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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-5467

VALHI, INC.

(Exact name of Registrant as specified in its charter)

Delaware

87-0110150

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

5430 LBJ Freeway, Suite 1700

Dallas, Texas 75240-2620

(Address of principal executive office)

Registrant’s telephone number, including area code: (972) 233-1700

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	VHI	NYSE

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒.

Number of shares of the registrant’s common stock, $.01 par value per share, outstanding on November 3, 2025: 28,302,293

Table of Contents‌

VALHI, INC. AND SUBSIDIARIES

INDEX

				Page number


Part I.	FINANCIAL INFORMATION

	Item 1.		Financial Statements

			Condensed Consolidated Balance Sheets – December 31, 2024 and September 30, 2025 (unaudited)	3

			Condensed Consolidated Statements of Operations (unaudited) – Three and nine months ended September 30, 2024 and 2025	5

			Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) – Three and nine months ended September 30, 2024 and 2025	6

			Condensed Consolidated Statements of Stockholders’ Equity (unaudited) – Three and nine months ended September 30, 2024 and 2025	7

			Condensed Consolidated Statements of Cash Flows (unaudited) – Nine months ended September 30, 2024 and 2025	8

			Notes to Condensed Consolidated Financial Statements (unaudited)	10

	Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

	Item 3.		Quantitative and Qualitative Disclosures About Market Risk	47

	Item 4.		Controls and Procedures	47

Part II.		OTHER INFORMATION

		Item 1.	Legal Proceedings	48

		Item 1A.	Risk Factors	48

		Item 6.	Exhibits	49

Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report.

Table of Contents‌

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)


ASSETS	December 31,		September 30,
	2024		2025
			(unaudited)
Current assets:
Cash and cash equivalents	$	348.3	$	183.5
Restricted cash equivalents		24.8		34.3
Marketable securities		1.9		3.1
Accounts and other receivables, net		327.8		366.6
Inventories, net		685.8		690.9
Prepaid expenses and other		65.1		63.0
Total current assets		1,453.7		1,341.4

Other assets:
Marketable securities		5.7		5.8
Goodwill		382.3		382.3
Deferred income taxes		53.8		30.6
Other assets		181.3		201.8
Total other assets		623.1		620.5

Property and equipment:
Land		74.7		79.3
Buildings		282.6		309.8
Equipment		1,312.0		1,450.9
Mining properties		76.0		92.6
Construction in progress		41.7		45.2
		1,787.0		1,977.8
Less accumulated depreciation and amortization		1,063.6		1,224.0
Net property and equipment		723.4		753.8
Total assets	$	2,800.2	$	2,715.7

Table of Contents‌

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(In millions)


LIABILITIES AND STOCKHOLDERS' EQUITY	December 31,		September 30,
	2024		2025
			(unaudited)
Current liabilities:
Current maturities of long-term debt	$	79.0	$	.8
Accounts payable and accrued liabilities		482.6		359.0
Accrued environmental remediation and related costs		59.7		4.0
Income taxes		22.5		5.2
Total current liabilities		643.8		369.0

Noncurrent liabilities:
Long-term debt		484.4		661.5
Accrued pension costs		117.6		125.3
Accrued environmental remediation and related costs		14.9		14.1
Deferred income taxes		57.7		50.4
Other liabilities		102.7		94.5
Total noncurrent liabilities		777.3		945.8

Equity:
Preferred stock		—		—
Common stock		.3		.3
Additional paid-in capital		669.9		670.3
Retained earnings		574.7		563.5
Accumulated other comprehensive loss		(159.2)		(137.0)
Treasury stock, at cost		(49.6)		(49.6)
Total Valhi stockholders' equity		1,036.1		1,047.5
Noncontrolling interest in subsidiaries		343.0		353.4
Total equity		1,379.1		1,400.9
Total liabilities and equity	$	2,800.2	$	2,715.7

Commitments and contingencies (Notes 13, 16 and 18)

