Stockholders' equity

12 Months Ended

Dec. 31, 2025

Stockholders' equity

Stockholders' equity

Note 15- Stockholders’ equity:

Long-term incentive compensation plan – Prior to 2023, our board of directors adopted a plan that provided for the award of stock to our board of directors, and up to a maximum of 200,000 shares could be awarded. We awarded 17,750 shares in 2023 under this plan. In February 2023, our board of directors voted to replace the existing director stock plan with a new plan that would provide for the award of stock to non-employee members of our board of directors, and up to a maximum of 200,000 shares could be awarded. The new plan was approved at our May 2023 shareholder meeting, and the prior director stock plan terminated effective June 30, 2023. We awarded 14,250 shares in 2024 and 15,000 shares in 2025 under the new plan. At December 31, 2025, 170,750 shares were available for future award under this new plan.

Long-term incentive compensation plans of subsidiaries and affiliates – CompX and Kronos each have a share-based incentive compensation plan pursuant to which an aggregate of up to 200,000 shares of their common stock can be awarded to members of their board of directors. At December 31, 2025, Kronos had 71,000 shares available for award and CompX had 115,150 shares available for award.

Dividends – Our board of directors approved and we paid quarterly dividends per share to stockholders of $.07 in 2023 aggregating $13.7 million, $.08 in 2024 aggregating $15.6 million and $.09 in 2025 aggregating $17.6 million. In addition, our board of directors declared special dividends on our common stock which totaled $21.0 million ($.43 per share) paid in 2024 and $10.3 million ($.21 per share) paid in 2025. The declaration and payment of future dividends, and the amount thereof, is discretionary and is dependent upon our financial condition, cash requirements, contractual obligations and restrictions and other factors deemed relevant by our board of directors. The amount and timing of past dividends is not necessarily indicative of the amount or timing of any future dividends which might be paid. There are currently no contractual restrictions on the amount of dividends which we may pay.

Accumulated other comprehensive loss – Changes in accumulated other comprehensive loss attributable to NL stockholders, including amounts resulting from our investment in Kronos Worldwide (see Note 6), are presented in the table below.

	Years ended December 31,
	2023		2024		2025
	(In thousands)
Accumulated other comprehensive loss, net of tax:
Currency translation:
Balance at beginning of period	$	(178,191)	$	(177,119)	$	(185,423)
Other comprehensive income (loss)		1,072		(8,304)		7,911
Balance at end of period	$	(177,119)	$	(185,423)	$	(177,512)
Defined benefit pension plans:
Balance at beginning of period	$	(43,857)	$	(41,373)	$	(36,666)
Other comprehensive income (loss):
Amortization of prior service cost and net losses included in   net periodic pension cost		1,436		1,504		1,275
Net actuarial gain (loss) arising during the year		(3,094)		3,134		742
Plan settlement		4,142		69		17,290
Balance at end of period	$	(41,373)	$	(36,666)	$	(17,359)
OPEB plans:
Balance at beginning of period	$	(893)	$	(1,114)	$	(1,267)
Other comprehensive income (loss):
Amortization of net gain included in net periodic   OPEB cost		(357)		(195)		(138)
Net actuarial gain arising during the year		136		42		209
Balance at end of period	$	(1,114)	$	(1,267)	$	(1,196)
Marketable debt securities:
Balance at beginning of period	$	(50)	$	(15)	$	—
Other comprehensive income - unrealized gain   arising during the period		35		15		—
Balance at end of period	$	(15)	$	—	$	—
Total accumulated other comprehensive loss:
Balance at beginning of period	$	(222,991)	$	(219,621)	$	(223,356)
Other comprehensive income (loss)		3,370		(3,735)		27,289
Balance at end of period	$	(219,621)	$	(223,356)	$	(196,067)

See Note 11 for amounts related to our defined benefit pension plans.