Investment in Kronos Worldwide, Inc.

9 Months Ended

Sep. 30, 2015

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2014 and September 30, 2015, we owned approximately 35.2 million shares of Kronos common stock.  At September 30, 2015, the quoted market price of Kronos’ common stock was $6.21 per share, or an aggregate market value of $218.7 million.  At December 31, 2014, the quoted market price was $13.02 per share, or an aggregate market value of $458.6 million.

The change in the carrying value of our investment in Kronos during the first nine months of 2015 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	237.7
Equity in losses of Kronos		(46.6	)
Dividends received from Kronos		(15.8	)
Equity in Kronos' other comprehensive income:
Marketable securities		.9
Currency translation		(23.6	)
Interest rate swap		(1.1	)
Defined benefit pension plans		3.1
Balance at the end of the period	$	154.6

Selected financial information of Kronos is summarized below:

	December 31,		September 30,
	2014		2015
	(In millions)
Current assets	$	886.2	$	781.2
Property and equipment, net		479.7		431.3
Investment in TiO2 joint venture		89.0		81.4
Other noncurrent assets		187.6		18.8
Total assets	$	1,642.5	$	1,312.7
Current liabilities	$	237.9	$	204.7
Long-term debt		344.7		342.9
Accrued pension and postretirement benefits		245.2		219.1
Other noncurrent liabilities		33.6		38.3
Stockholders' equity		781.1		507.7
Total liabilities and stockholders' equity	$	1,642.5	$	1,312.7

	Three months ended					Nine months ended
	September 30,					September 30,
	2014		2015			2014		2015
	(In millions)
Net sales	$	414.8	$	336.5		$	1,278.4	$	1,061.8
Cost of sales		319.1		293.3			1,008.4		894.7
Income (loss) from operations		47.9		(3.2	)		118.2		18.6
Income tax expense (benefit)		12.3		(7.4	)		27.0		147.1
Net income (loss)		31.9		(11.8	)		79.3		(153.2	)