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents‌

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(unaudited)
Revenues and other income:
Net sales	$	533.6	$	503.5	$	1,623.9	$	1,582.5
Other income, net		25.2		20.6		41.1		52.5
Total revenues and other income		558.8		524.1		1,665.0		1,635.0

Cost and other expense (income):
Cost of sales		417.3		442.9		1,300.0		1,321.3
Selling, general and administrative		74.2		77.6		217.7		235.3
Gain on remeasurement of investment in TiO₂ manufacturing joint venture		(64.5)		—		(64.5)		—
Gain on remeasurement of earn-out liability		—		(4.6)		—		(4.6)
Other components of net periodic pension and OPEB expense		.6		.9		1.8		2.4
Interest		13.4		14.9		36.6		41.9
Other		(2.1)		—		(2.1)		—
Total cost and other expense		438.9		531.7		1,489.5		1,596.3

Income (loss) before income taxes		119.9		(7.6)		175.5		38.7
Income tax expense		34.3		14.3		46.6		30.3
Net income (loss)		85.6		(21.9)		128.9		8.4
Noncontrolling interest in net income of subsidiaries		28.1		.3		43.7		12.8
Net income (loss) attributable to Valhi stockholders	$	57.5	$	(22.2)	$	85.2	$	(4.4)

Amounts attributable to Valhi stockholders:
Basic and diluted net income (loss) per share	$	2.01	$	(.78)	$	2.99	$	(.15)

Basic and diluted weighted average shares outstanding		28.5		28.5		28.5		28.5

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents‌

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions)


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(unaudited)
Net income (loss)	$	85.6	$	(21.9)	$	128.9	$	8.4
Other comprehensive income (loss), net of tax:
Currency translation		5.8		.2		(10.9)		28.4
Defined benefit pension plans		.7		.6		2.1		1.8
Other		—		—		(.2)		(.1)
Total other comprehensive income (loss), net		6.5		.8		(9.0)		30.1
Comprehensive income (loss)		92.1		(21.1)		119.9		38.5
Comprehensive income attributable to noncontrolling interest		29.9		.6		41.5		20.7
Comprehensive income (loss) attributable to Valhi stockholders	$	62.2	$	(21.7)	$	78.4	$	17.8

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents‌

VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In millions)


	Three months ended September 30, 2024 and 2025 (unaudited)
							Accumulated
			Additional				other				Non-
	Common		paid-in		Retained		comprehensive		Treasury		controlling
	stock		capital		earnings		loss		stock		interest		Total
Balance at June 30, 2024	$	.3	$	669.9	$	499.0	$	(157.0)	$	(49.6)	$	324.4	$	1,287.0
Net income		—		—		57.5		—		—		28.1		85.6
Other comprehensive income, net		—		—		—		4.7		—		1.8		6.5
Dividends paid to noncontrolling interest		—		—		—		—		—		(10.2)		(10.2)
Cash dividends - $.08 per share		—		—		(2.3)		—		—		—		(2.3)

Balance at September 30, 2024	$	.3	$	669.9	$	554.2	$	(152.3)	$	(49.6)	$	344.1	$	1,366.6

Balance at June 30, 2025	$	.3	$	670.3	$	588.0	$	(137.5)	$	(49.6)	$	358.5	$	1,430.0
Net income (loss)		—		—		(22.2)		—		—		.3		(21.9)
Other comprehensive income, net		—		—		—		.5		—		.3		.8
Dividends paid to noncontrolling interest		—		—		—		—		—		(5.7)		(5.7)
Cash dividends - $.08 per share		—		—		(2.3)		—		—		—		(2.3)

Balance at September 30, 2025	$	.3	$	670.3	$	563.5	$	(137.0)	$	(49.6)	$	353.4	$	1,400.9


