Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 30, 2021

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 nine months of 2021 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	242.4
Equity in earnings of Kronos		24.7
Dividends received from Kronos		(19.0	)
Equity in Kronos' other comprehensive income:
Currency translation		(1.1	)
Defined benefit pension plans		3.1
Balance at the end of the period	$	250.1

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31,		September 30,
	2020		2021
	(In millions)
Current assets	$	1,218.3	$	1,219.1
Property and equipment, net		524.6		503.0
Investment in TiO2 joint venture		103.3		105.5
Other noncurrent assets		190.5		176.9
Total assets	$	2,036.7	$	2,004.5
Current liabilities	$	260.2	$	259.7
Long-term debt		486.7		461.1
Accrued pension costs		372.6		349.3
Other noncurrent liabilities		120.7		112.4
Stockholders' equity		796.5		822.0
Total liabilities and stockholders' equity	$	2,036.7	$	2,004.5

Selected Financial Information of Kronos Income Statement

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2021		2020		2021
	(In millions)
Net sales	$	416.9	$	499.8	$	1,223.9	$	1,443.4
Cost of sales		336.3		376.8		959.4		1,115.7
Income from operations		19.3		57.3		95.8		135.1
Income tax expense		1.8		12.1		15.3		27.3
Net income		8.1		36.0		53.7		81.3