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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to          

  Commission file number 1-640

 

NL INDUSTRIES, INC.

(Exact name of Registrant as specified in its charter)

 

 

New Jersey

 

13-5267260

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer Identification No.)

5430 LBJ Freeway, Suite 1700

Dallas, Texas 75240-2620

(Address of principal executive offices)

Registrant’s telephone number, including area code: (972) 233-1700

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock

 

NL

 

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer          

Accelerated filer

Non-accelerated filer

Smaller reporting company  

Emerging growth company  

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

Number of shares of the registrant’s common stock, $.125 par value per share, outstanding on April 30, 2021:  48,788,984.

 

 


 

NL INDUSTRIES, INC. AND SUBSIDIARIES

INDEX

 

 

 

Page
number

Part I.

FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

 

 

Condensed Consolidated Balance Sheets -
December 31, 2020; March 31, 2021 (unaudited)

3

 

 

Condensed Consolidated Statements of Income (unaudited) -
Three months ended March 31, 2020 and 2021

5

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) -
Three months ended March 31, 2020 and 2021

6

 

 

Condensed Consolidated Statements of Equity (unaudited) -
Three months ended March 31, 2020 and 2021

7

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) -
Three months ended March 31, 2020 and 2021

8

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

9

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

 

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

32

 

Item 4.

Controls and Procedures

32

 

 

 

 

 

 

Part II.

OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

34

 

Item 1A.

Risk Factors

34

 

Item 6.

Exhibits

34

Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report.

 

 

 

2

 


 

 

NL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

December 31,

 

 

March 31,

 

 

2020

 

 

2021

 

 

 

 

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

137,039

 

 

$

134,826

 

Restricted cash and cash equivalents

 

2,695

 

 

 

2,695

 

Accounts and other receivables, net

 

11,142

 

 

 

17,208

 

Receivables from affiliates

 

313

 

 

 

-

 

Inventories, net

 

18,337

 

 

 

18,153

 

Prepaid expenses and other

 

1,638

 

 

 

2,222

 

 

 

 

 

 

 

 

 

Total current assets

 

171,164

 

 

 

175,104

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

Restricted cash and cash equivalents

 

25,538

 

 

 

25,540

 

Note receivable from affiliate

 

29,500

 

 

 

29,200

 

Marketable securities

 

18,206

 

 

 

24,566

 

Investment in Kronos Worldwide, Inc.

 

242,374

 

 

 

243,732

 

Goodwill

 

27,156

 

 

 

27,156

 

Other assets, net

 

5,262

 

 

 

5,321

 

 

 

 

 

 

 

 

 

Total other assets

 

348,036

 

 

 

355,515

 

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

 

Land

 

4,940

 

 

 

4,940

 

Buildings

 

23,146

 

 

 

23,146

 

Equipment

 

68,227

 

 

 

68,659

 

Construction in progress

 

1,010

 

 

 

935

 

 

 

97,323

 

 

 

97,680

 

Less accumulated depreciation

 

68,373

 

 

 

69,219

 

 

 

 

 

 

 

 

 

Net property and equipment

 

28,950

 

 

 

28,461

 

 

 

 

 

 

 

 

 

Total assets

$

548,150

 

 

$

559,080

 

 

 

3

 


 

 

NL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(In thousands)

 

 

December 31,

 

 

March 31,

 

 

 

2020

 

 

2021

 

 

 

 

 

 

 

(unaudited)

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

$

2,647

 

 

$

3,060

 

 

Accrued litigation settlement

 

11,830

 

 

 

11,887

 

 

Accrued and other current liabilities

 

10,253

 

 

 

7,036

 

 

Accrued environmental remediation and related costs

 

2,027

 

 

 

2,167

 

 

Payables to affiliates

 

725

 

 

 

696

 

 

Income taxes

 

25

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

27,507

 

 

 

24,878

 

 

 

 

 

 

 

 

 

 

 

Noncurrent liabilities:

 

 

 

 

 

 

 

 

Long-term debt from affiliate

 

500

 

 

 

500

 

 

Accrued environmental remediation and related costs

 

91,389

 

 

 

90,848

 

 

Long-term litigation settlement

 

49,403

 

 

 

49,637

 

 

Deferred income taxes

 

33,830

 

 

 

36,763

 

 

Accrued pension costs

 

6,392

 

 

 

5,962

 

 

Other

 

3,780

 

 

 

3,673

 

 

 

 

 

 

 

 

 

 

 

Total noncurrent liabilities

 

