Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 30, 2016

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 first nine months of 2016 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	140.7
Equity in earnings of Kronos		6.1
Dividends received from Kronos		(15.8	)
Equity in Kronos' other comprehensive income (loss):
Marketable securities		.3
Currency translation		5.6
Interest rate swap		(.9	)
Defined benefit pension plans		2.6
Balance at the end of the period	$	138.6

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31,		September 30,
	2015		2016
	(In millions)
Current assets	$	710.8	$	690.5
Property and equipment, net		429.5		446.6
Investment in TiO2 joint venture		82.9		79.8
Other noncurrent assets		19.5		24.6
Total assets	$	1,242.7	$	1,241.5
Current liabilities	$	201.7	$	206.5
Long-term debt		337.2		336.0
Accrued pension and postretirement benefits		209.4		210.3
Other noncurrent liabilities		32.5		33.8
Stockholders' equity		461.9		454.9
Total liabilities and stockholders' equity	$	1,242.7	$	1,241.5

Selected Financial Information of Kronos Income Statement

	Three months ended					Nine months ended
	September 30,					September 30,
	2015			2016		2015			2016
	(In millions)
Net sales	$	336.5		$	356.1	$	1,061.8		$	1,030.6
Cost of sales		293.3			280.6		894.7			859.2
Income (loss) from operations		(3.2	)		28.0		18.6			38.2
Income tax expense (benefit)		(7.4	)		0.7		147.1			3.2
Net income (loss)		(11.8	)		22.2		(153.2	)		20.1