Investment in Kronos Worldwide, Inc.

12 Months Ended

Dec. 31, 2018

Equity Method Investments And Joint Ventures [Abstract]

Note 6 - Investment in Kronos Worldwide, Inc.:

At December 31, 2017 and 2018, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos at December 31, 2017 and 2018 was $25.77 and $11.52 per share, respectively, or an aggregate market value of $907.6 million and $405.7 million, respectively. The change in the carrying value of our investment in Kronos during the past three years is summarized below:

	Years ended December 31,
	2016			2017			2018
	(in millions)
Balance at the beginning of the year	$	140.7		$	120.3		$	229.5
Equity in earnings of Kronos		13.2			107.8			62.3
Dividends received from Kronos		(21.1	)		(21.1	)		(23.9	)
Equity in Kronos' other comprehensive income (loss):
Marketable securities		0.7			.9			-
Currency translation		(5.4	)		17.5			(10.1	)
Interest rate swap		0.1			.6			-
Defined benefit pension plans		(7.8	)		3.6			(2.2	)
Other postretirement benefit plans		(.1	)		(.2	)		(.1	)
Other		-			0.1			-
Balance at the end of the year	$	120.3		$	229.5		$	255.5

Selected financial information of Kronos is summarized below:

	December 31,
	2017		2018
	(in millions)
Current assets	$	1,062.5	$	1,201.4
Property and equipment, net		506.4		486.4
Investment in TiO₂ joint venture		86.5		81.3
Other noncurrent assets		169.0		129.0
Total assets	$	1,824.4	$	1,898.1
Current liabilities	$	231.5	$	233.4
Long-term debt		473.8		455.1
Accrued pension and postretirement benefits		254.2		262.9
Other noncurrent liabilities		110.6		106.9
Stockholders' equity		754.3		839.8
Total liabilities and stockholders' equity	$	1,824.4	$	1,898.1

	Years ended December 31,
	2016		2017			2018
	(in millions)
Net sales	$	1,364.3	$	1,729.0		$	1,661.9
Cost of sales		1,099.6		1,159.3			1,099.7
Income (loss) from operations		92.9		347.8			330.1
Income tax expense (benefit)		17.9		(48.8	)		88.8
Net income (loss)		43.3		354.5			205.0