Valhi (VHI) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	VHI
Entity Registrant Name	VALHI INC /DE/
Entity Central Index Key	59,255
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		339,142,949

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 211.3	$ 255.8
Restricted cash equivalents	7.9	10.6
Marketable securities	0.9	2.7
Accounts and other receivables, net	311.3	303.9
Inventories, net	418.4	443
Land held for development	12.4	15
Other current assets	14.9	17.6
Deferred income taxes	15.1	13.4
Total current assets	992.2	1,062
Other assets:
Marketable securities	256.2	255.6
Investment in affiliates	84.4	89
Goodwill	379.7	379.7
Deferred income taxes	1.3	164.4
Other noncurrent assets	278	282.9
Total other assets	999.6	1,171.6
Property and equipment:
Land	46.9	49.1
Buildings	246.5	263.1
Treatment, storage and disposal facility	159.9	159.9
Equipment	1,082.1	1,139.9
Mining properties	43.9	52
Construction in progress	28.9	26.2
Gross property and equipment	1,608.2	1,690.2
Less accumulated depreciation	923.5	956.6
Net property and equipment	684.7	733.6
Total assets	2,676.5	2,967.2
Current liabilities:
Current maturities of long-term debt	9.1	9.3
Accounts payable and accrued liabilities	292.6	310.2
Income taxes	3.7	7.8
Deferred income taxes	0.4	3.9
Total current liabilities	305.8	331.2
Noncurrent liabilities:
Long-term debt	934.7	924.8
Deferred income taxes	358.6	412.8
Accrued pension costs	226.1	249.4
Accrued environmental remediation and related costs	110.8	108.3
Accrued postretirement benefits costs	13.4	14.1
Other liabilities	103.9	112.7
Total noncurrent liabilities	1,747.5	1,822.1
Equity: Valhi stockholders' equity:
Preferred stock	667.3	667.3
Common stock	3.6	3.6
Retained earnings (deficit)	(100.4)	4.9
Accumulated other comprehensive loss	(183.3)	(148.6)
Treasury stock	(49.6)	(49.6)
Total Valhi stockholders’ equity	337.6	477.6
Noncontrolling interest in subsidiaries	285.6	336.3
Total equity	623.2	813.9
Total liabilities and equity	$ 2,676.5	$ 2,967.2
Commitments and contingencies (Notes 12 and 15)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues and other income:
Net sales	$ 408.8	$ 491.7	$ 824.9	$ 954.1
Other income, net	7.4	10.2	19.5	15.3
Total revenues and other income	416.2	501.9	844.4	969.4
Costs and expenses:
Cost of sales	352.5	387.5	679.3	764.1
Selling, general and administrative	78	74.6	143.2	143.4
Interest	14.5	14.6	29.1	28.3
Total costs and expenses	445	476.7	851.6	935.8
Income (loss) before income taxes	(28.8)	25.2	(7.2)	33.6
Income tax expense	110.6	1.5	114.9	5.3
Net income (loss)	(139.4)	23.7	(122.1)	28.3
Noncontrolling interest in net income (loss) of subsidiaries	(35.5)	8.2	(30.1)	12
Net income (loss) attributable to Valhi stockholders	$ (103.9)	$ 15.5	$ (92)	$ 16.3
Amounts attributable to Valhi stockholders:
Basic and diluted net income (loss) per share	$ (0.30)	$ 0.05	$ (0.27)	$ 0.05
Cash dividends per share	$ 0.02	$ 0.02	$ 0.04	$ 0.07
Basic and diluted weighted average shares outstanding	342	342	342	342

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income (loss)	$ (139.4)	$ 23.7	$ (122.1)	$ 28.3
Other comprehensive income (loss), net of tax:
Currency translation	14.7	(4.5)	(52.9)	(7.2)
Marketable securities	(0.8)	(4.3)	(1.4)	(21.4)
Total other comprehensive income (loss), net	17.3	(7.1)	(48.4)	(25.2)
Comprehensive income (loss)	(122)	16.6	(170.5)	3.1
Comprehensive income (loss) attributable to noncontrolling interest	(34)	3.1	(43.8)	(9.5)
Comprehensive income (loss) attributable to Valhi stockholders	(88)	13.5	(126.7)	12.6
Defined Benefit Pension Plans
Other comprehensive income (loss), net of tax:
Pension and other postretirement benefit plan	3.7	2	6.5	4.1
OPEB
Other comprehensive income (loss), net of tax:
Pension and other postretirement benefit plan	$ (0.3)	$ (0.3)	$ (0.6)	$ (0.7)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (122.1)	$ 28.3
Depreciation and amortization	35.8	39.2
Benefit plan expense less than cash funding	0.9	(2)
Deferred income taxes	96.1	(7.4)
Distributions from Ti02 manufacturing joint venture, net	4.6	13.7
Other, net	2.5	1.7
Change in assets and liabilities:
Accounts and other receivables, net	(39.7)	(88.7)
Inventories, net	(2.5)	12.3
Land held for development, net	7	(3.4)
Accounts payable and accrued liabilities	5.2	3.3
Accounts with affiliates	26	6.8
Income taxes	(5.1)	(4.7)
Other, net	(13.9)	4.2
Net cash provided by (used in) operating activities	(5.2)	3.3
Cash flows from investing activities:
Capital expenditures	(23)	(35.2)
Capitalized permit costs	(0.4)	(0.1)
Purchases of marketable securities	(6.4)	(8.1)
Disposal of marketable securities	7.7	6.3
Change in restricted cash equivalents, net	(0.2)	17.2
Net cash used in investing activities	(22.3)	(19.9)
Indebtedness:
Borrowings	38.7	480.2
Principal payments	(28.8)	(309.2)
Deferred financing costs paid		(6.1)
Valhi cash dividends paid	(13.6)	(23.7)
Distributions to noncontrolling interest in subsidiaries	(7.3)	(12)
Net cash provided by (used in) financing activities	(11)	129.2
Cash and cash equivalents – net change from:
Operating, investing and financing activities	(38.5)	112.6
Effect of exchange rate on cash	(6)	(0.3)
Cash and cash equivalents at beginning of period	255.8	142.8
Cash and cash equivalents at end of period	211.3	255.1
Cash paid for:
Interest, net of capitalized interest	28	25.9
Income taxes, net	13.6	27
Noncash investing activities:
Change in accruals for capital expenditures	$ 2	3.3
Accrual for capital lease additions		$ 6.1

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions	Total	Preferred stock	Common stock	Additional paid-in capital	Retained earnings (deficit)	Accumulated other comprehensive loss	Treasury stock	Non-controlling interest
Balance at Dec. 31, 2014	$ 813.9	$ 667.3	$ 3.6		$ 4.9	$ (148.6)	$ (49.6)	$ 336.3
Net income (loss)	(122.1)				(92)			(30.1)
Other comprehensive loss, net	(48.4)					(34.7)		(13.7)
Dividends	(20.6)			$ (0.3)	(13.3)			(7)
Other	0.4			$ 0.3				0.1
Balance at Jun. 30, 2015	$ 623.2	$ 667.3	$ 3.6		$ (100.4)	$ (183.3)	$ (49.6)	$ 285.6

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1—Organization and basis of presentation: Organization — We are majority owned by a wholly-owned subsidiary of Contran Corporation (“Contran”), which owns approximately 93% of our outstanding common stock at June 30, 2015. Substantially all of Contran’s outstanding voting stock is held by a family trust established for the benefit of Lisa K. Simmons and Serena Simmons Connelly, daughters of Harold C. Simmons, and their children (for which Ms. Lisa Simmons and Ms. Connelly are co-trustees) or is held directly by Ms. Lisa Simmons and Ms. Connelly or persons or entities related to them, including their step-mother Annette C. Simmons, the widow of Mr. Simmons. Under a voting agreement entered into by all of the voting stockholders of Contran, effective in February 2014 and as amended, the size of the board of directors of Contran was fixed at five members, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons (and in the event of their death, their heirs) each has the right to designate one of the five members of the Contran board and the remaining two members of the Contran board must consist of members of Contran management. Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons each serve as members of the Contran board. The voting agreement expires in February 2017 (unless Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons otherwise mutually agree), and the ability of Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons to each designate one member of the Contran board is dependent upon each of their continued beneficial ownership of at least 5% of the combined voting stock of Contran. Consequently, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons may be deemed to control Contran and us. Basis of Presentation— Consolidated in this Quarterly Report are the results of our majority-owned and wholly-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Waste Control Specialists LLC (“WCS”), Tremont LLC, Basic Management, Inc. (“BMI”) and The LandWell Company (“LandWell”). Kronos (NYSE: KRO), NL (NYSE: NL), and CompX (NYSE MKT: 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, 2014 that we filed with the SEC on March 13, 2015 (the “2014 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, 2014 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, 2014) 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 June 30, 2015 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 2014 Consolidated Financial Statements contained in our 2014 Annual Report. In May 2014, after considering our results of operations, financial conditions, cash requirements for our businesses and our current expectations regarding reduced aggregate dividend distributions to be received from our subsidiaries, our Board of Directors reduced our regular quarterly dividend to $.02 per share effective with the second quarter 2014 dividend payment. The declaration and payment of future dividends, and the amount thereof, is discretionary and is dependent upon these and other factors deemed relevant by our Board of Directors. 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.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business Segment Information	Note 2—Business segment information: Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 87 % Waste management WCS 100 % Real estate management and development BMI and LandWell 63% - 77 % Our control of Kronos includes 50% we hold directly and 30% held directly by NL. We own 83% of NL. Our control of CompX is through NL. We own 63% of BMI. Our control of LandWell includes the 27% we hold directly and 50% held by BMI. Three months ended Six months ended 2014 2015 2014 2015 (unaudited) (In millions) Net sales: Chemicals $ 443.5 $ 360.2 $ 863.6 $ 725.3 Component products 26.8 28.9 52.6 56.8 Waste management 11.9 10.0 18.9 25.0 Real estate management and development 9.5 9.7 19.0 17.8 Total net sales $ 491.7 $ 408.8 $ 954.1 $ 824.9 Cost of sales: Chemicals $ 350.3 $ 314.2 $ 690.5 $ 602.4 Component products 18.3 19.8 36.3 39.1 Waste management 11.9 12.4 22.6 24.5 Real estate management and development 7.0 6.1 14.7 13.3 Total cost of sales $ 387.5 $ 352.5 $ 764.1 $ 679.3 Gross margin: Chemicals $ 93.2 $ 46.0 $ 173.1 $ 122.9 Component products 8.5 9.1 16.3 17.7 Waste management — (2.4 ) (3.7 ) .5 Real estate management and development 2.5 3.6 4.3 4.5 Total gross margin $ 104.2 $ 56.3 $ 190.0 $ 145.6 Operating income (loss): Chemicals $ 46.3 $ (7.9 ) $ 73.9 $ 26.1 Component products 3.9 4.3 7.2 8.0 Waste management (5.0 ) (8.1 ) (13.5 ) (11.0 ) Real estate management and development 1.5 1.6 1.9 1.4 Total operating income (loss) 46.7 (10.1 ) 69.5 24.5 General corporate items: Securities earnings 6.6 6.7 13.4 13.4 Insurance recoveries .4 .3 1.2 3.4 General expenses, net (13.9 ) (11.2 ) (22.2 ) (19.4 ) Interest expense (14.6 ) (14.5 ) (28.3 ) (29.1 ) Income (loss) before income taxes $ 25.2 $ (28.8 ) $ 33.6 $ (7.2 ) 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 Chemicals Segment recognized an aggregate $21.1 million charge in the second quarter of 2015 for workforce reductions, see Note 17.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]
Marketable Securities	Note 3—Marketable securities: Market Cost Unrealized (In millions) December 31, 2014: Current assets $ 2.7 $ 2.7 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 5.6 5.8 (.2 ) Total $ 255.6 $ 255.8 $ (.2 ) June 30, 2015: Current assets $ .9 $ .9 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 6.2 6.5 (.3 ) Total $ 256.2 $ 256.5 $ (.3 ) All of our marketable securities are accounted for as available-for-sale, which are carried at fair value, with any unrealized gains or losses recognized through accumulated other comprehensive income. Our marketable 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

