Investment in Kronos Worldwide, Inc. (Tables)

3 Months Ended

Mar. 31, 2014

Changes in Carrying Value of Investment

The change in the carrying value of our investment in Kronos during the first quarter of 2014 is summarized below:

	Amount
	(In millions)
Balance at the beginning of the period	$	284.5
Equity in earnings of Kronos		4.3
Dividends received from Kronos		(5.3	)
Other, principally equity in Kronos’ other comprehensive loss		(3.4	)
Balance at the end of the period	$	280.1

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31,2013		March 31, 2014
	(In millions)
Current assets	$	781.2	$	937.9
Property and equipment, net		536.3		534.4
Investment in TiO2 joint venture		102.3		97.8
Other noncurrent assets		199.3		185.9
Total assets	$	1,619.1	$	1,756.0
Current liabilities	$	278.0	$	274.9
Long-term debt		180.4		346.6
Accrued pension and postretirement benefits		171.6		165.7
Other noncurrent liabilities		54.0		48.2
Stockholders’ equity		935.1		920.6
Total liabilities and stockholders’ equity	$	1,619.1	$	1,756.0

Selected Financial Information of Kronos Income Statement

	Three months ended March 31,
	2013			2014
	(In millions)
Net sales	$	463.6		$	420.1
Cost of sales		459.7			339.6
Income (loss) from operations		(46.9	)		26.0
Net income (loss)		(41.1	)		14.3