$VHI

VALHI INC /DE/

CIK:0000059255|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues and other income:
Net sales	$ 606.1	$ 540.4	$ 1,166.2	$ 1,079.0
Other income, net	21.5	31.1	25.6	31.9
Total revenues and other income	627.6	571.5	1,191.8	1,110.9
Cost and other expense:
Cost of sales	486.0	462.3	943.1	878.4
Selling, general and administrative	78.8	79.2	156.3	157.7
Other components of net periodic pension and OPEB expense	0.8	0.7	1.6	1.5
Interest	14.7	13.8	29.4	27.0
Total cost and other expense	580.3	556.0	1,130.4	1,064.6
Income before income taxes	47.3	15.5	61.4	46.3
Income tax expense	11.8	8.0	18.1	16.0
Net income	35.5	7.5	43.3	30.3
Noncontrolling interest in net income of subsidiaries	13.2	6.6	19.0	12.5
Net income attributable to Valhi stockholders	$ 22.3	$ 0.9	$ 24.3	$ 17.8
Amounts attributable to Valhi stockholders:
Basic net income per share (in dollars per share)	$ 0.78	$ 0.03	$ 0.85	$ 0.62
Diluted net income per share (in dollars per share)	$ 0.78	$ 0.03	$ 0.85	$ 0.62
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 CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 43.3	$ 30.3
Depreciation	34.0	31.9
Amortization of operating lease right-of-use assets	2.4	2.0
Benefit plan expense less than cash funding	(0.4)	(4.0)
Deferred income taxes	12.2	3.2
Gain on building sale	(5.8)
Other, net	(0.5)	(1.0)
Change in assets and liabilities:
Accounts and other receivables, net	(120.9)	(18.2)
Inventories, net	119.1	15.8
Land held for development, net	1.6	(4.2)
Accounts payable and accrued liabilities	(79.8)	(100.8)
Accrued environmental remediation and related costs	(0.3)	(56.0)
Income taxes	(8.4)	(17.8)
Accounts with affiliates	4.1	(29.4)
Other, net	12.4	14.0
Net cash provided by (used in) operating activities	13.0	(134.2)
Cash flows from investing activities:
Capital expenditures	(27.8)	(25.4)
Purchases of marketable securities	(2.6)
Proceeds from disposal of marketable securities	2.4	0.7
Proceeds from building sale	6.8
Net cash used in investing activities	(21.2)	(24.7)
Cash flows from financing activities:
Borrowings	283.7	306.3
Payments	(255.3)	(280.9)
Payments on long-term debt	(16.4)	(12.0)
Valhi cash dividends paid	(4.5)	(4.5)
Distributions to noncontrolling interest in subsidiaries	(5.1)	(9.6)
Net cash provided by (used in) financing activities	2.4	(0.7)
Cash, cash equivalents and restricted cash and cash equivalents - net change from:
Operating, investing and financing activities	(5.8)	(159.6)
Effect of exchange rates on cash	(0.6)	4.0
Balance at beginning of period	228.7	378.6
Balance at end of period	222.3	223.0
Cash paid for:
Interest, net of amounts capitalized	29.6	24.8
Income taxes, net	19.0	50.7
Noncash investing activities:
Change in accruals for capital expenditures	$ 1.3	$ 3.0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 209.7	$ 214.0
Restricted cash equivalents	6.6	8.6
Marketable securities	2.7	2.9
Accounts and other receivables, net	434.2	318.9
Inventories, net	530.9	659.8
Prepaid expenses and other	32.9	54.9
Total current assets	1,217.0	1,259.1
Other assets:
Marketable securities	6.5	6.1
Goodwill	382.3	382.3
Deferred income taxes	24.1	35.2
Note receivables - Owner Participation Agreement ("OPA")	125.2	116.1
Other assets	87.2	81.9
Total other assets	625.3	621.6
Property and equipment:
Land	77.4	79.4
Buildings	295.9	311.7
Equipment	1,420.7	1,464.2
Mining properties	93.2	91.8
Construction in progress	50.4	45.0
Gross property and equipment	1,937.6	1,992.1
Less accumulated depreciation and amortization	1,205.2	1,240.5
Net property and equipment	732.4	751.6
Total assets	2,574.7	2,632.3
Current liabilities:
Current maturities of long-term debt	0.8	0.8
Accounts payable and accrued liabilities	355.7	434.1
Income taxes	4.7	14.4
Total current liabilities	361.2	449.3
Noncurrent liabilities:
Long-term debt (including affiliate debt of $77.3 million and $61.3 million at December 31, 2025 and June 30, 2026, respectively)	586.7	590.9
Accrued pension costs	73.7	80.9
Accrued environmental remediation and related costs	14.5	14.7
Deferred income taxes	58.0	55.8
Other liabilities	81.3	77.0
Total noncurrent liabilities	814.2	819.3
Equity:
Preferred stock
Common stock	0.3	0.3
Additional paid-in capital	671.2	670.3
Retained earnings	527.8	508.0
Accumulated other comprehensive loss	(105.5)	(105.8)
Treasury stock, at cost	(49.6)	(49.6)
Total Valhi stockholders' equity	1,044.2	1,023.2
Noncontrolling interest in subsidiaries	355.1	340.5
Total equity	1,399.3	1,363.7
Total liabilities and equity	2,574.7	2,632.3
Commitments and contingencies (Notes 13 and 16)
Related Party
Noncurrent liabilities:
Long-term debt (including affiliate debt of $77.3 million and $61.3 million at December 31, 2025 and June 30, 2026, respectively)	$ 61.3	$ 77.3