	Nine months ended September 30, 2024 and 2025 (unaudited)
							Accumulated
			Additional				other				Non-
	Common		paid-in		Retained		comprehensive		Treasury		controlling
	stock		capital		earnings		loss		stock		interest		Total
Balance at December 31, 2023	$	.3	$	669.5	$	475.8	$	(145.5)	$	(49.6)	$	325.7	$	1,276.2
Net income		—		—		85.2		—		—		43.7		128.9
Other comprehensive loss, net		—		—		—		(6.8)		—		(2.2)		(9.0)
Dividends paid to noncontrolling interest		—		—		—		—		—		(23.1)		(23.1)
Cash dividends - $.24 per share		—		—		(6.8)		—		—		—		(6.8)
Equity transactions with noncontrolling interest, net and other		—		.4		—		—		—		—		.4

Balance at September 30, 2024	$	.3	$	669.9	$	554.2	$	(152.3)	$	(49.6)	$	344.1	$	1,366.6

Balance at December 31, 2024	$	.3	$	669.9	$	574.7	$	(159.2)	$	(49.6)	$	343.0	$	1,379.1
Net income (loss)		—		—		(4.4)		—		—		12.8		8.4
Other comprehensive income, net		—		—		—		22.2		—		7.9		30.1
Dividends paid to noncontrolling interest		—		—		—		—		—		(10.3)		(10.3)
Cash dividends - $.24 per share		—		—		(6.8)		—		—		—		(6.8)
Equity transactions with noncontrolling interest, net and other		—		.4		—		—		—		—		.4

Balance at September 30, 2025	$	.3	$	670.3	$	563.5	$	(137.0)	$	(49.6)	$	353.4	$	1,400.9

See accompanying Notes to Condensed Consolidated Financial Statements.

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VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)


	Nine months ended
	September 30,
	2024		2025

	(unaudited)
Cash flows from operating activities:
Net income	$	128.9	$	8.4
Depreciation and amortization		51.2		49.0
Gain on remeasurement of investment in TiO₂ manufacturing joint venture		(64.5)		—
Gain on remeasurement of earn-out liability		—		(4.6)
Premium on issuance of senior secured notes		6.0		4.4
Benefit plan expense less than cash funding		(6.9)		(5.6)
Deferred income taxes		20.0		17.8
Contributions to TiO₂ manufacturing joint venture, net		(2.7)		—
Other, net		(.8)		5.2
Change in assets and liabilities:
Accounts and other receivables, net		(67.8)		(13.9)
Inventories, net		96.4		41.9
Land held for development, net		2.0		(4.4)
Accounts payable and accrued liabilities		(110.4)		(110.6)
Accrued environmental remediation and related costs		—		(56.5)
Income taxes		1.8		(19.8)
Accounts with affiliates		(20.2)		(23.6)
Other, net		(34.8)		(23.8)
Net cash used in operating activities		(1.8)		(136.1)

Cash flows from investing activities:
Capital expenditures		(18.4)		(35.8)
Acquisition of remaining TiO₂ manufacturing joint venture interest, net of cash acquired		(156.8)		—
Purchases of marketable securities		(1.0)		(1.9)
Proceeds from disposal of marketable securities		55.8		.9
Other, net		2.8		—
Net cash used in investing activities		(117.6)		(36.8)

Cash flows from financing activities:
Kronos revolving credit facility:
Borrowings		148.6		484.4
Payments		(123.9)		(425.7)
Payments on long-term debt		(101.3)		(108.0)
Kronos term loan from Contran		53.7		—
Proceeds from issuance on senior secured notes		80.2		88.0
Valhi cash dividends paid		(6.8)		(6.8)
Distributions to noncontrolling interest in subsidiaries		(23.1)		(16.3)
Deferred financing fees		(9.3)		(1.5)
Net cash provided by financing activities		18.1		14.1

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VALHI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In millions)


	Nine months ended
	September 30,
	2024		2025

	(unaudited)

Cash, cash equivalents and restricted cash and cash equivalents - net change from:
Operating, investing and financing activities	$	(101.3)	$	(158.8)
Effect of exchange rates on cash		4.4		4.1
Balance at beginning of period		462.0		378.6
Balance at end of period	$	365.1	$	223.9

