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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended
--- | ---
Sep. 30, 2024 | Sep. 30, 2023
Cash flows from operating activities: |  |
Net income (loss) | $ 128.9 | $ (6.6)
Depreciation and amortization | 51.2 | 40.7
Gain on remeasurement of investment in TiO2 manufacturing joint venture | (64.5) | 0.0
Premium on issuance of senior secured notes | 6.0 | 0.0
Loss on pension plan termination | 0.0 | 6.2
Benefit plan expense less than cash funding | (6.9) | (5.7)
Deferred income taxes | 20.0 | (38.6)
Contributions to TiO2 manufacturing joint venture, net | (2.7) | (2.8)
Gain from sale of land | 0.0 | (1.5)
Other, net | (0.8) | 4.6
Change in assets and liabilities: |  |
Accounts and other receivables, net | (67.8) | (60.9)
Inventories, net | 96.4 | 103.3
Land held for development, net | 2.0 | 0.2
Accounts payable and accrued liabilities | (110.4) | (78.4)
Income taxes | 1.8 | 1.6
Accounts with affiliates | (20.2) | (5.8)
Other, net | (34.8) | (17.5)
Net cash used in operating activities | (1.8) | (61.2)
Cash flows from investing activities: |  |
Capital expenditures | (18.4) | (42.7)
Acquisition of remaining TiO2 manufacturing joint venture interest, net of cash acquired | (156.8) | 0.0
Purchases of marketable securities | (1.0) | (63.7)
Proceeds from disposal of marketable securities | 55.8 | 56.5
Proceeds from land sales | 0.0 | 1.8
Other, net | 2.8 | 0.0
Net cash used in investing activities | (117.6) | (48.1)
Cash flows from financing activities: |  |
Borrowings | 148.6 | 0.0
Payments | (123.9) | 0.0
Payments on long-term debt | (101.3) | (24.5)
Kronos term loan from Contran | 53.7 | 0.0
Proceeds from issuance of senior secured notes | 80.2 | 0.0
Deferred financing fees | (9.3) | 0.0
Valhi cash dividends paid | (6.8) | (6.8)
Distributions to noncontrolling interest in subsidiaries | (23.1) | (19.0)
Subsidiary treasury stock acquired | 0.0 | (2.9)
Net cash provided by (used in) financing activities | 18.1 | (53.2)
Cash, cash equivalents and restricted cash and cash equivalents - net change from: |  |
Operating, investing and financing activities | (101.3) | (162.5)
Effect of exchange rates on cash | 4.4 | (2.8)
Balance at beginning of period | 462.0 | 562.0
Balance at end of period | 365.1 | 396.7
Cash paid for: |  |
Interest, net of amounts capitalized | 37.2 | 24.0
Income taxes, net | 41.1 | 24.5
Noncash investing activities: |  |
Change in accruals for capital expenditures | $ 1.4 | $ 0.7

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