Investment in Kronos Worldwide, Inc.

3 Months Ended

Mar. 31, 2018

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2017 and March 31, 2018, we owned approximately 35.2 million shares of Kronos common stock.  At March 31, 2018, the quoted market price of Kronos’ common stock was $22.60 per share, or an aggregate market value of $796.0 million.  At December 31, 2017, the quoted market price was $25.77 per share, or an aggregate market value of $907.6 million.

The change in the carrying value of our investment in Kronos during the first three months of 2018 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	229.5
Equity in earnings of Kronos		21.5
Dividends received from Kronos		(6.0	)
Equity in Kronos' other comprehensive income:
Currency translation		3.3
Defined benefit pension plans		.7
Balance at the end of the period	$	249.0

Selected financial information of Kronos is summarized below:

	December 31,		March 31,
	2017		2018
	(In millions)
Current assets	$	1,062.5	$	1,195.5
Property and equipment, net		506.4		514.1
Investment in TiO2 joint venture		86.5		79.6
Other noncurrent assets		169.0		149.4
Total assets	$	1,824.4	$	1,938.6
Current liabilities	$	231.5	$	261.1
Long-term debt		473.8		487.4
Accrued pension and postretirement benefits		261.9		267.6
Other noncurrent liabilities		102.9		104.2
Stockholders' equity		754.3		818.3
Total liabilities and stockholders' equity	$	1,824.4	$	1,938.6

	Three months ended March 31,
	2017		2018
	(In millions)
Net sales	$	369.8	$	430.4
Cost of sales		263.8		255.6
Income from operations		56.4		107.5
Income tax expense		11.0		29.0
Net income		36.8		70.7