UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) Delaware 87-0110150 (State or other jurisdiction of Incorporation or organ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) Delaware 87-0110150 (State or other jurisdictio ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 5430 LBJ Freeway, Suite 1700 Dallas, Texas 75240-2620 (Address of principal executive office) Registrant's telephone nu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) Delaware 87-0110150 (State or other jurisdiction of incorporation or ...

Production and Capacity - Kronos produced 492,000 metric tons of TiO2 in 2022, with production volumes impacted by reduced customer demand in European and export markets [39]. - Kronos' average production capacity utilization rates were approximately 89% in 2022, down from full practical capacity in 2021 [39]. - Kronos expects to operate its TiO2 plants at 80% to 90% capacity in the first half of 2023, with near full practical capacity levels anticipated by the second half of 2023 [41]. - Kronos' expected 2023 manufacturing capacity is divided as follows: 79% chloride process and 21% sulfate process [42]. - The Leverkusen facility accounts for approximately one-third of Kronos' current TiO2 production capacity [47]. - In 2022, Kronos purchased 488,000 metric tons of chloride process feedstock and mined 220,000 metric tons of ilmenite for sulfate process [53]. Market Position and Sales - Sales of Kronos' core TiO2 pigments represented approximately 92% of the Chemicals Segment's net sales in 2022 [27]. - Kronos is the largest TiO2 producer in Europe, with 45% of its 2022 sales volumes attributable to European markets [25]. - The company has an estimated 7% share of worldwide TiO2 sales volume in 2022, ranking among the top five producers globally [26]. - Kronos sells TiO2 to approximately 4,000 customers in 100 countries, with the majority of sales in Europe, North America, and the Asia Pacific region [20]. - Kronos' largest ten customers accounted for approximately 33% of its Chemicals Segment's net sales in 2022 [57]. - The TiO2 industry is characterized by high barriers to entry, with significant capital costs and proprietary technology [65]. Research and Development - The company expects to spend approximately $17 million on research and development in 2023, consistent with previous years [66]. - Kronos has added nine new grades for pigments and applications since 2017 to enhance product offerings [67]. Environmental Compliance and Sustainability - Kronos has implemented various policies to comply with environmental laws and improve sustainability, which may require future capital expenditures due to stricter regulations [71]. - Kronos' capital expenditures for environmental compliance and improvement programs were $17.6 million in 2022 and are expected to be approximately $20 million in 2023 [80]. - Kronos' production facilities are strategically located near water sources to manage water-related risks and minimize usage [74]. - Kronos' operations are subject to various environmental laws, and while no material liabilities are anticipated, future expenditures for environmental remediation may be required [75]. Financial Overview - As of December 31, 2022, the company has $74.5 million invested in marketable debt securities with an average interest rate of approximately 3% [391]. - The company's aggregate indebtedness consists of 78% fixed-rate instruments and 22% variable-rate borrowings as of December 31, 2022, compared to 74% and 26% respectively in 2021 [392]. - Total fixed-rate indebtedness amounts to $437.0 million with a weighted average interest rate of 3.78% [393]. - The company has $121.4 million in variable-rate indebtedness under the Valhi Contran credit facility with an interest rate of 8.50% [393]. - At December 31, 2022, the company had $426.5 million outstanding under Kronos' euro-denominated Senior Notes, with a potential increase of approximately $43 million from a hypothetical 10% adverse change in exchange rates [396]. Risk Management - The Chemicals Segment is exposed to market risk from changes in commodity prices, with many raw material contracts negotiated quarterly or semi-annually [398]. - The Component Products Segment occasionally enters into short-term commodity-related raw material supply arrangements to mitigate future cost increases [399]. - The company does not engage in commodity raw material hedging programs due to perceived low risk of unavailability and high price volatility [399]. - The company has not entered into currency forward contracts as of December 