Investment in Kronos Worldwide, Inc.

12 Months Ended

Dec. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 6 - Investment in Kronos Worldwide, Inc.:

At December 31, 2020 and 2021, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos common stock at December 31, 2020 and 2021 was $14.91 and $15.01 per share, respectively, or an aggregate market value of $525.1 million and $528.6 million, respectively. The change in the carrying value of our investment in Kronos during the past three years is summarized below:

	Years ended December 31,
	2019		2020		2021
	(In millions)
Balance at the beginning of the period	$	255.5	$	248.4	$	242.4
Equity in earnings of Kronos		26.5		19.4		34.3
Dividends received from Kronos		(25.4)		(25.4)		(25.4)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(.5)		4.1		(2.1)
Defined benefit pension plans		(6.7)		(3.7)		15.6
Other postretirement benefit plans		(.1)		(.1)		—
Other		(.9)		(.3)		—
Balance at the end of the year	$	248.4	$	242.4	$	264.8

Selected financial information of Kronos is summarized below:

	December 31,
	2020		2021
	(In millions)
Current assets	$	1,218.3	$	1,258.0
Property and equipment, net		524.6		503.4
Investment in TiO2 joint venture		103.3		101.9
Other noncurrent assets		190.5		149.5
Total assets	$	2,036.7	$	2,012.8
Current liabilities	$	260.2	$	288.8
Long-term debt		486.7		449.8
Accrued pension costs		372.6		287.4
Other noncurrent liabilities		120.7		116.6
Stockholders’ equity		796.5		870.2
Total liabilities and stockholders’ equity	$	2,036.7	$	2,012.8

	Years ended December 31,
	2019		2020		2021
	(In millions)
Net sales	$	1,731.1	$	1,638.8	$	1,939.4
Cost of sales		1,344.9		1,287.6		1,493.2
Income from operations		145.8		116.2		187.1
Income tax expense		34.0		16.1		40.5
Net income		87.1		63.9		112.9