185,294

 

 

 

187,383

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

NL stockholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

6,098

 

 

 

6,098

 

 

Additional paid-in capital

 

299,093

 

 

 

300,097

 

 

Retained earnings

 

257,875

 

 

 

268,205

 

 

Accumulated other comprehensive loss

 

(251,189

)

 

 

(249,564

)

 

 

 

 

 

 

 

 

 

 

Total NL stockholders' equity

 

311,877

 

 

 

324,836

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in subsidiary

 

23,472

 

 

 

21,983

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

335,349

 

 

 

346,819

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

$

548,150

 

 

$

559,080

 

 

 

Commitments and contingencies (Note 14)

 

See accompanying notes to Condensed Consolidated Financial Statements.

 

 

 

4

 


 

 

NL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

 

 

Three months ended

 

 

March 31,

 

 

2020

 

 

2021

 

 

(unaudited)

 

Net sales

$

32,311

 

 

$

35,924

 

Cost of sales

 

21,880

 

 

 

24,889

 

 

 

 

 

 

 

 

 

Gross margin

 

10,431

 

 

 

11,035

 

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

5,411

 

 

 

5,218

 

Other operating income (expense):

 

 

 

 

 

 

 

Insurance recoveries

 

22

 

 

 

25

 

Corporate expense

 

(2,508

)

 

 

(1,870

)

 

 

 

 

 

 

 

 

Income from operations

 

2,534

 

 

 

3,972

 

 

 

 

 

 

 

 

 

Equity in earnings of Kronos Worldwide, Inc.

 

8,207

 

 

 

5,968

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest and dividend income

 

1,131

 

 

 

440

 

Marketable equity securities

 

(12,073

)

 

 

6,360

 

Other components of net periodic pension and OPEB cost

 

(208

)

 

 

(71

)

Interest expense

 

(352

)

 

 

(298

)

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(761

)

 

 

16,371

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

(3,263

)

 

 

2,505

 

 

 

 

 

 

 

 

 

Net income

 

2,502

 

 

 

13,866

 

Noncontrolling interest in net income of subsidiary

 

592

 

 

 

609

 

 

 

 

 

 

 

 

 

Net income attributable to NL stockholders

$

1,910

 

 

$

13,257

 

 

 

 

 

 

 

 

 

Amounts attributable to NL stockholders:

 

 

 

 

 

 

 

Basic and diluted net income per share

$

.04

 

 

$

.27

 

 

 

 

 

 

 

 

 

Weighted average shares used in the calculation

   of net income per share

 

48,756

 

 

 

48,789

 

 

 

See accompanying notes to Condensed Consolidated Financial Statements.

 

 

 

5

 


 

 

NL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

 

 

Three months ended

 

 

March 31,

 

 

2020

 

 

2021

 

 

(unaudited)

 

Net income

$

2,502

 

 

$

13,866

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

Currency translation

 

(10,118

)

 

 

545

 

Defined benefit pension plans

 

1,043

 

 

 

1,151

 

Other postretirement benefit plans

 

(80

)

 

 

(71

)

 

 

 

 

 

 

 

 

Total other comprehensive income (loss), net

 

(9,155

)

 

 

1,625

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

(6,653

)

 

 

15,491

 

Comprehensive income attributable to noncontrolling interest

 

592

 

 

 

609

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to NL stockholders

$

(7,245

)

 

$

14,882

 

 

 

See accompanying notes to Condensed Consolidated Financial Statements.

 

6

 


 

 

NL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

 

Three months ended March 31, 2020 and 2021 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Noncontrolling

 

 

 

 

 

 

Common

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

interest in

 

 

Total

 

 

stock

 

 

capital

 

 

earnings

 

 

loss

 

 

subsidiary

 

 

equity

 

 

 

 

Balance at December 31, 2019

$

6,094

 

 

$

299,102

 

 

$

251,000

 

 

$

(251,690

)

 

$

22,707

 

 

$

327,213

 

Net income

 

-

 

 

 

-

 

 

 

1,910

 

 

 

-

 

 

 

592

 

 

 

2,502

 

Other comprehensive loss, net of tax

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,155

)

 

 

-

 

 

 

(9,155

)

Dividends paid - $.04 per share

 

-

 

 

 

-

 

 

 

(1,950

)

 

 

-

 

 

 

-

 

 

 

(1,950

)

Dividends paid to noncontrolling interest

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(168

)

 

 

(168

)

Other, net

 

-

 

 

 

