Investment in Kronos Worldwide, Inc.

3 Months Ended

Mar. 31, 2017

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2016 and March 31, 2017, we owned approximately 35.2 million shares of Kronos common stock.  At March 31, 2017, the quoted market price of Kronos’ common stock was $16.43 per share, or an aggregate market value of $578.7 million.  At December 31, 2016, the quoted market price was $11.94 per share, or an aggregate market value of $420.5 million.

The change in the carrying value of our investment in Kronos during the first quarter of 2017 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	120.3
Equity in earnings of Kronos		11.2
Dividends received from Kronos		(5.3	)
Equity in Kronos' other comprehensive income (loss):
Marketable securities		(.1	)
Currency translation		2.7
Interest rate swap		.2
Defined benefit pension plans		1.0
Balance at the end of the period	$	130.0

Selected financial information of Kronos is summarized below:

	December 31,		March 31,
	2016		2017
	(In millions)
Current assets	$	650.4	$	734.3
Property and equipment, net		434.0		439.3
Investment in TiO2 joint venture		78.9		82.0
Other noncurrent assets		16.3		13.4
Total assets	$	1,179.6	$	1,269.0
Current liabilities	$	182.1	$	205.5
Long-term debt		335.4		360.9
Accrued pension and postretirement benefits		234.2		238.9
Other noncurrent liabilities		32.9		36.9
Stockholders' equity		395.0		426.8
Total liabilities and stockholders' equity	$	1,179.6	$	1,269.0

	Three months ended March 31,
	2016			2017
	(In millions)
Net sales	$	318.4		$	369.8
Cost of sales		278.0			266.4
Income (loss) from operations		(0.3	)		52.3
Income tax expense (benefit)		(1.4	)		11.0
Net income (loss)		(3.8	)		36.8