Investment in Kronos Worldwide, Inc.

9 Months Ended

Sep. 30, 2018

Equity Method Investments And Joint Ventures [Abstract]

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2017 and September 30, 2018, we owned approximately 35.2 million shares of Kronos common stock. At September 30, 2018, the quoted market price of Kronos’ common stock was $16.25 per share, or an aggregate market value of $572.3 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 nine months of 2018 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	229.5
Equity in earnings of Kronos		55.0
Dividends received from Kronos		(17.9	)
Equity in Kronos' other comprehensive income:
Currency translation		(3.0	)
Defined benefit pension plans		2.2

Balance at the end of the period	$	265.8

Selected financial information of Kronos is summarized below:

	December 31,		September 30,
	2017		2018
	(In millions)
Current assets	$	1,062.5	$	1,238.4
Property and equipment, net		506.4		491.9
Investment in TiO₂ joint venture		86.5		79.7
Other noncurrent assets		169.0		124.9

Total assets	$	1,824.4	$	1,934.9

Current liabilities	$	231.5	$	249.6
Long-term debt		473.8		465.2
Accrued pension and postretirement benefits		261.9		255.0
Other noncurrent liabilities		102.9		91.7
Stockholders' equity		754.3		873.4

Total liabilities and stockholders' equity	$	1,824.4	$	1,934.9

	Three months ended				Nine months ended
	September 30,				September 30,
	2017		2018		2017			2018
	(In millions)
Net sales	$	464.5	$	410.3	$	1,275.7		$	1,312.5
Cost of sales		309.5		291.2		882.3			846.8
Income from operations		96.1		58.1		226.8			285.5
Income tax expense (benefit)		6.1		14.1		(114.0	)		75.5
Net income		73.8		32.6		307.1			181.0