Accounts and Other Receivables,

Accounts and Other Receivables, Net	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Accounts and other receivables, net	Note 4—Accounts and other receivables, net: December 31, June 30, (In millions) Trade accounts receivable: Kronos $ 230.9 $ 256.1 CompX 8.8 13.2 WCS 7.7 4.3 BMI and LandWell 1.4 1.6 VAT and other receivables 24.3 24.6 Refundable income taxes 8.7 9.7 Receivable from affiliates: LPC – trade items 13.0 — Contran – trade items .2 .2 Contran – income taxes 9.2 — Other 1.5 2.8 Allowance for doubtful accounts (1.8 ) (1.2 ) Total $ 303.9 $ 311.3

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories, Net	Note 5—Inventories, net: December 31, June 30, (In millions) Raw materials: Chemicals $ 76.0 $ 79.5 Component products 3.4 3.5 Total raw materials 79.4 83.0 Work in process: Chemicals 32.9 30.8 Component products 10.3 10.3 Total in-process products 43.2 41.1 Finished products: Chemicals 253.2 229.9 Component products 3.2 2.3 Total finished products 256.4 232.2 Supplies (primarily chemicals) 64.0 62.1 Total $ 443.0 $ 418.4

Investment in Affiliates and Ot

Investment in Affiliates and Other Assets	6 Months Ended
	Jun. 30, 2015
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Investment in Affiliate and Other Assets	Note 6—Investment in affiliate and other assets: December 31, June 30, (In millions) Investment in TiO 2 $ 89.0 $ 84.4 Other assets: Land held for development $ 165.1 $ 161.3 Waste disposal site operating permits, net 53.2 50.4 Restricted cash 13.9 16.3 Deferred financing costs 6.9 6.7 IBNR receivables 6.8 7.0 Capital lease deposit 6.2 6.2 Intangible assets 5.1 5.1 Other 25.7 25.0 Total $ 282.9 $ 278.0

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Note 7—Accounts payable and accrued liabilities: December 31, June 30, (In millions) Accounts payable: Kronos $ 121.4 $ 99.0 CompX 3.9 2.9 WCS 1.4 .8 BMI and LandWell 7.0 4.2 NL 2.3 6.6 Other .2 .5 Payable to affiliates: Contran – trade items 26.1 26.1 Contran – income taxes — 5.6 LPC – trade items 19.9 13.8 Employee benefits 34.6 26.0 Deferred income 19.8 23.0 Accrued workforce reduction costs — 18.3 Accrued sales discounts and rebates 23.0 15.1 Environmental remediation and related costs 10.2 9.9 Other 40.4 40.8 Total $ 310.2 $ 292.6 See Note 17 for a discussion of accrued workforce reduction costs

Other Noncurrent Liabilities

Other Noncurrent Liabilities	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Noncurrent Liabilities	Note 8—Other noncurrent liabilities: December 31, June 30, (In millions) Reserve for uncertain tax positions $ 34.1 $ 29.1 Asset retirement obligations 27.2 28.1 Deferred income 18.9 11.5 Employee benefits 8.1 7.4 Insurance claims and expenses 9.5 9.6 Deferred payment obligation 8.5 8.6 Accrued workforce reduction costs — 2.9 Other 6.4 6.7 Total $ 112.7 $ 103.9

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Note 9—Long-term debt: December 31, June 30, (In millions) Valhi: Snake River Sugar Company $ 250.0 $ 250.0 Contran credit facility 223.7 237.2 Total Valhi debt 473.7 487.2 Subsidiary debt: Kronos: Term loan 345.9 344.3 WCS: Financing capital lease 67.1 66.4 Tremont: Promissory note payable 17.4 17.3 BMI: Bank note payable 10.3 9.9 LandWell: Note payable to the City of Henderson 3.1 3.1 Other 16.6 15.6 Total subsidiary debt 460.4 456.6 Total debt 934.1 943.8 Less current maturities 9.3 9.1 Total long-term debt $ 924.8 $ 934.7 Valhi – Contran credit facility – During the first six months of 2015, we had net borrowings of $13.5 million under our Contran credit facility. The average interest rate on the existing balance as of and for the six months ended June 30, 2015 was 4.25%. At June 30, 2015 $37.8 million was available for borrowing under this facility. Kronos – Term loan – On May 21, 2015 Kronos entered into an amendment to its term loan due in February 2020. As a result of the amendment: · The applicable margin on outstanding LIBOR-based borrowings was reduced from 3.75% to 3.00%, and the applicable margin on outstanding base rate borrowings was reduced from 2.75% to 2.00%; and · A provision was added whereby if Kronos elected to call all or a portion of the outstanding principal balance within six months of completing the amendment (i.e. before November 21, 2015), a 1% call premium of the aggregate principal amount so prepaid would apply. We accounted for such amendment to the term loan as a modification of the terms of the term loan. All other terms of the term loan, including principal repayments, maturity and collateral remain unchanged. We paid a $750,000 refinancing fee in connection with this amendment, which along with the existing unamortized deferred financing costs associated with the term loan are being amortized over the remaining term of the loan. During the first six months of 2015, Kronos made its required quarterly principal payments aggregating $1.8 million. The average interest rate on the term loan borrowings as of and for the quarter ended June 30, 2015 was 4.0% and 4.58%, respectively. The carrying value of the term loan at June 30, 2015 includes unamortized original issue discount of $1.3 million. Revolving credit facilities – Kronos’ European revolving credit facility requires the maintenance of certain financial ratios, and one of such requirements is based on the ratio of net debt to last twelve months earnings before income tax, interest, depreciation and amortization expense (“EBITDA”) of the borrowers. Based upon the borrowers’ last twelve months EBITDA as of June 30, 2015 and the net debt to EBITDA financial test, Kronos’ borrowing availability at June 30, 2015 is 46% of the credit facility, or €54.9 million ($61.5 million). In addition, at June 30, 2015 Kronos had approximately $87.2 million available for borrowing under its North American revolving facility. Tremont – Promissory note payable – In February 2015, and following Tremont’s receipt of dividend distributions from BMI and LandWell, Tremont prepaid (without penalty) $.1 million principal amount on the note as required under the terms of the note agreement. Restrictions and other – Certain of the credit facilities with unrelated, third-party lenders described above require the respective borrowers to maintain minimum levels of equity, require the maintenance of certain financial ratios, limit dividends and additional indebtedness and contain other provisions and restrictive covenants customary in lending transactions of this type. We are in compliance with all of our debt covenants at June 30, 2015.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	Note 10—Employee benefit plans: Defined benefit plans – The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Six months ended 2014 2015 2014 2015 (In millions) Service cost $ 2.5 $ 2.7 $ 5.1 $ 5.6 Interest cost 6.4 4.4 12.7 9.0 Expected return on plan assets (6.3 ) (5.3 ) (12.5 ) (10.7 ) Amortization if unrecognized prior service cost .2 .2 .4 .4 Recognized actuarial losses 2.8 3.8 5.6 7.6 Total $ 5.6 $ 5.8 $ 11.3 $ 11.9 Other postretirement benefits – The components of our net periodic other postretirement benefit cost are presented in the table below. Three months ended Six months ended 2014 2015 2014 2015 (In millions) Service cost $ .1 $ .1 $ .1 $ .1 Interest cost .1 — .3 .2 Amortization of prior service credit (.6 ) (.4 ) (1.1 ) (.9 ) Recognized actuarial gains (.1 ) (.1 ) (.1 ) (.1 ) Total $ (.5 ) $ (.4 ) $ (.8 ) $ (.7 ) Contributions – We expect to contribute the equivalent of $19.6 million and $1.3 million, respectively, to all of our defined benefit pension plans and other postretirement benefit plans during 2015.

Other Income, Net

Other Income, Net	6 Months Ended
	Jun. 30, 2015
Other Income And Expenses [Abstract]
Other Income, Net	Note 11—Other income, net: Six months ended June 30, 2014 2015 (In millions) Securities earnings: Dividends and interest $ 13.3 $ 13.2 Securities transactions, net .1 .2 Total 13.4 13.4 c urrency transactions, net (.1 ) 1.3 Insurance recoveries 1.2 3.4 Other, net .8 1.4 Total $ 15.3 $ 19.5 Insurance recoveries reflect, in part, amounts NL received from certain of its former insurance carriers and relate to the recovery of prior lead pigment and asbestos litigation defense costs incurred by NL.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 12—Income taxes: Three months ended Six months ended 2014 2015 2014 2015 (In millions) Expected tax expense (benefit), at U.S. federal statutory income tax rate of 35% $ 8.9 $ (10.1 ) $ 11.8 $ (2.5 ) Incremental net benefit on earnings and losses of non-U.S. and non-tax group companies (1.1 ) (28.6 ) (1.2 ) (28.1 ) Non-U.S. tax rates (1.0 ) .5 (1.7 ) (.6 ) Valuation allowance ─ 150.3 ─ 150.3 Adjustment to the reserve for uncertain tax positions, net (5.9 ) (.2 ) (5.6 ) (2.9 ) Nondeductible expenses .9 (.6 ) 1.2 (.1 ) Domestic manufacturing credit (.6 ) (.2 ) (.7 ) (1.0 ) U.S. state income taxes and other, net .3 (.5 ) 1.5 (.2 ) Income tax expense $ 1.5 $ 110.6 $ 5.3 $ 114.9 Comprehensive provision for income taxes (benefit) allocable to: Income tax expense $ 1.5 $ 110.6 $ 5.3 $ 114.9 Other comprehensive income (loss): Marketable securities (2.4 ) (.5 ) (11.2 ) (.7 ) Currency translation (.9 ) 8.1 (1.6 ) (8.1 ) Pension plans .9 .2 1.9 1.5 OPEB plans (.2 ) (.2 ) (.4 ) (.4 ) Total $ (1.1 ) $ 118.2 $ (6.0 ) $ 107.2 The amount shown in the above 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 Chemicals Segment’s 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 of 35%. The amount shown on such table for incremental net benefit on earnings and losses on non-U.S. companies includes, as applicable, (i) current income taxes (including withholding taxes, if applicable), if any, associated with any current-year earnings of our Chemicals Segment’s non-U.S. subsidiaries to the extent such current-year earnings were distributed to us in the current year, (ii) deferred income taxes (or deferred income tax benefit) associated with the current-year change in the aggregate amount of undistributed earnings of our Chemicals Segment’s Canadian subsidiary, which earnings are not subject to a permanent reinvestment plan, in an amount representing the current-year change in the aggregate current income tax that would be generated (including withholding taxes, if applicable) when such aggregate undistributed earnings are distributed to us, and (iii) 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. As previously disclosed, our Chemicals Segment has substantial net operating loss (“NOL”) carryforwards in Germany (the equivalent of $738 million and $94 million for German corporate and trade tax purposes, respectively, at December 31, 2014) and in Belgium (the equivalent of $87 million for Belgian corporate tax purposes at December 31, 2014), both of which have an indefinite carryforward period. As a result, we have net deferred income tax assets recognized with respect to these two jurisdictions, primarily related to these NOL carryforwards. Prior to June 30, 2015, and using all available evidence, we had concluded no deferred income tax asset valuation allowance was required to be recognized with respect to these net deferred income tax assets under the more-likely-than-not recognition criteria, primarily because (i) the carryforwards have an indefinite carryforward period, (ii) we utilized a portion of such carryforwards during the most recent three-year period, and (iii) we expect to utilize the remainder of the carryforwards over the long term. We had also previously indicated that facts and circumstances could change, which might in the future result in the recognition of a valuation allowance against some or all of such deferred income tax assets. Given the trend of our operating results over the last few quarters, we do not presently have sufficient positive evidence to overcome the significant negative evidence of having twelve consecutive quarters of cumulative losses in both our German and Belgian jurisdictions at June 30, 2015. Accordingly, at June 30, 2015, we have concluded that we are now required to recognize a non-cash deferred income tax asset valuation allowance under the more-likely-than-not recognition criteria with respect to our German and Belgian net deferred income tax assets. Such valuation allowance aggregates $150.3 million at June 30, 2015. As disclosed in the 2014 Annual Report, we recognize deferred income taxes with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock because the exemption under GAAP to avoid such recognition of deferred income taxes is not available to us. There is a maximum amount (or cap) of such deferred income taxes we are required to recognize with respect to our direct investment in Kronos, and we previously reached such maximum amount in the fourth quarter of 2010. Since that time and through March 31, 2015, we were not required to recognize any additional deferred income taxes with respect to our direct investment in Kronos because the deferred income taxes associated with the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock continued to be above such cap. However, at June 30, 2015, the deferred income taxes associated with the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock was, for the first time since the fourth quarter of 2010, below such cap, in large part due to the net loss reported by Kronos in the second quarter of 2015. Accordingly, our provision for income taxes in the second quarter of 2015 includes a non-cash income tax benefit of $29.3 million for the reduction in the deferred income taxes required to be recognized with respect to the excess of the financial reporting carrying amount over the income tax basis of our direct investment in Kronos common stock, to the extent such reduction related to our equity in Kronos’ net loss. Such amount is included in the above table of our income tax rate reconciliation for incremental net benefit on earnings and losses on non-U.S. companies (in addition to the other items indicated above). A portion of such reduction also related to our equity in Kronos’ other comprehensive income (loss) items, and the amounts shown in the table above for income tax expense (benefit) allocated to other comprehensive income (loss) includes amounts related to our equity in Kronos’ other comprehensive income (loss) items. Tax authorities are examining certain of our U.S. and non-U.S. tax returns and have or may propose tax deficiencies, including penalties and interest. Because of the inherent uncertainties involved in settlement initiatives and court and tax proceedings, we cannot guarantee that these matters will be resolved in our favor, and therefore our potential exposure, if any, is also uncertain. 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. During the first six months of 2015, primarily in the first quarter, we recognized a non-cash income tax benefit of $2.9 million primarily related to the release of a portion of our reserve for uncertain tax positions due to the expiration of the applicable statute of limitations. We currently estimate that our unrecognized tax benefits will not further change materially during the next twelve months.