Supplemental disclosures:
Cash paid for:
Interest, net of amounts capitalized	$	37.2	$	47.8
Income taxes, net		41.1		48.7
Noncash investing activities:
Change in accruals for capital expenditures		1.4		3.8

See accompanying Notes to Condensed Consolidated Financial Statements

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VALHI, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

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 September 30, 2025. A majority of Contran’s outstanding voting stock is held directly by Lisa K. Simmons and by family stockholders (Thomas C. Connelly (the husband of Ms. Simmons’ late sister), a family-owned entity and various family trusts established for the benefit of Ms. Simmons, Mr. Connelly and their children) who are required to vote their shares of Contran voting stock in the same manner as Ms. Simmons. Such voting rights are personal to Ms. Simmons and last through April 22, 2030. 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 September 30, 2025, 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, 2024 that we filed with the SEC on March 6, 2025 (the “2024 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments), in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2024 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, 2024) 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 September 30, 2025 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 2024 Consolidated Financial Statements contained in our 2024 Annual Report.

Effective July 16, 2024 (“Acquisition Date”), Kronos acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (“LPC”) previously held by Venator Investments, Ltd. (“Venator”). Prior to the acquisition, Kronos held a 50% joint venture interest in LPC and LPC was operated as a manufacturing joint venture between Kronos and Venator. Following the acquisition, LPC became a wholly-owned subsidiary of Kronos. For financial reporting purposes, the assets acquired and liabilities assumed of LPC have been included in our Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2025, and the results of operations and cash flows of LPC have been included in our Condensed Consolidated Statements of Operations and Cash Flows beginning as of the Acquisition Date. See Note 18 to our Condensed Consolidated Financial Statements.

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.

Note 2 – Business segment information:


		% controlled at
Business segment	Entity	September 30, 2025
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.

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Our chief operating decision maker (“CODM”) evaluates segment performance based on each segment’s operating income (loss), which is defined as income (loss) before income taxes and interest expense, exclusive of certain non-recurring items (such as gains or losses on disposition of business units and other long-lived assets outside the ordinary course of business and certain legal settlements) and certain general corporate income and expense items (including securities transactions gains and losses and interest and dividend income), which are not attributable to the operations of the reportable operating segments. Interest income included in the calculation of segment operating income (loss) is not significant for the three and nine months ended September 30, 2024 and 2025.


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Net sales:
Chemicals	$	484.7	$	456.9	$	1,464.0	$	1,441.1
Component products		33.6		40.0		107.5		120.6
Real estate management and development		15.3		6.6		52.4		20.8
Total net sales	$	533.6	$	503.5	$	1,623.9	$	1,582.5
Cost of sales:
Chemicals	$	384.4	$	410.4	$	1,193.0	$	1,225.9
Component products		24.1		29.0		77.2		84.5
Real estate management and development		8.8		3.5		29.8		10.9
Total cost of sales	$	417.3	$	442.9	$	1,300.0	$	1,321.3
Gross margin:
Chemicals	$	100.3	$	46.5	$	271.0	$	215.2
Component products		9.5		11.0		30.3		36.1
Real estate management and development		6.5		3.1		22.6		9.9
Total gross margin	$	116.3	$	60.6	$	323.9	$	261.2
Operating income (loss):
Chemicals	$	42.6	$	(15.9)	$	105.9	$	35.6
Component products		3.3		4.8		12.1		17.0
Real estate management and development		21.8		19.7		36.0		41.6
Total operating income		67.7		8.6		154.0		94.2
General corporate items:
Interest income and other		5.4		4.6		16.6		12.6
Gain on remeasurement of investment in TiO₂ manufacturing joint venture		64.5		—		64.5		—
Gain on remeasurement of earn-out liability		—		4.6		—		4.6
Insurance recoveries		1.1		—		1.3		—
Other components of net periodic pension and OPEB expense		(.6)		(.9)		(1.8)		(2.4)
Changes in market value of Valhi common stock held by subsidiaries		3.7		(.1)		4.3		(1.8)
General expenses, net		(8.5)		(9.5)		(26.8)		(26.6)
Interest expense		(13.4)		(14.9)		(36.6)		(41.9)
Income (loss) before income taxes	$	119.9	$	(7.6)	$	175.5	$	38.7


