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Investment in Kronos Worldwide, Inc. | 9 Months Ended
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Sep. 30, 2025
Investment in Kronos Worldwide, Inc. |
Investment in Kronos Worldwide, Inc. | Note 6 – Investment in Kronos Worldwide, Inc.: At December 31, 2024 and September 30, 2025, we owned approximately 35.2 million shares of Kronos common stock. At September 30, 2025, the quoted market price of Kronos’ common stock was $5.74 per share, or an aggregate market value of $202.2 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 nine months of 2025 is summarized below. ​
​ | ​ | ​ | ​
​ |  | Amount
​ | ​ | (In millions)
Balance at the beginning of the period | ​ | $ | 250.3
Equity in losses of Kronos | ​ |  | (8.6)
Dividends received from Kronos | ​ |  | (5.3)
Equity in Kronos' other comprehensive income: | ​ | ​ | ​
Currency translation | ​ | ​ | 9.7
Defined benefit pension plans | ​ | ​ | .4
Balance at the end of the period | ​ | $ | 246.5
​ Selected financial information of Kronos is summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | September 30,
​ |  | 2024 |  | 2025
​ | ​ | (In millions)
Current assets | ​ | $ | 1,105.3 | ​ | $ | 1,070.4
Property and equipment, net | ​ |  | 694.1 | ​ |  | 725.7
Other noncurrent assets | ​ |  | 114.1 | ​ |  | 113.6
Total assets | ​ | $ | 1,913.5 | ​ | $ | 1,909.7
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | 476.6 | ​ | $ | 279.2
Long-term debt | ​ |  | 429.1 | ​ |  | 626.2
Accrued pension costs | ​ |  | 117.5 | ​ |  | 125.2
Other noncurrent liabilities | ​ |  | 73.3 | ​ |  | 74.4
Stockholders’ equity | ​ |  | 817.0 | ​ |  | 804.7
Total liabilities and stockholders’ equity | ​ | $ | 1,913.5 | ​ | $ | 1,909.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2025 |  | 2024 |  | 2025
​ | ​ | (In millions)
Net sales | ​ | $ | 484.7 | ​ | $ | 456.9 | ​ | $ | 1,464.0 | ​ | $ | 1,441.1
Cost of sales | ​ |  | 383.5 | ​ |  | 409.9 | ​ |  | 1,191.1 | ​ |  | 1,224.5
Income from operations | ​ |  | 38.9 | ​ |  | (19.2) | ​ |  | 94.3 | ​ |  | 26.6
Income tax expense | ​ |  | 22.7 | ​ |  | 7.9 | ​ |  | 34.7 | ​ |  | 19.0
Net income (loss) | ​ |  | 71.8 | ​ |  | (37.0) | ​ |  | 99.4 | ​ |  | (28.1)
​ 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 and an additional earn-out payment of up to $15 million. The earn-out liability associated with the acquisition is remeasured at fair value at each reporting date. During the third quarter of 2025, Kronos determined that it is no longer probable the thresholds required to trigger payment of the earn-out will be achieved. As a result, the fair value of the earn-out liability was reduced to zero, resulting in Kronos recognizing a non-cash gain of $4.6 million. Kronos also 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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