0001558370-24-011605 | 10-Q | XBRL Viewer

Business segment information

6 Months Ended

Jun. 30, 2024

Note 2 – Business segment information:


		% controlled at
Business segment	Entity	June 30, 2024
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,
	2023		2024		2023		2024

	(In millions)
Net sales:
Chemicals	$	443.2	$	500.5	$	869.5	$	979.3
Component products		36.6		35.9		77.8		73.9
Real estate management and development		27.3		23.3		52.5		37.1
Total net sales	$	507.1	$	559.7	$	999.8	$	1,090.3
Cost of sales:
Chemicals	$	399.4	$	400.7	$	795.2	$	808.6
Component products		26.3		24.8		54.8		53.1
Real estate management and development		15.9		12.9		30.2		21.0
Total cost of sales	$	441.6	$	438.4	$	880.2	$	882.7
Gross margin:
Chemicals	$	43.8	$	99.8	$	74.3	$	170.7
Component products		10.3		11.1		23.0		20.8
Real estate management and development		11.4		10.4		22.3		16.1
Total gross margin	$	65.5	$	121.3	$	119.6	$	207.6
Operating income (loss):
Chemicals	$	(2.6)	$	40.5	$	(17.7)	$	63.3
Component products		4.4		5.1		11.4		8.8
Real estate management and development		10.2		9.2		20.8		14.2
Total operating income		12.0		54.8		14.5		86.3
General corporate items:
Interest income and other		4.7		5.5		9.6		11.2
Gain on land sales		1.5		—		1.5		—
Other components of net periodic pension and OPEB expense		(7.5)		(.6)		(8.7)		(1.2)
Changes in market value of Valhi common stock held by subsidiaries		(1.1)		.1		(2.2)		.6
General expenses, net		(9.5)		(10.3)		(17.4)		(18.1)
Interest expense		(7.2)		(11.9)		(14.2)		(23.2)
Income (loss) before income taxes	$	(7.1)	$	37.6	$	(16.9)	$	55.6

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. Included in the determination of Chemicals operating loss is a business interruption insurance settlement gain of $.5 million and $2.2 million recognized in the second quarter and first six months of 2023, respectively. See Note 12.

- 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.

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+ Details

Defined benefit pension plans

6 Months Ended

Jun. 30, 2024

Defined benefit pension plans

Defined benefit pension plans

Note 11 – 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,
	2023		2024		2023		2024

	(In millions)
Service cost	$	1.5	$	1.6	$	3.1	$	3.3
Interest cost		5.5		5.2		11.1		10.6
Expected return on plan assets		(5.2)		(5.6)		(10.4)		(11.2)
Recognized net actuarial losses		1.0		1.0		1.9		1.9
Settlements		6.2		—		6.2		—
Total	$	9.0	$	2.2	$	11.9	$	4.6

In the second quarter of 2023, we completed a termination and buy-out of our United Kingdom pension plan resulting in a $6.2 million settlement loss. We expect to contribute the equivalent of approximately $18 million to all of our defined benefit pension plans during 2024.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Long-term debt - Kronos 3.75 Senior Secured Notes - Additional Information (Detail) € in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Feb. 12, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Carrying value of notes	$ 498.2			$ 546.5
Kronos Worldwide, Inc. \| 3.75% Senior Secured Notes due September 15, 2025 \| Kronos International, Inc
Debt Instrument [Line Items]
Debt instrument interest rate	3.75%	3.75%	3.75%	3.75%
Aggregate principal amount outstanding \| €		€ 75
Carrying value of notes	$ 80.2			$ 440.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Noncontrolling interest in subsidiaries (Tables)

6 Months Ended

Jun. 30, 2024

Noncontrolling interest in subsidiaries

Noncontrolling Interest in Net Assets of Subsidiaries


	December 31,		June 30,
	2023		2024

	(In millions)
Noncontrolling interest in net assets:
Kronos Worldwide	$	209.0	$	202.4
NL Industries		76.9		77.5
CompX International		22.0		22.1
BMI		11.0		13.7
LandWell		6.8		8.7
Total	$	325.7	$	324.4

Schedule of Noncontrolling interest in net income (loss) of subsidiaries


	Six months ended June 30,
	2023		2024

	(In millions)
Noncontrolling interest in net income (loss) of subsidiaries:
Kronos Worldwide	$	(4.5)	$	5.1
NL Industries		(1.7)		2.5
CompX International		1.3		1.1
BMI		3.5		2.7
LandWell		5.5		4.2
Total	$	4.1	$	15.6

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 373.1	$ 407.0
Restricted cash equivalents	21.9	22.6
Marketable securities	13.8	56.1
Accounts and other receivables, net	397.6	340.4
Inventories, net	475.4	596.1
Prepaid expenses and other	42.0	53.2
Total current assets	1,323.8	1,475.4
Other assets:
Marketable securities	5.3	4.8
Investment in TiO2 manufacturing joint venture	101.2	111.0
Goodwill	379.7	379.7
Deferred income taxes	66.5	67.0
Other assets	180.9	181.8
Total other assets	733.6	744.3
Property and equipment:
Land	43.6	45.1
Buildings	261.5	271.2
Equipment	1,139.8	1,179.4
Mining properties	83.6	89.2
Construction in progress	23.1	23.6
Gross property and equipment	1,551.6	1,608.5
Less accumulated depreciation and amortization	1,075.6	1,091.2
Net property and equipment	476.0	517.3
Total assets	2,533.4	2,737.0
Current liabilities:
Current maturities of long-term debt	0.8	0.7
Accounts payable and accrued liabilities	367.7	490.7
Income taxes	10.3	15.7
Total current liabilities	378.8	507.1
Noncurrent liabilities:
Long-term debt	497.4	545.8
Deferred income taxes	13.0	17.1
Accrued pension costs	141.4	151.6
Accrued environmental remediation and related costs	93.1	93.2
Other liabilities	122.7	127.5
Total noncurrent liabilities	867.6	953.7
Equity:
Preferred stock	0.0	0.0
Common stock	0.3	0.3
Additional paid-in capital	669.9	669.5
Retained earnings	499.0	475.8
Accumulated other comprehensive loss	(157.0)	(145.5)
Treasury stock, at cost	(49.6)	(49.6)
Total Valhi stockholders' equity	962.6	950.5
Noncontrolling interest in subsidiaries	324.4	325.7
Total equity	1,287.0	1,276.2
Total liabilities and equity	2,533.4	2,737.0
Commitments and contingencies (Notes 13 and 16)
Related Party
Noncurrent liabilities:
Payable to affiliate - income taxes		$ 18.5

Commitments and contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 USD ($) case site	Dec. 31, 2023 USD ($)
Commitments And Contingent Liabilities [Line Items]
Litigation settlement	$ 11,900,000	$ 11,800,000
Litigation settlement net present value	16,300,000	16,100,000
Accrual for reasonably estimable environmental remediation and related matters	97,000,000.0	$ 96,900,000
Other Environmental Cleanup Matters
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	5,000,000
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	$ 92,000,000
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	$ 119,000,000
Lead Pigment Litigation \| NL
Commitments And Contingent Liabilities [Line Items]
Period by which loss contingency claims settled and dismissed	30 years
Lead Pigment Litigation \| NL \| Minimum
Commitments And Contingent Liabilities [Line Items]
Number of cases settled and dismissed and found not liable \| case	100
C A Lead Paint Litigation \| NL
Commitments And Contingent Liabilities [Line Items]
Number of annual installment payments	2
Remaining litigation settlement charge due in fifth installment	$ 12,000,000.0
Remaining litigation settlement charge due in sixth installment	$ 16,700,000

Other noncurrent liabilities - Other noncurrent liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other noncurrent liabilities
Accrued development costs	$ 41.4	$ 42.3
Operating lease liabilities	$ 18.1	$ 18.6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total	Total
Accrued litigation settlement	$ 16.3	$ 16.1
Insurance claims and expenses	15.0	14.9
Deferred income	12.2	15.5
Other postretirement benefits	7.1	7.4
Employee benefits	4.6	4.9
Other	8.0	7.8
Total	$ 122.7	$ 127.5

Income taxes

6 Months Ended

Jun. 30, 2024

Income taxes

Income taxes

Note 13 – Income taxes:


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024

	(In millions)
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 21%	$	(1.4)	$	7.9	$	(3.5)	$	11.7
Non-U.S. tax rates		(2.4)		(.1)		(2.4)		(.1)
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. tax group companies		(5.5)		(3.5)		(5.1)		(4.3)
Valuation allowance		—		1.7		—		2.5
Global intangible low-tax income, net		1.6		1.1		.1		1.4
Adjustment to the reserve for uncertain tax positions, net		.7		.1		(.7)		.2
Adjustment of prior year taxes, net		—		—		(.4)		—
Nondeductible expenses		1.0		.4		.5		.6
U.S. state income taxes and other, net		(.8)		.3		(.5)		.3
Income tax expense (benefit)	$	(6.8)	$	7.9	$	(12.0)	$	12.3

Comprehensive provision (benefit) for income taxes allocable to:
Net income (loss)	$	(6.8)	$	7.9	$	(12.0)	$	12.3
Other comprehensive income (loss):
Currency translation		(.6)		.2		(1.4)		(2.1)
Pension plans		.8		.3		1.1		.6
Other		(.1)		(.1)		(.3)		(.2)
Total	$	(6.7)	$	8.3	$	(12.6)	$	10.6

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 (losses) 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.

During the first six months of 2023, we recognized a non-cash deferred income tax benefit of $1.0 million relating to a decrease in our unrecognized tax benefits due to the expiration of certain statutes of limitations.