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Depreciation and amortization:
Chemicals	$	17.8	$	16.2	$	48.3	$	46.2
Component products		1.0		.9		2.8		2.8
Real estate management and development		—		—		.1		—
Total	$	18.8	$	17.1	$	51.2	$	49.0

Included in the Chemicals Segment’s operating income for the three and nine month periods ended September 30, 2024 is approximately $4 million and $14 million, respectively, in non-cash charges primarily related to accelerated depreciation in connection with the closure of its sulfate process line in Canada. The Chemicals Segment’s operating income for the nine months ended September 30, 2024 includes $2.2 million of transaction costs incurred in connection with the LPC acquisition and an approximate $2 million charge related to workforce reductions. Infrastructure reimbursements and land related income is included in the determination of Real

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Estate Management and Development operating income. See Note 12. 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. Our CODM is not regularly provided financial information related to the assets of the reportable segments, including capital expenditures, and he does not evaluate the reportable segments’ performance or allocate resources to them based on assets. Therefore, total assets by reportable segment are not included in our segment disclosures.

Note 3 – Accounts and other receivables, net:


	December 31,		September 30,
	2024		2025

	(In millions)
Trade accounts receivable:
Kronos	$	269.2	$	319.4
CompX		14.2		18.2
BMI/LandWell		.3		1.2
VAT and other receivables		45.9		30.7
Refundable income taxes		1.3		1.0
Receivables from affiliates:
Contran - trade items		.2		.1
Other		.6		.6
Allowance for doubtful accounts		(3.9)		(4.6)
Total	$	327.8	$	366.6

Note 4 – Inventories, net:


	December 31,		September 30,
	2024		2025

	(In millions)
Raw materials:
Chemicals	$	176.9	$	114.0
Component products		5.6		5.8
Total raw materials		182.5		119.8
Work in process:
Chemicals		52.5		50.6
Component products		17.6		20.7
Total in-process products		70.1		71.3
Finished products:
Chemicals		308.3		360.2
Component products		5.1		4.5
Total finished products		313.4		364.7
Supplies (chemicals)		119.8		135.1
Total	$	685.8	$	690.9

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Note 5 – Marketable securities:


			Cost or
			amortized		Unrealized
	Market value		cost		gain, net

	(In millions)
December 31, 2024:
Current assets	$	1.9	$	1.9	$	—

Noncurrent assets	$	5.7	$	5.7	$	—

September 30, 2025:
Current assets	$	3.1	$	3.1	$	—

Noncurrent assets	$	5.8	$	5.5	$	.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. 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. See Note 17.

Note 6 – Other noncurrent assets:


	December 31,		September 30,
	2024		2025

	(In millions)
Note receivables - OPA	$	91.6	$	114.2
Pension asset		19.8		22.0
Operating lease right-of-use assets		20.6		21.0
IBNR receivables		15.0		15.1
Land held for development		7.4		6.2
Restricted cash and cash equivalents		5.5		6.1
Other		21.4		17.2
Total	$	181.3	$	201.8

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Note 7 – Long-term debt:


	December 31,		September 30,
	2024		2025

	(In millions)
Valhi:
Contran credit facility	$	44.6	$	25.0
Subsidiary debt:
Kronos:
Kronos International, Inc. 9.50% Senior Secured Notes due 2029		365.4		502.3
Kronos International, Inc. 3.75% Senior Secured Notes due 2025		78.3		—
Subordinated, Unsecured Term Loan from Contran		53.7		53.7
Revolving credit facility		10.0		70.2
LandWell:
Note payable to Western Alliance Business Trust		11.4		11.1
Total subsidiary debt		518.8		637.3
Total debt		563.4		662.3
Less current maturities		79.0		.8
Total long-term debt	$	484.4	$	661.5

Valhi – Contran credit facility – During the first nine months of 2025, we had no borrowings and repaid $19.6 million under this facility. The average interest rate on the credit facility for the nine months ended September 30, 2025 was 8.5%. At September 30, 2025, the interest rate was 8.3%, and $125.0 million was available for borrowing under this facility.