(237

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(237

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2020

$

6,094

 

 

$

298,865

 

 

$

250,960

 

 

$

(260,845

)

 

$

23,131

 

 

$

318,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

$

6,098

 

 

$

299,093

 

 

$

257,875

 

 

$

(251,189

)

 

$

23,472

 

 

$

335,349

 

Net income

 

-

 

 

 

-

 

 

 

13,257

 

 

 

-

 

 

 

609

 

 

 

13,866

 

Other comprehensive income, net of tax

 

-

 

 

 

-

 

 

 

-

 

 

 

1,625

 

 

 

-

 

 

 

1,625

 

Dividends paid - $.06 per share

 

-

 

 

 

-

 

 

 

(2,927

)

 

 

-

 

 

 

-

 

 

 

(2,927

)

Dividends paid to noncontrolling interest

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(339

)

 

 

(339

)

Equity transactions with noncontrolling

  interest, net and other

 

-

 

 

 

1,004

 

 

 

-

 

 

 

-

 

 

 

(1,759

)

 

 

(755

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

$

6,098

 

 

$

300,097

 

 

$

268,205

 

 

$

(249,564

)

 

$

21,983

 

 

$

346,819

 

 

 

 

See accompanying notes to Condensed Consolidated Financial Statements.

7

 


 

 

NL INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

Three months ended

 

 

March 31,

 

 

2020

 

 

2021

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

2,502

 

 

$

13,866

 

Depreciation and amortization

 

950

 

 

 

949

 

Deferred income taxes

 

(3,278

)

 

 

2,498

 

Equity in earnings of Kronos Worldwide, Inc.

 

(8,207

)

 

 

(5,968

)

Dividends received from Kronos Worldwide, Inc.

 

6,339

 

 

 

6,339

 

Marketable equity securities

 

12,073

 

 

 

(6,360

)

Noncash interest expense

 

342

 

 

 

291

 

Benefit plan expense greater (less) than cash funding

 

244

 

 

 

(111

)

Other, net

 

(117

)

 

 

(101

)

Change in assets and liabilities:

 

 

 

 

 

 

 

Accounts and other receivables, net

 

(3,364

)

 

 

(6,096

)

Inventories, net

 

(673

)

 

 

151

 

Prepaid expenses and other

 

129

 

 

 

(584

)

Accounts payable and accrued liabilities

 

(3,196

)

 

 

(2,586

)

Income taxes

 

15

 

 

 

37

 

Accounts with affiliates

 

99

 

 

 

284

 

Accrued environmental remediation and related costs

 

(269

)

 

 

(401

)

Other noncurrent assets and liabilities, net

 

(3

)

 

 

(130

)

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

3,586

 

 

 

2,078

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(360

)

 

 

(568

)

Note receivable from affiliate:

 

 

 

 

 

 

 

Collections

 

18,228

 

 

 

11,900

 

Loans

 

(15,628

)

 

 

(11,600

)

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

2,240

 

 

 

(268

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Dividends paid

 

(1,950

)

 

 

(2,927

)

Subsidiary treasury stock acquired

 

-

 

 

 

(755

)

Distributions to noncontrolling interests in subsidiary

 

(168

)

 

 

(339

)

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

(2,118

)

 

 

(4,021

)

 

 

 

 

 

 

 

 

Cash and cash equivalents and restricted cash and cash equivalents - net

   change from:

 

 

 

 

 

 

 

Operating, investing and financing activities

 

3,708

 

 

 

(2,211

)

Balance at beginning of period

 

157,870

 

 

 

165,272

 

 

 

 

 

 

 

 

 

Balance at end of period

$

161,578

 

 

$

163,061

 

 

 

 

 

 

 

 

 

Supplemental disclosures - cash paid (received) for:

 

 

 

 

 

 

 

Interest

$

8

 

 

$

6

 

Income taxes, net

 

(9

)

 

 

(1

)

See accompanying notes to Condensed Consolidated Financial Statements.


