The Chemicals Segment’s operating loss in the first nine months of 2023 includes an insurance settlement gain of $2.5 million ($.3 million recognized in the third quarter) and its operating income in the third quarter and first nine months of 2022 includes an insurance settlement gain of $2.7 million, both related to a 2020 business interruption insurance claim.
The Component Products Segment’s net sales were $40.3 million in the third quarter of 2023 compared to $42.9 million in the third quarter of 2022 and $118.1 million in the first nine months of 2023 compared to $126.6 million in the same period of 2022. The decrease in the Component Products Segment’s sales for both periods is predominantly due to lower marine components sales primarily to the towboat market, partially offset by higher security products sales in the third quarter of 2023. Operating income attributable to the Component Products Segment was $6.6 million in the third quarter of 2023 compared to $6.0 million in the third quarter of 2022 and $18.0 million for the nine months ended September 30, 2023 compared to $20.0 million for the same prior year period. The Component Products Segment’s operating income increased in the third quarter of 2023 compared to the same period in 2022 due to higher security products sales and improved gross margin percentages at both security products and marine components, partially offset by lower marine components sales. Operating income decreased in the first nine months of 2023 compared to the same period in 2022 primarily due to lower marine components sales and, to a lesser extent, lower security products sales somewhat offset by an improvement in the marine components gross margin percentage.
The Real Estate Management and Development Segment had sales of $31.7 million in the third quarter of 2023 compared to $53.8 million in the third quarter of 2022. For the first nine months of 2023 the Real Estate Management and Development Segment had sales of $84.2 million compared to sales of $105.5 million in the same period of 2022. Land sales revenue is generally recognized over time based on cost inputs, and land sales revenues are dependent on spending for development activities. Land sales revenues are also impacted by the relative timing of when new land parcel sales are closed. Land sales revenues decreased in the third quarter and first nine months of 2023 as compared to the same periods in 2022 primarily due to a decrease in development activity in 2023 compared to the same periods of 2022. Recognition of tax increment infrastructure reimbursement of $4.8 million ($2.5 million, or $.09 per share, net of income taxes and noncontrolling interest) in the first nine months of 2023 and $10.0 million ($5.2 million, or $.18 per share, net of income taxes and noncontrolling interest) in the first nine months of 2022 are included in the determination of operating income. Due to historically low levels at Lake Mead, Nevada at the end of the second quarter of 2022, our Real Estate Management and Development Segment’s subsidiary Basic Water Company (“BWC”) ceased operations at its water intake facility and on September 10, 2022 BWC and its subsidiaries voluntarily filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Nevada. Our Real Estate Management and Development Segment recognized aggregate charges of $19.7 million related to BWC during 2022, including $16.4 million ($8.2 million, or $.29 per share, net of income taxes and noncontrolling interest), primarily in the second quarter, related to the impairment of the water delivery system fixed assets and, as a result of the bankruptcy filing of BWC in the third quarter, a $2.0 million ($1.0 million, or $.04 per share, net of income taxes and noncontrolling interest) loss on the deconsolidation of BWC and bad debt expense of $1.3 million ($.6 million, or $.02 per share, net of income taxes and noncontrolling interest) related to an intercompany receivable with BWC. These charges are all included in the determination of our Real Estate Management and Development Segment’s operating income. Sales and operating income comparisons between the first nine months of 2023 and 2022 are also affected by BWC’s water delivery sales and related cost of sales.
Corporate expenses in the third quarter of 2023 were comparable to the third quarter of 2022 and 5% lower in the first nine months of 2023 compared to the same period of 2022. Corporate expenses decreased in the nine-month period primarily due to lower litigation fees and related costs in 2023 compared to 2022. Interest income and other increased to $4.9 million in the third quarter of 2023 compared to $3.3 million in the third quarter of 2022 and $14.5 million in the first nine months of 2023 compared to $5.6 million in the same period of 2022 primarily due to higher average interest rates and increased investment balances.
Our net loss attributable to Valhi stockholders for the first nine months of 2023 includes a non-cash loss of $6.2 million ($3.8 million, or $.13 per share, net of income taxes and noncontrolling interest) related to the termination of our United Kingdom pension plan and a gain of $1.5 million ($1.1 million, or $.04 per share, net of income taxes and noncontrolling interest) on the sale of land not used in our operations; both recognized in the second quarter.
The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not