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Investment in Kronos Worldwide, Inc. | 6 Months Ended
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Jun. 30, 2025
Investment in Kronos Worldwide, Inc. |
Investment in Kronos Worldwide, Inc. | Note 6 – Investment in Kronos Worldwide, Inc.: At December 31, 2024 and June 30, 2025, we owned approximately 35.2 million shares of Kronos common stock. At June 30, 2025, the quoted market price of Kronos’ common stock was $6.20 per share, or an aggregate market value of $218.4 million. At December 31, 2024, the quoted market price was $9.75 per share, or an aggregate market value of $343.4 million. The change in the carrying value of our investment in Kronos during the first six months of 2025 is summarized below. ​
​ | ​ | ​ | ​
​ |  | Amount
​ | ​ | (In millions)
Balance at the beginning of the period | ​ | $ | 250.3
Equity in earnings of Kronos | ​ |  | 2.7
Dividends received from Kronos | ​ |  | (3.5)
Equity in Kronos' other comprehensive income: | ​ | ​ | ​
Currency translation | ​ | ​ | 9.6
Defined benefit pension plans | ​ | ​ | .3
Balance at the end of the period | ​ | $ | 259.4
​ Selected financial information of Kronos is summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | June 30,
​ |  | 2024 |  | 2025
​ | ​ | (In millions)
Current assets | ​ | $ | 1,105.3 | ​ | $ | 1,087.6
Property and equipment, net | ​ |  | 694.1 | ​ |  | 731.2
Other noncurrent assets | ​ |  | 114.1 | ​ |  | 121.6
Total assets | ​ | $ | 1,913.5 | ​ | $ | 1,940.4
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | 476.6 | ​ | $ | 390.2
Long-term debt | ​ |  | 429.1 | ​ |  | 501.4
Accrued pension costs | ​ |  | 117.5 | ​ |  | 127.1
Other noncurrent liabilities | ​ |  | 73.3 | ​ |  | 74.9
Stockholders’ equity | ​ |  | 817.0 | ​ |  | 846.8
Total liabilities and stockholders’ equity | ​ | $ | 1,913.5 | ​ | $ | 1,940.4
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2025 |  | 2024 |  | 2025
​ | ​ | (In millions)
Net sales | ​ | $ | 500.5 | ​ | $ | 494.4 | ​ | $ | 979.3 | ​ | $ | 984.2
Cost of sales | ​ |  | 400.3 | ​ |  | 431.6 | ​ |  | 807.6 | ​ |  | 814.5
Income from operations | ​ |  | 35.9 | ​ |  | 7.4 | ​ |  | 55.4 | ​ |  | 45.8
Income tax expense | ​ |  | 8.5 | ​ |  | 3.5 | ​ |  | 12.0 | ​ |  | 11.1
Net income (loss) | ​ |  | 19.5 | ​ |  | (9.2) | ​ |  | 27.6 | ​ |  | 8.9
​ Effective July 16, 2024 (“Acquisition Date”), Kronos acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (“LPC”) previously held by Venator Investments, Ltd. (“Venator”). Prior to the acquisition, Kronos held a 50% joint venture interest in LPC and LPC was operated as a manufacturing joint venture between Kronos and Venator. Kronos acquired the 50% joint venture interest in LPC for consideration of $185 million less a working capital adjustment. An additional earn-out payment of up to $15 million may be required if Kronos’ aggregate consolidated net income before interest expense, income taxes and depreciation and amortization expense, or EBITDA, during a two-year period comprising calendar years 2025 and 2026 exceed certain thresholds. Kronos accounted for the acquisition of the interest in LPC as a business combination and, as a result of obtaining full control, LPC became a wholly-owned subsidiary of Kronos. The estimated fair value of the earn-out at the Acquisition Date was $4.2 million and was determined using a weighted probability of potential outcomes based on estimated future EBITDA and volatility factors, among other variables and estimates. Kronos recognized a pre-tax gain of approximately $64.5 million in the third quarter of 2024, representing the difference between the $178.2 million estimated fair value of its existing ownership interest in LPC at the Acquisition Date and its aggregate $113.7 million carrying value at the Acquisition Date.

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