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Business segment information | 6 Months Ended
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Jun. 30, 2025
Business segment information |
Business segment information | Note 2 – Business segment information: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | % controlled at |
Business segment | ​ | Entity | ​ | June 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. Our chief operating decision maker (“CODM”) evaluates segment performance based on each segment’s operating income, which is defined as income 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 is not significant for the three and six months ended June 30, 2024 and 2025. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2025 |  | 2024 |  | 2025
​ | ​ | (In millions)
Net sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Chemicals | ​ | $ | 500.5 | ​ | $ | 494.4 | ​ | $ | 979.3 | ​ | $ | 984.2
Component products | ​ |  | 35.9 | ​ |  | 40.3 | ​ |  | 73.9 | ​ |  | 80.6
Real estate management and development | ​ |  | 23.3 | ​ |  | 5.7 | ​ |  | 37.1 | ​ |  | 14.2
Total net sales | ​ | $ | 559.7 | ​ | $ | 540.4 | ​ | $ | 1,090.3 | ​ | $ | 1,079.0
Cost of sales: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Chemicals | ​ | $ | 400.7 | ​ | $ | 432.1 | ​ | $ | 808.6 | ​ | $ | 815.5
Component products | ​ |  | 24.8 | ​ |  | 27.4 | ​ |  | 53.1 | ​ |  | 55.5
Real estate management and development | ​ |  | 12.9 | ​ |  | 2.8 | ​ |  | 21.0 | ​ |  | 7.4
Total cost of sales | ​ | $ | 438.4 | ​ | $ | 462.3 | ​ | $ | 882.7 | ​ | $ | 878.4
Gross margin: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Chemicals | ​ | $ | 99.8 | ​ | $ | 62.3 | ​ | $ | 170.7 | ​ | $ | 168.7
Component products | ​ |  | 11.1 | ​ |  | 12.9 | ​ |  | 20.8 | ​ |  | 25.1
Real estate management and development | ​ |  | 10.4 | ​ |  | 2.9 | ​ |  | 16.1 | ​ |  | 6.8
Total gross margin | ​ | $ | 121.3 | ​ | $ | 78.1 | ​ | $ | 207.6 | ​ | $ | 200.6
Operating income: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Chemicals | ​ | $ | 40.5 | ​ | $ | 10.3 | ​ | $ | 63.3 | ​ | $ | 51.5
Component products | ​ |  | 5.1 | ​ |  | 6.3 | ​ |  | 8.8 | ​ |  | 12.2
Real estate management and development | ​ |  | 9.2 | ​ |  | 18.9 | ​ |  | 14.2 | ​ |  | 21.9
Total operating income | ​ |  | 54.8 | ​ |  | 35.5 | ​ |  | 86.3 | ​ |  | 85.6
General corporate items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest income and other | ​ | ​ | 5.5 | ​ | ​ | 3.7 | ​ | ​ | 11.2 | ​ | ​ | 8.0
Other components of net periodic pension and OPEB expense | ​ |  | (.6) | ​ |  | (.7) | ​ |  | (1.2) | ​ |  | (1.5)
Changes in market value of Valhi common stock held by subsidiaries | ​ |  | .1 | ​ |  | — | ​ |  | .6 | ​ |  | (1.7)
General expenses, net | ​ |  | (10.3) | ​ |  | (9.2) | ​ |  | (18.1) | ​ |  | (17.1)
Interest expense | ​ |  | (11.9) | ​ |  | (13.8) | ​ |  | (23.2) | ​ |  | (27.0)
Income before income taxes | ​ | $ | 37.6 | ​ | $ | 15.5 | ​ | $ | 55.6 | ​ | $ | 46.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2025 |  | 2024 |  | 2025
​ | ​ | (In millions)
Depreciation and amortization: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Chemicals | ​ | $ | 19.0 | ​ | $ | 15.6 | ​ | $ | 30.5 | ​ | $ | 30.0
Component products | ​ |  | .9 | ​ |  | .9 | ​ |  | 1.8 | ​ |  | 1.9
Real estate management and development | ​ |  | — | ​ |  | — | ​ |  | .1 | ​ |  | —
Total | ​ | $ | 19.9 | ​ | $ | 16.5 | ​ | $ | 32.4 | ​ | $ | 31.9
​ Included in the Chemicals Segment’s operating income for the three and six month periods ended June 30, 2024 is a charge of approximately $2 million related to workforce reductions and approximately $10 million in non-cash charges primarily related to accelerated depreciation in connection with the closure of its sulfate process line in Canada in the second quarter of 2024. Infrastructure reimbursements and land related income is included in the determination of Real 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.

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- Definition The entire disclosure for reporting segments including data and tables. 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