Investment in Kronos Worldwide, Inc. (Tables)

9 Months Ended

Sep. 30, 2013

Changes in Carrying Value of Investment

The change in the carrying value of our investment in Kronos during the first nine months of 2013 is summarized below:

	Amount
	(Inmillions)
Balance at the beginning of the period	$	323.1
Equity in loss of Kronos		(31.9	)
Dividends received from Kronos		(15.8	)
Other, principally equity in Kronos’ other comprehensive income		4.7
Balance at the end of the period	$	280.1

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December31, 2012		September30, 2013
	(In millions)
Current assets	$	1,223.4	$	821.5
Property and equipment, net		522.5		524.0
Investment in TiO2 joint venture		109.9		105.9
Other noncurrent assets		171.2		222.4
Total assets	$	2,027.0	$	1,673.8
Current liabilities	$	328.4	$	297.4
Long-term debt		378.9		203.3
Accrued pension and postretirement benefits		203.3		198.4
Other noncurrent liabilities		54.3		54.2
Stockholders’ equity		1,062.1		920.5
Total liabilities and stockholders’ equity	$	2,027.0	$	1,673.8

Selected Financial Information of Kronos Income Statement

	Threemonthsended September30,					Ninemonthsended September30,
	2012		2013				2012		2013
	(In millions)
Net sales	$	472.9	$	419.1			$	1,579.5		$	1,363.8
Cost of sales		386.9		371.9				1,068.7			1,303.1
Income (loss) from operations		38.5		(37.0	)			358.5			(131.6	)
Net income (loss)		35.2		(29.9	)			236.6			(104.9	)