Investment in Kronos Worldwide, Inc. (Tables)

6 Months Ended

Jun. 30, 2022

Investment in Kronos Worldwide, Inc.

Changes in Carrying Value of Investment

	Amount
	(In millions)
Balance at the beginning of the period	$	264.8
Equity in earnings of Kronos		31.5
Dividends received from Kronos		(13.4)
Equity in Kronos' other comprehensive income:
Currency translation		(9.0)
Defined benefit pension plans		1.4
Other		.6
Balance at the end of the period	$	275.9

Selected Financial Information of Kronos Balance Sheet

	December 31,		June 30,
	2021		2022
	(In millions)
Current assets	$	1,258.0	$	1,247.9
Property and equipment, net		503.4		472.0
Investment in TiO2 joint venture		101.9		106.0
Other noncurrent assets		149.5		137.6
Total assets	$	2,012.8	$	1,963.5
Current liabilities	$	288.8	$	281.5
Long-term debt		449.8		415.8
Accrued pension costs		287.4		263.6
Other noncurrent liabilities		116.6		99.0
Stockholders’ equity		870.2		903.6
Total liabilities and stockholders’ equity	$	2,012.8	$	1,963.5

Selected Financial Information of Kronos Income Statement

	Three months ended				Six months ended
	June 30,				June 30,
	2021		2022		2021		2022
	(In millions)
Net sales	$	478.6	$	565.3	$	943.6	$	1,128.2
Cost of sales		369.6		444.8		738.9		858.4
Income from operations		43.8		65.2		77.8		148.5
Income tax expense		9.2		14.8		15.2		33.1
Net income		25.7		45.9		45.3		103.4