022, the full $225 million was available for borrowing under the Global Revolver.

BMI – In February 2017, BWC entered into a $20.5 million loan agreement with Western Alliance Bank. The agreement requires semi-annual payments of principal and interest on June 1 and December 1, aggregating $1.9 million annually beginning on June 1, 2017 through the maturity date in June 2032. The agreement bears interest at 5.34% and is collateralized by certain real property, including the water delivery system, and revenue streams under the City of Henderson water contract. Because of a decline in value of collateral as a result of the impairment of the water delivery system fixed assets discussed in Note 2, BWC is in default of its loan agreement and we have reclassified the $14.3 million carrying value of the loan to current. BWC has $7.3 million in restricted cash which is held by Western Alliance Bank under the terms of its loan agreement, and such restricted cash has been reclassified to current consistent with the classification of the debt balance. The carrying value of the loan is stated net of debt issuance costs of $.5 million at June 30, 2022.

Other – With the exception of the BWC loan agreement discussed above, we are in compliance with all of our debt covenants at June 30, 2022.

Inventories, Net

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories, Net

Note 4 – Inventories, net:

.7
	December 31,		June 30,
	2021		2022

	(In millions)
Raw materials:
Chemicals	$	76.3	$	108.9
Component products		5.0		7.2
Total raw materials		81.3		116.1
Work in process:
Chemicals		30.4		28.6
Component products		16.8		21.0
Total in-process products		47.2		49.6
Finished products:
Chemicals		246.4		221.0
Component products		3.8		5.1
Total finished products		250.2		226.1
Supplies (chemicals)		80.0		77.3
Total	$	458.7	$	469.1

Defined Benefit Pension Plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Detail) - Defined Benefit Pension Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.9	$ 3.6	$ 5.9	$ 7.4
Interest cost	3.0	2.4	6.2	4.8
Expected return on plan assets	(3.4)	(3.4)	(6.9)	(6.8)
Amortization of prior service cost		0.1		0.1
Recognized actuarial losses	3.7	5.6	7.5	11.0
Total	$ 6.2	$ 8.3	$ 12.7	$ 16.5

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 – Income taxes:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Expected tax expense at U.S. federal statutory income tax rate of 21%	$	8.6	$	11.8	$	15.4	$	29.3
Non-U.S. tax rates		1.0		1.2		1.8		3.3
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. tax group companies		(.8)		(.4)		(1.9)		(1.3)
Valuation allowance		.3		(.4)		1.5		.2
Global intangible low-tax income, net		.5		.7		1.0		1.4
Adjustment to the reserve for uncertain tax positions, net		.2		.3		(.2)		(.4)
Nondeductible expenses		.2		.2		.4		.6
U.S. state income taxes and other, net		.3		.6		.3		.8
Income tax expense	$	10.3	$	14.0	$	18.3	$	33.9

Comprehensive provision for income taxes allocable to:
Net income	$	10.3	$	14.0	$	18.3	$	33.9
Other comprehensive income (loss):
Currency translation		.2		(4.1)		.4		(3.4)
Pension plans		2.1		1.4		4.2		2.8
Other		—		—		(.1)		.2
Total	$	12.6	$	11.3	$	22.8	$	33.5

The amount shown in the preceding table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate. The amount shown on such table for incremental net tax benefit on earnings and losses on non-U.S. and non-tax group companies includes, as applicable, (i) deferred income taxes (or deferred income tax benefits) associated with the current year earnings of all our Chemicals Segment’s non-U.S. subsidiaries, (ii) current U.S. income taxes (or current income tax benefit) including U.S. personal holding company tax, as applicable, attributable to current-year income (losses) of one of our Chemicals Segment’s non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes, to the extent the current year income (losses) of such subsidiary is subject to U.S. income tax under the U.S. dual-resident provisions of the Internal Revenue Code, (iii) deferred income taxes associated with our direct investment in Kronos and (iv) current and deferred income taxes associated with distributions and earnings from our investments in LandWell and BMI.

