Note 6 – Investment in Kronos Worldwide, Inc.: At December 31, 2025 and June 30, 2026, we owned approximately 35.2 million shares of Kronos common stock. At June 30, 2026, the quoted market price of Kronos’ common stock was $6.33 per share, or an aggregate market value of $222.9 million. At December 31, 2025, the quoted market price was $4.42 per share, or an aggregate market value of $155.7 million. The change in the carrying value of our investment in Kronos during the first six months of 2026 is summarized below. | | | | | | Amount | | | (In millions) | Balance at the beginning of the period | | $ | 230.1 | Equity in earnings of Kronos | | | 3.2 | Dividends received from Kronos | | | (3.5) | Equity in Kronos' other comprehensive income: | | | | Currency translation | | | — | Defined benefit pension plans | | | .2 | Balance at the end of the period | | $ | 230.0 |
Selected financial information of Kronos is summarized below: | | | | | | | | | December 31, | | June 30, | | | 2025 | | 2026 | | | | (In millions) | Current assets | | $ | 994.5 | | $ | 942.6 | Property and equipment, net | | | 724.3 | | | 707.6 | Other noncurrent assets | | | 98.0 | | | 93.8 | Total assets | | $ | 1,816.8 | | $ | 1,744.0 | | | | | | | | Current liabilities | | $ | 368.8 | | $ | 285.8 | Long-term debt | | | 557.4 | | | 569.6 | Accrued pension costs | | | 80.9 | | | 73.7 | Other noncurrent liabilities | | | 58.6 | | | 63.9 | Stockholders’ equity | | | 751.1 | | | 751.0 | Total liabilities and stockholders’ equity | | $ | 1,816.8 | | $ | 1,744.0 |
| | | | | | | | | | | | | | | Three months ended | | Six months ended | | | June 30, | | June 30, | | | 2025 | | 2026 | | 2025 | | 2026 | | | | (In millions) | Net sales | | $ | 494.4 | | $ | 558.1 | | $ | 984.2 | | $ | 1,067.9 | Cost of sales | | | 431.6 | | | 455.3 | | | 814.5 | | | 881.8 | Income from operations | | | 7.4 | | | 37.6 | | | 45.8 | | | 50.2 | Income tax expense | | | 3.5 | | | 7.7 | | | 11.1 | | | 10.5 | Net income (loss) | | | (9.2) | | | 15.2 | | | 8.9 | | | 10.4 |
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