Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 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 losses of Kronos		(13.4)
Dividends received from Kronos		(20.1)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(4.3)
Defined benefit pension plans		.7
Other		.1
Balance at the end of the period	$	255.2

Selected Financial Information of Kronos Balance Sheet

	December 31,		September 30,
	2022		2023
	(In millions)
Current assets	$	1,242.2	$	999.7
Property and equipment, net		484.5		476.7
Investment in TiO2 joint venture		112.9		115.7
Other noncurrent assets		94.8		123.8
Total assets	$	1,934.4	$	1,715.9
Current liabilities	$	326.7	$	256.2
Long-term debt		424.1		422.5
Accrued pension costs		128.6		122.3
Other noncurrent liabilities		97.8		81.7
Stockholders’ equity		957.2		833.2
Total liabilities and stockholders’ equity	$	1,934.4	$	1,715.9

Selected Financial Information of Kronos Income Statement

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2023		2022		2023
	(In millions)
Net sales	$	459.6	$	396.9	$	1,587.8	$	1,266.4
Cost of sales		375.6		362.5		1,234.0		1,157.1
Income (loss) from operations		30.8		(25.3)		179.3		(50.3)
Income tax expense (benefit)		1.2		(8.7)		34.3		(19.7)
Net income (loss)		21.0		(20.4)		124.4		(43.8)