Tax authorities are examining certain of our U.S. and non-U.S. income tax returns and may propose tax deficiencies, including penalties and interest. We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations. We believe the ultimate disposition of tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. We currently estimate that our unrecognized tax benefits will decrease by approximately $3.5 million during the next twelve months primarily due to the expiration of certain statutes of limitations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Noncontrolling Interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income of Subsidiaries (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Noncontrolling interest in net income of subsidiaries:
Noncontrolling interest in net income of subsidiaries	$ 14.4	$ 8.9	$ 32.4	$ 18.6
Kronos Worldwide, Inc.
Noncontrolling interest in net income of subsidiaries:
Noncontrolling interest in net income of subsidiaries			19.8	8.8
NL
Noncontrolling interest in net income of subsidiaries:
Noncontrolling interest in net income of subsidiaries			8.3	4.4
CompX
Noncontrolling interest in net income of subsidiaries:
Noncontrolling interest in net income of subsidiaries			1.5	1.2
BMI
Noncontrolling interest in net income of subsidiaries:
Noncontrolling interest in net income of subsidiaries			(1.9)	1.6
LandWell
Noncontrolling interest in net income of subsidiaries:
Noncontrolling interest in net income of subsidiaries			$ 4.7	$ 2.6

Defined Benefit Pension Plans (Tables)

6 Months Ended

Jun. 30, 2022

Defined Benefit Pension Plans

Components of Net Periodic Defined Benefit Cost

The components of our net periodic defined benefit pension cost are presented in the table below.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Service cost	$	3.6	$	2.9	$	7.4	$	5.9
Interest cost		2.4		3.0		4.8		6.2
Expected return on plan assets		(3.4)		(3.4)		(6.8)		(6.9)
Amortization of prior service cost		.1		—		.1		—
Recognized actuarial losses		5.6		3.7		11.0		7.5
Total	$	8.3	$	6.2	$	16.5	$	12.7

Long-Term Debt - Valhi Contran Credit Facility - Additional Information (Detail) - VALHI, INC. - Contran Credit Facility $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument, Interest rate at period end	5.75%
Debt instrument, Interest rate during period	4.61%
Amount available for borrowing	$ 71.6
Borrowings of credit facility	0.1
Repayments of credit facility	$ 19.6

Revenue - Disaggregation of Sales (Tables)

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregates of Net Sales

The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and to the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Net sales - point of origin:
United States	$	236.0	$	323.7	$	489.9	$	650.1
Germany		238.8		272.0		470.0		548.5
Canada		103.0		111.6		200.2		208.0
Belgium		75.9		87.5		142.4		180.3
Norway		64.1		68.0		135.1		146.4
Eliminations		(239.2)		(297.5)		(494.0)		(605.1)
Total	$	478.6	$	565.3	$	943.6	$	1,128.2

Net sales - point of destination:
Europe	$	236.8	$	264.6	$	464.1	$	534.1
North America		157.3		196.0		302.6		375.9
Other		84.5		104.7		176.9		218.2
Total	$	478.6	$	565.3	$	943.6	$	1,128.2

The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Component Products:
Net sales:
Security products	$	27.6	$	28.8	$	53.5	$	58.4
Marine components		8.7		12.8		18.7		25.3
Total	$	36.3	$	41.6	$	72.2	$	83.7
Real Estate Management and Development:
Net sales:
Land sales	$	8.5	$	25.9	$	15.1	$	48.1
Water delivery		1.5		1.4		2.5		2.9
Utility and other		.4		.4		.9		.7
Total	$	10.4	$	27.7	$	18.5	$	51.7

Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw materials	$ 116.1	$ 81.3
Work in process	49.6	47.2
Finished products	226.1	250.2
Supplies (chemicals)	77.3	80.0
Total	469.1	458.7
Chemicals
Inventory [Line Items]
Raw materials	108.9	76.3
Work in process	28.6	30.4
Finished products	221.0	246.4
Component Products
Inventory [Line Items]
Raw materials	7.2	5.0
Work in process	21.0	16.8
Finished products	$ 5.1	$ 3.8

