production and other manufacturing costs associated with production curtailments at Kronos’ facilities during the full year of 2023 as it adjusted its TiO2 production volumes to align inventory levels with lower demand. Kronos’ TiO2 production volumes were 15% higher in the fourth quarter of 2023 compared to the fourth quarter of 2022 but 19% lower in the full year of 2023 compared to the full year of 2022. As a result of reduced demand and scheduled maintenance activities, Kronos operated its production facilities at 72% of practical capacity utilization in the full year of 2023 (76%, 64%, 73% and 78% in the first, second, third and fourth quarters of 2023, respectively) compared to 89% capacity in the full year 2022 (100%, 95%, 93% and 66% in the first, second, third and fourth quarters of 2022, respectively). Fluctuations in currency exchange rates (primarily the euro) decreased Kronos’ loss from operations by approximately $5 million in the fourth quarter of 2023 and by approximately $16 million in the full year of 2023 as compared to the same prior year periods.
Kronos’ loss from operations in the full year of 2023 includes an insurance settlement gain related to a 2020 business interruption insurance claim of $2.5 million (NL’s equity interest was $.5 million, or $.01 per share, net of tax), a fixed asset impairment related to the write-off of certain costs resulting from a capital project termination of $3.8 million (NL’s equity interest was $.7 million, or $.01 per share, net of tax) and restructuring costs related to workforce reductions of $5.8 million (NL’s equity interest was $1.0 million, or $.02 per share, net of tax). Kronos’ income from operations in the full year of 2022 includes a gain related to the 2020 business interruption insurance claim noted above of $2.7 million (NL’s equity interest was $.5 million, or $.01 per share, net of tax).
Corporate expenses decreased $.4 million in the fourth quarter of 2023 as compared to the fourth quarter of 2022 primarily due to lower litigation fees and related costs. Corporate expenses decreased $.4 million for the full year of 2023 as compared to 2022 primarily due to lower administrative expenses and $.5 million of insurance recoveries received in 2023. Interest and dividend income in the fourth quarter and for the full year of 2023 increased $1.3 million and $5.8 million, respectively, compared to the same periods of 2022 primarily due to higher average interest rates on invested balances somewhat offset by lower average balances on CompX’s revolving promissory note from Valhi. Marketable equity securities represent the change in unrealized gains (losses) on our portfolio of marketable equity securities during the periods.
The net loss per share attributable to NL stockholders for the full year of 2023 includes a non-cash loss of $4.9 million ($3.9 million, or $.08 per share, net of tax) due to the termination of our U.K. pension plan recognized in the second quarter.
The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Factors that could cause actual future results to differ materially include, but are not limited to:
| ● | Future supply and demand for our products; |
| ● | The extent of the dependence of certain of our businesses on certain market sectors; |
| ● | The cyclicality of our businesses (such as Kronos’ TiO2 operations); |
| ● | Customer and producer inventory levels; |
| ● | Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry); |
| ● | Changes in raw material and other operating costs (such as energy, ore, zinc, aluminum, steel and brass costs) and our ability to pass those costs on to our customers or offset them with reductions in other operating costs; |
| ● | Changes in the availability of raw material (such as ore); |
| ● | General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for Kronos’ TiO2 and our products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global conflicts and public health crises); |