Investment in Kronos Worldwide, Inc.

12 Months Ended

Dec. 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 6 - Investment in Kronos Worldwide, Inc.:

At December 31, 2019 and 2020, we owned approximately 35.2 million shares of Kronos common stock.  The per share quoted market price of Kronos common stock at December 31, 2019 and 2020 was $13.40 and $14.91 per share, respectively, or an aggregate market value of $471.9 million and $525.1 million, respectively.  The change in the carrying value of our investment in Kronos during the past three years is summarized below:

	Years ended December 31,
	2018			2019			2020
	(In millions)
Balance at the beginning of the year	$	229.5		$	255.5		$	248.4
Equity in earnings of Kronos		62.3			26.5			19.4
Dividends received from Kronos		(23.9	)		(25.4	)		(25.4	)
Equity in Kronos' other comprehensive income (loss):
Currency translation		(10.1	)		(.5	)		4.1
Defined benefit pension plans		(2.2	)		(6.7	)		(3.7	)
Other postretirement benefit plans		(.1	)		(.1	)		(.1	)
Other		-			(.9	)		(.3	)
Balance at the end of the year	$	255.5		$	248.4		$	242.4

Selected financial information of Kronos is summarized below:

	December 31,
	2019		2020
	(In millions)
Current assets	$	1,219.7	$	1,218.3
Property and equipment, net		490.6		524.6
Investment in TiO2 joint venture		90.2		103.3
Other noncurrent assets		165.3		190.5
Total assets	$	1,965.8	$	2,036.7
Current liabilities	$	270.6	$	260.2
Long-term debt		444.0		486.7
Accrued pension costs		307.4		372.6
Other noncurrent liabilities		127.7		120.7
Stockholders' equity		816.1		796.5
Total liabilities and stockholders' equity	$	1,965.8	$	2,036.7