Investment in Kronos Worldwide, Inc.

3 Months Ended

Mar. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2019 and March 31, 2020, we owned approximately 35.2 million shares of Kronos common stock. At March 31, 2020, the quoted market price of Kronos’ common stock was $8.44 per share, or an aggregate market value of $297.3 million. At December 31, 2019, the quoted market price was $13.40 per share, or an aggregate market value of $471.9 million.

The change in the carrying value of our investment in Kronos during the first three months of 2020 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	248.4
Equity in earnings of Kronos		8.2
Dividends received from Kronos		(6.3	)
Equity in Kronos' other comprehensive income:
Currency translation		(12.8	)
Defined benefit pension plans		.9
Other		(.3	)
Balance at the end of the period	$	238.1

Selected financial information of Kronos is summarized below:

	December 31,		March 31,
	2019		2020
	(In millions)
Current assets	$	1,219.7	$	1,163.4
Property and equipment, net		490.6		459.0
Investment in TiO₂ joint venture		90.2		92.4
Other noncurrent assets		165.3		160.0
Total assets	$	1,965.8	$	1,874.8

Current liabilities	$	270.6	$	231.2
Long-term debt		444.0		436.3
Accrued pension costs		307.4		301.4
Other noncurrent liabilities		127.7		123.6
Stockholders' equity		816.1		782.3
Total liabilities and stockholders' equity	$	1,965.8	$	1,874.8


	Three months ended March 31,
	2019		2020
	(In millions)
Net sales	$	436.5	$	421.0
Cost of sales		327.2		332.9
Income from operations		49.0		43.5
Income tax expense		12.8		8.4
Net income		30.3		27.0