31, 2022, but may consider them in the future to manage currency exchange rate risk [395]. - The company acknowledges that actual future market conditions may differ materially from the assumptions used in sensitivity analyses regarding market risks [401]. Employee and Safety Metrics - As of December 31, 2022, the Chemicals Segment employed 2,266 people, with 88% of the workforce organized under collective bargaining agreements [118][119]. - Kronos' global total frequency rate for safety incidents was 1.01 in 2022, down from 1.08 in 2021 and 1.61 in 2020 [123]. Strategic Initiatives - Kronos operates a joint venture with Venator Investments, sharing production from the Louisiana Pigment Company equally [45]. - The company routinely evaluates acquisitions of interests in companies perceived to be undervalued in the marketplace [131]. - The company has a history of successfully developing and selling various types of projects in the Henderson, Nevada area since its formation [103]. Real Estate Management - LandWell has approximately 2,100 acres zoned for residential/planned community purposes and 400 acres zoned for commercial and light industrial use [102]. - As of December 31, 2022, approximately 90 saleable acres remain in the residential/planned community, and 20 saleable acres remain for commercial and light industrial use [105]. - In 2022, two customers accounted for 49% of the Real Estate Management and Development Segment's net sales, with CCR 270 at 30% and Richmond American Homes at 19% [108]. Component Products Segment - CompX's primary raw materials accounted for approximately 17% of the Component Products Segment's total cost of sales in 2022, with total material costs representing about 47% of the segment's cost of sales [90]. - The largest ten customers of CompX's Component Products Segment accounted for approximately 52% of its sales in 2022, with the United States Postal Service and Malibu Boats, LLC representing 14% and 12% of sales, respectively [96]. - CompX operates three low-emission manufacturing facilities and has received a ReWa Gold Award for exemplary performance in water management [98]. - CompX focuses on the middle and high-end segments of the market, competing on product design, quality, and service [97]. - Prices for primary commodity-related raw materials used by CompX, such as zinc and brass, began to stabilize in the latter half of 2022, although at elevated levels [91].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) Delaware 87-0110150 (State or other jurisdictio ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) Delaware 87-0110150 (State or other jurisdiction of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) Delaware 87-0110150 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-5467 VALHI, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of Incorporation or organization) Delaware 87 ...

Financial Performance - Net income attributable to Valhi stockholders for Q3 2021 was $39.0 million or $1.36 per diluted share, compared to $15.4 million or $0.54 per diluted share in Q3 2020, reflecting a significant increase [88]. - For the first nine months of 2021, net income attributable to Valhi stockholders was $75.2 million or $2.64 per diluted share, up from $30.7 million or $1.08 per diluted share in the same period of 2020 [89]. - Consolidated net sales for Q3 2021 were $499.8 million, a 20% increase from $416.9 million in Q3 2020; for the first nine months of 2021, net sales were $1,443.4 million, an 18% increase from $1,223.9 million in the same period of 2020 [96]. - The company expects higher consolidated operating income for 2021 compared to 2020, driven by improved demand across all operating segments [90]. - The company anticipates continued elevated demand for its products through the remainder of 2021, following improvements since late 2020 [90]. Chemicals Segment Performance - The Chemicals Segment reported a gross margin of $122.7 million in Q3 2021, a 54% increase from $79.6 million in Q3 2020; operating income for the segment was $60.3 million, up 179% from $21.6 million in Q3 2020 [96]. - TiO2 average selling prices increased by 11% in Q3 2021 compared to Q3 2020 and were 4% higher in the first nine months of 2021 compared to the same period in 2020 [97]. - TiO2 sales volumes increased by 6% in Q3 2021 and by 8% in the first nine months of 2021 compared to the same periods in 2020 [96]. - The Chemicals Segment operated at an average capacity utilization rate of 99% in the first nine months of 2021, compared to 92% in the same period of 2020 [98]. - The