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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