Investment in Kronos Worldwide, Inc.

9 Months Ended

Sep. 30, 2014

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 5 - Investment in Kronos Worldwide, Inc.:

At December 31, 2013 and September 30, 2014, we owned approximately 35.2 million shares of Kronos common stock.  At September 30, 2014, the quoted market price of Kronos’ common stock was $13.78 per share, or an aggregate market value of $485.3 million.  At December 31, 2013, the quoted market price was $19.05 per share, or an aggregate market value of $670.9 million.

The change in the carrying value of our investment in Kronos during the first nine months of 2014 is summarized below.  See also Note 12.

	Amount
	(In millions)
Balance at the beginning of the period	$	284.5
Equity in earnings of Kronos		24.1
Dividends received from Kronos		(15.8	)
Other, principally equity in Kronos' other comprehensive loss		(18.7	)
Balance at the end of the period	$	274.1

Selected financial information of Kronos is summarized below:

	December 31,		September 30,
	2013		2014
	(In millions)
Current assets	$	781.2	$	897.6
Property and equipment, net		536.3		500.8
Investment in TiO2 joint venture		102.3		89.1
Other noncurrent assets		199.3		163.9
Total assets	$	1,619.1	$	1,651.4
Current liabilities	$	278.0	$	211.3
Long-term debt		180.4		345.7
Accrued pension and postretirement benefits		171.6		152.0
Other noncurrent liabilities		54.0		41.5
Stockholders' equity		935.1		900.9
Total liabilities and stockholders' equity	$	1,619.1	$	1,651.4

	Three months ended					Nine months ended
	September 30,					September 30,
	2013			2014		2013			2014
	(In millions)
Net sales	$	419.1		$	414.8	$	1,363.8		$	1,278.4
Cost of sales		371.9			319.1		1,303.1			1,008.4
Income (loss) from operations		(37.0	)		47.9		(131.6	)		118.2
Net income (loss)		(29.9	)		31.9		(104.9	)		79.3