Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 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		30.4
Dividends received from Kronos		(15.1)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(3.7)
Defined benefit pension plans		.4
Balance at the end of the period	$	259.6

Selected Financial Information of Kronos Balance Sheet

	December 31,		September 30,
	2023		2024
	(In millions)
Current assets	$	1,117.4	$	1,067.8
Property and equipment, net		482.9		720.9
Investment in TiO2 joint venture		111.0		—
Other noncurrent assets		126.7		132.9
Total assets	$	1,838.0	$	1,921.6
Current liabilities	$	370.8	$	398.3
Long-term debt		440.9		470.4
Accrued pension costs		150.0		144.2
Other noncurrent liabilities		68.0		61.3
Stockholders’ equity		808.3		847.4
Total liabilities and stockholders’ equity	$	1,838.0	$	1,921.6

Selected Financial Information of Kronos Income Statement

	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2024		2023		2024
	(In millions)
Net sales	$	396.9	$	484.7	$	1,266.4	$	1,464.0
Cost of sales		362.5		383.5		1,157.1		1,191.1
Income (loss) from operations		(25.3)		38.9		(50.3)		94.3
Income tax expense (benefit)		(8.7)		22.7		(19.7)		34.7
Net income (loss)		(20.4)		71.8		(43.8)		99.4