See Note 1 for additional information related to the revision impacting income taxes. 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 not change materially during the next twelve months.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure Income Taxes Components Of Comprehensive Provision For Income Taxes Allocation [Abstract]
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 21%	$ 7.9	$ (1.4)	$ 11.7	$ (3.5)
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%
Non-U.S. tax rates	$ (0.1)	$ (2.4)	$ (0.1)	$ (2.4)
Incremental net tax (benefit) on earnings and losses of U.S. and non-U.S. tax group companies	(3.5)	(5.5)	(4.3)	(5.1)
Valuation allowance	1.7		2.5
Global intangible low-tax income, net	1.1	1.6	1.4	0.1
Adjustment to the reserve for uncertain tax positions, net	0.1	0.7	0.2	(0.7)
Adjustment of prior year taxes, net				(0.4)
Nondeductible expenses	0.4	1.0	0.6	0.5
U.S. state income taxes and other, net	0.3	(0.8)	0.3	(0.5)
Income tax expense (benefit)	7.9	(6.8)	12.3	(12.0)
Comprehensive provision (benefit) for income taxes allocable to:
Net income (loss)	7.9	(6.8)	12.3	(12.0)
Other comprehensive income (loss):
Currency translation	0.2	(0.6)	(2.1)	(1.4)
Defined benefit plans	0.3	0.8	0.6	1.1
Other	(0.1)	(0.1)	(0.2)	(0.3)
Total	$ 8.3	$ (6.7)	$ 10.6	$ (12.6)

Accounts and other receivables, net

6 Months Ended

Jun. 30, 2024

Accounts and other receivables, net

Accounts and other receivables, net

Note 3 – Accounts and other receivables, net:


	December 31,		June 30,
	2023		2024

	(In millions)
Trade accounts receivable:
Kronos	$	273.6	$	355.7
CompX		17.1		15.5
BMI/LandWell		1.2		.5
VAT and other receivables		33.4		26.3
Refundable income taxes		1.8		2.5
Receivables from affiliates:
Louisiana Pigment Company, L.P. (LPC)		16.9		—
Contran - trade items		.2		.2
Other		.4		.5
Allowance for doubtful accounts		(4.2)		(3.6)
Total	$	340.4	$	397.6

Stockholders' equity

6 Months Ended

Jun. 30, 2024

Stockholders' equity

Stockholders' equity

Note 15 – 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,
	2023		2024		2023		2024

	(In millions)
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Marketable securities:
Balance at beginning of period	$	1.6	$	1.7	$	1.6	$	1.7
Other comprehensive income:
Unrealized loss arising during the period		(.1)		—		(.1)		—
Balance at end of period	$	1.5	$	1.7	$	1.5	$	1.7

Currency translation:
Balance at beginning of period	$	(96.0)	$	(102.4)	$	(91.5)	$	(88.8)
Other comprehensive income (loss) arising during the period		(3.6)		1.2		(8.1)		(12.4)
Balance at end of period	$	(99.6)	$	(101.2)	$	(99.6)	$	(101.2)

Defined benefit pension plans:
Balance at beginning of period	$	(54.4)	$	(58.3)	$	(55.0)	$	(58.8)
Other comprehensive income:
Amortization of prior service cost and net losses included in net periodic pension cost		.6		.5		1.2		1.0
Plan settlement		4.0		—		4.0		—
Balance at end of period	$	(49.8)	$	(57.8)	$	(49.8)	$	(57.8)

OPEB plans:
Balance at beginning of period	$	.8	$	.4	$	1.0	$	.4
Other comprehensive income:
Amortization of prior service credit and net losses included in net periodic OPEB cost		(.1)		(.1)		(.3)		(.1)
Balance at end of period	$	.7	$	.3	$	.7	$	.3

Total accumulated other comprehensive loss:
Balance at beginning of period	$	(148.0)	$	(158.6)	$	(143.9)	$	(145.5)
Other comprehensive income (loss)		.8		1.6		(3.3)		(11.5)
Balance at end of period	$	(147.2)	$	(157.0)	$	(147.2)	$	(157.0)

Other – During the first six months of 2023, Kronos acquired 313,814 shares of its common stock in market transactions for an aggregate purchase price of $2.8 million. At June 30, 2024, approximately 1.0 million shares were available for repurchase under Kronos’ stock repurchase program.

Other income, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other income, net.
Insurance recoveries		$ 0.2	$ 2.2
Pre-tax gain on sale of land	$ 1.5	0.0	1.5
Net proceeds	$ 1.8	$ 0.0	$ 1.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 43.3	$ (4.9)
Depreciation and amortization	32.4	27.3
Loss on pension plan termination	0.0	6.2
Benefit plan expense less than cash funding	(4.4)	(4.2)
Deferred income taxes	(4.0)	(24.6)
Distributions from (contributions to) TiO2 manufacturing joint venture, net	9.8	(8.3)
Gain from sale of land	0.0	(1.5)
Other, net	4.3	4.3
Change in assets and liabilities:
Accounts and other receivables, net	(79.3)	(58.1)
Inventories, net	103.4	68.6
Land held for development, net	1.5	(8.6)
Accounts payable and accrued liabilities	(130.1)	(84.0)
Income taxes	(5.5)	0.5
Accounts with affiliates	(0.3)	(15.2)
Other, net	13.6	7.4
Net cash used in operating activities	(15.3)	(95.1)
Cash flows from investing activities:
Capital expenditures	(8.8)	(34.4)
Purchases of marketable securities	(1.0)	(51.5)
Proceeds from disposal of marketable securities	43.8	27.4
Proceeds from land sales	0.0	1.8
Net cash provided by (used in) investing activities	34.0	(56.7)
Cash flows from financing activities:
Kronos term loan from Contran	53.7	0.0
Principal payments on indebtedness	(83.7)	(16.6)
Deferred financing fees	(5.8)	0.0
Valhi cash dividends paid	(4.5)	(4.5)
Distributions to noncontrolling interest in subsidiaries	(12.9)	(12.7)
Subsidiary treasury stock acquired	0.0	(2.9)
Net cash used in financing activities	(53.2)	(36.7)
Cash, cash equivalents and restricted cash and cash equivalents - net change from:
Operating, investing and financing activities	(34.5)	(188.5)
Effect of exchange rates on cash	(0.2)	(0.9)
Balance at beginning of period	462.0	562.0
Balance at end of period	427.3	372.6
Cash paid for:
Interest, net of amounts capitalized	11.4	13.3
Income taxes, net	35.7	22.7
Noncash investing activities:
Change in accruals for capital expenditures	$ 0.5	$ 2.4

Long-term debt (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Long-term debt
Total debt	$ 498.2	$ 546.5
Less current maturities	0.8	0.7
Total long-term debt	497.4	545.8
VALHI, INC. \| Contran Credit Facility
Long-term debt
Total debt	62.6	93.4
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc
Long-term debt
Total debt	289.8
Kronos Worldwide, Inc. \| 3.75% Senior Secured Notes due September 15, 2025 \| Kronos International, Inc
Long-term debt
Total debt	80.2	440.9
Kronos Worldwide, Inc. \| Subordinated, unsecured term loan from Contran \| Contran
Long-term debt
Total debt	53.7
LandWell \| Unsecured Debt \| Western Alliance Bank
Long-term debt
Total debt	11.9	12.2
Subsidiary
Long-term debt
Total debt	$ 435.6	$ 453.1

Marketable securities

6 Months Ended

Jun. 30, 2024

Marketable securities

Marketable securities

Note 5 – Marketable securities:


			Cost or
			amortized		Unrealized
	Market value		cost		loss, net

	(In millions)
December 31, 2023:
Current assets	$	56.1	$	56.1	$	—

Noncurrent assets	$	4.8	$	5.0	$	(.2)

June 30, 2024:
Current assets	$	13.8	$	13.8	$	—

Noncurrent assets	$	5.3	$	5.3	$	—

Our marketable securities consist of investments in marketable equity and debt securities. We classify all of our marketable securities as available-for-sale. Our marketable equity securities are carried at fair value using quoted market prices, primarily Level 1 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures, with any unrealized gains or losses on the securities recognized in other income, net on our Condensed Consolidated Statements of Operations. Our current marketable securities are primarily debt securities invested in U.S. government treasuries. The fair value of our marketable debt securities is generally determined using Level 2 inputs because although these securities are traded in many cases, the market is not active and the quarter-end valuation is generally based on the last trade of the quarter, which may be several days prior to quarter end. We accumulate unrealized gains and losses on marketable debt securities as part of accumulated other comprehensive income (loss), net of related deferred income taxes.

Fair value measurements and financial instruments - Additional Information (Detail) - Kronos Worldwide, Inc. - Kronos International, Inc - EUR (€)	Jun. 30, 2024	Feb. 12, 2024	Dec. 31, 2023
9.50% Senior Secured Notes due March 15, 2029
Financial Instrument At Fair Value [Line Items]
Interest rate	9.50%	9.50%	9.50%
Estimated market price of the notes	€ 1,087
Principal amount of debt instrument	€ 1,000
3.75% Senior Secured Notes due September 15, 2025
Financial Instrument At Fair Value [Line Items]
Interest rate	3.75%	3.75%	3.75%
Estimated market price of the notes	€ 989
Principal amount of debt instrument	€ 1,000

Accounts payable and accrued liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts payable:
Accounts payable	$ 139.2	$ 228.5
Current accrued liabilities:
Deferred income	50.4	88.8
Employee benefits	34.5	36.2
Accrued development costs	17.2	15.1
Accrued litigation settlement	11.9	11.8
Accrued sales discounts and rebates	18.1	22.5
Interest	11.9	5.1
Operating lease liabilities	$ 3.7	$ 3.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Environmental remediation and related costs	$ 3.9	$ 3.7
Other	43.7	45.0
Total	367.7	490.7
Kronos Worldwide, Inc.
Accounts payable:
Accounts payable	129.9	218.7
CompX
Accounts payable:
Accounts payable	3.8	3.1
BMI/LandWell
Accounts payable:
Accounts payable	5.5	6.7
Contran \| Income Taxes Payable
Current accrued liabilities:
Other	14.8	10.2
Louisiana Pigment Company
Current accrued liabilities:
Other	$ 18.4	$ 19.9

Business segment information - Segment Operating Performance (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business segment information [Line Items]
Net sales	$ 559.7	$ 507.1	$ 1,090.3	$ 999.8
Cost of sales	438.4	441.6	882.7	880.2
Gross margin	121.3	65.5	207.6	119.6
Operating income	54.8	12.0	86.3	14.5
Interest income and other	5.5	4.7	11.2	9.6
Gain on land sales		1.5	0.0	1.5
Other components of net periodic pension and OPEB expense	(0.6)	(7.5)	(1.2)	(8.7)
Changes in market value of Valhi common stock held by subsidiaries	0.1	(1.1)	0.6	(2.2)
General expenses, net	(10.3)	(9.5)	(18.1)	(17.4)
Interest expense	(11.9)	(7.2)	(23.2)	(14.2)
Income (loss) before income taxes	37.6	(7.1)	55.6	(16.9)
Insurance recoveries			0.2	2.2
Chemicals
Business segment information [Line Items]
Net sales	500.5	443.2	979.3	869.5
Cost of sales	400.7	399.4	808.6	795.2
Gross margin	99.8	43.8	170.7	74.3
Operating income	40.5	(2.6)	63.3	(17.7)
Insurance recoveries		0.5		2.2
Component products
Business segment information [Line Items]
Net sales	35.9	36.6	73.9	77.8
Cost of sales	24.8	26.3	53.1	54.8
Gross margin	11.1	10.3	20.8	23.0
Operating income	5.1	4.4	8.8	11.4
Real estate management and development
Business segment information [Line Items]
Net sales	23.3	27.3	37.1	52.5
Cost of sales	12.9	15.9	21.0	30.2
Gross margin	10.4	11.4	16.1	22.3
Operating income	$ 9.2	$ 10.2	$ 14.2	$ 20.8