8

 


 

NL INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2021

(unaudited)

 

Note 1 – Organization and basis of presentation:

Organization – At March 31, 2021, Valhi, Inc. (NYSE: VHI) held approximately 83% of our outstanding common stock and a wholly-owned subsidiary of Contran Corporation held approximately 92% of Valhi’s outstanding common stock. A majority of Contran's outstanding voting stock is held directly by Lisa K. Simmons and various family trusts established for the benefit of Ms. Simmons, Thomas C. Connelly (the husband of Ms. Simmons’ late sister) and their children and for which Ms. Simmons or Mr. Connelly, as applicable, serve as trustee (collectively, the “Other Trusts”). With respect to the Other Trusts for which Mr. Connelly serves as trustee, he is required to vote the shares of Contran voting stock held by such trusts in the same manner as Ms. Simmons. Such voting rights of Ms. Simmons last through April 22, 2030 and are personal to Ms. Simmons.  The remainder of Contran’s outstanding voting stock is held by another trust (the “Family Trust”), which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-party financial institution serves as trustee. Consequently, at March 31, 2021 Ms. Simmons and the Family Trust may be deemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran, Valhi and us.

Basis of presentation Consolidated in this Quarterly Report are the results of our majority-owned subsidiary, CompX International Inc.  We also own approximately 30% of Kronos Worldwide, Inc. (Kronos).  CompX (NYSE American: CIX) and Kronos (NYSE: KRO) each file periodic reports with the Securities and Exchange Commission (SEC).

The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2020 that we filed with the SEC on March 10, 2021 (the “2020 Annual Report”).  In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments) in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented.  We have condensed the Consolidated Balance Sheet at December 31, 2020 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2020) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).  Our results of operations for the interim period ended March 31, 2021 may not be indicative of our operating results for the full year.  The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2020 Consolidated Financial Statements contained in our 2020 Annual Report.

Unless otherwise indicated, references in this report to “NL,” “we,” “us” or “our” refer to NL Industries, Inc. and its subsidiaries and affiliate, Kronos, taken as a whole.

 

Note 2 Accounts and other receivables, net:

 

December 31,

 

 

March 31,

 

 

2020

 

 

2021

 

 

(In thousands)

 

Trade receivables - CompX

$

10,801

 

 

$

16,928

 

Other receivables

 

393

 

 

 

340

 

Accrued insurance recoveries

 

18

 

 

 

10

 

Allowance for doubtful accounts

 

(70

)

 

 

(70

)

Total

$

11,142

 

 

$

17,208

 

 

9

 


 

 

Note 3 – Inventories, net:

 

December 31,

 

 

March 31,

 

 

2020

 

 

2021

 

 

(In thousands)

 

Raw materials

$

3,220

 

 

$

3,650

 

Work in process

 

11,668

 

 

 

11,504

 

Finished products

 

3,449

 

 

 

2,999

 

Total

$

18,337

 

 

$

18,153

 

 

Note 4 Marketable securities:

Our marketable securities consist of investments in the publicly-traded shares of our immediate parent company Valhi, Inc.  Our shares of Valhi common stock are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets and represent a Level 1 input within the fair value hierarchy.  Any unrealized gains or losses on the securities are recognized in Marketable equity securities on our Condensed Consolidated Statements of Income.  

 

Fair value

measurement

level

 

Market

value

 

 

Cost basis

 

 

Unrealized

gain (loss)

 

 

 

 

(In thousands)

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Valhi common stock

1

 

$

18,206

 

 

$

24,347

 

 

$

(6,141

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Valhi common stock

1

 

$

24,566

 

 

$

24,347

 

 

$

219

 

 

At December 31, 2020 and March 31, 2021, we held approximately 1.2 million shares of common stock of our immediate parent company, Valhi, Inc.  At December 31, 2020 and March 31, 2021, the quoted per share market price of Valhi common stock was $15.20 and $20.51, respectively.

 

The Valhi common stock we own is subject to restrictions on resale pursuant to certain provisions of the SEC Rule 144.  In addition, as a majority-owned subsidiary of Valhi, we cannot vote our shares of Valhi common stock under Delaware General Corporation Law, but we receive dividends from Valhi on these shares, when declared and paid.

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2020 and March 31, 2021, we owned approximately 35.2 million shares of Kronos common stock.  At March 31, 2021, the quoted market price of Kronos’ common stock was $15.30 per share, or an aggregate market value of $538.9 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 three months of 2021 is summarized below.

 

Amount

 

 

(In millions)

 

Balance at the beginning of the period

$

242.4

 

Equity in earnings of Kronos

 

6.0

 

Dividends received from Kronos

 

(6.3

)

Equity in Kronos' other comprehensive income:

 

 

 

   Currency translation

 

.6

 

Defined benefit pension plans

 

1.0

 

Balance at the end of the period

$

243.7

 

 

10

 


 

 

Selected financial information of Kronos is summarized below:

 

December 31,

 

 

March 31,

 

 

2020