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Investment in Kronos Worldwide, Inc. | 6 Months Ended
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Jun. 30, 2021
Equity Method Investments And Joint Ventures [Abstract] |
Investment in Kronos Worldwide, Inc. | Note 5 – Investment in Kronos Worldwide, Inc.: At December 31, 2020 and June 30, 2021, we owned approximately 35.2 million shares of Kronos common stock. At June 30, 2021, the quoted market price of Kronos’ common stock was $14.32 per share, or an aggregate market value of $504.3 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 six months of 2021 is summarized below.
| Amount |
| (In millions) |
Balance at the beginning of the period | $ | 242.4 |
Equity in earnings of Kronos |  | 13.8 |
Dividends received from Kronos |  | (12.7 | )
Equity in Kronos' other comprehensive income: |  |  |
Currency translation |  | 1.3 |
Defined benefit pension plans |  | 2.1 |
Balance at the end of the period | $ | 246.9 |
Selected financial information of Kronos is summarized below:
| December 31, |  |  | June 30, |
| 2020 |  |  | 2021 |
| (In millions) |
Current assets | $ | 1,218.3 |  |  | $ | 1,159.1 |
Property and equipment, net |  | 524.6 |  |  |  | 509.5 |
Investment in TiO2 joint venture |  | 103.3 |  |  |  | 103.5 |
Other noncurrent assets |  | 190.5 |  |  |  | 184.8 |
Total assets | $ | 2,036.7 |  |  | $ | 1,956.9 |
Current liabilities | $ | 260.2 |  |  | $ | 201.8 |
Long-term debt |  | 486.7 |  |  |  | 472.5 |
Accrued pension costs |  | 372.6 |  |  |  | 359.0 |
Other noncurrent liabilities |  | 120.7 |  |  |  | 112.4 |
Stockholders' equity |  | 796.5 |  |  |  | 811.2 |
Total liabilities and stockholders' equity | $ | 2,036.7 |  |  | $ | 1,956.9 |
| Three months ended |  |  | Six months ended |
| June 30, |  |  | June 30, |
| 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |
| (In millions) |
Net sales | $ | 386.0 |  |  | $ | 478.6 |  |  | $ | 807.0 |  |  | $ | 943.6 |
Cost of sales |  | 290.2 |  |  |  | 369.6 |  |  |  | 623.1 |  |  |  | 738.9 |
Income from operations |  | 33.0 |  |  |  | 43.8 |  |  |  | 76.5 |  |  |  | 77.8 |
Income tax expense |  | 5.1 |  |  |  | 9.2 |  |  |  | 13.5 |  |  |  | 15.2 |
Net income |  | 18.6 |  |  |  | 25.7 |  |  |  | 45.6 |  |  |  | 45.3 |

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- References No definition available. + Details
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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