Business and Geographic Segments (Tables)

12 Months Ended

Dec. 31, 2013

Holding Percentage of Subsidiaries

Business segment		Entity		% controlled atDecember 31, 2013
Chemicals	Kronos		80%
Component products	CompX		87%
Waste management	WCS		100%

Segment Operating Performance

	Years ended December 31,
	2011			2012			2013
	(In millions)
Net sales:
Chemicals	$	1,943.3		$	1,976.3		$	1,732.4
Component products		79.8			83.2			92.0
Waste management		2.0			27.8			39.2
Total net sales	$	2,025.1		$	2,087.3		$	1,863.6
Cost of sales:
Chemicals	$	1,197.5		$	1,418.2		$	1,622.6
Component products		55.6			58.9			64.5
Waste management		25.3			35.0			42.3
Total cost of sales	$	1,278.4		$	1,512.1		$	1,729.4
Gross margin:
Chemicals	$	745.8		$	558.1		$	109.8
Component products		24.2			24.3			27.5
Waste management		(23.3	)		(7.2	)		(3.1	)
Total gross margin	$	746.7		$	575.2		$	134.2
Operating income (loss):
Chemicals	$	553.0		$	366.8		$	(125.4	)
Component products		6.4			5.4			9.3
Waste management		(38.0	)		(26.8	)		(22.6	)
Total operating income (loss)		521.4			345.4			(138.7	)
Equity in earnings of joint venture		(.5	)		(.2	)		.5
General corporate items:
Securities earnings		28.6			50.2			26.6
Insurance recoveries		16.9			3.3			9.4
Litigation settlement gain		—			14.7			—
Gain on sale of excess property		—			3.2			—
Goodwill impairment		—			(6.4	)		—
Gain on bargain purchase and remeasurement of existing investment in acquiree		—			—			54.6
General expenses, net		(40.7	)		(45.3	)		(105.3	)
Loss on prepayment of debt, net		(3.1	)		(7.2	)		(8.9	)
Interest expense		(61.8	)		(56.3	)		(56.1	)
Income (loss) from continuing operations before income taxes	$	460.8		$	301.4		$	(217.9	)

	Years ended December 31,
	2011		2012		2013
	(In millions)
Depreciation and amortization:
Chemicals	$	50.2	$	50.4	$	52.8
Component products*		6.8		5.8		3.3
Waste management		6.8		13.2		18.4
Total	$	63.8	$	69.4	$	74.5
Capital expenditures:
Chemicals	$	68.6	$	74.9	$	67.6
Component products*		3.2		4.3		3.5
Waste management		74.3		19.6		3.5
Corporate		.1		—		—
Total	$	146.2	$	98.8	$	74.6

Total Assets Held by Business Segments

	December 31,
	2011		2012		2013
	(In millions)
Total assets:
Operating segments:
Chemicals	$	2,189.7	$	2,401.1	$	1,984.8
Component products**		141.4		82.3		83.1
Waste management		223.4		265.0		270.1
Joint venture accounted for by the equity method		16.5		16.2		—
Corporate and eliminations		267.0		405.9		629.2
Total	$	2,838.0	$	3,170.5	$	2,967.2

* Includes discontinued operations for 2011 and 2012, see Note 3.

** Includes discontinued operations for 2011, see Note 3.

Net Sales by Point of Origin and Point of Destination

	Years ended December 31,
	2011			2012			2013
	(In millions)
Net sales—point of origin:
United States	$	831.4		$	1,153.8		$	961.5
Germany		1,039.7			977.7			915.8
Canada		301.7			339.1			246.5
Norway		245.1			284.0			261.3
Belgium		301.8			272.9			254.6
Eliminations		(694.6	)		(940.2	)		(776.1	)
Total	$	2,025.1		$	2,087.3		$	1,863.6
Net sales—point of destination:
North America	$	578.2		$	760.7		$	690.5
Europe		1,141.3			1,011.4			905.0
Asia and other		305.6			315.2			268.1
Total	$	2,025.1		$	2,087.3		$	1,863.6

Net Property and Equipment by Segment

	December 31,
	2011		2012		2013
	(In millions)
Net property and equipment:
United States**	$	189.0	$	211.9	$	232.8
Germany		259.6		271.2		292.9
Canada**		80.0		73.0		67.1
Norway		101.5		109.5		100.9
Belgium		86.0		97.5		102.7
Taiwan**		7.7		—		—
Total	$	723.8	$	763.1	$	796.4

** Includes discontinued operations for 2011, see Note 3.