Investment in Kronos Worldwide, Inc.

6 Months Ended

Jun. 30, 2016

Equity Method Investments And Joint Ventures [Abstract]

Note 5 – Investment in Kronos Worldwide, Inc.:

At December 31, 2015 and June 30, 2016, we owned approximately 35.2 million shares of Kronos common stock. At June 30, 2016, the quoted market price of Kronos’ common stock was $5.25 per share, or an aggregate market value of $184.9 million. At December 31, 2015, the quoted market price was $5.64 per share, or an aggregate market value of $198.6 million.

The change in the carrying value of our investment in Kronos during the first six months of 2016 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	140.7
Equity in losses of Kronos		(.7	)
Dividends received from Kronos		(10.6	)
Equity in Kronos' other comprehensive income (loss):
Marketable securities		.1
Currency translation		2.8
Interest rate swap		(1.1	)
Defined benefit pension plans		1.8

Balance at the end of the period	$	133.0

Selected financial information of Kronos is summarized below:

	December 31,		June 30,
	2015		2016
	(In millions)
Current assets	$	710.8	$	697.4
Property and equipment, net		429.5		439.6
Investment in TiO₂ joint venture		82.9		76.3
Other noncurrent assets		19.5		21.1

Total assets	$	1,242.7	$	1,234.4

Current liabilities	$	201.7	$	218.6
Long-term debt		337.2		336.5
Accrued pension and postretirement benefits		209.4		208.6
Other noncurrent liabilities		32.5		34.1
Stockholders' equity		461.9		436.6

Total liabilities and stockholders' equity	$	1,242.7	$	1,234.4

	Three months ended					Six months ended
	June 30,					June 30,
	2015			2016		2015			2016
	(In millions)
Net sales	$	360.2		$	356.1	$	725.3		$	674.5
Cost of sales		313.7			300.6		601.4			578.6
Income (loss) from operations		(10.4	)		10.5		21.8			10.2
Income tax expense		145.1			3.9		154.5			2.5
Net income (loss)		(159.8	)		1.7		(141.4	)		(2.1	)