Investment in Kronos Worldwide, Inc.

9 Months Ended

Sep. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2018 and September 30, 2019, we owned approximately 35.2 million shares of Kronos common stock. At September 30, 2019, the quoted market price of Kronos’ common stock was $12.37 per share, or an aggregate market value of $435.7 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 nine months of 2019 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	255.5
Equity in earnings of Kronos		23.6
Dividends received from Kronos		(19.0	)
Equity in Kronos' other comprehensive income:
Currency translation		(3.5	)
Defined benefit pension plans		2.0
Equity in Kronos' treasury stock acquired		(.9	)

Balance at the end of the period	$	257.7

Selected financial information of Kronos is summarized below:

	December 31,		September 30,
	2018		2019
	(In millions)
Current assets	$	1,201.4	$	1,186.9
Property and equipment, net		486.4		465.5
Investment in TiO₂ joint venture		81.3		83.1
Other noncurrent assets		129.0		149.4

Total assets	$	1,898.1	$	1,884.9

Current liabilities	$	233.4	$	227.5
Long-term debt		455.1		434.6
Accrued pension costs		262.9		249.3
Other noncurrent liabilities		106.9		126.6
Stockholders' equity		839.8		846.9

Total liabilities and stockholders' equity	$	1,898.1	$	1,884.9

	Three months ended				Nine months ended
	September 30,				September 30,
	2018		2019		2018		2019
	(In millions)
Net sales	$	410.3	$	437.4	$	1,312.5	$	1,358.4
Cost of sales		291.2		349.7		846.8		1,051.9
Income from operations		58.1		33.1		285.5		128.6
Income tax expense		14.1		6.3		75.5		30.5
Net income		32.6		17.9		181.0		77.7