Kronos – 9.50% Senior Secured Notes due 2029 – On September 15, 2025, Kronos International, Inc. (“KII”) issued an additional €75 million principal amount of 9.50% Senior Secured Notes due 2029 (the “Additional Notes”), the proceeds of which were used to refinance the 3.75% Senior Secured Notes (€75 million aggregate principal amount) that matured in September 2025. The Additional Notes were issued as additional notes to the existing €351.174 million aggregate principal amount of 9.50% Senior Secured Notes due 2029 issued on February 12, 2024 and July 30, 2024 (the “Existing Notes”). The Additional Notes were issued at a premium of 105.0% of their principal amount, resulting in net proceeds of approximately $90 million after fees and estimated expenses. In connection with the Additional Notes offering, Kronos incurred approximately $1.7 million of debt issuance costs. The Additional Notes are fungible with the Existing Notes, are treated as a single series and have the same terms as the Existing Notes, other than their date of issuance and issue price.

At September 30, 2025, the carrying value of the 9.50% Senior Secured Notes due 2029 (€426.174 million aggregate principal amount outstanding) is $502.3 million and is stated net of $9.3 million of unamortized premium and $7.4 million of unamortized debt issuance costs. In the first quarter of 2024 Kronos recognized a non-cash pre-tax interest charge of $1.5 million included in interest expense related to the write-off of deferred financing costs.

3.75% Senior Secured Notes due 2025 – The 3.75% Senior Secured Notes due 2025 (€75 million aggregate principal amount) were repaid in September 2025 with proceeds from the Additional Notes offering, as described above.

Revolving credit facility (the “Global Revolver”) – Effective July 17, 2025, Kronos completed an amendment to its Global Revolver (the “Fourth Amendment”). Among other things, the Fourth Amendment increased the maximum borrowing amount from $300 million to $350 million and increased the Belgian and German sub-limits from €30 million and €60 million to €55 million and €85 million, respectively, allowing greater access to Euro denominated borrowings. The maturity date of the Global Revolver remains July 2029. During the first nine months of 2025, Kronos borrowed $492.8 million and repaid $432.6 million under this facility. The average interest rate on outstanding borrowings under this facility for the nine months ended September 30, 2025 was 6.4%. At September 30, 2025, $70.2 million was outstanding under the Global Revolver and the average interest rate was 5.7%. At September 30, 2025, Kronos had total availability for borrowing of approximately $342 million less any amounts outstanding under this facility.

Other – We are in compliance with all of our debt covenants at September 30, 2025.

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Note 8 – Accounts payable and accrued liabilities:


	December 31,		September 30,
	2024		2025

	(In millions)
Accounts payable:
Kronos	$	232.4	$	161.0
CompX		3.7		3.2
BMI/LandWell		8.0		2.7
Distributions payable to noncontrolling interest		5.9		—
Total		250.0		166.9
Payables to affiliates:
Contran - income taxes		16.9		.5
Contran - other		.2		2.5
Employee benefits		38.7		42.0
Deferred income		28.2		25.9
Accrued sales discounts and rebates		27.6		20.7
Accrued development costs		30.0		20.1
Accrued litigation settlement		16.4		16.7
Operating lease liabilities		3.5		4.4
Interest		11.4		2.5
Other		59.7		56.8
Total	$	482.6	$	359.0

The accrued litigation settlement is discussed in Note 16.

