Business and geographic segments (Tables)

12 Months Ended

Dec. 31, 2025

Business and geographic segments

Schedule of Holding Percentage of Subsidiaries

		% controlled at
Business segment	Entity	December 31, 2025
Chemicals	Kronos	81%
Component products	CompX	87%
Real estate management and development	BMI and LandWell	63% - 77%

Schedule of Segment Operating Performance

	Years ended December 31,
	2023		2024		2025
	(In millions)
Net sales:
Chemicals	$	1,666.5	$	1,887.1	$	1,859.4
Component products		161.3		145.9		158.3
Real estate management and development		93.9		71.8		59.3
Total net sales	$	1,921.7	$	2,104.8	$	2,077.0
Cost of sales:
Chemicals	$	1,502.7	$	1,530.1	$	1,648.4
Component products		112.1		104.6		110.1
Real estate management and development		61.7		45.6		23.1
Total cost of sales	$	1,676.5	$	1,680.3	$	1,781.6
Gross margin:
Chemicals	$	163.8	$	357.0	$	211.0
Component products		49.2		41.3		48.2
Real estate management and development		32.2		26.2		36.2
Total gross margin	$	245.2	$	424.5	$	295.4
Operating income (loss):
Chemicals	$	(41.1)	$	138.5	$	(24.5)
Component products		25.4		17.0		22.6
Real estate management and development		49.9		55.2		65.2
Total operating income		34.2		210.7		63.3
General corporate items:
Interest income and other		21.3		22.0		16.6
Gain on remeasurement of investment in TiO2 manufacturing joint venture		—		64.5		—
Gain on remeasurement of earn-out liability		—		—		4.6
Insurance recoveries		.5		1.4		—
Gain on land sales		1.5		.5		—
Other components of net periodic pension and OPEB expense		(11.8)		(2.6)		(32.7)
Changes in market value of Valhi common stock held by subsidiaries		(1.7)		1.9		(2.7)
General expenses, net		(35.2)		(4.3)		(35.0)
Interest expense		(28.3)		(49.9)		(57.1)
Income (loss) before income taxes	$	(19.5)	$	244.2	$	(43.0)

	Years ended December 31,
	2023		2024		2025
	(In millions)
Depreciation and amortization:
Chemicals	$	49.9	$	62.9	$	62.7
Component products		4.0		3.7		3.7
Real estate management and development		.2		.1		—
Total	$	54.1	$	66.7	$	66.4

Net Sales by Point of Origin and Point of Destination

	Years ended December 31,
	2023		2024		2025
	(In millions)
Net sales - point of origin:
United States	$	1,284.4	$	1,396.1	$	1,390.4
Germany		726.4		826.6		839.1
Canada		351.0		351.5		289.3
Norway		252.1		278.6		250.3
Belgium		217.1		237.8		236.7
Eliminations		(909.3)		(985.8)		(928.8)
Total	$	1,921.7	$	2,104.8	$	2,077.0
Net sales - point of destination:
North America	$	871.0	$	914.0	$	929.0
Europe		738.5		842.2		861.8
Other		312.2		348.6		286.2
Total	$	1,921.7	$	2,104.8	$	2,077.0

Net Property and Equipment by Segment

	December 31,
	2023		2024		2025
	(In millions)
Net property and equipment:
United States	$	40.0	$	302.1	$	293.3
Germany		213.0		190.9		208.2
Belgium		98.5		88.6		95.0
Norway		83.5		73.6		81.5
Canada		82.3		68.2		73.6
Total	$	517.3	$	723.4	$	751.6