Investment in Kronos Worldwide, Inc.

3 Months Ended

Mar. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

Investment in Kronos Worldwide, Inc.

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2018 and March 31, 2019, we owned approximately 35.2 million shares of Kronos common stock.  At March 31, 2019, the quoted market price of Kronos’ common stock was $14.02 per share, or an aggregate market value of $493.8 million.  At December 31, 2018, the quoted market price was $11.52 per share, or an aggregate market value of $405.7 million.

The change in the carrying value of our investment in Kronos during the first three months of 2019 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	255.5
Equity in earnings of Kronos		9.2
Dividends received from Kronos		(6.3	)
Equity in Kronos' other comprehensive income:
Defined benefit pension plans		.7
Balance at the end of the period	$	259.1

Selected financial information of Kronos is summarized below:

	December 31,		March 31,
	2018		2019
	(In millions)
Current assets	$	1,201.4	$	1,203.1
Property and equipment, net		486.4		482.4
Investment in TiO2 joint venture		81.3		82.1
Other noncurrent assets		129.0		159.5
Total assets	$	1,898.1	$	1,927.1
Current liabilities	$	233.4	$	241.3
Long-term debt		455.1		445.8
Accrued pension and postretirement benefits		262.9		256.3
Other noncurrent liabilities		106.9		132.4
Stockholders' equity		839.8		851.3
Total liabilities and stockholders' equity	$	1,898.1	$	1,927.1

	Three months ended March 31,
	2018		2019
	(In millions)
Net sales	$	430.4	$	436.5
Cost of sales		255.6		327.2
Income from operations		107.5		49.0
Income tax expense		29.0		12.8
Net income		70.7		30.3