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Millions	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock	Non-controlling interest	Total
Balance at Dec. 31, 2020	$ 0.3	$ 668.3	$ 282.9	$ (219.4)	$ (49.6)	$ 324.4	$ 1,006.9
Net income			36.2			18.6	54.8
Other comprehensive income (loss), net				7.3		2.5	9.8
Dividends paid to noncontrolling interest						(21.3)	(21.3)
Cash dividends			(4.5)				(4.5)
Equity transaction with noncontrolling interest, net and other		1.2				(1.5)	(0.3)
Balance at Jun. 30, 2021	0.3	669.5	314.6	(212.1)	(49.6)	322.7	1,045.4
Balance at Mar. 31, 2021	0.3	669.2	295.5	(215.8)	(49.6)	329.0	1,028.6
Net income			21.4			8.9	30.3
Other comprehensive income (loss), net				3.7		1.2	4.9
Dividends paid to noncontrolling interest						(16.5)	(16.5)
Cash dividends			(2.3)				(2.3)
Equity transaction with noncontrolling interest, net and other		0.3				0.1	0.4
Balance at Jun. 30, 2021	0.3	669.5	314.6	(212.1)	(49.6)	322.7	1,045.4
Balance at Dec. 31, 2021	0.3	669.0	401.1	(191.3)	(49.6)	328.9	1,158.4
Net income			73.4			32.4	105.8
Other comprehensive income (loss), net				(16.5)		(5.9)	(22.4)
Dividends paid to noncontrolling interest						(16.7)	(16.7)
Cash dividends			(4.5)				(4.5)
Equity transaction with noncontrolling interest, net and other		0.8				(3.5)	(2.7)
Balance at Jun. 30, 2022	0.3	669.8	470.0	(207.8)	(49.6)	335.2	1,217.9
Balance at Mar. 31, 2022	0.3	670.4	444.3	(185.4)	(49.6)	341.0	1,221.0
Net income			28.0			14.4	42.4
Other comprehensive income (loss), net				(22.4)		(8.0)	(30.4)
Dividends paid to noncontrolling interest						(11.5)	(11.5)
Cash dividends			(2.3)				(2.3)
Equity transaction with noncontrolling interest, net and other		(0.6)				(0.7)	(1.3)
Balance at Jun. 30, 2022	$ 0.3	$ 669.8	$ 470.0	$ (207.8)	$ (49.6)	$ 335.2	$ 1,217.9

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt


	December 31,		June 30,
	2021		2022

	(In millions)
Valhi:
Contran credit facility	$	172.9	$	153.4
Subsidiary debt:
Kronos:
Senior Secured Notes		448.8		415.1
BMI:
BWC Bank loan from Western Alliance Bank		15.4		14.3
LandWell:
Note payable to Western Alliance Business Trust		13.5		13.2
Other		2.4		2.1
Total subsidiary debt		480.1		444.7
Total debt		653.0		598.1
Less current maturities		(3.1)		(16.4)
Total long-term debt	$	649.9	$	581.7

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Other Assets (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets


	December 31,		June 30,
	2021		2022

	(In millions)
Other noncurrent assets:
Restricted cash and cash equivalents	$	41.9	$	36.8
Note receivables - OPA		38.7		36.6
IBNR receivables		34.4		30.7
Land held for development		36.0		27.2
Operating lease right-of-use assets		19.9		19.3
Pension asset		9.0		8.4
Marketable securities		3.3		3.5
Other		16.8		19.1
Total	$	200.0	$	181.6

Fair Value Measurements and Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

Note 16 – Fair value measurements and financial instruments:

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

December 31, 2021

June 30, 2022

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

792.9

733.2

Long-term debt (excluding capitalized leases):

Kronos Senior Notes

448.8

460.2

415.1

372.6

Valhi credit facility with Contran

172.9

153.4

BWC bank note payable

15.4

15.9

14.3

14.8

LandWell bank note payable

13.5

13.2

At June 30, 2022, the estimated market price of Kronos’ Senior Notes was €892 per €1,000 principal amount. The fair value of Kronos’ Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the term loan trades were not active. The fair value of variable interest rate debt and other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying values. See Note 6. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 7.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 42.4	$ 30.3	$ 105.8	$ 54.8
Other comprehensive income (loss), net of tax:
Currency translation	(32.6)	1.6	(26.8)	3.3
Defined benefit pension plans	2.3	3.4	4.7	6.8
Other	(0.1)	(0.1)	(0.3)	(0.3)
Total other comprehensive income (loss), net	(30.4)	4.9	(22.4)	9.8
Comprehensive income	12.0	35.2	83.4	64.6
Comprehensive income attributable to noncontrolling interest	6.4	10.1	26.5	21.1
Comprehensive income attributable to Valhi stockholders	$ 5.6	$ 25.1	$ 56.9	$ 43.5