Noncontrolling Interest in Subs

Noncontrolling Interest in Subsidiaries	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interest in Subsidiaries	Note 13—Noncontrolling interest in subsidiaries: December 31, June 30, (In millions) Noncontrolling interest in net assets: Kronos $ 211.0 $ 165.7 NL 54.4 48.2 CompX 14.4 15.0 BMI 31.7 32.0 LandWell 24.8 24.7 Total $ 336.3 $ 285.6 Six months ended 2014 2015 (In millions) Noncontrolling interest in net income (loss) of subsidiaries: Kronos $ 9.1 $ (27.8 ) NL 1.6 (3.3 ) CompX .6 .7 BMI .3 .3 LandWell .4 – Total $ 12.0 $ (30.1 )

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 14—Accumulated other comprehensive income (loss): Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below. Three months ended Six months ended 2014 2015 2014 2015 (In millions) Accumulated other comprehensive income (loss), net of tax and noncontrolling interest: Marketable securities: Balance at beginning of period $ 2.0 $ 1.4 $ 2.8 $ 1.6 Other comprehensive income (loss) – unrealized gains (losses) arising during the period .1 .2 (.7 ) - Balance at end of period $ 2.1 $ 1.6 $ 2.1 $ 1.6 Currency translation adjustment: Balance at beginning of period $ 57.1 $ (74.8 ) $ 59.2 $ (22.6 ) Other comprehensive income (loss) (3.5 ) 13.2 (5.6 ) (39.0 ) Balance at end of period $ 53.6 $ (61.6 ) $ 53.6 $ (61.6 ) Defined benefit pension plans: Balance at beginning of period $ (74.9 ) $ (129.8 ) $ (76.5 ) $ (132.0 ) Other comprehensive income— amortization of prior service cost and net losses included in net periodic pension cost 1.6 2.6 3.2 4.8 Balance at end of period $ (73.3 ) $ (127.2 ) $ (73.3 ) $ (127.2 ) OPEB plans: Balance at beginning of period $ 6.2 $ 4.1 $ 6.5 $ 4.4 Other comprehensive loss – amortization of prior service credit (.3 ) (.2 ) (.6 ) (.5 ) Balance at end of period $ 5.9 $ 3.9 $ 5.9 $ 3.9 Total accumulated other comprehensive loss: Balance at beginning of period $ (9.6 ) $ (199.1 ) $ (8.0 ) $ (148.6 ) Other comprehensive income (loss) (2.1 ) 15.8 (3.7 ) (34.7 ) Balance at end of period $ (11.7 ) $ (183.3 ) $ (11.7 ) $ (183.3 ) See Note 10 for amounts related to our defined benefit pension plans and OPEB plans.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15—Commitments and contingencies: General We are involved in various environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our current and former businesses. At least quarterly our management discusses and evaluates the status of any pending litigation or claim to which we are a party or which has been asserted against us. The factors considered in such evaluation include, among other things, the nature of such pending cases and claim, the status of such pending cases and claims, the advice of legal counsel and our experience in similar cases and claims (if any). Based on such evaluation, we make a determination as to whether we believe (i) it is probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (ii) it is reasonably possible but not probable a loss has been incurred, and if so if the amount of such loss (or a range of loss) is reasonably estimable, or (iii) the probability a loss has been incurred is remote. Lead pigment litigation—NL NL’s former operations included the manufacture of lead pigments for use in paint and lead-based paint. NL, other former manufacturers of lead pigments for use in paint and lead-based paint (together, the “former pigment manufacturers”), and the Lead Industries Association (“LIA”), which discontinued business operations in 2002, have been named as defendants in various legal proceedings seeking damages for personal injury, property damage and governmental expenditures allegedly caused by the use of lead-based paints. Certain of these actions have been filed by or on behalf of states, counties, cities or their public housing authorities and school districts, and certain others have been asserted as class actions. These lawsuits seek recovery under a variety of theories, including public and private nuisance, negligent product design, negligent failure to warn, strict liability, breach of warranty, conspiracy/concert of action, aiding and abetting, enterprise liability, market share or risk contribution liability, intentional tort, fraud and misrepresentation, violations of state consumer protection statutes, supplier negligence and similar claims. The plaintiffs in these actions generally seek to impose on the defendants responsibility for lead paint abatement and health concerns associated with the use of lead-based paints, including damages for personal injury, contribution and/or indemnification for medical expenses, medical monitoring expenses and costs for educational programs. To the extent the plaintiffs seek compensatory or punitive damages in these actions, such damages are generally unspecified. In some cases, the damages are unspecified pursuant to the requirements of applicable state law. A number of cases are inactive or have been dismissed or withdrawn. Most of the remaining cases are in various pre-trial stages. Some are on appeal following dismissal or summary judgment rulings or a trial verdict in favor of either the defendants or the plaintiffs. NL believes that these actions are without merit, and NL intends to continue to deny all allegations of wrongdoing and liability and to defend against all actions vigorously. NL does not believe it is probable that it has incurred any liability with respect to all of the lead pigment litigation cases to which NL is a party, and liability to us that may result, if any, in this regard cannot be reasonably estimated, because: · NL has never settled any of the market share, intentional tort, fraud, nuisance, supplier negligence, breach of warranty, conspiracy, misrepresentation, aiding and abetting, enterprise liability, or statutory cases, · no final, non-appealable adverse verdicts have ever been entered against NL, and · NL has never ultimately been found liable with respect to any such litigation matters, including over 100 cases over a twenty-year period for which NL was previously a party and for which NL has been dismissed without any finding of liability. Accordingly, neither we nor NL have accrued any amounts for any of the pending lead pigment and lead-based paint litigation cases filed by or on behalf of states, counties, cities or their public housing authorities and school districts, or those asserted as class actions. In addition, we have determined that liability to us which may result, if any, cannot be reasonably estimated because there is no prior history of a loss of this nature on which an estimate could be made and there is no substantive information available upon which an estimate could be based. In one of these lead pigment cases, in April 2000 NL was served with a complaint ( County of Santa Clara v. Atlantic Richfield Company, et al The Santa Clara case is unusual in that this is the second time that an adverse verdict in the lead pigment litigation has been entered against NL (the first adverse verdict against NL was ultimately overturned on appeal). We have concluded that the likelihood of a loss in this case has not reached a standard of “probable” as contemplated by ASC 450, given (i) the substantive, substantial and meritorious grounds on which the adverse verdict in the Santa Clara case will be appealed, (ii) the uniqueness of the Santa Clara verdict (i.e. no final, non-appealable verdicts have ever been rendered against NL, or any of the other former lead pigment manufacturers, based on the public nuisance theory of liability or otherwise), and (iii) the rejection of the public nuisance theory of liability as it relates to lead pigment matters in many other jurisdictions (no jurisdiction in which a plaintiff has asserted a public nuisance theory of liability has ever successfully been upheld). In addition, liability that may result, if any, cannot be reasonably estimated, as NL continues to have no basis on which an estimate of liability could be made, as discussed above. However, as with any legal proceeding, there is no assurance that any appeal would be successful, and it is reasonably possible, based on the outcome of the appeals process, that NL may in the future incur some liability resulting in the recognition of a loss contingency accrual that could have a material adverse impact on our results of operations, financial position and liquidity. New cases may continue to be filed against NL. We cannot assure you that we will not incur liability in the future in respect of any of the pending or possible litigation in view of the inherent uncertainties involved in court and jury rulings. In the future, if new information regarding such matters becomes available to us (such as a final, non-appealable adverse verdict against us or otherwise ultimately being found liable with respect to such matters), at that time we would consider such information in evaluating any remaining cases then-pending against us as to whether it might then have become probable we have incurred liability with respect to these matters, and whether such liability, if any, could have become reasonably estimable. The resolution of any of these cases could result in the recognition of a loss contingency accrual that could have a material adverse impact on our net income for the interim or annual period during which such liability is recognized and a material adverse impact on our consolidated financial condition and liquidity. Environmental matters and litigation Our operations are governed by various environmental laws and regulations. Certain of our businesses are and have been engaged in the handling, manufacture or use of substances or compounds that may be considered toxic or hazardous within the meaning of applicable environmental laws and regulations. As with other companies engaged in similar businesses, certain of our past and current operations and products have the potential to cause environmental or other damage. We have implemented and continue to implement various policies and programs in an effort to minimize these risks. Our policy is to maintain compliance with applicable environmental laws and regulations at all of our plants and to strive to improve environmental performance. From time to time, we may be subject to environmental regulatory enforcement under U.S. and non-U.S. statutes, the resolution of which typically involves the establishment of compliance programs. It is possible that future developments, such as stricter requirements of environmental laws and enforcement policies, could adversely affect our production, handling, use, storage, transportation, sale or disposal of such substances. We believe that all of our facilities are in substantial compliance with applicable environmental laws. Certain properties and facilities used in NL’s former operations, including divested primary and secondary lead smelters and former mining locations, are the subject of civil litigation, administrative proceedings or investigations arising under federal and state environmental laws and common law. Additionally, in connection with past operating practices, we are currently involved as a defendant, potentially responsible party (“PRP”) or both, pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act (“CERCLA”), and similar state laws in various governmental and private actions associated with waste disposal sites, mining locations, and facilities that we or our predecessors, our subsidiaries or their predecessors currently or previously owned, operated or used, certain of which are on the United States Environmental Protection Agency’s (“EPA”) Superfund National Priorities List or similar state lists. These proceedings seek cleanup costs, damages for personal injury or property damage and/or damages for injury to natural resources. Certain of these proceedings involve claims for substantial amounts. Although we may be jointly and severally liable for these costs, in most cases we are only one of a number of PRPs who may also be jointly and severally liable, and among whom costs may be shared or allocated. In addition, we are occasionally named as a party in a number of personal injury lawsuits filed in various jurisdictions alleging claims related to environmental conditions alleged to have resulted from our operations. Obligations associated with environmental remediation and related matters are difficult to assess and estimate for numerous reasons including the: · complexity and differing interpretations of governmental regulations, · number of PRPs and their ability or willingness to fund such allocation of costs, · financial capabilities of the PRPs and the allocation of costs among them, · solvency of other PRPs, · multiplicity of possible solutions, · number of years of investigatory, remedial and monitoring activity required, · uncertainty over the extent, if any, to which our former operations might have contributed to the conditions allegedly giving rise to such personal injury, property damage, natural resource and related claims, and · number of years between former operations and notice of claims and lack of information and documents about the former operations. In addition, the imposition of more stringent standards or requirements under environmental laws or regulations, new developments or changes regarding site cleanup costs or the allocation of costs among PRPs, solvency of other PRPs, the results of future testing and analysis undertaken with respect to certain sites or a determination that we are potentially responsible for the release of hazardous substances at other sites, could cause our expenditures to exceed our current estimates. We cannot assure you that actual costs will not exceed accrued amounts or the upper end of the range for sites for which estimates have been made, and we cannot assure you that costs will not be incurred for sites where no estimates presently can be made. Further, additional environmental and related matters may arise in the future. If we were to incur any future liability, this could have a material adverse effect on our consolidated financial statements, results of operations and liquidity. We record liabilities related to environmental remediation and related matters (including costs associated with damages for personal injury or property damage and/or damages for injury to natural resources) when estimated future expenditures are probable and reasonably estimable. We adjust such accruals as further information becomes available to us or as circumstances change. Unless the amounts and timing of such estimated future expenditures are fixed and reasonably determinable, we generally do not discount estimated future expenditures to their present value due to the uncertainty of the timing of the payout. We recognize recoveries of costs from other parties, if any, as assets when their receipt is deemed probable. At December 31, 2014 and June 30, 2015, receivables for recoveries were not significant. We do not know and cannot estimate the exact time frame over which we will make payments for our accrued environmental and related costs. The timing of payments depends upon a number of factors, including but not limited to the timing of the actual remediation process; which in turn depends on factors outside of our control. At each balance sheet date, we estimate the amount of our accrued environmental and related costs which we expect to pay within the next twelve months, and we classify this estimate as a current liability. We classify the remaining accrued environmental costs as a noncurrent liability. Changes in the accrued environmental remediation and related costs during the first six months of 2015 are presented in the table below. Amount (In millions) Balance at the beginning of the year $ 118.5 Additions charged to expense, net 2.6 Payments, net (1.3 ) Currency and other .9 Balance at the end of period $ 120.7 Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: Current liabilities $ 9.9 Noncurrent liabilities 110.8 Total $ 120.7 NL – On a quarterly basis, NL evaluates the potential range of its liability for environmental remediation and related costs at sites where it has been named as a PRP or defendant. At June 30, 2015, NL had accrued approximately $112 million related to approximately 46 sites associated with remediation and related matters that it believes are at the present time and/or in their current phase reasonably estimable. The upper end of the range of reasonably possible costs to NL for remediation and related matters for which we believe it is possible to estimate costs is approximately $165 million, including the amount currently accrued. NL believes that it is not reasonably possible to estimate the range of costs for certain sites. At June 30, 2015, there were approximately 5 sites for which NL is not currently able to reasonably estimate a range of costs. For these sites, generally the investigation is in the early stages, and NL is unable to determine whether or not NL actually had any association with the site, the nature of its responsibility, if any, for the contamination at the site and the extent of contamination at and cost to remediate the site. The timing and availability of information on these sites is dependent on events outside of our control, such as when the party alleging liability provides information to us. At certain of these previously inactive sites, NL has received general and special notices of liability from the EPA and/or state agencies alleging that NL, sometimes with other PRPs, are liable for past and future costs of remediating environmental contamination allegedly caused by former operations. These notifications