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue - disaggregation of sales [Line Items]
Net sales	$ 559.7	$ 507.1	$ 1,090.3	$ 999.8
Chemicals
Revenue - disaggregation of sales [Line Items]
Net sales	500.5	443.2	979.3	869.5
Point of Origin \| Chemicals
Revenue - disaggregation of sales [Line Items]
Net sales	500.5	443.2	979.3	869.5
Point of Origin \| Chemicals \| Eliminations
Revenue - disaggregation of sales [Line Items]
Net sales	(231.7)	(188.5)	(435.9)	(435.6)
Point of Origin \| Chemicals \| Operating Segment \| United States
Revenue - disaggregation of sales [Line Items]
Net sales	279.7	233.4	520.6	489.2
Point of Origin \| Chemicals \| Operating Segment \| Germany
Revenue - disaggregation of sales [Line Items]
Net sales	216.2	193.6	428.4	379.6
Point of Origin \| Chemicals \| Operating Segment \| Canada
Revenue - disaggregation of sales [Line Items]
Net sales	97.6	83.9	186.9	174.8
Point of Origin \| Chemicals \| Operating Segment \| Norway
Revenue - disaggregation of sales [Line Items]
Net sales	77.7	75.3	148.7	147.2
Point of Origin \| Chemicals \| Operating Segment \| Belgium
Revenue - disaggregation of sales [Line Items]
Net sales	61.0	45.5	130.6	114.3
Point of Destination \| Chemicals
Revenue - disaggregation of sales [Line Items]
Net sales	500.5	443.2	979.3	869.5
Point of Destination \| Chemicals \| Operating Segment \| Europe
Revenue - disaggregation of sales [Line Items]
Net sales	222.6	199.0	437.5	400.1
Point of Destination \| Chemicals \| Operating Segment \| North America
Revenue - disaggregation of sales [Line Items]
Net sales	182.5	153.0	348.5	301.6
Point of Destination \| Chemicals \| Operating Segment \| Other
Revenue - disaggregation of sales [Line Items]
Net sales	$ 95.4	$ 91.2	$ 193.3	$ 167.8

Long-term debt

6 Months Ended

Jun. 30, 2024

Long-term debt

Long-term debt

Note 7 – Long-term debt:


	December 31,		June 30,
	2023		2024

	(In millions)
Valhi:
Contran credit facility	$	93.4	$	62.6
Subsidiary debt:
Kronos:
Kronos International, Inc. 9.50% Senior Secured Notes due 2029		—		289.8
Kronos International, Inc. 3.75% Senior Secured Notes due 2025		440.9		80.2
Subordinated, Unsecured Term Loan from Contran		—		53.7
LandWell:
Note payable to Western Alliance Business Trust		12.2		11.9
Total subsidiary debt		453.1		435.6
Total debt		546.5		498.2
Less current maturities		.7		.8
Total long-term debt	$	545.8	$	497.4

Valhi – Contran credit facility – During the first six months of 2024, we had no borrowings and repaid $30.8 million under this facility. The average interest rate on the credit facility for the six months ended June 30, 2024 was 9.50%. At June 30, 2024, the interest rate was 9.50% and $87.4 million was available for borrowing under this facility.

Kronos – 9.50% Senior Secured Notes due 2029 – On February 12, 2024, for certain eligible holders of existing 3.75% Senior Secured Notes due 2025 (the “Old Notes”) of Kronos’ wholly-owned subsidiary Kronos International, Inc. (KII), KII executed an exchange of €325 million principal amount of the outstanding Old Notes for newly issued €276.174 million aggregate outstanding 9.50% Senior Secured Notes due March 2029 (the “New Notes” and together with the Old Notes and the Additional New Notes (as defined below), the “Senior Secured Notes”) plus additional cash consideration of €48.75 million ($52.6 million). Holders of the Old Notes received for each €1,000 principal amount of Old Notes exchanged, €850 in principal amount of New Notes, plus a cash payment in an amount equal to €150. Following the exchange, Old Notes totaling €75 million principal amount that were not exchanged continue to remain outstanding. In connection with the exchange, the indenture governing the Old Notes was amended to conform to the restrictive covenants in the indenture governing the New Notes and to make other conforming changes. KII did not receive any cash proceeds from the issuance and delivery of the New Notes in connection with the exchange. Kronos also entered into a $53.7 million unsecured term loan from Contran Corporation (described below) in connection with the exchange.

The New Notes and the Additional New Notes (as defined below):

●

bear interest at 9.50% per annum, payable semi-annually on March 15 and September 15 of each year, payments begin on September 15, 2024;

●

have a maturity date of March 15, 2029. Prior to March 15, 2026, Kronos may redeem some or all of the New Notes at a price equal to 100% of the principal amount thereof, plus an applicable premium as of the date of the redemption as described in the indenture governing its New Notes plus accrued and unpaid interest. On or after March 15, 2026, Kronos may redeem the New Notes at redemption prices ranging from 104.750% of the principal amount, declining to 100% on or after March 15, 2028, plus accrued and unpaid interest. In addition, on or before March 15, 2026, Kronos may redeem up to 40% of the New Notes with the net proceeds of certain public or private equity offerings at 109.50% of the principal amount, plus accrued and unpaid interest, provided that following the redemption at least 50% of the New Notes remain outstanding. If Kronos or Kronos’ subsidiaries experience certain change of control events, as outlined in the indenture governing its New Notes, Kronos would be required to make an offer to purchase the New Notes at 101% of the principal amount thereof, plus accrued and unpaid interest. Kronos would also be required to make an offer to purchase a specified portion of the New Notes at par value, plus accrued and unpaid interest, in the event that Kronos and its subsidiaries generate a certain amount of net proceeds from the sale of assets outside the ordinary course of business, and such net proceeds are not otherwise used for specified purposes within a specified time period as described in the indenture governing Kronos’ New Notes;

●

are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Kronos Worldwide, Inc. and each of its direct and indirect domestic, wholly-owned subsidiaries;

●

are collateralized by a first priority lien on (i) 100% of the common stock or other ownership interests of each existing and future direct domestic subsidiary of KII and the guarantors, and (ii) 65% of the voting common stock or other ownership interests and 100% of the non-voting common stock or other ownership interests of each non-U.S. subsidiary that is directly owned by KII or any guarantor;

●

contain a number of covenants and restrictions which, among other things, restrict Kronos’ ability to incur or guarantee additional debt, incur liens, pay dividends or make other restricted payments, or merge or consolidate with, or sell or transfer substantially all of its assets to, another entity, and contain other provisions and restrictive covenants customary in lending transactions of this type (however, there are no ongoing financial maintenance covenants); and

●

contain customary default provisions, including a default under any of Kronos’ other indebtedness in excess of $50.0 million.

At June 30, 2024, the carrying value of the New Notes (€276.174 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $5.5 million. As a result of the note exchange, in the first quarter of 2024 we recognized a non-cash pre-tax interest charge of $1.5 million included in interest expense related to the write-off of the deferred financing costs associated with the Old Notes. As of June 30, 2024, Kronos has capitalized $6.0 million in debt issuance costs associated with the New Notes.

On July 30, 2024, Kronos’ wholly-owned subsidiary, KII, issued an additional €75 million principal amount of 9.50% Senior Secured Notes due 2029 (the “Additional New Notes”). The Additional New Notes are additional notes to the existing €276.174 aggregate principal amount of New Notes issued on February 12, 2024. The Additional New Notes were issued at a premium of 107.50% of their principal amount, plus accrued interest from February 12, 2024, resulting in net proceeds of approximately $90 million, after fees and estimated expenses. The Additional New Notes will be fungible with the New Notes, will be treated as a single series with the

New Notes and will have the same terms as the New Notes, other than their date of issuance and issue price. The proceeds from the Additional New Notes were used to pay down borrowings under the Global Revolver.

Subordinated, Unsecured Term Loan from Contran – As part of the refinancing of a majority of Kronos’ Old Notes discussed above, Kronos borrowed $53.7 million (€50.0 million) from Contran through the issuance of an unsecured, subordinated term promissory note dated February 12, 2024 (the “Contran Term Loan”). The Contran Term Loan is guaranteed by Kronos’ domestic wholly-owned subsidiaries. Kronos’ obligations under the Contran Term Loan, and the obligations of the guarantors under the related guaranties, are unsecured and subordinated in right of payment to Kronos’ Senior Secured Notes and its $225 million global revolving credit facility (the “Global Revolver”). Interest on the Contran Term Loan is payable in cash. At June 30, 2024, the interest rate was 11.5%. The additional interest rate spread of 2% over the interest rate on the New Notes was based upon comparable debt transactions at the time of issuance. Subsequent to the issuance of the Additional New Notes, in August 2024, the Contran Term Loan was amended to change the interest rate from 11.5% to 9.54%. The amended rate reflects the effective interest rate of the Additional New Notes plus an additional interest rate spread of 2% which is based upon comparable debt transactions at the time of the issuance of the Additional New Notes. The Contran Term Loan matures on demand (but no earlier than September 2029), is not subject to any amortization payments and is prepayable at par beginning in March 2026. The restrictive covenants in the Contran Term Loan are substantially similar to those contained in the indenture governing Kronos’ Senior Secured Notes. In accordance with Kronos’ related party transaction policy, the audit committee of its board of directors, comprised of the independent directors, approved the terms and conditions of the original and amended Contran Term Loan.

3.75% Senior Secured Notes due 2025 – At June 30, 2024, the carrying value of Kronos’ remaining Old Notes (€75 million aggregate principal amount outstanding) is $80.2 million. In connection with the issuance of the New Notes in February 2024, the indenture governing the Old Notes was amended to conform to the restrictive covenants in the indenture governing the New Notes and to make other conforming changes.

Revolving credit facility – During the first six months of 2024, Kronos had no borrowings or repayments under its $225 million Global Revolver and at June 30, 2024, the full $225 million was available for borrowing. Effective July 17, 2024, Kronos completed an amendment to its Global Revolver (the “Second Amendment”). Among other things, the Second Amendment increases the maximum borrowing amount from $225 million to $300 million, extends the maturity date to July 2029 and expands the agreement to include LPC and LPC’s receivables and certain of its inventories in the borrowing base. See Note 19 to our Condensed Consolidated Financial Statements. Available borrowings are based on formula-determined amounts of eligible trade receivables and inventories, as defined in the agreement, less any outstanding letters of credit issued under the Global Revolver. Borrowings by Kronos’ Canadian, Belgian and German subsidiaries are limited to U.S. $35 million, €30 million and €60 million, respectively. Any amounts outstanding under the Global Revolver bear interest, at Kronos’ option, at the applicable non-base rate (SOFR, adjusted CORRA or EURIBOR, depending on the currency of the borrowing) plus a margin ranging from 1.5% to 2.0%, or at the applicable base rate, as defined in the agreement, plus a margin ranging from .5% to 2.0%. U.S. Dollar or Canadian Dollar non-base rate loans, as well as Euro non-base rate and Euro base rate loans are subject to a 0.25% floor, plus the applicable margin. The Global Revolver is collateralized by, among other things, a first priority lien on the borrowers’ trade receivables and inventories. The facility contains a number of covenants and restrictions customary in lending transactions of this type which, among other things, restrict the borrowers’ ability to incur additional debt, incur liens, pay additional dividends or merge or consolidate with, or sell or transfer all or substantially all of their assets to another entity and, under certain conditions, requires the maintenance of a fixed charge coverage ratio, as defined in the agreement, of at least 1.0 to 1.0.