Business Segment Information - Holding Percentage of Subsidiaries (Detail)	Jun. 30, 2022
BMI
Segment Reporting Information [Line Items]
Parent company ownership interest	63.00%
Chemicals
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	81.00%
Component Products
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	87.00%
Real Estate Management And Development \| BMI
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	63.00%
Real Estate Management And Development \| LandWell \| Aggregate General And Limited Interests
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	77.00%

Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2022

Compensation And Retirement Disclosure [Abstract]

Defined Benefit Pension Plans

Note 10 – Defined benefit pension plans:

The components of our net periodic defined benefit pension cost are presented in the table below.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Service cost	$	3.6	$	2.9	$	7.4	$	5.9
Interest cost		2.4		3.0		4.8		6.2
Expected return on plan assets		(3.4)		(3.4)		(6.8)		(6.9)
Amortization of prior service cost		.1		—		.1		—
Recognized actuarial losses		5.6		3.7		11.0		7.5
Total	$	8.3	$	6.2	$	16.5	$	12.7

We expect to contribute the equivalent of approximately $20 million to all of our defined benefit pension plans during 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%

Accounts Payable and Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Payables And Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Note 7 – Accounts payable and accrued liabilities:


	December 31,		June 30,
	2021		2022

	(In millions)
Accounts payable:
Kronos	$	143.6	$	137.9
CompX		3.4		6.4
BMI/LandWell		5.3		7.9
Other		.4		.7
Total		152.7		152.9
Payables to affiliates:
Contran - income taxes		1.5		11.2
LPC		17.3		22.6
Accrued litigation settlement		11.8		11.9
Deferred income		125.8		112.5
Employee benefits		39.9		30.4
Accrued sales discounts and rebates		28.7		17.1
Interest		5.3		4.9
Operating lease liabilities		3.7		3.5
Environmental remediation and related costs		3.5		4.0
Other		57.9		58.1
Total	$	448.1	$	429.1

The accrued litigation settlement is discussed in Note 15.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 644.4	$ 698.4
Restricted cash equivalents	52.0	52.6
Marketable securities	2.3	2.6
Accounts and other receivables, net	432.3	403.7
Inventories, net	469.1	458.7
Prepaid expenses and other	60.3	57.2
Total current assets	1,660.4	1,673.2
Other assets:
Investment in TiO2 manufacturing joint venture	106.0	101.9
Goodwill	379.7	379.7
Deferred income taxes	71.7	86.8
Other assets	181.6	200.0
Total other assets	739.0	768.4
Property and equipment:
Land	46.7	50.3
Buildings	239.9	252.6
Equipment	1,127.8	1,194.6
Mining properties	11.4	26.3
Construction in progress	69.3	82.9
Gross property and equipment	1,495.1	1,606.7
Less accumulated depreciation and amortization	980.8	1,043.1
Net property and equipment	514.3	563.6
Total assets	2,913.7	3,005.2
Current liabilities:
Current maturities of long-term debt	16.4	3.1
Accounts payable and accrued liabilities	429.1	448.1
Income taxes	12.5	12.3
Total current liabilities	458.0	463.5
Noncurrent liabilities:
Long-term debt	581.7	649.9
Deferred income taxes	38.4	46.2
Payable to affiliate - income taxes	33.4	44.5
Accrued pension costs	266.7	291.1
Accrued environmental remediation and related costs	94.1	94.1
Other liabilities	223.5	257.5
Total noncurrent liabilities	1,237.8	1,383.3
Equity: Valhi stockholders' equity:
Common stock	0.3	0.3
Additional paid-in capital	669.8	669.0
Retained earnings	470.0	401.1
Accumulated other comprehensive loss	(207.8)	(191.3)
Treasury stock, at cost	(49.6)	(49.6)
Total Valhi stockholders' equity	882.7	829.5
Noncontrolling interest in subsidiaries	335.2	328.9
Total equity	1,217.9	1,158.4
Total liabilities and equity	2,913.7	$ 3,005.2
Commitments and contingencies (Notes 6, 12 and 15)

Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Kronos Worldwide, Inc. - Global Revolver Credit Facility $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 225,000
Borrowings on credit facilities	0
Repayment of credit facility	0
Amount available for borrowing	$ 225,000

