Investment in Kronos Worldwide, Inc. (Tables)

6 Months Ended

Jun. 30, 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		8.4
Dividends received from Kronos		(13.4)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(5.6)
Defined benefit pension plans		.3
Balance at the end of the period	$	237.3

Selected Financial Information of Kronos Balance Sheet

	December 31,		June 30,
	2023		2024
	(In millions)
Current assets	$	1,117.4	$	987.2
Property and equipment, net		482.9		444.3
Investment in TiO2 joint venture		111.0		101.2
Other noncurrent assets		126.7		124.2
Total assets	$	1,838.0	$	1,656.9
Current liabilities	$	370.8	$	273.1
Long-term debt		440.9		423.7
Accrued pension costs		150.0		140.1
Other noncurrent liabilities		68.0		45.4
Stockholders’ equity		808.3		774.6
Total liabilities and stockholders’ equity	$	1,838.0	$	1,656.9

Selected Financial Information of Kronos Income Statement

	Three months ended				Six months ended
	June 30,				June 30,
	2023		2024		2023		2024
	(In millions)
Net sales	$	443.2	$	500.5	$	869.5	$	979.3
Cost of sales		399.1		400.3		794.6		807.6
Income (loss) from operations		(6.7)		35.9		(25.0)		55.4
Income tax expense (benefit)		(4.1)		8.5		(11.0)		12.0
Net income (loss)		(8.2)		19.5		(23.4)		27.6