may assert that NL, along with any other alleged PRPs, are liable for past and/or future clean-up costs. As further information becomes available to us for any of these sites which would allow us to estimate a range of costs, we would at that time adjust our accruals. Any such adjustment could result in the recognition of an accrual that would have a material effect on our consolidated financial statements, results of operations and liquidity. Other – We have also accrued approximately $8.7 million at June 30, 2015 for other environmental cleanup matters. This accrual is near the upper end of the range of our estimate of reasonably possible costs for such matters. Insurance coverage claims We are involved in certain legal proceedings with a number of our former insurance carriers regarding the nature and extent of the carriers’ obligations to us under insurance policies with respect to certain lead pigment and asbestos lawsuits. The issue of whether insurance coverage for defense costs or indemnity or both will be found to exist for our lead pigment and asbestos litigation depends upon a variety of factors and we cannot assure you that such insurance coverage will be available. We have agreements with certain of our former insurance carriers pursuant to which the carriers reimburse us for a portion of our future lead pigment litigation defense costs, and one such carrier reimburses us for a portion of our future asbestos litigation defense costs. We are not able to determine how much we will ultimately recover from these carriers for defense costs incurred by us because of certain issues that arise regarding which defense costs qualify for reimbursement. While we continue to seek additional insurance recoveries, we do not know if we will be successful in obtaining reimbursement for either defense costs or indemnity. Accordingly, we recognize insurance recoveries in income only when receipt of the recovery is probable and we are able to reasonably estimate the amount of the recovery. For additional discussion of certain litigation involving NL and certain of its former insurance carriers, please refer to our 2014 Annual Report. Other litigation NL — NL has been named as a defendant in various lawsuits in several jurisdictions, alleging personal injuries as a result of occupational exposure primarily to products manufactured by our former operations containing asbestos, silica and/or mixed dust. In addition, some plaintiffs allege exposure to asbestos from working in various facilities previously owned and/or operated by NL. There are 166 of these types of cases pending, involving a total of approximately 712 plaintiffs. In addition, the claims of approximately 8,692 plaintiffs have been administratively dismissed or placed on the inactive docket in Ohio state court. We do not expect these claims will be re-opened unless the plaintiffs meet the courts’ medical criteria for asbestos-related claims. We have not accrued any amounts for this litigation because of the uncertainty of liability and inability to reasonably estimate the liability, if any. To date, we have not been adjudicated liable in any of these matters. Based on information available to us, including: · facts concerning historical operations, · the rate of new claims, · the number of claims from which we have been dismissed, and · our prior experience in the defense of these matters, we believe that the range of reasonably possible outcomes of these matters will be consistent with our historical costs (which are not material). Furthermore, we do not expect any reasonably possible outcome would involve amounts material to our consolidated financial position, results of operations or liquidity. We have sought and will continue to vigorously seek, dismissal and/or a finding of no liability from each claim. In addition, from time to time, we have received notices regarding asbestos or silica claims purporting to be brought against former subsidiaries, including notices provided to insurers with which we have entered into settlements extinguishing certain insurance policies. These insurers may seek indemnification from us. Kronos — In March 2013, Kronos was served with the complaint, Los Gatos Mercantile, Inc. d/b/a Los Gatos Ace Hardware, et al v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the Northern District of California, Case No. 3:13-cv-01180-SI). The defendants include Kronos, E.I. Du Pont de Nemours & Company, Huntsman International LLC and Millennium Inorganic Chemicals, Inc. As amended by plaintiffs’ second amended complaint, plaintiffs seek to represent a class consisting of indirect purchasers of titanium dioxide in the states of Arizona, Arkansas, California, the District of Columbia, Florida, Kansas, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, New York, North Carolina, Oregon, South Carolina, Tennessee and Wisconsin that indirectly purchased titanium dioxide from one or more of the defendants on or after March 1, 2002. The complaint alleges that the defendants conspired and combined to fix, raise, maintain, and stabilize the price at which titanium dioxide was sold in the United States and engaged in other anticompetitive conduct. The case is now proceeding in the trial court. We believe the action is without merit, will deny all allegations of wrongdoing and liability and intend to defend against the action vigorously. Based on our quarterly status evaluation of this case, we h ave determined that it is not reasonably possible that a loss has been incurred in this case. In November 2013, Kronos was served with the complaint, The Valspar Corporation, et al v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the District of Minnesota, Case No. 1:13-cv-03214-RHK-L1B). The defendants include Kronos, E.I. Du Pont de Nemours & Company, Huntsman International LLC, Millennium Inorganic Chemicals, Inc. and the National Titanium Dioxide Company Limited (d/b/a Cristal). The plaintiff opted out of the settlement in the original lawsuit, Haley Paint et al. v. E.I. Du Pont de Nemours and Company, et al. (United States District Court, for the District of Maryland, Case No. 1:10-cv-00318-RDB) and filed its own lawsuit against the defendants. The complaint alleged that the defendants conspired and combined to fix, raise, maintain, and stabilize the price at which titanium dioxide was sold in the United States and engaged in other anticompetitive conduct. In October 2014, the court granted our motion to transfer, and the case is now proceeding in the trial court in the United States District Court for the Southern District of Texas, Case No. 4:14-cv-01130. We believe the action is without merit, will deny all allegations of wrongdoing and liability and intend to defend against the action vigorously. Based on our quarterly status evaluation of the case, we have determined that while it is reasonably possible (but not probable) that a loss has been incurred in this case, we do not believe the amount of such loss will be material to our consolidated financial condition, results of operations or liquidity. WCS — Previously, the Lone Star Chapter of the Sierra Club filed various lawsuits in Texas District Court against the Texas Commission on Environmental Quality (“TCEQ”). WCS has intervened in these lawsuits. These lawsuits challenge WCS’ by-product and low-level radioactive waste disposal licenses. Subsequently, the District Court upheld the TCEQ’s determination that the Sierra Club lacked standing to pursue a challenge to the by-product disposal license. The Sierra Club appealed. WCS’ by-product disposal license remains in effect pending resolution of the appeal. On April 4, 2014, the Third District of the Texas Court of Appeals in Austin upheld the District Court’s ruling in favor of the TCEQ and WCS. On December 30, 2014 the Third District of the Texas Court of Appeals issued a new opinion again upholding the District Court’s ruling in favor of the TCEQ and WCS. On February 13, 2015, the Third District of the Texas Court of Appeals denied the Sierra Club’s motion for rehearing en banc. Sierra Club petitioned for discretionary relief from the Texas Supreme Court on March 30, 2015. Sierra Club’s petition remains pending. In May 2012, the same District Court subsequently held that TCEQ erred in denying the Sierra Club’s request for an administrative contested case hearing regarding the low-level radioactive waste disposal license, and ordered the TCEQ to undertake a contested case hearing in which the Sierra Club could participate. Shortly thereafter, both the TCEQ and WCS appealed the District Court’s order with respect to the low-level radioactive waste disposal license. Because of the appeal, the District Court’s order was suspended. WCS’ low-level radioactive waste disposal license remains in effect pending resolution of the appeal. On April 18, 2014, the Third District of the Texas Court of Appeals in Austin reversed the District Court’s ruling and rendered judgment in favor of TCEQ and WCS. On December 30, 2014, the Third District of the Texas Court of Appeals issued a new opinion, again reversing the District Court’s ruling and rendering judgment in favor of the TCEQ and WCS. On February 17, 2015, the Third District of the Texas Court of Appeals denied the Sierra Club’s motion for rehearing en banc. Sierra Club petitioned for discretionary relief from the Texas Supreme Court on April 3, 2015. Sierra Club’s petition remains pending. WCS believes the actions by the Sierra Club are without merit and that the Sierra Club has no proper standing to challenge any of its licenses and permits. This position has been validated by the recent decisions of the Third District of the Texas Court of Appeals, relying on two recent Texas Supreme Court rulings narrowing the basis for a challenge to environmental permits. WCS intends to continue to defend against any and all such actions vigorously, and to continue to operate its West Texas facilities in accordance with the terms of its licenses and permits. On February 10, 2015, WCS competitor EnergySolutions LLC (“EnergySolutions”) threatened to bring a civil action against WCS related to WCS’s decision to not enter into a contract with EnergySolutions to dispose of low level radioactive waste (“LLRW”) and other matters. On February 18, 2015, WCS filed suit against EnergySolutions in the 109 th Waste Control Specialists LLC v. EnergySolutions, LLC Other – For a discussion of other legal proceedings to which we are a party, please refer to our 2014 Annual Report. In addition to the litigation described above, we and certain of our affiliates are also involved in various other environmental, contractual, product liability, patent (or intellectual property), employment and other claims and disputes incidental to our present and former businesses. In certain cases, we have insurance coverage for these items, although we do not expect any additional material insurance coverage for our environmental claims. We currently believe that the disposition of all of these various other claims and disputes, individually or in the aggregate, should not have a material adverse effect on our consolidated financial position, results of operations or liquidity beyond the accruals already provided.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Note 16—Fair value measurements and financial instruments: The following table summarizes the valuation of our marketable securities, financial instruments and other items recorded on a fair value basis as of: Fair Value Measurements Total Quoted Significant Significant (In millions) Asset (liability) December 31, 2014: Marketable securities: Current $ 2.7 $ 1.7 $ 1.0 $ — Noncurrent 255.6 2.5 3.1 250.0 Currency forward contracts (4.2 ) (4.2 ) — — June 30, 2015: Marketable securities: Current $ .9 $ — $ .9 $ — Noncurrent 256.2 2.8 3.4 250.0 Currency forward contracts (2.0 ) (2.0 ) — — See Note 3 for information on how we determine fair value of our noncurrent marketable securities. Certain of our Chemicals Segment’s sales generated by its non-U.S. operations are denominated in U.S. dollars. Our Chemicals Segment periodically uses currency forward contracts to manage a very nominal portion of currency exchange rate risk associated with trade receivables denominated in a currency other than the holder’s functional currency or similar exchange rate risk associated with future sales. We have not entered into these contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future. Derivatives used to hedge forecasted transactions and specific cash flows associated with financial assets and liabilities denominated in currencies other than the U.S. dollar and which meet the criteria for hedge accounting are designated as cash flow hedges. Consequently, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive income (loss) and is recognized in earnings at the time the hedged item affects earnings. Contracts that do not meet the criteria for hedge accounting are marked-to-market at each balance sheet date with any resulting gain or loss recognized in income currently as part of net foreign currency transaction gains and losses. The fair value of the currency forward contracts is determined using Level 1 inputs based on the currency spot forward rates quoted by banks or currency dealers. At June 30, 2015, our Chemicals Segment had currency forward contracts to exchange: · an aggregate $16.2 million for an equivalent value of Norwegian kroner at exchange rates ranging from krone 7.09 to krone 7.11 per U.S. dollar; these contracts with DnB Nor Bank ASA mature at a rate of $2.7 million per month from July 2015 to December 2015; and · an aggregate €10.0 million for an equivalent value of Norwegian kroner at exchange rates ranging from krone 8.53 to krone 8.56 per euro; these contracts with DnB Nor Bank ASA mature at a rate ranging of €5.0 million per quarter from September 2015 through December 2015. The estimated aggregate fair value of our currency forward contracts at June 30, 2015 was a $2.0 million net liability which is recognized as part of accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheet. We have also recognized a corresponding $2.0 million currency transaction loss in our Condensed Consolidated Statement of Income. Our Chemicals Segment is not currently using hedge accounting for our outstanding currency forward contracts at June 30, 2015, and we did not use hedge accounting for any of such contracts we previously held in 2014. Accordingly, changes in the aggregate fair value of currency forward contracts we hold are recognized as a foreign currency transaction gain or loss. In July 2015, our Chemicals Segment entered into a series of currency forward contracts to exchange: — an aggregate of $30.7 million for an equivalent value of Canadian dollars at an exchange rate of Cdn. $1.29 per U.S. dollar. These contracts with Wells Fargo Bank, N.A. mature from August 2015 through July 2016 at a rate of $2.6 million per month, and are subject to early redemption provisions at our option. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2014 June 30, 2015 Carrying Fair Carrying Fair (In millions) Cash, cash equivalents and restricted cash equivalents $ 280.3 $ 280.3 $ 235.5 $ 235.5 Deferred payment obligation $ 8.5 $ 8.5 $ 8.6 $ 8.6 Long-term debt (excluding capitalized leases): Kronos term loan $ 345.9 $ 341.5 $ 344.3 $ 345.6 Snake River Sugar Company fixed rate loans 250.0 250.0 250.0 250.0 WCS fixed rate debt 67.1 67.1 66.4 66.4 Valhi credit facility with Contran 223.7 223.7 237.2 237.2 Tremont promissory note payable 17.4 17.4 17.3 17.3 BMI bank note payable 10.3 10.3 9.9 9.9 LandWell note payable to the City of Henderson 3.1 3.1 3.1 3.1 Noncontrolling interest in: Kronos common stock $ 211.0 $ 295.1 $ 165.7 $ 248.4 NL common stock 54.4 71.3 48.2 61.5 CompX common stock 14.4 19.9 15.0 19.4 Valhi stockholders’ equity $ 477.6 $ 2,173.8 $ 337.6 $ 1,919.5 The fair value of our publicly-traded marketable securities, noncontrolling interest in NL, Kronos and CompX and our common stockholders’ equity are all based upon quoted market prices, Level 1 inputs at each balance sheet date. At December 31, 2014 and June 30, 2015, the estimated market price of Kronos’ term loan was $983.1 per $1,000 principal amount and $1,000 per $1,000 principal amount, respectively. The fair value of Kronos’ term loan was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the term loan trades were not active. The fair value of our fixed-rate nonrecourse loans from Snake River Sugar Company is based upon the $250 million redemption price of our investment in Amalgamated, which collateralizes the nonrecourse loans (this is a Level 3 input). Fair value variable interest debt and other fixed-rate debt are deemed to approximate book value, which represents Level 2 inputs. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 4 and 7. As part of our interest rate risk-management strategy, in August 2015 Kronos entered into a pay-fixed/receive-variable interest rate swap with Wells Fargo Bank, N.A., to minimize its exposure to volatility in LIBOR as it relates to our forecasted outstanding variable-rate indebtedness. Under this interest rate swap, we will pay a fixed rate of 2.016% per annun, payable quarterly, and receive a variable rate of three-month LIBOR (subject to a 1.00% floor), also payable quarterly, in each case based on the notional amount of the swap then outstanding. The effective date of the swap is September 30, 2015. The notional amount of the swap commences at $344.75 million and declines by $875,000 each quarter commencing December 31, 2015, and the swap has a final maturity date in February 2020.