Revenue - Disaggregation of Sales - Schedule of Disaggregates of Net Sales of our Chemicals Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Net sales	$ 634.6	$ 525.3	$ 1,263.6	$ 1,034.3
Chemicals
Disaggregation Of Revenue [Line Items]
Net sales	565.3	478.6	1,128.2	943.6
Point of Origin \| Chemicals
Disaggregation Of Revenue [Line Items]
Net sales	565.3	478.6	1,128.2	943.6
Point of Origin \| Chemicals \| United States
Disaggregation Of Revenue [Line Items]
Net sales	323.7	236.0	650.1	489.9
Point of Origin \| Chemicals \| Germany
Disaggregation Of Revenue [Line Items]
Net sales	272.0	238.8	548.5	470.0
Point of Origin \| Chemicals \| Canada
Disaggregation Of Revenue [Line Items]
Net sales	111.6	103.0	208.0	200.2
Point of Origin \| Chemicals \| Belgium
Disaggregation Of Revenue [Line Items]
Net sales	87.5	75.9	180.3	142.4
Point of Origin \| Chemicals \| Norway
Disaggregation Of Revenue [Line Items]
Net sales	68.0	64.1	146.4	135.1
Point of Origin \| Chemicals \| Eliminations
Disaggregation Of Revenue [Line Items]
Net sales	(297.5)	(239.2)	(605.1)	(494.0)
Point of Destination \| Chemicals
Disaggregation Of Revenue [Line Items]
Net sales	565.3	478.6	1,128.2	943.6
Point of Destination \| Chemicals \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	264.6	236.8	534.1	464.1
Point of Destination \| Chemicals \| North America
Disaggregation Of Revenue [Line Items]
Net sales	196.0	157.3	375.9	302.6
Point of Destination \| Chemicals \| Other
Disaggregation Of Revenue [Line Items]
Net sales	$ 104.7	$ 84.5	$ 218.2	$ 176.9

Business Segment Information - Segment Operating Performance (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 634.6	$ 525.3	$ 1,263.6	$ 1,034.3
Cost of sales	487.9	400.7	946.2	800.4
Gross margin	146.7	124.6	317.4	233.9
Operating income (loss)	71.9	55.6	172.6	106.9
Interest income and other	1.4	1.1	2.3	2.0
Gain on land and related sales		5.6		5.6
Changes in market value of Valhi common stock held by subsidiaries	3.9	0.9	4.0	2.2
Other components of net periodic pension and OPEB expense	(3.3)	(4.6)	(6.6)	(8.9)
General expenses, net	(10.5)	(9.3)	(18.7)	(17.4)
Interest expense	(7.0)	(8.7)	(13.9)	(17.3)
Income before income taxes	56.4	40.6	139.7	73.1
Chemicals
Segment Reporting Information [Line Items]
Net sales	565.3	478.6	1,128.2	943.6
Cost of sales	445.1	369.9	859.0	739.6
Gross margin	120.2	108.7	269.2	204.0
Operating income (loss)	69.2	47.4	155.6	85.1
Component Products
Segment Reporting Information [Line Items]
Net sales	41.6	36.3	83.7	72.2
Cost of sales	28.0	24.9	58.0	49.8
Gross margin	13.6	11.4	25.7	22.4
Operating income (loss)	7.7	5.8	14.0	11.6
Real Estate Management And Development
Segment Reporting Information [Line Items]
Net sales	27.7	10.4	51.7	18.5
Cost of sales	14.8	5.9	29.2	11.0
Gross margin	12.9	4.5	22.5	7.5
Operating income (loss)	$ (5.0)	$ 2.4	$ 3.0	$ 10.2

Noncontrolling Interest in Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest in Net Assets of Subsidiaries


	December 31,		June 30,
	2021		2022

	(In millions)
Noncontrolling interest in net assets:
Kronos Worldwide	$	226.6	$	230.0
NL Industries		75.7		81.7
CompX International		22.5		22.9
BMI		8.3		3.5
LandWell		(4.2)		(2.9)
Total	$	328.9	$	335.2

Schedule of Noncontrolling Interest in Net Income of Subsidiaries


	Six months ended June 30,
	2021		2022

	(In millions)
Noncontrolling interest in net income (loss) of subsidiaries:
Kronos Worldwide	$	8.8	$	19.8
NL Industries		4.4		8.3
CompX International		1.2		1.5
BMI		1.6		(1.9)
LandWell		2.6		4.7
Total	$	18.6	$	32.4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement Of Stockholders Equity [Abstract]
Cash dividends per share	$ 0.08	$ 0.08	$ 0.16	$ 0.16

Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income and other:
Interest and dividends			$ 2.8	$ 1.9
Securities transactions, net			(0.5)	0.1
Total			2.3	2.0
Infrastructure reimbursement	$ 0.8		0.8	6.2
Gain on land and related sales				5.6
Currency transactions, net			10.4
Other, net			1.5	1.0
Total	$ 15.0	$ 7.8	$ 15.0	$ 14.8

Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule Of Income Tax [Line Items]
Expected tax expense, at U.S. federal statutory income tax rate of 21%	$ 11.8	$ 8.6	$ 29.3	$ 15.4
Non-U.S. tax rates	1.2	1.0	3.3	1.8
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. tax group companies	(0.4)	(0.8)	(1.3)	(1.9)
Valuation allowance	(0.4)	0.3	0.2	1.5
Global intangible low-tax income, net	0.7	0.5	1.4	1.0
Adjustment to the reserve for uncertain tax positions, net	0.3	0.2	(0.4)	(0.2)
Nondeductible expenses	0.2	0.2	0.6	0.4
U.S. state income taxes and other, net	0.6	0.3	0.8	0.3
Income tax expense	14.0	10.3	33.9	18.3
Comprehensive provision for income taxes allocable to:
Net income	14.0	10.3	33.9	18.3
Other comprehensive income (loss):
Currency translation	(4.1)	0.2	(3.4)	0.4
Other			0.2	(0.1)
Total	11.3	12.6	33.5	22.8
Pension Plans
Other comprehensive income (loss):
Defined benefit plans	$ 1.4	$ 2.1	$ 2.8	$ 4.2

Other Assets

6 Months Ended

Jun. 30, 2022

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets

Note 5 – Other assets:


	December 31,		June 30,
	2021		2022

	(In millions)
Other noncurrent assets:
Restricted cash and cash equivalents	$	41.9	$	36.8
Note receivables - OPA		38.7		36.6
IBNR receivables		34.4		30.7
Land held for development		36.0		27.2
Operating lease right-of-use assets		19.9		19.3
Pension asset		9.0		8.4
Marketable securities		3.3		3.5
Other		16.8		19.1
Total	$	200.0	$	181.6

At June 30, 2022 we reclassified $7.3 million in noncurrent restricted cash related to BWC’s loan with Western Alliance Bank to current restricted cash. Such restricted cash is held in escrow by Western Alliance Bank under the terms of BWC’s loan agreement (see Note 6).

Other Noncurrent Liabilities

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

Note 8 – Other noncurrent liabilities:


	December 31,		June 30,
	2021		2022

	(In millions)
Deferred income	$	81.6	$	56.7
Accrued development costs		55.4		53.5
Accrued litigation settlement		38.5		38.9
Insurance claims and expenses		36.4		32.2
Operating lease liabilities		15.8		15.5
Other postretirement benefits		10.2		9.9
Employee benefits		6.1		5.4
Reserve for uncertain tax positions		3.5		4.9
Other		10.0		6.5
Total	$	257.5	$	223.5

The accrued litigation settlement is discussed in Note 15.

Revenue - Disaggregation of Sales

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Revenue - Disaggregation of Sales

Note 9 – Revenue – disaggregation of sales:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Net sales - point of origin:
United States	$	236.0	$	323.7	$	489.9	$	650.1
Germany		238.8		272.0		470.0		548.5
Canada		103.0		111.6		200.2		208.0
Belgium		75.9		87.5		142.4		180.3
Norway		64.1		68.0		135.1		146.4
Eliminations		(239.2)		(297.5)		(494.0)		(605.1)
Total	$	478.6	$	565.3	$	943.6	$	1,128.2

Net sales - point of destination:
Europe	$	236.8	$	264.6	$	464.1	$	534.1
North America		157.3		196.0		302.6		375.9
Other		84.5		104.7		176.9		218.2
Total	$	478.6	$	565.3	$	943.6	$	1,128.2

The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Component Products:
Net sales:
Security products	$	27.6	$	28.8	$	53.5	$	58.4
Marine components		8.7		12.8		18.7		25.3
Total	$	36.3	$	41.6	$	72.2	$	83.7
Real Estate Management and Development:
Net sales:
Land sales	$	8.5	$	25.9	$	15.1	$	48.1
Water delivery		1.5		1.4		2.5		2.9
Utility and other		.4		.4		.9		.7
Total	$	10.4	$	27.7	$	18.5	$	51.7