Other – We are in compliance with all of our debt covenants at June 30, 2024.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-5467
Entity Registrant Name	VALHI, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0110150
Entity Address, Address Line One	5430 LBJ Freeway
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240-2620
City Area Code	972
Local Phone Number	233-1700
Title of 12(b) Security	Common stock
Trading Symbol	VHI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,294,793
Entity Central Index Key	0000059255
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Organization and basis of presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization and basis of presentation [Line Items]
Deferred income taxes	$ 13.0		$ 13.0		$ 17.1
Retained earnings	499.0		499.0		475.8
Income tax expense (benefit)	$ 7.9	$ (6.8)	$ 12.3	$ (12.0)
Basic net loss per share	$ 0.70	$ (0.11)	$ 0.97	$ (0.31)
Diluted net loss per share	$ 0.70	$ (0.11)	$ 0.97	$ (0.31)
Restatement adjustment
Organization and basis of presentation [Line Items]
Deferred income taxes					$ (14.7)
Retained earnings		$ 13.5		$ 13.5		$ 11.6	$ 12.5
Income tax expense (benefit)		$ 1.9		$ 1.0
Basic net loss per share		$ (0.07)		$ (0.04)
Diluted net loss per share		$ (0.07)		$ (0.04)
Contran \| Valhi Incorporation
Organization and basis of presentation [Line Items]
Parent company ownership interest	91.00%		91.00%

Marketable securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Marketable securities [Line Items]
Market value, current	$ 13.8	$ 56.1
Market value, noncurrent	5.3	4.8
Current Assets
Marketable securities [Line Items]
Market value, current	13.8	56.1
Cost or amortized cost	13.8	56.1
Unrealized loss, net	0.0	0.0
Non Current Assets
Marketable securities [Line Items]
Market value, noncurrent	5.3	4.8
Cost or amortized cost	5.3	5.0
Unrealized loss, net	$ 0.0	$ (0.2)

Noncontrolling interest in subsidiaries - Noncontrolling Interest in Net Assets of Subsidiaries (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	$ 324.4	$ 325.7
Kronos Worldwide, Inc.
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	202.4	209.0
NL Industries, Inc.
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	77.5	76.9
CompX International Inc.
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	22.1	22.0
BMI
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	13.7	11.0
LandWell
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	$ 8.7	$ 6.8

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

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, 2022	$ 0.3	$ 669.5	$ 494.8	$ (143.9)	$ (49.6)	$ 348.2	$ 1,319.3
Net income (loss)			(9.0)			4.1	(4.9)
Dividends paid to noncontrolling interest						(12.7)	(12.7)
Cash dividends			(4.5)				(4.5)
Other comprehensive income (loss), net				(3.3)		(1.8)	(5.1)
Equity transactions with noncontrolling interest, net and other						(2.2)	(2.2)
Balance at Jun. 30, 2023	0.3	669.5	481.3	(147.2)	(49.6)	335.6	1,289.9
Balance at Mar. 31, 2023	0.3	668.6	486.7	(148.0)	(49.6)	342.4	1,300.4
Net income (loss)			(3.2)			2.9	(0.3)
Dividends paid to noncontrolling interest						(7.5)	(7.5)
Cash dividends			(2.2)				(2.2)
Other comprehensive income (loss), net				0.8		(0.3)	0.5
Equity transactions with noncontrolling interest, net and other		0.9				(1.9)	(1.0)
Balance at Jun. 30, 2023	0.3	669.5	481.3	(147.2)	(49.6)	335.6	1,289.9
Balance at Dec. 31, 2023	0.3	669.5	475.8	(145.5)	(49.6)	325.7	1,276.2
Net income (loss)			27.7			15.6	43.3
Dividends paid to noncontrolling interest						(12.9)	(12.9)
Cash dividends			(4.5)				(4.5)
Other comprehensive income (loss), net				(11.5)		(4.0)	(15.5)
Equity transactions with noncontrolling interest, net and other		0.4					0.4
Balance at Jun. 30, 2024	0.3	669.9	499.0	(157.0)	(49.6)	324.4	1,287.0
Balance at Mar. 31, 2024	0.3	669.5	481.3	(158.6)	(49.6)	321.6	1,264.5
Net income (loss)			19.9			9.8	29.7
Dividends paid to noncontrolling interest						(7.6)	(7.6)
Cash dividends			(2.2)				(2.2)
Other comprehensive income (loss), net				1.6		0.6	2.2
Equity transactions with noncontrolling interest, net and other		0.4					0.4
Balance at Jun. 30, 2024	$ 0.3	$ 669.9	$ 499.0	$ (157.0)	$ (49.6)	$ 324.4	$ 1,287.0

- Definition

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

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Other income, net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income and other:
Interest and dividends			$ 11.0	$ 9.4
Securities transactions, net			0.2	0.2
Total			11.2	9.6
Gain on land sales				1.5
Currency transactions, net			2.0	8.5
Insurance recoveries			0.2	2.2
Other, net			2.5	1.8
Total	$ 3.7	$ 10.5	$ 15.9	$ 23.6

Acquisition of Remaining Joint Venture Interest in LPC

6 Months Ended

Jun. 30, 2024

Acquisition of Remaining Joint Venture Interest in LPC

Acquisition of Remaining Joint Venture Interest in LPC

Note 19 – Acquisition of Remaining Joint Venture Interest in LPC:

Effective July 16, 2024, Kronos acquired the 50% joint venture interest in LPC previously held by Venator Investments, Ltd. (“Venator”). Prior to the acquisition, LPC was operated as a joint venture between Kronos and Venator, and through a wholly-owned subsidiary, Kronos held a 50% joint venture interest in LPC. Following the acquisition, LPC is an indirect, wholly-owned subsidiary of Kronos. Kronos completed the acquisition in order to obtain full control of LPC and its TiO₂ production to better serve the North American TiO₂ marketplace. Kronos acquired the 50% joint venture interest that it did not already own for an upfront cash payment of $185 million (subject to working capital adjustments) and a potential earn-out payment of up to $15 million based on its aggregate consolidated net income before interest expense, income taxes and depreciation and amortization expense, or EBITDA, during a two-year period comprising calendar years 2025 and 2026. The aggregate EBITDA tiers for the two-year earn-out period are $650 million and $730 million, with $5 million of the earnout payable if Kronos achieves $650 million in aggregate consolidated EBITDA, and a maximum of $15 million payable if aggregate EBITDA is $730 million or greater for the period. If Kronos achieves aggregate consolidated EBITDA between $650 million and $730 million, the payment of the additional $10 million is pro-rated between the two targets. The earn-out is payable at the earliest in April 2027. The acquisition was financed through a borrowing of $132 million under Kronos’ Global Revolver and the remainder paid with cash on hand. The LPC acquisition will be accounted for as a business combination. We are in the process of determining the fair values of acquired assets and liabilities, including review of third-party valuations. Accordingly, we expect to include the preliminary purchase accounting allocation in our Condensed Consolidated Financial Statements contained in our third Quarterly Report on Form 10-Q.

Other income, net

6 Months Ended

Jun. 30, 2024

Other income, net

Other income, net

Note 12 – Other income, net:


	Six months ended
	June 30,
	2023		2024

	(In millions)
Interest income and other:
Interest and dividends	$	9.4	$	11.0
Securities transactions, net		.2		.2
Total		9.6		11.2
Gain on land sales		1.5		—
Currency transactions, net		8.5		2.0
Insurance recoveries		2.2		.2
Other, net		1.8		2.5
Total	$	23.6	$	15.9

Land sales – In the second quarter of 2023, we sold excess property not used in our operations for net proceeds of approximately $1.8 million and recognized a pre-tax gain of $1.5 million.

Insurance recoveries – Kronos recognized a gain of $2.2 million related to its Hurricane Laura business interruption claim in the first six months of 2023.

Accounts and other receivables, net (Tables)

6 Months Ended

Jun. 30, 2024

Accounts and other receivables, net

Components of Accounts and Other Receivables


	December 31,		June 30,
	2023		2024

	(In millions)
Trade accounts receivable:
Kronos	$	273.6	$	355.7
CompX		17.1		15.5
BMI/LandWell		1.2		.5
VAT and other receivables		33.4		26.3
Refundable income taxes		1.8		2.5
Receivables from affiliates:
Louisiana Pigment Company, L.P. (LPC)		16.9		—
Contran - trade items		.2		.2
Other		.4		.5
Allowance for doubtful accounts		(4.2)		(3.6)
Total	$	340.4	$	397.6

Income taxes - Changes in Uncertain Tax Positions (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Unrecognized tax benefits:
Deferred income tax expense benefit non cash	$ 1.0

Recent accounting pronouncements

6 Months Ended

Jun. 30, 2024

Recent accounting pronouncements

Recent accounting pronouncements

Note 20 – Recent accounting pronouncements:

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires public companies to disclose significant segment expenses and other segment items on an annual and interim basis. The ASU also mandates public companies to provide all annual segment disclosures currently required annually in interim periods. Public companies will also be required to disclose the title and position of the chief operating decision maker (CODM) and explain how the CODM uses the reported measure of segment profit or loss in assessing segment performance and allocation of resources. The ASU is effective for us beginning with our 2024 Annual Report, and for interim reporting, in the first quarter of 2025, with retrospective application required. We are in the process of evaluating the additional disclosure requirements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires additional annual disclosure and disaggregation for the rate reconciliation, income taxes paid and income tax expense by federal, state and foreign tax jurisdictions. In addition, the standard increases the disclosure requirements for items included in the rate reconciliation that meet a quantitative threshold. The ASU is effective for us beginning with our 2025 Annual Report. The ASU may be applied prospectively; however, entities have the option to apply it retrospectively. We are in the process of evaluating the additional disclosure requirements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue - disaggregation of sales (Tables)

6 Months Ended

Jun. 30, 2024

Revenue - disaggregation of sales

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,
	2023		2024		2023		2024

	(In millions)
Net sales - point of origin:
United States	$	233.4	$	279.7	$	489.2	$	520.6
Germany		193.6		216.2		379.6		428.4
Canada		83.9		97.6		174.8		186.9
Norway		75.3		77.7		147.2		148.7
Belgium		45.5		61.0		114.3		130.6
Eliminations		(188.5)		(231.7)		(435.6)		(435.9)
Total	$	443.2	$	500.5	$	869.5	$	979.3

Net sales - point of destination:
Europe	$	199.0	$	222.6	$	400.1	$	437.5
North America		153.0		182.5		301.6		348.5
Other		91.2		95.4		167.8		193.3
Total	$	443.2	$	500.5	$	869.5	$	979.3

The following table disaggregates the net sales of our Component Products Segment by major product line.