Restructuring and Related Activ

Restructuring and Related Activities	6 Months Ended
	Jun. 30, 2015
Restructuring And Related Activities [Abstract]
Restructuring Costs	Note 17 - Restructuring Costs In the second quarter of 2015, our Chemicals Segment initiated a restructuring plan designed to improve its long-term cost structure. A portion of such expected cost savings is planned to occur through workforce reductions. During the second quarter of 2015 Kronos implemented certain voluntary and involuntary workforce reductions at certain of its facilities impacting approximately 110 individuals. A substantial portion of such workforce reductions were accomplished through voluntary programs, for which eligible workforce reduction costs are recognized at the time both the employee and employer are irrevocably committed to the terms of the separation. For involuntary programs, eligible costs are recognized when management approves the separation program, the affected employees are properly notified and the costs are estimable. To the extent there is a statutorily-mandated notice period and the affected employee is not required to provide services to us during such notice period, severance and all wages during such notice period are accrued at the time of separation. To the extent the affected employee is required to provide services to us during all or a portion of such notice period, the severance (and if applicable notice period wages for any period beyond the time the affected employee is required to provide future services to us) is accrued ratably over the period in which services will be provided. We recognized an aggregate $21.1 million charge in the second quarter of 2015 for such workforce reductions Kronos had implemented through that date, $10.7 million of which is classified in cost of sales and $10.4 million of which is classified in selling, general and administrative expense. For the workforce reductions implemented through June 30, 2015, an aggregate $.1 million will be accrued in the future (mostly in the second half of 2015) associated with affected individuals who are providing service to us past June 30, 2015. All accrued severance costs at June 30, 2015 are expected to be paid through December 31, 2016. A summary of the activity in our accrued workforce reduction costs for the first six months of 2015 is shown in the table below: Amount (in millions) Accrued workforce reduction costs as of January 1, 2015 $ — Workforce reduction costs accrued 21.1 Workforce reduction costs paid (.4 ) Currency translation adjustments, net .5 Accrued workforce reduction costs at June 30, 2015 $ 21.2 Amounts recognized in the balance sheet: Current liability $ 18.3 Noncurrent liability 2.9 $ 21.2

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 18—Recent accounting pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In April 2015, the FASB issued ASU 2015-03 , Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Holding Percentage of Subsidiaries	Business segment Entity % controlled at Chemicals Kronos 80 % Component products CompX 87 % Waste management WCS 100 % Real estate management and development BMI and LandWell 63% - 77 %
Segment Operating Performance	Three months ended Six months ended 2014 2015 2014 2015 (unaudited) (In millions) Net sales: Chemicals $ 443.5 $ 360.2 $ 863.6 $ 725.3 Component products 26.8 28.9 52.6 56.8 Waste management 11.9 10.0 18.9 25.0 Real estate management and development 9.5 9.7 19.0 17.8 Total net sales $ 491.7 $ 408.8 $ 954.1 $ 824.9 Cost of sales: Chemicals $ 350.3 $ 314.2 $ 690.5 $ 602.4 Component products 18.3 19.8 36.3 39.1 Waste management 11.9 12.4 22.6 24.5 Real estate management and development 7.0 6.1 14.7 13.3 Total cost of sales $ 387.5 $ 352.5 $ 764.1 $ 679.3 Gross margin: Chemicals $ 93.2 $ 46.0 $ 173.1 $ 122.9 Component products 8.5 9.1 16.3 17.7 Waste management — (2.4 ) (3.7 ) .5 Real estate management and development 2.5 3.6 4.3 4.5 Total gross margin $ 104.2 $ 56.3 $ 190.0 $ 145.6 Operating income (loss): Chemicals $ 46.3 $ (7.9 ) $ 73.9 $ 26.1 Component products 3.9 4.3 7.2 8.0 Waste management (5.0 ) (8.1 ) (13.5 ) (11.0 ) Real estate management and development 1.5 1.6 1.9 1.4 Total operating income (loss) 46.7 (10.1 ) 69.5 24.5 General corporate items: Securities earnings 6.6 6.7 13.4 13.4 Insurance recoveries .4 .3 1.2 3.4 General expenses, net (13.9 ) (11.2 ) (22.2 ) (19.4 ) Interest expense (14.6 ) (14.5 ) (28.3 ) (29.1 ) Income (loss) before income taxes $ 25.2 $ (28.8 ) $ 33.6 $ (7.2 )

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]
Schedule of Marketable Securities	Market Cost Unrealized (In millions) December 31, 2014: Current assets $ 2.7 $ 2.7 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 5.6 5.8 (.2 ) Total $ 255.6 $ 255.8 $ (.2 ) June 30, 2015: Current assets $ .9 $ .9 $ — Noncurrent assets: The Amalgamated Sugar Company LLC $ 250.0 $ 250.0 $ — Other 6.2 6.5 (.3 ) Total $ 256.2 $ 256.5 $ (.3 )

Accounts and Other Receivable27

Accounts and Other Receivables, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Components of Accounts and Other Receivables	December 31, June 30, (In millions) Trade accounts receivable: Kronos $ 230.9 $ 256.1 CompX 8.8 13.2 WCS 7.7 4.3 BMI and LandWell 1.4 1.6 VAT and other receivables 24.3 24.6 Refundable income taxes 8.7 9.7 Receivable from affiliates: LPC – trade items 13.0 — Contran – trade items .2 .2 Contran – income taxes 9.2 — Other 1.5 2.8 Allowance for doubtful accounts (1.8 ) (1.2 ) Total $ 303.9 $ 311.3

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories, Net	December 31, June 30, (In millions) Raw materials: Chemicals $ 76.0 $ 79.5 Component products 3.4 3.5 Total raw materials 79.4 83.0 Work in process: Chemicals 32.9 30.8 Component products 10.3 10.3 Total in-process products 43.2 41.1 Finished products: Chemicals 253.2 229.9 Component products 3.2 2.3 Total finished products 256.4 232.2 Supplies (primarily chemicals) 64.0 62.1 Total $ 443.0 $ 418.4

Investment in Affiliates and 29

Investment in Affiliates and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Investment in Affiliate and Other Assets	December 31, June 30, (In millions) Investment in TiO 2 $ 89.0 $ 84.4 Other assets: Land held for development $ 165.1 $ 161.3 Waste disposal site operating permits, net 53.2 50.4 Restricted cash 13.9 16.3 Deferred financing costs 6.9 6.7 IBNR receivables 6.8 7.0 Capital lease deposit 6.2 6.2 Intangible assets 5.1 5.1 Other 25.7 25.0 Total $ 282.9 $ 278.0

Accounts Payable and Accrued 30

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	December 31, June 30, (In millions) Accounts payable: Kronos $ 121.4 $ 99.0 CompX 3.9 2.9 WCS 1.4 .8 BMI and LandWell 7.0 4.2 NL 2.3 6.6 Other .2 .5 Payable to affiliates: Contran – trade items 26.1 26.1 Contran – income taxes — 5.6 LPC – trade items 19.9 13.8 Employee benefits 34.6 26.0 Deferred income 19.8 23.0 Accrued workforce reduction costs — 18.3 Accrued sales discounts and rebates 23.0 15.1 Environmental remediation and related costs 10.2 9.9 Other 40.4 40.8 Total $ 310.2 $ 292.6