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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-Publisher FASB
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues and other income:
Net sales	$ 634.6	$ 525.3	$ 1,263.6	$ 1,034.3
Other income, net	15.0	7.8	15.0	14.8
Total revenues and other income	649.6	533.1	1,278.6	1,049.1
Cost and expenses:
Cost of sales	487.9	400.7	946.2	800.4
Selling, general and administrative	79.0	78.5	156.2	149.4
Fixed asset impairment	16.0		16.0
Other components of net periodic pension and OPEB expense	3.3	4.6	6.6	8.9
Interest	7.0	8.7	13.9	17.3
Total costs and expenses	593.2	492.5	1,138.9	976.0
Income before income taxes	56.4	40.6	139.7	73.1
Income tax expense	14.0	10.3	33.9	18.3
Net income	42.4	30.3	105.8	54.8
Noncontrolling interest in net income of subsidiaries	14.4	8.9	32.4	18.6
Net income attributable to Valhi stockholders	$ 28.0	$ 21.4	$ 73.4	$ 36.2
Amounts attributable to Valhi stockholders:
Net income per basic share	$ 0.98	$ 0.75	$ 2.57	$ 1.27
Net income per diluted share	$ 0.98	$ 0.75	$ 2.57	$ 1.27
Weighted average shares outstanding - basic	28.5	28.5	28.5	28.5
Weighted average shares outstanding - diluted	28.5	28.5	28.5	28.5

Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Financial Instruments not Carried at Fair Value

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

December 31, 2021

June 30, 2022

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

792.9

733.2

Long-term debt (excluding capitalized leases):

Kronos Senior Notes

448.8

460.2

415.1

372.6

Valhi credit facility with Contran

172.9

153.4

BWC bank note payable

15.4

15.9

14.3

14.8

LandWell bank note payable

13.5

13.2

Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Net Assets of Subsidiaries (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	$ 335.2	$ 328.9
Kronos Worldwide, Inc.
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	230.0	226.6
NL Industries
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	81.7	75.7
CompX International
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	22.9	22.5
BMI
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	3.5	8.3
LandWell
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	$ (2.9)	$ (4.2)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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+ Details

Income Taxes - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Decrease in unrecognized tax benefits due to the expiration of certain statutes of limitations	$ 3.5

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Note 14 – Stockholders’ equity:

Accumulated other comprehensive loss – Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below.


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Marketable securities:
Balance at beginning of period	$	1.8	$	1.7	$	1.8	$	1.7
Other comprehensive income:
Unrealized loss arising during the period		(.1)		—		(.1)		—
Balance at end of period	$	1.7	$	1.7	$	1.7	$	1.7
Currency translation:
Balance at beginning of period	$	(66.1)	$	(68.0)	$	(67.4)	$	(72.2)
Other comprehensive gain (loss) arising during the period		1.3		(24.1)		2.6		(19.9)
Balance at end of period	$	(64.8)	$	(92.1)	$	(64.8)	$	(92.1)
Defined benefit pension plans:
Balance at beginning of period	$	(151.6)	$	(119.1)	$	(154.1)	$	(120.9)
Other comprehensive loss:
Amortization of prior service cost and net losses included in net periodic pension cost		2.5		1.8		5.0		3.6
Balance at end of period	$	(149.1)	$	(117.3)	$	(149.1)	$	(117.3)
OPEB plans:
Balance at beginning of period	$	.1	$	—	$	.3	$	.1
Amortization of prior service credit and net losses included in net periodic OPEB cost		—		(.1)		(.2)		(.2)
Balance at end of period	$	.1	$	(.1)	$	.1	$	(.1)
Total accumulated other comprehensive loss:
Balance at beginning of period	$	(215.8)	$	(185.4)	$	(219.4)	$	(191.3)
Other comprehensive income (loss)		3.7		(22.4)		7.3		(16.5)
Balance at end of period	$	(212.1)	$	(207.8)	$	(212.1)	$	(207.8)

Other – During the first quarter of 2022, Kronos acquired 73,881 shares of its common stock in market transactions for an aggregate purchase price of $1.1 million. At June 30, 2022, approximately 1.5 million shares were available for repurchase under Kronos’ prior repurchase authorizations.