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024

	(In millions)
Component Products:
Net sales:
Security products	$	25.6	$	28.2	$	53.0	$	58.1
Marine components		11.0		7.7		24.8		15.8
Total	$	36.6	$	35.9	$	77.8	$	73.9

Other income, net (Tables)

6 Months Ended

Jun. 30, 2024

Other income, net

Schedule of Components of Other Income


	Six months ended
	June 30,
	2023		2024

	(In millions)
Interest income and other:
Interest and dividends	$	9.4	$	11.0
Securities transactions, net		.2		.2
Total		9.6		11.2
Gain on land sales		1.5		—
Currency transactions, net		8.5		2.0
Insurance recoveries		2.2		.2
Other, net		1.8		2.5
Total	$	23.6	$	15.9

Marketable securities (Tables)

6 Months Ended

Jun. 30, 2024

Marketable securities

Schedule of Marketable Securities


			Cost or
			amortized		Unrealized
	Market value		cost		loss, net

	(In millions)
December 31, 2023:
Current assets	$	56.1	$	56.1	$	—

Noncurrent assets	$	4.8	$	5.0	$	(.2)

June 30, 2024:
Current assets	$	13.8	$	13.8	$	—

Noncurrent assets	$	5.3	$	5.3	$	—

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income of subsidiaries	$ 9.8	$ 2.9	$ 15.6	$ 4.1
Kronos Worldwide, Inc.
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income of subsidiaries			5.1	(4.5)
NL
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income of subsidiaries			2.5	(1.7)
CompX
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income of subsidiaries			1.1	1.3
BMI
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income of subsidiaries			2.7	3.5
LandWell
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income of subsidiaries			$ 4.2	$ 5.5

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

Other noncurrent liabilities

6 Months Ended

Jun. 30, 2024

Other noncurrent liabilities

Other noncurrent liabilities

Note 9 – Other noncurrent liabilities:


	December 31,		June 30,
	2023		2024

	(In millions)
Accrued development costs	$	42.3	$	41.4
Operating lease liabilities		18.6		18.1
Accrued litigation settlement		16.1		16.3
Insurance claims and expenses		14.9		15.0
Deferred income		15.5		12.2
Other postretirement benefits		7.4		7.1
Employee benefits		4.9		4.6
Other		7.8		8.0
Total	$	127.5	$	122.7

The accrued litigation settlement is discussed in Note 16.

Long-term debt - Valhi Contran Credit Facility - Additional Information (Detail) - VALHI, INC. - Contran Credit Facility $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Borrowings of credit facility	$ 0.0
Repayments of credit facility	$ 30.8
Debt instrument, interest rate during period	9.50%
Debt instrument, Interest rate at period end	9.50%
Amount available for borrowing	$ 87.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 16 – 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 it has substantial defenses to these actions, and NL 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 have not accrued any amounts 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 two annual installment payments remaining ($12.0 million due in September 2024 and $16.7 million for the final installment due in September 2025). 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 2023 Annual Report.

New cases may continue to be filed against NL. We do not know if we will incur liability in the future in 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 2024.


	Amount
	(In millions)

Balance at the beginning of the period	$	96.9
Additions charged to expense, net		1.7
Payments, net		(1.6)
Balance at the end of the period	$	97.0
Amounts recognized in the Condensed Consolidated Balance Sheet at the end of the period:
Current liabilities	$	3.9
Noncurrent liabilities		93.1
Total	$	97.0

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, 2024, NL had accrued approximately $92 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 $119 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, 2024, 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, 2024 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 us for a portion of NL’s 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, refer to our 2023 Annual Report.

Other litigation

In addition to the litigation described above, we and our affiliates are 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 or 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.

Fair value measurements and financial instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair value measurements and financial instruments

Financial Instruments not Carried at Fair Value

December 31, 2023

June 30, 2024

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

462.0

427.3

Long-term debt:

Kronos fixed rate 9.50% Senior Secured Notes due 2029

—

289.8

321.1

Kronos fixed rate 3.75% Senior Secured Notes due 2025

440.9

424.5

80.2

79.3

LandWell bank note payable

12.2

11.9

Stockholders' equity - Additional Information (Detail) - Kronos Worldwide, Inc. $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Schedule Of Stockholders Equity [Line Items]
Shares acquired	313,814
Shares acquired, value \| $	$ 2.8
Shares available for purchase	1,000,000.0

Fair value measurements and financial instruments

6 Months Ended

Jun. 30, 2024

Fair value measurements and financial instruments

Fair value measurements and financial instruments

Note 17 – Fair value measurements and financial instruments:

See Note 5 for amounts related to our marketable securities.

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

December 31, 2023

June 30, 2024

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

462.0

427.3

Long-term debt:

Kronos fixed rate 9.50% Senior Secured Notes due 2029

—

289.8

321.1

Kronos fixed rate 3.75% Senior Secured Notes due 2025

440.9

424.5

80.2

79.3

LandWell bank note payable

12.2

11.9

At June 30, 2024, the estimated market price of Kronos’ 9.50% Senior Secured Notes due 2029 was €1,087 per €1,000 principal amount, and the estimated market price of Kronos’ 3.75% Senior Secured Notes due 2025 was €989 per €1,000 principal amount. The fair values of Kronos’ Senior Secured Notes were based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Secured Notes trade were not active. The fair value of other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying value. See Note 7. 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 8.

- 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

Long-term debt - Kronos 9.50 Senior Secured Notes - Additional Information (Detail) $ in Millions					6 Months Ended
	Jul. 30, 2024 USD ($)	Feb. 14, 2024 USD ($)	Feb. 12, 2024 USD ($)	Feb. 12, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Jul. 30, 2024 EUR (€)	Jun. 30, 2024 EUR (€)	Feb. 14, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Remaining outstanding								€ 75,000,000
Kronos Worldwide, Inc. \| Kronos International, Inc
Debt Instrument [Line Items]
Maximum amount of other indebtedness default before triggering customary default provisions \| $			$ 50.0
Kronos Worldwide, Inc. \| Kronos International, Inc \| Direct Domestic Subsidiary of KII and Guarantors \| Collateral Pledged
Debt Instrument [Line Items]
Parent company ownership interest				100.00%
Kronos Worldwide, Inc. \| Kronos International, Inc \| Foreign Subsidiary Directly Owned by KII or any Guarantor \| Collateral Pledged
Debt Instrument [Line Items]
Parent company ownership interest				65.00%
Kronos Worldwide, Inc. \| Kronos International, Inc \| Foreign Subsidiary Directly Owned by KII or any Guarantor \| Collateral Pledged \| Non-voting Common Stock
Debt Instrument [Line Items]
Parent company ownership interest				100.00%
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc
Debt Instrument [Line Items]
Debt instrument interest rate				9.50%	9.50%		9.50%		9.50%
Principal amount				€ 325,000,000
Debt instrument principal amount				276,174,000
Cash consideration		$ 52.6		€ 48,750,000
Debt instrument, payment terms					bear interest at 9.50% per annum
Frequency of debt instrument payment					semi-annually
Debt Instrument, date of first required semi-annual payment			Sep. 15, 2024	Sep. 15, 2024
Debt instrument maturity date			Mar. 15, 2029	Mar. 15, 2029
Debt instrument, redemption, description					have a maturity date of March 15, 2029. Prior to March 15, 2026, Kronos may redeem some or all of the New Notes at a price equal to 100% of the principal amount thereof, plus an applicable premium as of the date of the redemption as described in the indenture governing its New Notes plus accrued and unpaid interest. On or after March 15, 2026, Kronos may redeem the New Notes at redemption prices ranging from 104.750% of the principal amount, declining to 100% on or after March 15, 2028, plus accrued and unpaid interest. In addition, on or before March 15, 2026, Kronos may redeem up to 40% of the New Notes with the net proceeds of certain public or private equity offerings at 109.50% of the principal amount, plus accrued and unpaid interest, provided that following the redemption at least 50% of the New Notes remain outstanding. If Kronos or Kronos’ subsidiaries experience certain change of control events, as outlined in the indenture governing its New Notes, Kronos would be required to make an offer to purchase the New Notes at 101% of the principal amount thereof, plus accrued and unpaid interest. Kronos would also be required to make an offer to purchase a specified portion of the New Notes at par value, plus accrued and unpaid interest, in the event that Kronos and its subsidiaries generate a certain amount of net proceeds from the sale of assets outside the ordinary course of business, and such net proceeds are not otherwise used for specified purposes within a specified time period as described in the indenture governing Kronos’ New Notes;
Debt Instrument Exchanged, Principal Amount of Each Instrument				€ 850
Debt Instrument Exchanged, Cash Paid For Each Instrument				€ 150
Long term debt, carrying amount					$ 289.8		€ 276,174,000
Unamortized debt issuance costs \| $					5.5
Debt issuance costs, gross \| $					$ 6.0
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc \| Subsequent event
Debt Instrument [Line Items]
Debt instrument interest rate						9.50%
Debt instrument principal amount						€ 75,000,000
Premium percentage						107.50%
Net proceeds from issuance \| $	$ 90.0
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc \| Prior to March 15, 2026
Debt Instrument [Line Items]
Debt instrument, redemption price percentage			100.00%	100.00%
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc \| On or After March 15, 2026
Debt Instrument [Line Items]
Debt instrument, redemption price percentage			104.75%	104.75%
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc \| On or After March 15, 2028
Debt Instrument [Line Items]
Debt instrument, redemption price percentage			100.00%	100.00%
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc \| On or Before March 15, 2026
Debt Instrument [Line Items]
Debt instrument, redemption price percentage			109.50%	109.50%
Debt instrument, percentage of debt that may be redeemed			40.00%	40.00%
Minimum redemption outstanding debt percentage				50.00%
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc \| Certain Change Of control events
Debt Instrument [Line Items]
Debt instrument, redemption price percentage			101.00%	101.00%
Kronos Worldwide, Inc. \| 3.75% Senior Secured Notes due September 15, 2025 \| Kronos International, Inc
Debt Instrument [Line Items]
Debt instrument interest rate				3.75%	3.75%		3.75%		3.75%
Long-Term Debt, Gross							€ 75,000,000
Debt instrument, par value				€ 1,000
Long term debt, carrying amount \| $					$ 80.2				$ 440.9
Interest charge included in interest expense \| $					$ 1.5

Defined benefit pension plans (Tables)

6 Months Ended

Jun. 30, 2024

Defined Benefit Pension Plans

Defined benefit pension plans [Line Items]

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,
	2023		2024		2023		2024

	(In millions)
Service cost	$	1.5	$	1.6	$	3.1	$	3.3
Interest cost		5.5		5.2		11.1		10.6
Expected return on plan assets		(5.2)		(5.6)		(10.4)		(11.2)
Recognized net actuarial losses		1.0		1.0		1.9		1.9
Settlements		6.2		—		6.2		—
Total	$	9.0	$	2.2	$	11.9	$	4.6

Other noncurrent assets

6 Months Ended

Jun. 30, 2024

Other noncurrent assets

Other noncurrent assets

Note 6 – Other noncurrent assets:


	December 31,		June 30,
	2023		2024

	(In millions)
Restricted cash and cash equivalents	$	32.4	$	32.3
Note receivables - OPA		69.1		66.8
Operating lease right-of-use assets		22.7		22.1
Land held for development		19.4		16.2
IBNR receivables		13.4		13.4
Pension asset		8.1		8.6
Other		16.7		21.5
Total	$	181.8	$	180.9

Note receivables - OPA – As disclosed in Note 7 to our 2023 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. Once the tax increment reimbursement is approved, the amount is recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson. No additional tax increment amounts were approved during the first six months of 2023 and 2024.