Note 9 – Other noncurrent liabilities:


	December 31,		September 30,
	2024		2025

	(In millions)
Accrued development costs	$	26.8	$	24.3
Asset retirement obligations		14.3		16.7
Insurance claims and expenses		16.6		16.6
Operating lease liabilities		17.1		16.5
Deferred income		11.8		8.2
Other postretirement benefits		6.7		6.8
Employee benefits		4.5		4.8
Earn-out liability		4.3		—
Other		.6		.6
Total	$	102.7	$	94.5

See Notes 17 and 18 for additional details related to the acquisition earn-out liability.

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Note 10 – Revenue – disaggregation of 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				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Net sales - point of origin:
United States	$	290.0	$	288.7	$	810.6	$	886.8
Germany		217.4		208.5		645.8		639.8
Canada		90.9		64.3		277.8		230.8
Norway		66.3		54.2		215.0		197.5
Belgium		64.6		54.6		195.2		185.9
Eliminations		(244.5)		(213.4)		(680.4)		(699.7)
Total	$	484.7	$	456.9	$	1,464.0	$	1,441.1

Net sales - point of destination:
Europe	$	228.1	$	204.7	$	665.6	$	660.0
North America		179.8		179.9		528.3		558.3
Other		76.8		72.3		270.1		222.8
Total	$	484.7	$	456.9	$	1,464.0	$	1,441.1

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


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Net sales:
Security products	$	26.6	$	30.3	$	84.7	$	91.2
Marine components		7.0		9.7		22.8		29.4
Total	$	33.6	$	40.0	$	107.5	$	120.6

Substantially all of the Real Estate Management and Development Segment’s sales are related to land sales.

Note 11 – Defined benefit pension plans:

NL administers a U.S. pension plan which has been closed to new participants since 1996. In accordance with applicable U.S. pension regulations, effective June 30, 2025 NL began the process of terminating the pension plan, which includes the purchase of annuity contracts from a third-party insurance company for the purpose of distributing benefits to plan participants. The termination process involves several steps and is expected to take between six and twelve months to complete. Following the purchase of the annuity contracts for plan participants, we will remove pension plan assets and liabilities from our Condensed Consolidated Financial Statements and a plan settlement gain or loss (which we are currently unable to estimate) will be included in our net periodic pension cost. The plan termination is expected to be completed with existing plan funds. At December 31, 2024 the U.S. pension plan had a benefit obligation of $65.2 million, plan assets of $75.7 million and a pension plan asset of $10.7 million.

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


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Service cost	$	1.6	$	1.5	$	4.9	$	4.4
Interest cost		5.3		6.0		15.9		17.3
Expected return on plan assets		(5.5)		(6.1)		(16.7)		(17.5)
Recognized net actuarial losses		1.0		.8		2.9		2.4
Total	$	2.4	$	2.2	$	7.0	$	6.6

We expect to contribute the equivalent of approximately $16 million to all of our defined benefit pension plans during 2025.

Note 12 – Other income, net:


	Nine months ended
	September 30,
	2024		2025

	(In millions)
Interest income and other:
Interest and dividends	$	16.3	$	12.3
Securities transactions, net		.3		.3
Total		16.6		12.6
Infrastructure reimbursement		14.6		34.5
Currency transactions, net		4.9		3.2
Other, net		5.0		2.2
Total	$	41.1	$	52.5

Infrastructure reimbursement – As disclosed in Note 7 to our 2024 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. LandWell received $14.2 million (all in the third quarter) and $34.2 million ($17.2 million in the second quarter and $17.0 million in the third quarter) during the first nine months of 2024 and 2025, respectively, which was recognized as other income and is evidenced by a promissory note issued to LandWell by the City of Henderson.

LandWell has agreements with certain utility providers servicing the Cadence master planned community under which certain costs incurred for the development of power infrastructure may be reimbursed to LandWell. LandWell received $.4 million and $.3 million in reimbursement during the first nine months of 2024 and 2025, respectively, for past costs incurred.

