Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 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		37.9
Dividends received from Kronos		(20.1)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(16.9)
Defined benefit pension plans		2.0
Other		.6
Balance at the end of the period	$	268.3

Selected Financial Information of Kronos Balance Sheet

	December 31,		September 30,
	2021		2022
	(In millions)
Current assets	$	1,258.0	$	1,256.8
Property and equipment, net		503.4		444.7
Investment in TiO2 joint venture		101.9		110.4
Other noncurrent assets		149.5		131.0
Total assets	$	2,012.8	$	1,942.9
Current liabilities	$	288.8	$	330.2
Long-term debt		449.8		390.9
Accrued pension costs		287.4		245.7
Other noncurrent liabilities		116.6		97.2
Stockholders’ equity		870.2		878.9
Total liabilities and stockholders’ equity	$	2,012.8	$	1,942.9

Selected Financial Information of Kronos Income Statement

	Three months ended				Nine months ended
	September 30,				September 30,
	2021		2022		2021		2022
	(In millions)
Net sales	$	499.8	$	459.6	$	1,443.4	$	1,587.8
Cost of sales		376.8		375.6		1,115.7		1,234.0
Income from operations		57.3		30.8		135.1		179.3
Income tax expense		12.1		1.2		27.3		34.3
Net income		36.0		21.0		81.3		124.4