Other noncurrent liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Other noncurrent liabilities

Other noncurrent liabilities


	December 31,		June 30,
	2023		2024

	(In millions)
Accrued development costs	$	42.3	$	41.4
Operating lease liabilities		18.6		18.1
Accrued litigation settlement		16.1		16.3
Insurance claims and expenses		14.9		15.0
Deferred income		15.5		12.2
Other postretirement benefits		7.4		7.1
Employee benefits		4.9		4.6
Other		7.8		8.0
Total	$	127.5	$	122.7

Stockholders' equity - Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Balance at beginning of period			$ 950.5
Balance at end of period	$ 962.6		962.6
Marketable Securities
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Balance at beginning of period	1.7	$ 1.6	1.7	$ 1.6
Other comprehensive income (loss)		(0.1)		(0.1)
Balance at end of period	1.7	1.5	1.7	1.5
Currency Translation
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Balance at beginning of period	(102.4)	(96.0)	(88.8)	(91.5)
Other comprehensive income (loss)	1.2	(3.6)	(12.4)	(8.1)
Balance at end of period	(101.2)	(99.6)	(101.2)	(99.6)
Accumulated Defined Benefit Plans Adjustment \| Defined Benefit Pension Plans
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Balance at beginning of period	(58.3)	(54.4)	(58.8)	(55.0)
Other comprehensive income (loss)	0.5	0.6	1.0	1.2
Plan settlement		4.0		4.0
Balance at end of period	(57.8)	(49.8)	(57.8)	(49.8)
Accumulated Defined Benefit Plans Adjustment \| OPEB
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Balance at beginning of period	0.4	0.8	0.4	1.0
Other comprehensive income (loss)	(0.1)	(0.1)	(0.1)	(0.3)
Balance at end of period	0.3	0.7	0.3	0.7
Total Accumulated Other Comprehensive Loss
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Balance at beginning of period	(158.6)	(148.0)	(145.5)	(143.9)
Other comprehensive income (loss)	1.6	0.8	(11.5)	(3.3)
Balance at end of period	$ (157.0)	$ (147.2)	$ (157.0)	$ (147.2)

Accounts payable and accrued liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Accounts payable and accrued liabilities

Schedule of Accounts Payable and Accrued Liabilities


	December 31,		June 30,
	2023		2024

	(In millions)
Accounts payable:
Kronos	$	218.7	$	129.9
CompX		3.1		3.8
BMI/LandWell		6.7		5.5
Total		228.5		139.2
Payables to affiliates:
LPC		19.9		18.4
Contran - income taxes		10.2		14.8
Deferred income		88.8		50.4
Employee benefits		36.2		34.5
Accrued sales discounts and rebates		22.5		18.1
Accrued development costs		15.1		17.2
Accrued litigation settlement		11.8		11.9
Interest		5.1		11.9
Environmental remediation and related costs		3.7		3.9
Operating lease liabilities		3.9		3.7
Other		45.0		43.7
Total	$	490.7	$	367.7

Business segment information - Holding Percentage of Subsidiaries (Detail)	Jun. 30, 2024
Chemicals
Business segment information [Line Items]
Controlling interest in subsidiary	81.00%
Component products
Business segment information [Line Items]
Controlling interest in subsidiary	87.00%
Real estate management and development \| BMI
Business segment information [Line Items]
Controlling interest in subsidiary	63.00%
Real estate management and development \| LandWell \| Aggregate General And Limited Interests
Business segment information [Line Items]
Controlling interest in subsidiary	77.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and other income:
Net sales	$ 559.7	$ 507.1	$ 1,090.3	$ 999.8
Other income, net	3.7	10.5	15.9	23.6
Total revenues and other income	563.4	517.6	1,106.2	1,023.4
Cost and expenses:
Cost of sales	438.4	441.6	882.7	880.2
Selling, general and administrative	74.9	68.4	143.5	137.2
Other components of net periodic pension and OPEB expense	0.6	7.5	1.2	8.7
Interest	11.9	7.2	23.2	14.2
Total costs and expenses	525.8	524.7	1,050.6	1,040.3
Income (loss) before income taxes	37.6	(7.1)	55.6	(16.9)
Income tax expense (benefit)	7.9	(6.8)	12.3	(12.0)
Net income (loss)	29.7	(0.3)	43.3	(4.9)
Noncontrolling interest in net income of subsidiaries	9.8	2.9	15.6	4.1
Net income (loss) attributable to Valhi stockholders	$ 19.9	$ (3.2)	$ 27.7	$ (9.0)
Amounts attributable to Valhi stockholders:
Basic net income (loss) per share (in dollars per share)	$ 0.70	$ (0.11)	$ 0.97	$ (0.31)
Diluted net income (loss) per share (in dollars per share)	$ 0.70	$ (0.11)	$ 0.97	$ (0.31)
Weighted average shares outstanding - basic (in shares)	28.5	28.5	28.5	28.5
Weighted average shares outstanding - diluted (in shares)	28.5	28.5	28.5	28.5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement Of Stockholders Equity [Abstract]
Cash dividends per share	$ 0.08	$ 0.08	$ 0.16	$ 0.16

Inventories, net

6 Months Ended

Jun. 30, 2024

Inventories, net

Inventories, net

Note 4 – Inventories, net:


	December 31,		June 30,
	2023		2024

	(In millions)
Raw materials:
Chemicals	$	188.3	$	113.8
Component products		5.7		5.3
Total raw materials		194.0		119.1
Work in process:
Chemicals		30.8		34.4
Component products		19.1		17.1
Total in-process products		49.9		51.5
Finished products:
Chemicals		250.4		207.8
Component products		5.9		5.0
Total finished products		256.3		212.8
Supplies (chemicals)		95.9		92.0
Total	$	596.1	$	475.4

Restructuring costs

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring costs

Note 18 – Restructuring costs:

In response to the extended period of reduced demand in 2023, Kronos took measures to reduce its operating costs and improve its long-term cost structure such as the implementation of certain voluntary and involuntary workforce reductions during the third quarter of 2023 that primarily impacted its European operations. A substantial portion of Kronos’ workforce reductions were accomplished through voluntary programs, for which eligible workforce reduction costs are recognized at the time both the employee and employer are irrevocably committed to the terms of the separation. These workforce reductions impacted approximately 100 employees. Kronos recognized a total of approximately $6 million in charges primarily in the fourth quarter of 2023 related to workforce reductions it implemented during the second half of the year. The majority of related cash payments will be paid in 2024.

In April 2024, Kronos announced plans to close its sulfate process line at its plant in Varennes, Canada by the end of the third quarter of 2024. As a result of the planned sulfate process line closure, Kronos recognized a charge of approximately $2 million to cost of sales in the second quarter of 2024 related to workforce reductions for employees impacted. In addition, approximately $10 million in non-cash charges related primarily to accelerated depreciation in connection with the closure of the sulfate process line are reflected in cost of sales in the second quarter of 2024 with further amounts of approximately $5 million in non-cash charges related to accelerated depreciation expected to be recognized in the third quarter of 2024.

A summary of the activity in Kronos’ accrued restructuring costs for the first six months of 2024 is shown in the table below:


	Amount
	(In millions)
Accrued workforce reduction costs at December 31, 2023	$	5.0
Workforce reduction costs accrued		1.9
Workforce reduction costs paid		(2.6)
Currency translation adjustments, net		(.1)
Accrued workforce reduction costs at June 30, 2024	$	4.2
Amounts recognized in the balance sheet:
Current liability	$	4.2
Noncurrent liability		—
Total	$	4.2

Other noncurrent assets (Tables)

6 Months Ended

Jun. 30, 2024

Other noncurrent assets

Other noncurrent assets


	December 31,		June 30,
	2023		2024

	(In millions)
Restricted cash and cash equivalents	$	32.4	$	32.3
Note receivables - OPA		69.1		66.8
Operating lease right-of-use assets		22.7		22.1
Land held for development		19.4		16.2
IBNR receivables		13.4		13.4
Pension asset		8.1		8.6
Other		16.7		21.5
Total	$	181.8	$	180.9

Stockholders' equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' equity

Accumulated Other Comprehensive Loss (Loss)


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024

	(In millions)
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Marketable securities:
Balance at beginning of period	$	1.6	$	1.7	$	1.6	$	1.7
Other comprehensive income:
Unrealized loss arising during the period		(.1)		—		(.1)		—
Balance at end of period	$	1.5	$	1.7	$	1.5	$	1.7

Currency translation:
Balance at beginning of period	$	(96.0)	$	(102.4)	$	(91.5)	$	(88.8)
Other comprehensive income (loss) arising during the period		(3.6)		1.2		(8.1)		(12.4)
Balance at end of period	$	(99.6)	$	(101.2)	$	(99.6)	$	(101.2)

Defined benefit pension plans:
Balance at beginning of period	$	(54.4)	$	(58.3)	$	(55.0)	$	(58.8)
Other comprehensive income:
Amortization of prior service cost and net losses included in net periodic pension cost		.6		.5		1.2		1.0
Plan settlement		4.0		—		4.0		—
Balance at end of period	$	(49.8)	$	(57.8)	$	(49.8)	$	(57.8)

OPEB plans:
Balance at beginning of period	$	.8	$	.4	$	1.0	$	.4
Other comprehensive income:
Amortization of prior service credit and net losses included in net periodic OPEB cost		(.1)		(.1)		(.3)		(.1)
Balance at end of period	$	.7	$	.3	$	.7	$	.3

Total accumulated other comprehensive loss:
Balance at beginning of period	$	(148.0)	$	(158.6)	$	(143.9)	$	(145.5)
Other comprehensive income (loss)		.8		1.6		(3.3)		(11.5)
Balance at end of period	$	(147.2)	$	(157.0)	$	(147.2)	$	(157.0)

Accounts payable and accrued liabilities

6 Months Ended

Jun. 30, 2024

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities

Note 8 – Accounts payable and accrued liabilities:


	December 31,		June 30,
	2023		2024

	(In millions)
Accounts payable:
Kronos	$	218.7	$	129.9
CompX		3.1		3.8
BMI/LandWell		6.7		5.5
Total		228.5		139.2
Payables to affiliates:
LPC		19.9		18.4
Contran - income taxes		10.2		14.8
Deferred income		88.8		50.4
Employee benefits		36.2		34.5
Accrued sales discounts and rebates		22.5		18.1
Accrued development costs		15.1		17.2
Accrued litigation settlement		11.8		11.9
Interest		5.1		11.9
Environmental remediation and related costs		3.7		3.9
Operating lease liabilities		3.9		3.7
Other		45.0		43.7
Total	$	490.7	$	367.7

The accrued litigation settlement is discussed in Note 16.

