Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 30, 2012

Change in Carrying Value of Investment

The change in the carrying value of our investment in Kronos during the first nine months of 2012 is summarized below:

	Amount
	(In millions)
Balance at the beginning of the period	$	281.3
Equity in earnings of Kronos		72.0
Dividends received from Kronos		(15.8	)
Other, principally equity in other comprehensive income items of Kronos		1.9
Balance at the end of the period	$	339.4

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31, 2011		September 30, 2012
	(In millions)
Current assets	$	865.0	$	1,054.6
Property and equipment, net		485.5		491.4
Investment in TiO2  joint venture		89.2		119.3
Other noncurrent assets		384.2		370.9
Total assets	$	1,823.9	$	2,036.2
Current liabilities	$	328.0	$	305.5
Long-term debt		362.9		416.1
Accrued pension and postretirement benefits		140.3		136.0
Other noncurrent liabilities		68.4		63.0
Stockholders’ equity		924.3		1,115.6
Total liabilities and stockholders’ equity	$	1,823.9	$	2,036.2

Selected Financial Information of Kronos Income Statement

	Three months ended September 30,				Nine months ended September 30,
	2011		2012		2011		2012
	(In millions)				(In millions)
Net sales	$	548.0	$	472.9	$	1,505.9	$	1,579.5
Cost of sales		337.1		386.9		951.6		1,068.7
Income from operations		156.6		38.5		403.2		358.5
Net income		85.9		35.2		235.2		236.6