Investment in Kronos Worldwide, Inc. (Tables)

12 Months Ended

Dec. 31, 2022

Investment in Kronos Worldwide, Inc.

Changes in Carrying Value of Investment

	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 Balance Sheet

	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

Selected Financial Information of Kronos Income Statement

	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