Investment in Kronos Worldwide, Inc. (Tables)

6 Months Ended

Jun. 30, 2023

Investment in Kronos Worldwide, Inc.

Changes in Carrying Value of Investment

	Amount
	(In millions)
Balance at the beginning of the period	$	292.2
Equity in loss of Kronos		(7.1)
Dividends received from Kronos		(13.4)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(3.8)
Defined benefit pension plans		.5
Other		.1
Balance at the end of the period	$	268.5

Selected Financial Information of Kronos Balance Sheet

	December 31,		June 30,
	2022		2023
	(In millions)
Current assets	$	1,242.2	$	1,055.7
Property and equipment, net		484.5		489.3
Investment in TiO2 joint venture		112.9		121.2
Other noncurrent assets		94.8		112.6
Total assets	$	1,934.4	$	1,778.8
Current liabilities	$	326.7	$	260.6
Long-term debt		424.1		432.4
Accrued pension costs		128.6		126.9
Other noncurrent liabilities		97.8		82.4
Stockholders’ equity		957.2		876.5
Total liabilities and stockholders’ equity	$	1,934.4	$	1,778.8

Selected Financial Information of Kronos Income Statement

	Three months ended				Six months ended
	June 30,				June 30,
	2022		2023		2022		2023
	(In millions)
Net sales	$	565.3	$	443.2	$	1,128.2	$	869.5
Cost of sales		444.8		399.1		858.4		794.6
Income (loss) from operations		65.2		(6.7)		148.5		(25.0)
Income tax expense (benefit)		14.8		(4.1)		33.1		(11.0)
Net income (loss)		45.9		(8.2)		103.4		(23.4)