Investment in Kronos Worldwide, Inc.

6 Months Ended

Jun. 30, 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 June 30, 2017, we owned approximately 35.2 million shares of Kronos common stock.  At June 30, 2017, the quoted market price of Kronos’ common stock was $18.22 per share, or an aggregate market value of $641.7 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 six months of 2017 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	120.3
Equity in earnings of Kronos		70.9
Dividends received from Kronos		(10.6	)
Equity in Kronos' other comprehensive income (loss):
Marketable securities		(.1	)
Currency translation		7.2
Interest rate swap		.1
Defined benefit pension plans		1.2
Balance at the end of the period	$	189.0

Selected financial information of Kronos is summarized below:

	December 31,		June 30,
	2016		2017
	(In millions)
Current assets	$	650.4	$	800.0
Property and equipment, net		434.0		466.4
Investment in TiO2 joint venture		78.9		70.5
Other noncurrent assets		16.3		136.0
Total assets	$	1,179.6	$	1,472.9
Current liabilities	$	182.1	$	210.9
Long-term debt		335.4		350.8
Accrued pension and postretirement benefits		234.2		253.1
Other noncurrent liabilities		32.9		37.3
Stockholders' equity		395.0		620.8
Total liabilities and stockholders' equity	$	1,179.6	$	1,472.9

	Three months ended					Six months ended
	June 30,					June 30,
	2016		2017			2016			2017
	(In millions)
Net sales	$	356.1	$	441.4		$	674.5		$	811.2
Cost of sales		300.6		311.6			578.6			578.0
Income from operations		10.5		70.1			10.2			122.4
Income tax expense (benefit)		3.9		(131.1	)		2.5			(120.1	)
Net income (loss)		1.7		196.5			(2.1	)		233.3