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Noncurrent Liabilities	December 31, June 30, (In millions) Reserve for uncertain tax positions $ 34.1 $ 29.1 Asset retirement obligations 27.2 28.1 Deferred income 18.9 11.5 Employee benefits 8.1 7.4 Insurance claims and expenses 9.5 9.6 Deferred payment obligation 8.5 8.6 Accrued workforce reduction costs — 2.9 Other 6.4 6.7 Total $ 112.7 $ 103.9

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	December 31, June 30, (In millions) Valhi: Snake River Sugar Company $ 250.0 $ 250.0 Contran credit facility 223.7 237.2 Total Valhi debt 473.7 487.2 Subsidiary debt: Kronos: Term loan 345.9 344.3 WCS: Financing capital lease 67.1 66.4 Tremont: Promissory note payable 17.4 17.3 BMI: Bank note payable 10.3 9.9 LandWell: Note payable to the City of Henderson 3.1 3.1 Other 16.6 15.6 Total subsidiary debt 460.4 456.6 Total debt 934.1 943.8 Less current maturities 9.3 9.1 Total long-term debt $ 924.8 $ 934.7

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans
Components of Net Periodic Defined Benefit Cost	Defined benefit plans – The components of our net periodic defined benefit pension cost are presented in the table below. Three months ended Six months ended 2014 2015 2014 2015 (In millions) Service cost $ 2.5 $ 2.7 $ 5.1 $ 5.6 Interest cost 6.4 4.4 12.7 9.0 Expected return on plan assets (6.3 ) (5.3 ) (12.5 ) (10.7 ) Amortization if unrecognized prior service cost .2 .2 .4 .4 Recognized actuarial losses 2.8 3.8 5.6 7.6 Total $ 5.6 $ 5.8 $ 11.3 $ 11.9
OPEB
Components of Net Periodic Defined Benefit Cost	Other postretirement benefits – The components of our net periodic other postretirement benefit cost are presented in the table below. Three months ended Six months ended 2014 2015 2014 2015 (In millions) Service cost $ .1 $ .1 $ .1 $ .1 Interest cost .1 — .3 .2 Amortization of prior service credit (.6 ) (.4 ) (1.1 ) (.9 ) Recognized actuarial gains (.1 ) (.1 ) (.1 ) (.1 ) Total $ (.5 ) $ (.4 ) $ (.8 ) $ (.7 )

Other Income, Net (Tables)

Other Income, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Other Income And Expenses [Abstract]
Schedule of Components of Other Income	Six months ended June 30, 2014 2015 (In millions) Securities earnings: Dividends and interest $ 13.3 $ 13.2 Securities transactions, net .1 .2 Total 13.4 13.4 c urrency transactions, net (.1 ) 1.3 Insurance recoveries 1.2 3.4 Other, net .8 1.4 Total $ 15.3 $ 19.5

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Component of Income Taxes Expenses	Three months ended Six months ended 2014 2015 2014 2015 (In millions) Expected tax expense (benefit), at U.S. federal statutory income tax rate of 35% $ 8.9 $ (10.1 ) $ 11.8 $ (2.5 ) Incremental net benefit on earnings and losses of non-U.S. and non-tax group companies (1.1 ) (28.6 ) (1.2 ) (28.1 ) Non-U.S. tax rates (1.0 ) .5 (1.7 ) (.6 ) Valuation allowance ─ 150.3 ─ 150.3 Adjustment to the reserve for uncertain tax positions, net (5.9 ) (.2 ) (5.6 ) (2.9 ) Nondeductible expenses .9 (.6 ) 1.2 (.1 ) Domestic manufacturing credit (.6 ) (.2 ) (.7 ) (1.0 ) U.S. state income taxes and other, net .3 (.5 ) 1.5 (.2 ) Income tax expense $ 1.5 $ 110.6 $ 5.3 $ 114.9 Comprehensive provision for income taxes (benefit) allocable to: Income tax expense $ 1.5 $ 110.6 $ 5.3 $ 114.9 Other comprehensive income (loss): Marketable securities (2.4 ) (.5 ) (11.2 ) (.7 ) Currency translation (.9 ) 8.1 (1.6 ) (8.1 ) Pension plans .9 .2 1.9 1.5 OPEB plans (.2 ) (.2 ) (.4 ) (.4 ) Total $ (1.1 ) $ 118.2 $ (6.0 ) $ 107.2

Noncontrolling Interest in Su36

Noncontrolling Interest in Subsidiaries (Tables)	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interest in Net Assets of Subsidiaries	December 31, June 30, (In millions) Noncontrolling interest in net assets: Kronos $ 211.0 $ 165.7 NL 54.4 48.2 CompX 14.4 15.0 BMI 31.7 32.0 LandWell 24.8 24.7 Total $ 336.3 $ 285.6
Schedule of Noncontrolling Interest in Net Income (Loss) of Subsidiaries	Six months ended 2014 2015 (In millions) Noncontrolling interest in net income (loss) of subsidiaries: Kronos $ 9.1 $ (27.8 ) NL 1.6 (3.3 ) CompX .6 .7 BMI .3 .3 LandWell .4 – Total $ 12.0 $ (30.1 )

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below. Three months ended Six months ended 2014 2015 2014 2015 (In millions) Accumulated other comprehensive income (loss), net of tax and noncontrolling interest: Marketable securities: Balance at beginning of period $ 2.0 $ 1.4 $ 2.8 $ 1.6 Other comprehensive income (loss) – unrealized gains (losses) arising during the period .1 .2 (.7 ) - Balance at end of period $ 2.1 $ 1.6 $ 2.1 $ 1.6 Currency translation adjustment: Balance at beginning of period $ 57.1 $ (74.8 ) $ 59.2 $ (22.6 ) Other comprehensive income (loss) (3.5 ) 13.2 (5.6 ) (39.0 ) Balance at end of period $ 53.6 $ (61.6 ) $ 53.6 $ (61.6 ) Defined benefit pension plans: Balance at beginning of period $ (74.9 ) $ (129.8 ) $ (76.5 ) $ (132.0 ) Other comprehensive income— amortization of prior service cost and net losses included in net periodic pension cost 1.6 2.6 3.2 4.8 Balance at end of period $ (73.3 ) $ (127.2 ) $ (73.3 ) $ (127.2 ) OPEB plans: Balance at beginning of period $ 6.2 $ 4.1 $ 6.5 $ 4.4 Other comprehensive loss – amortization of prior service credit (.3 ) (.2 ) (.6 ) (.5 ) Balance at end of period $ 5.9 $ 3.9 $ 5.9 $ 3.9 Total accumulated other comprehensive loss: Balance at beginning of period $ (9.6 ) $ (199.1 ) $ (8.0 ) $ (148.6 ) Other comprehensive income (loss) (2.1 ) 15.8 (3.7 ) (34.7 ) Balance at end of period $ (11.7 ) $ (183.3 ) $ (11.7 ) $ (183.3 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Change in Accrued Environmental Remediation and Related Costs	Changes in the accrued environmental remediation and related costs during the first six months of 2015 are presented in the table below. Amount (In millions) Balance at the beginning of the year $ 118.5 Additions charged to expense, net 2.6 Payments, net (1.3 ) Currency and other .9 Balance at the end of period $ 120.7 Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period: Current liabilities $ 9.9 Noncurrent liabilities 110.8 Total $ 120.7

Fair Value Measurements and F39

Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements of Financial Instruments	The following table summarizes the valuation of our marketable securities, financial instruments and other items recorded on a fair value basis as of: Fair Value Measurements Total Quoted Significant Significant (In millions) Asset (liability) December 31, 2014: Marketable securities: Current $ 2.7 $ 1.7 $ 1.0 $ — Noncurrent 255.6 2.5 3.1 250.0 Currency forward contracts (4.2 ) (4.2 ) — — June 30, 2015: Marketable securities: Current $ .9 $ — $ .9 $ — Noncurrent 256.2 2.8 3.4 250.0 Currency forward contracts (2.0 ) (2.0 ) — —
Financial Instruments not Carried at Fair Value	The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: December 31, 2014 June 30, 2015 Carrying Fair Carrying Fair (In millions) Cash, cash equivalents and restricted cash equivalents $ 280.3 $ 280.3 $ 235.5 $ 235.5 Deferred payment obligation $ 8.5 $ 8.5 $ 8.6 $ 8.6 Long-term debt (excluding capitalized leases): Kronos term loan $ 345.9 $ 341.5 $ 344.3 $ 345.6 Snake River Sugar Company fixed rate loans 250.0 250.0 250.0 250.0 WCS fixed rate debt 67.1 67.1 66.4 66.4 Valhi credit facility with Contran 223.7 223.7 237.2 237.2 Tremont promissory note payable 17.4 17.4 17.3 17.3 BMI bank note payable 10.3 10.3 9.9 9.9 LandWell note payable to the City of Henderson 3.1 3.1 3.1 3.1 Noncontrolling interest in: Kronos common stock $ 211.0 $ 295.1 $ 165.7 $ 248.4 NL common stock 54.4 71.3 48.2 61.5 CompX common stock 14.4 19.9 15.0 19.4 Valhi stockholders’ equity $ 477.6 $ 2,173.8 $ 337.6 $ 1,919.5

Restructuring and Related Act40

Restructuring and Related Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring And Related Activities [Abstract]
Summary of Activity in Accrued Workforce Reduction	A summary of the activity in our accrued workforce reduction costs for the first six months of 2015 is shown in the table below: Amount (in millions) Accrued workforce reduction costs as of January 1, 2015 $ — Workforce reduction costs accrued 21.1 Workforce reduction costs paid (.4 ) Currency translation adjustments, net .5 Accrued workforce reduction costs at June 30, 2015 $ 21.2 Amounts recognized in the balance sheet: Current liability $ 18.3 Noncurrent liability 2.9 $ 21.2

Organization and Basis of Pre41

Organization and Basis of Presentation - Additional Information (Detail)	1 Months Ended		6 Months Ended
	May. 31, 2014$ / shares	Feb. 28, 2014	Jun. 30, 2015Director
Basis Of Presentation And Significant Accounting Policies [Line Items]
Dividend declared | $ / shares	$ 0.02
Contran
Basis Of Presentation And Significant Accounting Policies [Line Items]
Parent company ownership interest			93.00%
Common stock, voting rights			The voting agreement expires in February 2017 (unless Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons otherwise mutually agree), and the ability of Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons to each designate one member of the Contran board is dependent upon each of their continued beneficial ownership of at least 5% of the combined voting stock of Contran.
Voting agreement expiration date			2017-02
Size of board of directors			5
Contran | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Minimum percentage of voting stock ownership required to designate a board member		5.00%

Business Segment Information -

Business Segment Information - Holding Percentage of Subsidiaries (Detail)	Jun. 30, 2015
Chemicals | Kronos Worldwide, Inc.
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	80.00%
Component Products | CompX
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	87.00%
Waste Management | WCS
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	100.00%
Real Estate Management And Development | BMI
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	63.00%
Real Estate Management And Development | LandWell | Aggregate General And Limited Interests
Segment Reporting Information [Line Items]
Controlling interest in subsidiary	77.00%

Business Segment Information 43

Business Segment Information - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Chemicals
Segment Reporting Information [Line Items]
Restructuring charges	$ 21.1
Kronos Worldwide, Inc.
Segment Reporting Information [Line Items]
Direct controlling interest in subsidiary	50.00%
Indirect controlling interest in subsidiary	30.00%
NL
Segment Reporting Information [Line Items]
Total controlling interest	83.00%
LandWell
Segment Reporting Information [Line Items]
Direct controlling interest in subsidiary	27.00%
Indirect controlling interest in subsidiary	50.00%
BMI
Segment Reporting Information [Line Items]
Total controlling interest	63.00%

