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Investment in Kronos Worldwide, Inc. (Tables)
12 Months Ended
Dec. 31, 2013
Changes in Carrying Value of Investment

The change in the carrying value of our investment in Kronos during the past three years is summarized below:

 

 

Year ended December 31,

 

2011

 

2012

 

2013

 

(In millions)

Balance at the beginning of the year

$

231.7

 

 

$

281.3

 

 

$

323.1

 

  Equity in earnings (loss) of Kronos

 

97.6

 

 

 

66.4

 

 

 

(31.0

)

  Dividends received from Kronos

 

(37.9

)

 

 

(21.1

)

 

 

(21.1

)

  Other, principally equity in Kronos’ other comprehensive income (loss)

 

(10.1

)

 

 

(3.5

)

 

 

13.5

 

Balance at the end of the year

$

281.3

 

 

$

323.1

 

 

$

284.5

 

 

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

 

 

December 31,

 

2012

 

2013

 

(In millions)

Current assets

$

1,223.4

 

 

$

781.2

 

Property and equipment, net

 

522.5

 

 

 

536.3

 

Investment in TiO2 joint venture

 

109.9

 

 

 

102.3

 

Other noncurrent assets

 

171.2

 

 

 

199.3

 

Total assets

$

2,027.0

 

 

$

1,619.1

 

 

 

 

 

 

 

 

 

Current liabilities

$

328.4

 

 

$

278.0

 

Long-term debt

 

378.9

 

 

 

180.4

 

Accrued pension and post retirement benefits

 

203.3

 

 

 

171.6

 

Other non-current liabilities

 

54.3

 

 

 

54.0

 

Stockholders’ equity

 

1,062.1

 

 

 

935.1

 

Total liabilities and stockholders’ equity

$

2,027.0

 

 

$

1,619.1

 

 

Selected Financial Information of Kronos Income Statement

 

 

 

Year ended December 31,

 

2011

 

2012

 

2013

 

(In millions)

Net sales

$

1,943.3

 

 

$

1,976.3

 

 

$

1,732.4

 

Cost of sales

 

1,194.9

 

 

 

1,415.9

 

 

 

1,620.2

 

Income (loss) from operations

 

546.5

 

 

 

359.6

 

 

 

(132.6

)

Net income (loss)

 

321.0

 

 

 

218.5

 

 

 

(102.0

)