Chemicals Segment's net sales increased by 20%, or $82.9 million, in Q3 2021 compared to Q3 2020, driven by an 11% increase in average TiO2 selling prices and a 6% increase in sales volumes [100]. - Sales volumes in the Chemicals Segment rose by 6% in Q3 2021 compared to Q3 2020, primarily due to higher demand in European and North American markets [101]. - For the first nine months of 2021, net sales increased by 18%, or $219.5 million, compared to the same period in 2020, attributed to an 8% increase in sales volumes and a 4% increase in average TiO2 selling prices [102]. - The Chemicals Segment's gross margin as a percentage of net sales improved to 25% in Q3 2021 from 19% in Q3 2020, due to higher production and sales volumes [105]. - Operating income for the Chemicals Segment surged by $38.7 million, or 179%, in Q3 2021 compared to Q3 2020, with operating income as a percentage of net sales increasing to 12% [108]. - The Chemicals Segment's cost of sales increased by 12% in Q3 2021 compared to Q3 2020, influenced by a 6% increase in sales volumes and higher production costs [104]. - The Chemicals Segment anticipates rising TiO2 selling prices through the remainder of 2021 to mitigate increases in production costs [117]. Currency Impact - Currency exchange rate fluctuations contributed an estimated $5 million increase in net sales and a $2 million increase in operating income in Q3 2021 compared to Q3 2020 [113][114]. - For the first nine months of 2021, currency exchange rate fluctuations resulted in a $47 million increase in net sales but a $15 million decrease in operating income compared to the same period in 2020 [116]. Component Products Segment Performance - Component Products Segment's operating income increased to $5.1 million in Q3 2021, up 146% from $2.1 million in Q3 2020 [120]. - Net sales for Component Products Segment rose by $6.1 million in Q3 2021, totaling $34.5 million, a 22% increase compared to Q3 2020 [121]. - Security products sales increased by 22% to $25.8 million in Q3 2021, while marine components sales rose by 21% to $8.7 million [121]. - Gross margin for Component Products Segment improved to 32% in Q3 2021, up from 26% in Q3 2020, driven by higher production volumes [122]. - Operating income for the first nine months of 2021 reached $16.7 million, a 76% increase from $9.5 million in the same period of 2020 [120]. - The Component Products Segment has faced challenges in maintaining staffing levels due to tight labor markets [125]. Real Estate Management and Development Segment Performance - Land sales in the Real Estate Management and Development Segment surged to $41.9 million in Q3 2021, compared to $10.6 million in Q3 2020 [128]. - Total net sales for the Real Estate Management and Development Segment increased to $44.6 million in Q3 2021, up from $13.3 million in Q3 2020 [128]. - The company expects strong demand to continue for the remainder of 2021, with increased sales and operating income anticipated compared to 2020 [126]. Financial Position and Liquidity - Cash provided by operating activities increased to $189.2 million in the first nine months of 2021, up from $45.2 million in the same period of 2020, a $144.0 million increase [149]. - Consolidated operating income was $188.1 million in the first nine months of 2021, an increase of $48.9 million compared to $139.2 million in the same period of 2020 [150]. - Kronos' average days sales outstanding (DSO) decreased from 68 days in Q3 2020 to 66 days in Q3 2021, indicating improved collection efficiency [150]. - Capital expenditures totaled $39.2 million during the first nine months of 2021, with net proceeds from the sale of land amounting to $23.4 million [153]. - At September 30, 2021, consolidated indebtedness included $35.9 million in the Chemicals Segment and $2.3 million in the Component Products Segment [155]. - Kronos entered into a new $225 million global revolving credit facility in April 2021, with no outstanding borrowings as of September 30, 2021 [157]. - As of September 30, 2021, the company had $621.3 million in total cash, cash equivalents, and marketable securities, with $111.2 million held by non-U.S. subsidiaries [163]. - The company expects capital expenditures for 2021 to be approximately $79 million, primarily funded through cash generated from operations and existing credit facilities [165]. - The company anticipates sufficient liquidity to meet both short-term and long-term obligations based on expected operating performance [161]. - The company does not have any off-balance sheet financing arrangements [178].