Business Segment Information 44

Business Segment Information - Segment Operating Performance (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 408.8	$ 491.7	$ 824.9	$ 954.1
Cost of sales	352.5	387.5	679.3	764.1
Gross margin	56.3	104.2	145.6	190
Operating income (loss)	(10.1)	46.7	24.5	69.5
Securities earnings	6.7	6.6	13.4	13.4
Insurance recoveries	0.3	0.4	3.4	1.2
General expenses, net	(11.2)	(13.9)	(19.4)	(22.2)
Interest expense	(14.5)	(14.6)	(29.1)	(28.3)
Income (loss) before income taxes	(28.8)	25.2	(7.2)	33.6
Chemicals
Segment Reporting Information [Line Items]
Net sales	360.2	443.5	725.3	863.6
Cost of sales	314.2	350.3	602.4	690.5
Gross margin	46	93.2	122.9	173.1
Operating income (loss)	(7.9)	46.3	26.1	73.9
Component Products
Segment Reporting Information [Line Items]
Net sales	28.9	26.8	56.8	52.6
Cost of sales	19.8	18.3	39.1	36.3
Gross margin	9.1	8.5	17.7	16.3
Operating income (loss)	4.3	3.9	8	7.2
Waste Management
Segment Reporting Information [Line Items]
Net sales	10	11.9	25	18.9
Cost of sales	12.4	11.9	24.5	22.6
Gross margin	(2.4)		0.5	(3.7)
Operating income (loss)	(8.1)	(5)	(11)	(13.5)
Real Estate Management And Development
Segment Reporting Information [Line Items]
Net sales	9.7	9.5	17.8	19
Cost of sales	6.1	7	13.3	14.7
Gross margin	3.6	2.5	4.5	4.3
Operating income (loss)	$ 1.6	$ 1.5	$ 1.4	$ 1.9

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Market value	$ 0.9	$ 2.7
Market value	256.2	255.6
Current Assets
Schedule Of Available For Sale Securities [Line Items]
Cost basis	0.9	2.7
Non Current Assets
Schedule Of Available For Sale Securities [Line Items]
Cost basis	256.5	255.8
Unrealized losses, net	(0.3)	(0.2)
Other
Schedule Of Available For Sale Securities [Line Items]
Market value	6.2	5.6
Other | Non Current Assets
Schedule Of Available For Sale Securities [Line Items]
Cost basis	6.5	5.8
Unrealized losses, net	(0.3)	(0.2)
Amalgamated Sugar Company LLC
Schedule Of Available For Sale Securities [Line Items]
Market value	250	250
Amalgamated Sugar Company LLC | Non Current Assets
Schedule Of Available For Sale Securities [Line Items]
Cost basis	$ 250	$ 250

Accounts and Other Receivable46

Accounts and Other Receivables, Net - Components of Accounts and Other Receivables (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Trade accounts receivable:
VAT and other receivables	$ 24.6	$ 24.3
Refundable income taxes	9.7	8.7
Allowance for doubtful accounts	(1.2)	(1.8)
Total	311.3	303.9
Other
Trade accounts receivable:
Receivable from affiliates	2.8	1.5
Trade Accounts Receivable | Kronos Worldwide, Inc.
Trade accounts receivable:
Accounts receivable	256.1	230.9
Trade Accounts Receivable | CompX
Trade accounts receivable:
Accounts receivable	13.2	8.8
Trade Accounts Receivable | WCS
Trade accounts receivable:
Accounts receivable	4.3	7.7
Trade Accounts Receivable | BMI and LandWell
Trade accounts receivable:
Accounts receivable	1.6	1.4
Trade Items | LPC
Trade accounts receivable:
Receivable from affiliates		13
Trade Items | Contran
Trade accounts receivable:
Receivable from affiliates	$ 0.2	0.2
Income Taxes | Contran
Trade accounts receivable:
Receivable from affiliates		$ 9.2

Inventories, Net - Inventories,

Inventories, Net - Inventories, Net (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory [Line Items]
Raw materials	$ 83	$ 79.4
Work in process	41.1	43.2
Finished products	232.2	256.4
Supplies	62.1	64
Total	418.4	443
Chemicals
Inventory [Line Items]
Raw materials	79.5	76
Work in process	30.8	32.9
Finished products	229.9	253.2
Component Products
Inventory [Line Items]
Raw materials	3.5	3.4
Work in process	10.3	10.3
Finished products	$ 2.3	$ 3.2

Investment in Affiliates and 48

Investment in Affiliates and Other Assets - Investment in Affiliates and Other Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Other Noncurrent Assets [Line Items]
Investment in affiliates	$ 84.4	$ 89
Other assets:
Land held for development	161.3	165.1
Restricted cash	16.3	13.9
Deferred financing costs	6.7	6.9
IBNR receivables	7	6.8
Capital lease deposit	6.2	6.2
Intangible assets	5.1	5.1
Other	25	25.7
Total	278	282.9
Capitalized Operating Permits
Other assets:
Waste disposal site operating permits, net	50.4	53.2
LPC
Other Noncurrent Assets [Line Items]
Investment in affiliates	$ 84.4	$ 89

Accounts Payable and Accrued 49

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Payable to affiliates:
Employee benefits	$ 26	$ 34.6
Deferred income	23	19.8
Accrued workforce reduction costs	18.3
Accrued sales discounts and rebates	15.1	23
Environmental remediation and related costs	9.9	10.2
Other	40.8	40.4
Total	292.6	310.2
Kronos Worldwide, Inc.
Accounts payable:
Accounts payable	99	121.4
CompX
Accounts payable:
Accounts payable	2.9	3.9
WCS
Accounts payable:
Accounts payable	0.8	1.4
BMI and LandWell
Accounts payable:
Accounts payable	4.2	7
NL
Accounts payable:
Accounts payable	6.6	2.3
Other
Accounts payable:
Accounts payable	0.5	0.2
Contran | Trade Accounts Payables
Payable to affiliates:
Payable to affiliates	26.1	26.1
Contran | Income Taxes
Payable to affiliates:
Payable to affiliates	5.6
LPC | Trade Accounts Payables
Payable to affiliates:
Payable to affiliates	$ 13.8	$ 19.9

Other Noncurrent Liabilities -

Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities Disclosure [Abstract]
Reserve for uncertain tax positions	$ 29.1	$ 34.1
Asset retirement obligations	28.1	27.2
Deferred income	11.5	18.9
Employee benefits	7.4	8.1
Insurance claims and expenses	9.6	9.5
Deferred payment obligation	8.6	8.5
Accrued workforce reduction costs	2.9
Other	6.7	6.4
Total	$ 103.9	$ 112.7

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Long-term debt
Total debt	$ 943.8	$ 934.1
Less current maturities	9.1	9.3
Total long-term debt	934.7	924.8
VALHI, INC.
Long-term debt
Total debt	487.2	473.7
VALHI, INC. | Notes Payable, Other Payables | Snake River
Long-term debt
Total debt	250	250
VALHI, INC. | Contran Credit Facility
Long-term debt
Total debt	237.2	223.7
Kronos Worldwide, Inc. | 2014 Term Loan
Long-term debt
Total debt	344.3	345.9
WCS | Financing Capital Lease Obligation
Long-term debt
Financing capital lease	66.4	67.1
Tremont | Promissory Note
Long-term debt
Total debt	17.3	17.4
BMI | Bank note payable
Long-term debt
Total debt	9.9	10.3
LandWell | Unsecured Debt
Long-term debt
Total debt	3.1	3.1
Other Subsidiary | Other
Long-term debt
Total debt	15.6	16.6
Subsidiary
Long-term debt
Total debt	$ 456.6	$ 460.4

Long-Term Debt - Valhi Contran

Long-Term Debt - Valhi Contran Credit Facility - Additional Information (Detail) - Jun. 30, 2015 - VALHI, INC. - Contran Credit Facility - USD ($) $ in Millions	Total
Debt Instrument [Line Items]
Net borrowings	$ 13.5
Debt instrument, Interest rate at period end	4.25%
Debt instrument, average interest rate during period	4.25%
Amount available for borrowing	$ 37.8

Long-Term Debt - Kronos Term Lo

Long-Term Debt - Kronos Term Loan - Additional Information (Detail) - Kronos Worldwide, Inc. - USD ($)	May. 21, 2015	Feb. 18, 2014	Jun. 30, 2015
2014 Term Loan, Amended 2015
Debt Instrument [Line Items]
Loans maturity period	Feb. 28, 2020
2014 Term Loan, Amended 2015 | Notes Payable, Other Payables
Debt Instrument [Line Items]
Call premium percentage	1.00%
Refinancing fee	$ 750,000
Debt instrument, average interest rate during period			4.00%
Debt instrument, Interest rate at period end			4.58%
Unamortized discount balance			$ 1,300,000
Quarterly aggregate principal repayments			$ 1,800,000
2014 Term Loan, Amended 2015 | LIBOR | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	3.00%
2014 Term Loan, Amended 2015 | Base Rate | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
2014 Term Loan | LIBOR | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		3.75%
2014 Term Loan | Base Rate | Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		2.75%

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility - Additional Information (Detail) - Jun. 30, 2015 - Kronos Worldwide, Inc. € in Millions, $ in Millions	USD ($)	EUR (€)
Foreign Line of Credit | Europe
Line Of Credit Facility [Line Items]
Amount available for borrowing	$ 61.5	€ 54.9
Percentage of borrowings available under credit facility	46.00%	46.00%
Revolving North American credit facility
Line Of Credit Facility [Line Items]
Amount available for borrowing	$ 87.2

Long-Term Debt - Tremont - Addi

Long-Term Debt - Tremont - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Payment of principal amount	$ 28.8	$ 309.2
Tremont | Promissory Note
Debt Instrument [Line Items]
Payment of principal amount	$ 0.1

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Defined Benefit Pension Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.7	$ 2.5	$ 5.6	$ 5.1
Interest cost	4.4	6.4	9	12.7
Expected return on plan assets	(5.3)	(6.3)	(10.7)	(12.5)
Amortization if unrecognized prior service cost	0.2	0.2	0.4	0.4
Recognized actuarial losses (gains)	3.8	2.8	7.6	5.6
Total	5.8	5.6	11.9	11.3
OPEB
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1	0.1	0.1
Interest cost		0.1	0.2	0.3
Amortization if unrecognized prior service cost	(0.4)	(0.6)	(0.9)	(1.1)
Recognized actuarial losses (gains)	(0.1)	(0.1)	(0.1)	(0.1)
Total	$ (0.4)	$ (0.5)	$ (0.7)	$ (0.8)

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) $ in Millions	Jun. 30, 2015USD ($)
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected contribution during 2015	$ 19.6
OPEB
Defined Benefit Plan Disclosure [Line Items]
Expected contribution during 2015	$ 1.3

Other Income, Net - Schedule of

Other Income, Net - Schedule of Components of Other Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Securities earnings:
Dividends and interest			$ 13.2	$ 13.3
Securities transactions, net			0.2	0.1
Total	$ 6.7	$ 6.6	13.4	13.4
Currency transactions, net			1.3	(0.1)
Insurance recoveries	0.3	0.4	3.4	1.2
Other, net			1.4	0.8
Total	$ 7.4	$ 10.2	$ 19.5	$ 15.3

Income Taxes - Components of Co

Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Income Tax [Line Items]
Expected tax expense (benefit), at U.S. federal statutory income tax rate of 35%	$ (10.1)	$ 8.9	$ (2.5)	$ 11.8
Incremental net benefit on earnings and losses of non-U.S. and non-tax group companies	(28.6)	(1.1)	(28.1)	(1.2)
Non-U.S. tax rates	0.5	(1)	(0.6)	(1.7)
Valuation allowance	150.3		150.3
Adjustment to the reserve for uncertain tax positions, net	(0.2)	(5.9)	(2.9)	(5.6)
Nondeductible expenses	(0.6)	0.9	(0.1)	1.2
Domestic manufacturing credit	(0.2)	(0.6)	(1)	(0.7)
U.S. state income taxes and other, net	(0.5)	0.3	(0.2)	1.5
Income tax expense	110.6	1.5	114.9	5.3
Comprehensive provision for income taxes (benefit) allocable to:
Income tax expense	110.6	1.5	114.9	5.3
Other comprehensive income (loss):
Marketable securities	(0.5)	(2.4)	(0.7)	(11.2)
Currency translation	8.1	(0.9)	(8.1)	(1.6)
Total	118.2	(1.1)	107.2	(6)
Defined Benefit Pension Plans
Other comprehensive income (loss):
Defined benefit plans	0.2	0.9	1.5	1.9
OPEB
Other comprehensive income (loss):
Defined benefit plans	$ (0.2)	$ (0.2)	$ (0.4)	$ (0.4)