Long-term debt - Subordinated, Unsecured Term Loan from Contran (Details) € in Millions, $ in Millions					1 Months Ended	6 Months Ended
	Feb. 14, 2024 USD ($)	Feb. 12, 2024 USD ($)	Feb. 12, 2024 EUR (€)	Feb. 06, 2024 USD ($)	Aug. 31, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Kronos term loan from Contran						$ 53.7	$ 0.0
Kronos Worldwide, Inc. \| Subordinated, unsecured term loan from Contran
Debt Instrument [Line Items]
Kronos term loan from Contran	$ 53.7	$ 53.7	€ 50.0
Line of credit maximum borrowing capacity				$ 225.0
Long-term promissory note fixed interest rate				11.50%		11.50%
Kronos Worldwide, Inc. \| Subordinated, unsecured term loan from Contran \| Subsequent event
Debt Instrument [Line Items]
Long-term promissory note fixed interest rate					9.54%
Kronos Worldwide, Inc. \| Subordinated, unsecured term loan from Contran \| Contran
Debt Instrument [Line Items]
Interest rate spread				2.00%
Kronos Worldwide, Inc. \| Subordinated, unsecured term loan from Contran \| Contran \| Subsequent event
Debt Instrument [Line Items]
Interest rate spread					2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Noncontrolling interest in subsidiaries

6 Months Ended

Jun. 30, 2024

Noncontrolling interest in subsidiaries

Noncontrolling interest in subsidiaries

Note 14 – Noncontrolling interest in subsidiaries:


	December 31,		June 30,
	2023		2024

	(In millions)
Noncontrolling interest in net assets:
Kronos Worldwide	$	209.0	$	202.4
NL Industries		76.9		77.5
CompX International		22.0		22.1
BMI		11.0		13.7
LandWell		6.8		8.7
Total	$	325.7	$	324.4


	Six months ended June 30,
	2023		2024

	(In millions)
Noncontrolling interest in net income (loss) of subsidiaries:
Kronos Worldwide	$	(4.5)	$	5.1
NL Industries		(1.7)		2.5
CompX International		1.3		1.1
BMI		3.5		2.7
LandWell		5.5		4.2
Total	$	4.1	$	15.6

Inventories, net (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventories, net [Line Items]
Raw materials	$ 119.1	$ 194.0
Work in process	51.5	49.9
Finished products	212.8	256.3
Supplies (chemicals)	92.0	95.9
Total	475.4	596.1
Chemicals
Inventories, net [Line Items]
Raw materials	113.8	188.3
Work in process	34.4	30.8
Finished products	207.8	250.4
Component products
Inventories, net [Line Items]
Raw materials	5.3	5.7
Work in process	17.1	19.1
Finished products	$ 5.0	$ 5.9

Fair value measurements and financial instruments- Financial Instruments not Carried at Fair Value (Detail) € in Thousands, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Reported Value Measurement [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash equivalents	$ 427.3		$ 462.0
Estimate of Fair Value Measurement [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash equivalents	427.3		462.0
Kronos Worldwide, Inc. \| 9.50% Senior Secured Notes due March 15, 2029 \| Kronos International, Inc
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	289.8	€ 276,174
Long term debt, fair value	321.1
Kronos Worldwide, Inc. \| 3.75% Senior Secured Notes due September 15, 2025 \| Kronos International, Inc
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	80.2		440.9
Long term debt, fair value	79.3		424.5
LandWell \| Bank note payable
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	11.9		12.2
Long term debt, fair value	$ 11.9		$ 12.2

Inventories, net (Tables)

6 Months Ended

Jun. 30, 2024

Inventories, net

Inventories, Net


	December 31,		June 30,
	2023		2024

	(In millions)
Raw materials:
Chemicals	$	188.3	$	113.8
Component products		5.7		5.3
Total raw materials		194.0		119.1
Work in process:
Chemicals		30.8		34.4
Component products		19.1		17.1
Total in-process products		49.9		51.5
Finished products:
Chemicals		250.4		207.8
Component products		5.9		5.0
Total finished products		256.3		212.8
Supplies (chemicals)		95.9		92.0
Total	$	596.1	$	475.4

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2024

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 2024.


	Amount
	(In millions)

Balance at the beginning of the period	$	96.9
Additions charged to expense, net		1.7
Payments, net		(1.6)
Balance at the end of the period	$	97.0
Amounts recognized in the Condensed Consolidated Balance Sheet at the end of the period:
Current liabilities	$	3.9
Noncurrent liabilities		93.1
Total	$	97.0

Business segment information (Tables)

6 Months Ended

Jun. 30, 2024

Business segment information

Holding Percentage of Subsidiaries


		% controlled at
Business segment	Entity	June 30, 2024
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,
	2023		2024		2023		2024

	(In millions)
Net sales:
Chemicals	$	443.2	$	500.5	$	869.5	$	979.3
Component products		36.6		35.9		77.8		73.9
Real estate management and development		27.3		23.3		52.5		37.1
Total net sales	$	507.1	$	559.7	$	999.8	$	1,090.3
Cost of sales:
Chemicals	$	399.4	$	400.7	$	795.2	$	808.6
Component products		26.3		24.8		54.8		53.1
Real estate management and development		15.9		12.9		30.2		21.0
Total cost of sales	$	441.6	$	438.4	$	880.2	$	882.7
Gross margin:
Chemicals	$	43.8	$	99.8	$	74.3	$	170.7
Component products		10.3		11.1		23.0		20.8
Real estate management and development		11.4		10.4		22.3		16.1
Total gross margin	$	65.5	$	121.3	$	119.6	$	207.6
Operating income (loss):
Chemicals	$	(2.6)	$	40.5	$	(17.7)	$	63.3
Component products		4.4		5.1		11.4		8.8
Real estate management and development		10.2		9.2		20.8		14.2
Total operating income		12.0		54.8		14.5		86.3
General corporate items:
Interest income and other		4.7		5.5		9.6		11.2
Gain on land sales		1.5		—		1.5		—
Other components of net periodic pension and OPEB expense		(7.5)		(.6)		(8.7)		(1.2)
Changes in market value of Valhi common stock held by subsidiaries		(1.1)		.1		(2.2)		.6
General expenses, net		(9.5)		(10.3)		(17.4)		(18.1)
Interest expense		(7.2)		(11.9)		(14.2)		(23.2)
Income (loss) before income taxes	$	(7.1)	$	37.6	$	(16.9)	$	55.6

Organization and basis of presentation

6 Months Ended

Jun. 30, 2024

Organization and basis of presentation:

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 91% of our outstanding common stock at June 30, 2024. A majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and various family trusts established for the benefit of Ms. Simmons, Mr. Connelly and their children and for which Ms. Simmons, Mr. Connelly or Mr. Connelly’s sister, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly or his sister serves as trustee, the trustee 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, 2024, 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, 2023 that we filed with the SEC on March 7, 2024 (the “2023 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments, except as noted below), 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, 2023 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, 2023) 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, 2024 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 2023 Consolidated Financial Statements contained in our 2023 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.

Revision of Previously Issued Financial Statements – Prior to June 30, 2024, we had concluded a valuation allowance for the deferred tax asset for the carryforwards related to the nondeductible portion of our interest expense was required; however, during the second quarter of 2024 we determined there were additional sources of income that should have been considered with regards to the realization of such deferred tax asset, specifically the reversals of indefinite-lived deferred tax liabilities that require an action by management which are not expected to reverse in the foreseeable future. As a result, the quarterly and annual periods beginning in 2018 through the period ended December 31, 2023, have been revised. We have evaluated the impact of the correction on our previously issued financial statements and determined the impact is not material to any previously issued annual or interim financial statements; however, if the aggregate amount of the adjustment was recorded in the three-month period ended June 30, 2024, the impact to the results would be material. Accordingly, we have revised our previously issued financial statements. The impact of the adjustment to periods not presented herein has been reflected as an adjustment to opening retained earnings for the respective period.

As a result of the revision, our deferred income tax liabilities decreased by $14.7 million with a corresponding increase in retained earnings as of December 31, 2023. Additionally, retained earnings increased by $12.5 million, $11.6 million, and $13.5 million, as of December 31, 2022, March 31, 2023, and June 30, 2023, respectively. In addition, our income tax benefit increased by $1.9 million and $1.0 million for the three and six-month periods ended June 30, 2023, respectively. Net loss and comprehensive loss decreased

correspondingly in the same periods. Basic and diluted net loss per share were decreased by $.07 and $.04, for the three and six-month periods ended June 30, 2023, respectively. There was no change to cash flows used in operating, investing, or financing activities for the six-month period ended June 30, 2023.

Long-term debt (Tables)

6 Months Ended

Jun. 30, 2024

Long-term debt

Long-Term Debt


	December 31,		June 30,
	2023		2024

	(In millions)
Valhi:
Contran credit facility	$	93.4	$	62.6
Subsidiary debt:
Kronos:
Kronos International, Inc. 9.50% Senior Secured Notes due 2029		—		289.8
Kronos International, Inc. 3.75% Senior Secured Notes due 2025		440.9		80.2
Subordinated, Unsecured Term Loan from Contran		—		53.7
LandWell:
Note payable to Western Alliance Business Trust		12.2		11.9
Total subsidiary debt		453.1		435.6
Total debt		546.5		498.2
Less current maturities		.7		.8
Total long-term debt	$	545.8	$	497.4

- 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

Revenue - disaggregation of sales

6 Months Ended

Jun. 30, 2024

Revenue - disaggregation of sales

Revenue - disaggregation of sales

Note 10 – Revenue – disaggregation of sales:


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024

	(In millions)
Net sales - point of origin:
United States	$	233.4	$	279.7	$	489.2	$	520.6
Germany		193.6		216.2		379.6		428.4
Canada		83.9		97.6		174.8		186.9
Norway		75.3		77.7		147.2		148.7
Belgium		45.5		61.0		114.3		130.6
Eliminations		(188.5)		(231.7)		(435.6)		(435.9)
Total	$	443.2	$	500.5	$	869.5	$	979.3

Net sales - point of destination:
Europe	$	199.0	$	222.6	$	400.1	$	437.5
North America		153.0		182.5		301.6		348.5
Other		91.2		95.4		167.8		193.3
Total	$	443.2	$	500.5	$	869.5	$	979.3

The following table disaggregates the net sales of our Component Products Segment by major product line.


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024

	(In millions)
Component Products:
Net sales:
Security products	$	25.6	$	28.2	$	53.0	$	58.1
Marine components		11.0		7.7		24.8		15.8
Total	$	36.6	$	35.9	$	77.8	$	73.9

Substantially all of the Real Estate Management and Development Segment’s sales are related to land sales in the second quarter and the first six months of 2023 and 2024.

- 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.

