Marketable Securities

9 Months Ended

Sep. 30, 2011

Marketable Securities

Marketable Securities

Note 3 – Marketable securities:

Marketable securities	Market value		Cost basis		Unrealized gains/ (losses), net
	(In millions)
December 31, 2010:
Current assets –
Other	$	1.7	$	1.7	$	—
Noncurrent assets:
The Amalgamated Sugar Company LLC	$	250.0	$	250.0	$	—
TIMET common stock		86.1		59.0		27.1
Other		4.3		4.3		—
Total	$	340.4	$	313.3	$	27.1

September 30, 2011:
Current assets:
Mutual funds	$	44.5	$	44.9	$	(.4	)
Other		1.2		1.2		—
Total	$	45.7	$	46.1	$	(.4	)
Noncurrent assets:
The Amalgamated Sugar Company LLC	$	250.0	$	250.0	$	—
TIMET common stock		97.7		86.1		11.6
Other		6.9		7.1		(.2	)
Total	$	354.6	$	343.2	$	11.4

All of our marketable securities are accounted for as available-for-sale, which are carried at fair value, with any unrealized gains or losses recognized through accumulated other comprehensive income. Our marketable securities are carried at fair value using quoted market prices, primarily Level 1 inputs as defined by Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures, except for our investment in The Amalgamated Sugar Company LLC ("Amalgamated"). Our investment in Amalgamated is measured using significant unobservable inputs, which are Level 3 inputs. Please refer to Note 4 in our 2010 Annual Report for a complete description of the valuation methodology for our investment in Amalgamated. There have been no changes to the carrying value of this investment during the periods presented. See Note 15.

At December 31, 2010, we, Kronos and NL and its subsidiaries held an aggregate of 5.0 million shares of TIMET common stock and the quoted per share market price was $17.18. At September 30, 2011 we held an aggregate of 6.5 million shares of TIMET common stock and the quoted per share market price was $14.98. During the first nine months of 2011, Kronos purchased an aggregate of 1.5 million shares of TIMET common stock for an aggregate of $27.0 million. Contran, Mr. Harold Simmons and persons and other entities related to Mr. Simmons own a majority of TIMET's outstanding common stock.

At September 30, 2011, we held investments in various mutual funds which have a primary investment objective of holding corporate and government debt securities from U.S. and other markets. These funds have daily liquidity and are held for the temporary investment of cash available for our current operations in order to generate a higher return than would be available if such funds were invested in an asset qualifying for classification as a cash equivalent, and accordingly we have classified our investments in these mutual funds as a current asset.