Income Taxes - Components of 60

Income Taxes - Components of Comprehensive Provision for Income Taxes Allocation (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes Disclosure [Line Items]
U.S. federal statutory income tax rate		35.00%	35.00%
Deferred income taxes		$ 96.1	$ (7.4)
Non-cash income tax benefit recognized related to release of portion of reserve for uncertain tax positions		2.9
Kronos Worldwide, Inc. | Germany and Belgian
Income Taxes Disclosure [Line Items]
Deferred income tax asset valuation allowance	$ 150.3	$ 150.3
Kronos Worldwide, Inc. | Direct investment in subsidiary excess carrying amount
Income Taxes Disclosure [Line Items]
Deferred income taxes	$ 29.3
Kronos Worldwide, Inc. | Corporate Purposes | German
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards				$ 738
Kronos Worldwide, Inc. | Corporate Purposes | Belgian
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards				87
Kronos Worldwide, Inc. | Trade Tax Purposes | German
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards				$ 94

Noncontrolling Interest in Su62

Noncontrolling Interest in Subsidiaries - Noncontrolling Interest in Subsidiaries (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	$ 285.6	$ 336.3
Kronos Worldwide, Inc.
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	165.7	211
NL
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	48.2	54.4
CompX
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	15	14.4
BMI
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	32	31.7
LandWell
Noncontrolling interest in net assets:
Noncontrolling interest in subsidiaries	$ 24.7	$ 24.8

Noncontrolling interest in Su63

Noncontrolling interest in Subsidiaries - Schedule of Noncontrolling Interest in Net Income (Loss) of Subsidiaries (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income (loss) of subsidiaries	$ (35.5)	$ 8.2	$ (30.1)	$ 12
Kronos Worldwide, Inc.
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income (loss) of subsidiaries			(27.8)	9.1
NL
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income (loss) of subsidiaries			(3.3)	1.6
CompX
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income (loss) of subsidiaries			0.7	0.6
BMI
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income (loss) of subsidiaries			$ 0.3	0.3
LandWell
Noncontrolling interest in net income (loss) of subsidiaries:
Noncontrolling interest in net income (loss) of subsidiaries				$ 0.4

Accumulated Other Comprehensi64

Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Marketable securities, Balance at beginning of period	$ 1.4	$ 2	$ 1.6	$ 2.8
Marketable securities, Other comprehensive income (loss) – unrealized gains (losses) arising during the period	0.2	0.1		(0.7)
Marketable securities, Balance at end of period	1.6	2.1	1.6	2.1
Currency translation adjustment, Balance at beginning of period	(74.8)	57.1	(22.6)	59.2
Currency translation adjustment, Other comprehensive income (loss)	13.2	(3.5)	(39)	(5.6)
Currency translation adjustment, Balance at end of period	(61.6)	53.6	(61.6)	53.6
Balance at beginning of period	(199.1)	(9.6)	(148.6)	(8)
Other comprehensive income (loss)	15.8	(2.1)	(34.7)	(3.7)
Balance at end of period	(183.3)	(11.7)	(183.3)	(11.7)
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(129.8)	(74.9)	(132)	(76.5)
Other comprehensive income— amortization of prior service cost and net losses included in net periodic pension cost	2.6	1.6	4.8	3.2
Balance at end of period	(127.2)	(73.3)	(127.2)	(73.3)
OPEB
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	4.1	6.2	4.4	6.5
Other comprehensive loss - amortization of prior service credit	(0.2)	(0.3)	(0.5)	(0.6)
Balance at end of period	$ 3.9	$ 5.9	$ 3.9	$ 5.9

Commitments and Contingencies -

Commitments and Contingencies - Lead Pigment Litigation-NL and Environmental Matters and Litigation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)Casessite	Dec. 31, 2014USD ($)
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	$ 120.7	$ 118.5
Other Environmental Cleanup Matters
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	8.7
NL | Environmental Remediation Sites Nl Named As Prp Or Defendant
Commitments And Contingent Liabilities [Line Items]
Accrual for reasonably estimable environmental remediation and related matters	$ 112
Number of sites associated with remediation ad related costs | site	46
Upper end range, estimate costs for remediation and related matters	$ 165
Number of sites for which NL not currently able to estimate range of costs | site	5
Lead Pigment Litigation | NL
Commitments And Contingent Liabilities [Line Items]
Number of cases settled and dismissed and found not liable | Cases	100
Period by which loss contingency claims settled and dismissed	20 years
California Lead Paint Litigation | NL
Commitments And Contingent Liabilities [Line Items]
Amount awarded to the plaintiff	$ 1,150

Commitments and Contingencies66

Commitments and Contingencies - Changes in Accrued Environmental Remediation and Related Costs (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Environmental Remediation Obligations [Abstract]
Balance at the beginning of the year	$ 118.5
Additions charged to expense, net	2.6
Payments, net	(1.3)
Currency and other	0.9
Balance at the end of period	120.7
Amounts recognized in our Condensed Consolidated Balance Sheet at the end of the period:
Current liabilities		$ 9.9	$ 10.2
Noncurrent liabilities		110.8	108.3
Total	$ 118.5	$ 120.7	$ 118.5

Commitments and Contingencies67

Commitments and Contingencies - Other Litigation - Additional Information (Detail) - Jun. 30, 2015 - Product Liability And Occupational Exposure Litigation Claims - NL	CasesPlaintiff
Loss Contingencies [Line Items]
Cases pending | Cases	166
Pending Claims
Loss Contingencies [Line Items]
Number of plaintiffs involved	712
Administratively Dismissed Claims
Loss Contingencies [Line Items]
Number of plaintiffs involved	8,692

Fair Value Measurements and F68

Fair Value Measurements and Financial Instruments - Marketable Securities and Financial Instruments on Fair Value Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 0.9	$ 2.7
Marketable securities	256.2	255.6
Currency forward contracts	(2)	(4.2)
Quoted Prices in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities		1.7
Marketable securities	2.8	2.5
Currency forward contracts	(2)	(4.2)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0.9	1
Marketable securities	3.4	3.1
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 250	$ 250

Fair Value Measurements and F69

Fair Value Measurements and Financial Instruments - Additional Information (Detail)	Aug. 07, 2015USD ($)	Jun. 30, 2015USD ($)NOK / $NOK / €	Jul. 31, 2015CADCAD / $	Jun. 30, 2015EUR (€)NOK / $NOK / €	Dec. 31, 2014USD ($)
Financial Instrument At Fair Value [Line Items]
Estimated fair value of currency forward contracts		$ (2,000,000)			$ (4,200,000)
Marketable securities		256,200,000			255,600,000
Kronos Worldwide, Inc. | 2014 Term Loan
Financial Instrument At Fair Value [Line Items]
Estimated market price of the notes		1,000			983.1
Principal amount of debt instrument		1,000			1,000
Amalgamated Sugar Company LLC
Financial Instrument At Fair Value [Line Items]
Marketable securities		250,000,000			$ 250,000,000
Subsequent Event | Kronos Worldwide, Inc. | Interest Rate Swap | LIBOR
Financial Instrument At Fair Value [Line Items]
Notional amount currency forward contract	$ 344,750,000
Derivative, type of instrument	pay-fixed/receive-variable interest rate swap
Interest rate swap, type of interest rate	fixed
Interest rate swap, fixed rate	2.016%
Interest rate swap, floor rate	1.00%
Interest rate swap, effective date	Sep. 30, 2015
Interest rate swap, notional amount decline each quarter	$ 875,000
Interest rate swap, notional amount decline commencing date	Dec. 31, 2015
Interest rate swap, final maturity date	Feb. 29, 2020
Chemicals | Forward Contracts
Financial Instrument At Fair Value [Line Items]
Estimated fair value of currency forward contracts		(2,000,000)
Currency transaction loss		(2,000,000)
Chemicals | Norwegian Kroner | Forward Contracts
Financial Instrument At Fair Value [Line Items]
Notional amount currency forward contract		16,200,000
Maturity rate of derivative		$ 2,700,000
Chemicals | Norwegian Kroner | Forward Contracts | Euro
Financial Instrument At Fair Value [Line Items]
Notional amount currency forward contract | €				€ 10,000,000
Maturity rate of derivative | €				€ 5,000,000
Chemicals | Canadian | Subsequent Event
Financial Instrument At Fair Value [Line Items]
Notional amount currency forward contract | CAD			CAD 30,700,000
Exchange rate | CAD / $			1.29
Maturity rate of derivative | CAD			CAD 2,600,000
Minimum | Chemicals | Norwegian Kroner | Forward Contracts
Financial Instrument At Fair Value [Line Items]
Exchange rate | NOK / $		7.09		7.09
Minimum | Chemicals | Norwegian Kroner | Forward Contracts | Euro
Financial Instrument At Fair Value [Line Items]
Exchange rate | NOK / €		8.53		8.53
Maximum | Chemicals | Norwegian Kroner | Forward Contracts
Financial Instrument At Fair Value [Line Items]
Exchange rate | NOK / $		7.11		7.11
Maximum | Chemicals | Norwegian Kroner | Forward Contracts | Euro
Financial Instrument At Fair Value [Line Items]
Exchange rate | NOK / €		8.56		8.56

Fair Value Measurements and F70

Fair Value Measurements and Financial Instruments - Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	$ 285.6	$ 336.3
Valhi stockholders' equity	337.6	477.6
Kronos Worldwide, Inc.
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	165.7	211
Kronos Worldwide, Inc. | 2014 Term Loan
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	344.3	345.9
Long term debt, fair value	345.6	341.5
VALHI, INC. | Notes Payable, Other Payables | Snake River
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	250	250
Long term debt, fair value	250	250
VALHI, INC. | Contran Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	237.2	223.7
Long term debt, fair value	237.2	223.7
WCS | Financing Capital Lease Obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	66.4	67.1
Long term debt, fair value	66.4	67.1
Tremont | Promissory Note
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	17.3	17.4
Long term debt, fair value	17.3	17.4
BMI | Bank note payable
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	9.9	10.3
Long term debt, fair value	9.9	10.3
LandWell
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	24.7	24.8
LandWell | Unsecured Debt
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long term debt, carrying amount	3.1	3.1
Long term debt, fair value	3.1	3.1
NL
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	48.2	54.4
CompX
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	15	14.4
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash equivalents	235.5	280.3
Deferred payment obligation	8.6	8.5
Valhi stockholders' equity	337.6	477.6
Reported Value Measurement | Kronos Worldwide, Inc.
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	165.7	211
Reported Value Measurement | NL
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	48.2	54.4
Reported Value Measurement | CompX
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	15	14.4
Portion at Fair Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash equivalents	235.5	280.3
Deferred payment obligation	8.6	8.5
Valhi stockholders' equity	1,919.5	2,173.8
Portion at Fair Value Measurement | Kronos Worldwide, Inc.
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	248.4	295.1
Portion at Fair Value Measurement | NL
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	61.5	71.3
Portion at Fair Value Measurement | CompX
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Noncontrolling interest in subsidiaries	$ 19.4	$ 19.9

Restructuring Costs - Additiona

Restructuring Costs - Additional Information (Detail) - Chemicals $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)Employee	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 21.1
Employee Severance
Restructuring Cost And Reserve [Line Items]
Workforce reduction, number of individuals | Employee	110
Restructuring charges	$ 21.1	$ 21.1
Accrued severance costs, expected date to be paid		Dec. 31, 2016
Employee Severance | Scenario Forecast
Restructuring Cost And Reserve [Line Items]
Future workforce reduction costs to be incurred			$ 0.1
Employee Severance | Cost of sales
Restructuring Cost And Reserve [Line Items]
Restructuring charges	10.7
Employee Severance | Selling, general and administrative Expense
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 10.4

Restructuring Costs - Summary o

Restructuring Costs - Summary of Activity in Accrued Workforce Reduction (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Amounts recognized in the balance sheet:
Accrued workforce reduction costs	$ 18.3	$ 18.3
Accrued workforce reduction costs	2.9	2.9
Chemicals
Restructuring Cost And Reserve [Line Items]
Restructuring charges	21.1
Chemicals | Employee Severance
Restructuring Cost And Reserve [Line Items]
Restructuring charges	21.1	21.1
Workforce reduction costs paid		(0.4)
Currency translation adjustments, net		0.5
Accrued workforce reduction costs at June 30, 2015	21.2	21.2
Amounts recognized in the balance sheet:
Accrued workforce reduction costs	18.3	18.3
Accrued workforce reduction costs	2.9	2.9
Restructuring Reserve	$ 21.2	$ 21.2

Recent Accounting Pronounceme73

Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Kronos Worldwide, Inc. | 2014 Term Loan, Amended 2015
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Deferred financing cost	$ 5.7	$ 5.1