Investment in Kronos Worldwide, Inc. (Tables)

3 Months Ended

Mar. 31, 2024

Investment in Kronos Worldwide, Inc.

Changes in Carrying Value of Investment

	Amount
	(In millions)
Balance at the beginning of the period	$	247.6
Equity in earnings of Kronos		2.5
Dividends received from Kronos		(6.7)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(6.3)
Defined benefit pension plans		.1
Balance at the end of the period	$	237.2

Selected Financial Information of Kronos Balance Sheet

	December 31,		March 31,
	2023		2024
	(In millions)
Current assets	$	1,117.4	$	984.7
Property and equipment, net		482.9		461.6
Investment in TiO2 joint venture		111.0		108.7
Other noncurrent assets		126.7		124.4
Total assets	$	1,838.0	$	1,679.4
Current liabilities	$	370.8	$	267.9
Long-term debt		440.9		426.9
Accrued pension costs		150.0		143.6
Other noncurrent liabilities		68.0		66.6
Stockholders’ equity		808.3		774.4
Total liabilities and stockholders’ equity	$	1,838.0	$	1,679.4

Selected Financial Information of Kronos Income Statement

	Three months ended
	March 31,
	2023		2024
	(In millions)
Net sales	$	426.3	$	478.8
Cost of sales		395.5		407.3
Income (loss) from operations		(18.3)		19.5
Income tax expense (benefit)		(6.9)		3.5
Net income (loss)		(15.2)		8.1