Investment in Kronos Worldwide, Inc. (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments And Joint Ventures [Abstract]

Changes in Carrying Value of Investment

The change in the carrying value of our investment in Kronos during the past three years is summarized below:

	Years ended December 31,
	2013			2014			2015
	(In millions)
Balance at the beginning of the year	$	323.1		$	284.5		$	237.7
Equity in earnings (losses) of Kronos		(31.0	)		30.2			(52.8	)
Dividends received from Kronos		(21.1	)		(21.1	)		(21.1	)
Equity in Kronos' other comprehensive income (loss):
Marketable securities		2.0			(4.2	)		.7
Currency translation		2.0			(31.3	)		(28.0	)
Interest rate swap		-			-			(.7	)
Defined benefit pension plans		8.5			(20.1	)		4.9
Other postretirement benefit plans		1.2			(.3	)		-
Other		(.2	)		-			-
Balance at the end of the year	$	284.5		$	237.7		$	140.7

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31,
	2014		2015
	(In millions)
Current assets	$	879.9	$	710.8
Property and equipment, net		479.7		429.5
Investment in TiO2 joint venture		89.0		82.9
Other noncurrent assets		184.5		19.5
Total assets	$	1,633.1	$	1,242.7
Current liabilities	$	234.2	$	201.7
Long-term debt		339.7		337.2
Accrued pension and postretirement benefits		245.2		209.4
Other noncurrent liabilities		32.9		32.5
Stockholders' equity		781.1		461.9
Total liabilities and stockholders' equity	$	1,633.1	$	1,242.7

Selected Financial Information of Kronos Income Statement

	Years ended December 31,
	2013			2014		2015
	(In millions)
Net sales	$	1,732.4		$	1,651.9	$	1,348.8
Cost of sales		1,620.2			1,302.2		1,156.5
Income (loss) from operations		(132.6	)		149.7		(1.1	)
Income tax expense (benefit)		(57.9	)		34.5		142.8
Net income (loss)		(102.0	)		99.2		(173.6	)