Investment in Kronos Worldwide, Inc.

12 Months Ended

Dec. 31, 2022

Investment in Kronos Worldwide, Inc.

Investment in Kronos Worldwide, Inc.

Note 6 - Investment in Kronos Worldwide, Inc.:

At December 31, 2021 and 2022, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos common stock at December 31, 2021 and 2022 was $15.01 and $9.40 per share, respectively, or an aggregate market value of $528.6 million and $331.1 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,
	2020		2021		2022
	(In millions)
Balance at the beginning of the period	$	248.4	$	242.4	$	264.8
Equity in earnings of Kronos		19.4		34.3		31.9
Dividends received from Kronos		(25.4)		(25.4)		(26.8)
Equity in Kronos' other comprehensive income (loss):
Currency translation		4.1		(2.1)		(8.8)
Defined benefit pension plans		(3.7)		15.6		30.9
Other postretirement benefit plans		(.1)		—		—
Other		(.3)		—		.2
Balance at the end of the period	$	242.4	$	264.8	$	292.2

Selected financial information of Kronos is summarized below:

	December 31,
	2021		2022
	(In millions)
Current assets	$	1,258.0	$	1,242.2
Property and equipment, net		503.4		484.5
Investment in TiO2 joint venture		101.9		112.9
Other noncurrent assets		149.5		94.8
Total assets	$	2,012.8	$	1,934.4
Current liabilities	$	288.8	$	326.7
Long-term debt		449.8		424.1
Accrued pension costs		287.4		128.6
Other noncurrent liabilities		116.6		97.8
Stockholders’ equity		870.2		957.2
Total liabilities and stockholders’ equity	$	2,012.8	$	1,934.4

	Years ended December 31,
	2020		2021		2022
	(In millions)
Net sales	$	1,638.8	$	1,939.4	$	1,930.2
Cost of sales		1,287.6		1,493.2		1,539.1
Income from operations		116.2		187.1		159.6
Income tax expense		16.1		40.5		29.4
Net income		63.9		112.9		104.5