During the second quarter of 2022, CompX acquired 78,900 shares of its Class A common stock for an aggregate amount of approximately $1.7 million. Of these shares, 70,000 shares were purchased in a market transaction, and 8,900 shares were purchased from two affiliates in two separate private transactions that were approved in advance by CompX’s independent directors. During the first quarter of 2021, CompX purchased 50,000 shares of its Class A common stock in a market transaction for approximately $.8 million. At June 30, 2022, .5 million shares were available for purchase under CompX’s prior repurchase authorizations.

During the second quarter of 2022, NL purchased 2,000 shares of its common stock from Kronos for a nominal amount in a private transaction that was approved in advance by NL’s independent directors.

Fair Value Measurements and Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Reported Value Measurement [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash equivalents	$ 733.2	$ 792.9
Estimate of Fair Value Measurement [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash equivalents	733.2	792.9
Kronos Worldwide, Inc. \| 3.75% Senior Secured Notes due September 15, 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	415.1	448.8
Long term debt, fair value	372.6	460.2
VALHI, INC. \| Contran Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	153.4	172.9
Long term debt, fair value	153.4	172.9
BMI \| Bank note payable \| Meadows Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	14.3	15.4
Long term debt, fair value	14.8	15.9
LandWell \| Bank note payable
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	13.2	13.5
Long term debt, fair value	$ 13.2	$ 13.5

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022

	(In millions)
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Marketable securities:
Balance at beginning of period	$	1.8	$	1.7	$	1.8	$	1.7
Other comprehensive income:
Unrealized loss arising during the period		(.1)		—		(.1)		—
Balance at end of period	$	1.7	$	1.7	$	1.7	$	1.7
Currency translation:
Balance at beginning of period	$	(66.1)	$	(68.0)	$	(67.4)	$	(72.2)
Other comprehensive gain (loss) arising during the period		1.3		(24.1)		2.6		(19.9)
Balance at end of period	$	(64.8)	$	(92.1)	$	(64.8)	$	(92.1)
Defined benefit pension plans:
Balance at beginning of period	$	(151.6)	$	(119.1)	$	(154.1)	$	(120.9)
Other comprehensive loss:
Amortization of prior service cost and net losses included in net periodic pension cost		2.5		1.8		5.0		3.6
Balance at end of period	$	(149.1)	$	(117.3)	$	(149.1)	$	(117.3)
OPEB plans:
Balance at beginning of period	$	.1	$	—	$	.3	$	.1
Amortization of prior service credit and net losses included in net periodic OPEB cost		—		(.1)		(.2)		(.2)
Balance at end of period	$	.1	$	(.1)	$	.1	$	(.1)
Total accumulated other comprehensive loss:
Balance at beginning of period	$	(215.8)	$	(185.4)	$	(219.4)	$	(191.3)
Other comprehensive income (loss)		3.7		(22.4)		7.3		(16.5)
Balance at end of period	$	(212.1)	$	(207.8)	$	(212.1)	$	(207.8)

Stockholders' Equity - Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period			$ 829.5
Balance at end of period	$ 882.7		882.7
Marketable Securities
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	1.7	$ 1.8	1.7	$ 1.8
Other comprehensive income (loss)		(0.1)		(0.1)
Balance at end of period	1.7	1.7	1.7	1.7
Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(68.0)	(66.1)	(72.2)	(67.4)
Other comprehensive income (loss)	(24.1)	1.3	(19.9)	2.6
Balance at end of period	(92.1)	(64.8)	(92.1)	(64.8)
Accumulated Defined Benefit Plans Adjustment \| Defined Benefit Pension Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(119.1)	(151.6)	(120.9)	(154.1)
Other comprehensive income (loss)	1.8	2.5	3.6	5.0
Balance at end of period	(117.3)	(149.1)	(117.3)	(149.1)
Accumulated Defined Benefit Plans Adjustment \| OPEB
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period		0.1	0.1	0.3
Other comprehensive income (loss)	(0.1)		(0.2)	(0.2)
Balance at end of period	(0.1)	0.1	(0.1)	0.1
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(185.4)	(215.8)	(191.3)	(219.4)
Other comprehensive income (loss)	(22.4)	3.7	(16.5)	7.3
Balance at end of period	$ (207.8)	$ (212.1)	$ (207.8)	$ (212.1)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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