Investment in Kronos Worldwide, Inc.

9 Months Ended

Sep. 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2020 and September 30, 2021, we owned approximately 35.2 million shares of Kronos common stock. At September 30, 2021, the quoted market price of Kronos’ common stock was $12.41 per share, or an aggregate market value of $437.1 million. At December 31, 2020, the quoted market price was $14.91 per share, or an aggregate market value of $525.1 million.

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 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

	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