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+ Details

Defined benefit pension plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined benefit pension plans [Line Items]
Service cost	$ 1.6	$ 1.5	$ 3.3	$ 3.1
Interest cost	5.2	5.5	10.6	11.1
Expected return on plan assets	(5.6)	(5.2)	(11.2)	(10.4)
Recognized net actuarial losses	1.0	1.0	1.9	1.9
Settlements		6.2		6.2
Total	2.2	$ 9.0	4.6	$ 11.9
Pension Plans Defined Benefit [Member]
Defined benefit pension plans [Line Items]
Expected contribution	$ 18.0		$ 18.0

Long-term debt - Revolving Credit Facility - Additional Information (Detail) - Kronos Worldwide, Inc. € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jul. 17, 2024 USD ($)	Jun. 30, 2024 EUR (€)
Global Revolver Credit Facility
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 225
Revolving credit facility, borrowings	0
Amount available for borrowing	$ 225
Fixed charge coverage ratio, minimum value	1.00%
Global Revolver Credit Facility \| Subsequent event
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity		$ 300
Global Revolver Credit Facility \| Floor Rate Option [Member
Line Of Credit Facility [Line Items]
Interest rate spread	0.25%
Global Revolver Credit Facility \| Minimum \| Variable Rate
Line Of Credit Facility [Line Items]
Interest rate spread	1.50%
Global Revolver Credit Facility \| Minimum \| Base Rate Option
Line Of Credit Facility [Line Items]
Interest rate spread	0.50%
Global Revolver Credit Facility \| Maximum \| Variable Rate
Line Of Credit Facility [Line Items]
Interest rate spread	2.00%
Global Revolver Credit Facility \| Maximum \| Base Rate Option
Line Of Credit Facility [Line Items]
Interest rate spread	2.00%
Canadian Subsidiary Revolving Borrowings Maximum
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 35
Belgian Subsidiary Revolving Borrowings Maximum
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity \| €			€ 30
German Subsidiary Revolving Borrowings Maximum
Line Of Credit Facility [Line Items]
Line of credit maximum borrowing capacity \| €			€ 60

Business segment information - Additional Information (Detail)	Jun. 30, 2024
Kronos Worldwide, Inc. \| Valhi Incorporation
Business segment information [Line Items]
Direct ownership percentage by parent	50.00%
Kronos Worldwide, Inc. \| NL
Business segment information [Line Items]
Indirect controlling interest in subsidiary	31.00%
NL \| Valhi Incorporation
Business segment information [Line Items]
Direct ownership percentage by parent	83.00%
LandWell \| Valhi Incorporation
Business segment information [Line Items]
Direct ownership percentage by parent	27.00%
LandWell \| BMI
Business segment information [Line Items]
Indirect controlling interest in subsidiary	50.00%
BMI \| Valhi Incorporation
Business segment information [Line Items]
Direct ownership percentage by parent	63.00%

Income taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income taxes

Component of Income Taxes Expenses


	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024

	(In millions)
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 21%	$	(1.4)	$	7.9	$	(3.5)	$	11.7
Non-U.S. tax rates		(2.4)		(.1)		(2.4)		(.1)
Incremental net tax benefit on earnings and losses of U.S. and non-U.S. tax group companies		(5.5)		(3.5)		(5.1)		(4.3)
Valuation allowance		—		1.7		—		2.5
Global intangible low-tax income, net		1.6		1.1		.1		1.4
Adjustment to the reserve for uncertain tax positions, net		.7		.1		(.7)		.2
Adjustment of prior year taxes, net		—		—		(.4)		—
Nondeductible expenses		1.0		.4		.5		.6
U.S. state income taxes and other, net		(.8)		.3		(.5)		.3
Income tax expense (benefit)	$	(6.8)	$	7.9	$	(12.0)	$	12.3

Comprehensive provision (benefit) for income taxes allocable to:
Net income (loss)	$	(6.8)	$	7.9	$	(12.0)	$	12.3
Other comprehensive income (loss):
Currency translation		(.6)		.2		(1.4)		(2.1)
Pension plans		.8		.3		1.1		.6
Other		(.1)		(.1)		(.3)		(.2)
Total	$	(6.7)	$	8.3	$	(12.6)	$	10.6

Restructuring costs (Details) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
Restructuring costs (Details) $ in Millions	Apr. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) individual
Restructuring Cost and Reserve [Line Items]
Number of individuals impacted from workforce reductions \| individual			100
Workforce reduction
Restructuring Cost and Reserve [Line Items]
Accrued workforce reduction costs, Beginning of period			$ 5.0
Workforce reduction costs accrued			1.9
Workforce reduction costs paid			(2.6)
Currency translation adjustments, net			(0.1)
Accrued workforce reduction costs, end of period		$ 5.0	4.2
Workforce reduction \| Current Liability
Restructuring Cost and Reserve [Line Items]
Accrued workforce reduction costs, end of period			4.2
Facility Closing
Restructuring Cost and Reserve [Line Items]
Workforce reduction costs accrued	$ 2.0
Accelerated depreciation	$ 10.0
Non-cash charges			$ 5.0
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Workforce reduction costs accrued		$ 6.0

Organization and basis of presentation (Policies)	6 Months Ended
Organization and basis of presentation (Policies)	Jun. 30, 2024
Organization and basis of presentation
Organization	Organization – We are majority owned by a wholly-owned subsidiary of Contran Corporation (Contran), which owns approximately 91% of our outstanding common stock at June 30, 2024. A majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and various family trusts established for the benefit of Ms. Simmons, Mr. Connelly and their children and for which Ms. Simmons, Mr. Connelly or Mr. Connelly’s sister, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly or his sister serves as trustee, the trustee 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, 2024, 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, 2023 that we filed with the SEC on March 7, 2024 (the “2023 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments, except as noted below), 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, 2023 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, 2023) 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, 2024 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 2023 Consolidated Financial Statements contained in our 2023 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.
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements – Prior to June 30, 2024, we had concluded a valuation allowance for the deferred tax asset for the carryforwards related to the nondeductible portion of our interest expense was required; however, during the second quarter of 2024 we determined there were additional sources of income that should have been considered with regards to the realization of such deferred tax asset, specifically the reversals of indefinite-lived deferred tax liabilities that require an action by management which are not expected to reverse in the foreseeable future. As a result, the quarterly and annual periods beginning in 2018 through the period ended December 31, 2023, have been revised. We have evaluated the impact of the correction on our previously issued financial statements and determined the impact is not material to any previously issued annual or interim financial statements; however, if the aggregate amount of the adjustment was recorded in the three-month period ended June 30, 2024, the impact to the results would be material. Accordingly, we have revised our previously issued financial statements. The impact of the adjustment to periods not presented herein has been reflected as an adjustment to opening retained earnings for the respective period. As a result of the revision, our deferred income tax liabilities decreased by $14.7 million with a corresponding increase in retained earnings as of December 31, 2023. Additionally, retained earnings increased by $12.5 million, $11.6 million, and $13.5 million, as of December 31, 2022, March 31, 2023, and June 30, 2023, respectively. In addition, our income tax benefit increased by $1.9 million and $1.0 million for the three and six-month periods ended June 30, 2023, respectively. Net loss and comprehensive loss decreased correspondingly in the same periods. Basic and diluted net loss per share were decreased by $.07 and $.04, for the three and six-month periods ended June 30, 2023, respectively. There was no change to cash flows used in operating, investing, or financing activities for the six-month period ended June 30, 2023.

Acquisition of Remaining Joint Venture Interest in LPC (Details) - Louisiana Pigment Company, L.P. (LPC) - Kronos Worldwide, Inc. - Subsequent event $ in Millions	Jul. 16, 2024 USD ($)
Acquisition of Remaining Joint Venture Interest in LPC
Percentage acquired	50.00%
Percentage held through wholly-owned subsidiary	50.00%
Upfront cash payment	$ 185
Earn-out period	2 years
Global Revolver Credit Facility
Acquisition of Remaining Joint Venture Interest in LPC
Borrowings on credit facilities	$ 132
EBITDA of $650 million
Acquisition of Remaining Joint Venture Interest in LPC
Earn-out payment	5
EBITDA is between $650 million and $730 million
Acquisition of Remaining Joint Venture Interest in LPC
Earn-out payment	10
Minimum
Acquisition of Remaining Joint Venture Interest in LPC
Aggregate EBITDA considered for determining earnout payment	650
Maximum
Acquisition of Remaining Joint Venture Interest in LPC
Earn-out payment	15
Aggregate EBITDA considered for determining earnout payment	730
Maximum \| EBITDA of $730 million or more
Acquisition of Remaining Joint Venture Interest in LPC
Earn-out payment	$ 15

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 29.7	$ (0.3)	$ 43.3	$ (4.9)
Other comprehensive income (loss), net of tax:
Currency translation	1.6	(4.9)	(16.7)	(11.0)
Defined benefit pension plans	0.7	5.6	1.4	6.3
Other	(0.1)	(0.2)	(0.2)	(0.4)
Total other comprehensive income (loss), net	2.2	0.5	(15.5)	(5.1)
Comprehensive income (loss)	31.9	0.2	27.8	(10.0)
Comprehensive income attributable to noncontrolling interest	10.4	2.6	11.6	2.3
Comprehensive income (loss) attributable to Valhi stockholders	$ 21.5	$ (2.4)	$ 16.2	$ (12.3)

Restructuring costs (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring costs


	Amount
	(In millions)
Accrued workforce reduction costs at December 31, 2023	$	5.0
Workforce reduction costs accrued		1.9
Workforce reduction costs paid		(2.6)
Currency translation adjustments, net		(.1)
Accrued workforce reduction costs at June 30, 2024	$	4.2
Amounts recognized in the balance sheet:
Current liability	$	4.2
Noncurrent liability		—
Total	$	4.2

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 559.7	$ 507.1	$ 1,090.3	$ 999.8
Component products
Disaggregation Of Revenue [Line Items]
Net sales	35.9	36.6	73.9	77.8
Component products \| Security Products
Disaggregation Of Revenue [Line Items]
Net sales	28.2	25.6	58.1	53.0
Component products \| Marine Components
Disaggregation Of Revenue [Line Items]
Net sales	7.7	11.0	15.8	24.8
Real estate management and development
Disaggregation Of Revenue [Line Items]
Net sales	$ 23.3	$ 27.3	$ 37.1	$ 52.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other noncurrent assets - Other assets (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other noncurrent assets:
Restricted cash and cash equivalents	$ 32.3		$ 32.4
Note receivables - OPA	66.8		69.1
Operating lease right-of-use assets	22.1		22.7
Land held for development	16.2		19.4
IBNR receivables	13.4		13.4
Pension asset	8.6		8.1
Other	21.5		16.7
Total	180.9		$ 181.8
City of Henderson Redevelopment Agency \| OPA \| OtherIncome
Other noncurrent assets:
Infrastructure reimbursement	$ 0.0	$ 0.0

Accounts and other receivables, net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Trade accounts receivable:
VAT and other receivables	$ 26.3	$ 33.4
Refundable income taxes	2.5	1.8
Allowance for doubtful accounts	(3.6)	(4.2)
Total	397.6	340.4
Trade Accounts Receivable \| Kronos
Trade accounts receivable:
Trade Accounts receivable	355.7	273.6
Trade Accounts Receivable \| CompX
Trade accounts receivable:
Trade Accounts receivable	15.5	17.1
Trade Accounts Receivable \| BMI/LandWell
Trade accounts receivable:
Trade Accounts receivable	0.5	1.2
Louisiana Pigment Company, L.P. (LPC)
Trade accounts receivable:
Receivables from affiliates		16.9
Contran \| Trade Items
Trade accounts receivable:
Receivables from affiliates	0.2	0.2
Other \| Trade Items
Trade accounts receivable:
Receivables from affiliates	$ 0.5	$ 0.4

Commitments and contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Environmental Remediation Obligations [Abstract]
Balance at the beginning of the period	$ 96.9
Additions charged to expense, net	1.7
Payments, net	(1.6)
Balance at the end of the period	97.0
Amounts recognized in the Consolidated Balance Sheet at the end of the year:
Current liabilities	3.9	$ 3.7
Noncurrent liabilities	93.1	93.2
Total	$ 97.0	$ 96.9