Investment in Kronos Worldwide, Inc. (Tables)

6 Months Ended

Jun. 30, 2020

Equity Method Investments And Joint Ventures [Abstract]

Changes in Carrying Value of Investment

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

	Amount
	(In millions)
Balance at the beginning of the period	$	248.4
Equity in earnings of Kronos		13.9
Dividends received from Kronos		(12.7	)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(7.3	)
Defined benefit pension plans		1.8
Other		(.3	)
Balance at the end of the period	$	243.8

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31,		June 30,
	2019		2020
	(In millions)
Current assets	$	1,219.7	$	1,171.0
Property and equipment, net		490.6		467.7
Investment in TiO2 joint venture		90.2		96.5
Other noncurrent assets		165.3		168.5
Total assets	$	1,965.8	$	1,903.7
Current liabilities	$	270.6	$	230.0
Long-term debt		444.0		445.0
Accrued pension costs		307.4		307.7
Other noncurrent liabilities		127.7		119.7
Stockholders' equity		816.1		801.3
Total liabilities and stockholders' equity	$	1,965.8	$	1,903.7

Selected Financial Information of Kronos Income Statement

	Three months ended				Six months ended
	June 30,				June 30,
	2019		2020		2019		2020
	(In millions)
Net sales	$	484.5	$	386.0	$	921.0	$	807.0
Cost of sales		375.0		290.2		702.2		623.1
Income from operations		46.5		33.0		95.5		76.5
Income tax expense		11.4		5.1		24.2		13.5
Net income		29.5		18.6		59.8		45.6