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Note 13 – Income taxes:


	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Expected tax expense (benefit) at U.S. federal statutory income tax rate of 21%	$	25.2	$	(1.6)	$	36.9	$	8.1
Non-U.S. tax rates		.5		(.5)		.4		(.3)
Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. tax group companies and other affiliates		4.5		(20.8)		.2		(23.3)
Global intangible low-taxed income, net		1.5		(1.9)		2.9		.6
Valuation allowance, net		1.3		17.7		3.8		23.2
Nondeductible expenses		.5		5.1		1.1		6.4
Impact of tax rate change		—		19.3		—		19.3
U.S. state income tax expense (benefit), net		1.1		(2.5)		1.4		(2.7)
Other, net		(.3)		(.5)		(.1)		(1.0)
Income tax expense	$	34.3	$	14.3	$	46.6	$	30.3

Comprehensive provision for income taxes allocable to:
Net income (loss)	$	34.3	$	14.3	$	46.6	$	30.3
Other comprehensive income (loss):
Currency translation		.7		—		(1.4)		3.6
Pension plans		.2		.2		.8		.6
Other		.2		—		—		—
Total	$	35.4	$	14.5	$	46.0	$	34.5

The amount shown in the preceding table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate. The amount shown on such table for incremental net tax expense (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.

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. Excluding any potential adjustments resulting from on-going examinations by tax authorities, we currently estimate that our unrecognized tax benefits will not change materially during the next twelve months.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA, among other provisions, provides for bonus depreciation of qualified property, permanently modifies the interest expense deduction to use an adjusted taxable income based on a calculation similar to EBITDA and other computational changes, and makes changes to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBBA did not have a material impact on our 2025 consolidated financial statements, and we are in the process of evaluating the impact to future years as additional provisions take effect.

On July 18, 2025, Germany enacted legislation which includes, among other provisions, an additional depreciation allowance for certain fixed assets, improvements to the research and development tax allowance and, starting in 2028, a reduction of the 15% corporate tax rate by one percentage point in each of five years until the tax rate reaches 10% in 2032. We recorded a non-cash deferred

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income tax expense of $19.3 million in the third quarter to reduce our net German deferred tax asset as a result of the reduction of the German corporate tax rate.

Note 14 – Noncontrolling interest in subsidiaries:


	December 31,		September 30,
	2024		2025

	(In millions)
Noncontrolling interest in net assets:
Kronos Worldwide	$	210.3	$	207.9
NL Industries		81.5		77.9
CompX International		19.0		17.9
BMI		18.7		25.1
LandWell		13.5		24.6
Total	$	343.0	$	353.4


	Nine months ended September 30,
	2024		2025

	(In millions)
Noncontrolling interest in net income (loss) of subsidiaries:
Kronos Worldwide	$	18.7	$	(5.5)
NL Industries		8.6		(1.2)
CompX International		1.4		1.9
BMI		5.8		6.4
LandWell		9.2		11.2
Total	$	43.7	$	12.8

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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				Nine months ended
	September 30,				September 30,
	2024		2025		2024		2025

	(In millions)
Accumulated other comprehensive income (loss) (net of tax and noncontrolling interest):
Marketable securities:
Balance at beginning of period	$	1.7	$	1.7	$	1.7	$	1.7
Other comprehensive income:
Unrealized gain arising during the period		.1		—		.1		—
Balance at end of period	$	1.8	$	1.7	$	1.8	$	1.7

Currency translation:
Balance at beginning of period	$	(101.2)	$	(90.8)	$	(88.8)	$	(111.7)
Other comprehensive income (loss) arising during the period		4.1		.1		(8.3)		21.0
Balance at end of period	$	(97.1)	$	(90.7)	$	(97.1)	$	(90.7)

Defined benefit pension plans:
Balance at beginning of period	$	(57.8)	$	(48.5)	$	(58.8)	$	(49.4)
Other comprehensive income:
Amortization of prior service cost and net losses included in net periodic pension cost		.6		.5		1.6		1.4
Balance at end of period	$	(57.2)	$	(48.0)	$	(57.2)	$	(48.0)

OPEB plans:
Balance at beginning of period	$	.3	$	.1	$	.4	$	.2
Other comprehensive income:

VALHI INC /DE/ 10-Q