VALHI INC /DE/ Revenue Disclosure
Note 12 – Disaggregation of sales:
The following table disaggregates the net sales of our Chemicals Segment by place of manufacture (point of origin) and the location of the customer (point of destination), which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Years ended December 31, | |||||||||
| 2022 |
| 2023 |
| 2024 | ||||
(In millions) | |||||||||
Net sales - point of origin: |
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United States | $ | 1,226.6 | $ | 1,029.2 | $ | 1,178.4 | |||
Germany | 895.4 | 726.4 | 826.6 | ||||||
Canada |
| 389.4 |
| 351.0 |
| 351.5 | |||
Norway |
| 273.5 |
| 252.1 |
| 278.6 | |||
Belgium |
| 306.5 |
| 217.1 |
| 237.8 | |||
Eliminations |
| (1,161.2) |
| (909.3) |
| (985.8) | |||
Total | $ | 1,930.2 | $ | 1,666.5 | $ | 1,887.1 | |||
Net sales - point of destination: |
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Europe | $ | 878.3 | $ | 737.8 | $ | 841.5 | |||
North America |
| 695.7 |
| 618.1 |
| 698.3 | |||
Other |
| 356.2 |
| 310.6 |
| 347.3 | |||
Total | $ | 1,930.2 | $ | 1,666.5 | $ | 1,887.1 | |||
The following table disaggregates the net sales of our Component Products and Real Estate Management and Development Segments by major product line, which are the categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows for these segments are affected by economic factors.
Years ended December 31, | |||||||||
| 2022 |
| 2023 |
| 2024 | ||||
(In millions) | |||||||||
Component Products: |
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Net sales: |
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Security products | $ | 114.5 | $ | 121.2 | $ | 115.2 | |||
Marine components |
| 52.1 |
| 40.1 |
| 30.7 | |||
Total | $ | 166.6 | $ | 161.3 | $ | 145.9 | |||
Real Estate Management and Development: |
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Net sales: |
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Land sales | $ | 120.9 | $ | 92.6 | $ | 71.5 | |||
Utility and other |
| 1.2 |
| 1.3 |
| .3 | |||
Water delivery |
| 3.6 |
| — |
| — | |||
Total | $ | 125.7 | $ | 93.9 | $ | 71.8 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 6, 2025 | Showing above |
| 2020 | Mar 11, 2021 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.