Investment in Kronos Worldwide, Inc.

12 Months Ended

Dec. 31, 2023

Investment in Kronos Worldwide, Inc.

Investment in Kronos Worldwide, Inc.

Note 6 - Investment in Kronos Worldwide, Inc.:

At December 31, 2022 and 2023, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos common stock at December 31, 2022 and 2023 was $9.40 and $9.94 per share, respectively, or an aggregate market value of $331.1 million and $350.1 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,
	2021		2022		2023
	(In millions)
Balance at the beginning of the period	$	242.4	$	264.8	$	292.2
Equity in earnings (loss) of Kronos		34.3		31.9		(15.0)
Dividends received from Kronos		(25.4)		(26.8)		(26.8)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(2.1)		(8.8)		1.1
Defined benefit pension plans		15.6		30.9		(3.9)
Other postretirement benefit plans		—		—		(.1)
Other		—		.2		.1
Balance at the end of the period	$	264.8	$	292.2	$	247.6

Selected financial information of Kronos is summarized below:

	December 31,
	2022		2023
	(In millions)
Current assets	$	1,242.2	$	1,117.4
Property and equipment, net		484.5		482.9
Investment in TiO2 joint venture		112.9		111.0
Other noncurrent assets		94.8		126.7
Total assets	$	1,934.4	$	1,838.0
Current liabilities	$	326.7	$	370.8
Long-term debt		424.1		440.9
Accrued pension costs		128.6		150.0
Other noncurrent liabilities		97.8		68.0
Stockholders’ equity		957.2		808.3
Total liabilities and stockholders’ equity	$	1,934.4	$	1,838.0

	Years ended December 31,
	2021		2022		2023
	(In millions)
Net sales	$	1,939.4	$	1,930.2	$	1,666.5
Cost of sales		1,493.2		1,539.1		1,501.6
Income (loss) from operations		187.1		159.6		(56.0)
Income tax expense (benefit)		40.5		29.4		(23.8)
Net income (loss)		112.9		104.5		(49.1)