Investment in Kronos Worldwide, Inc. (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

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:

	Years ended December 31,
	2017			2018			2019
	(In millions)
Balance at the beginning of the year	$	120.3		$	229.5		$	255.5
Equity in earnings of Kronos		107.8			62.3			26.5
Dividends received from Kronos		(21.1	)		(23.9	)		(25.4	)
Equity in Kronos' other comprehensive income (loss):
Currency translation		17.5			(10.1	)		(.5	)
Defined benefit pension plans		3.6			(2.2	)		(6.7	)
Other postretirement benefit plans		(.2	)		(.1	)		(.1	)
Marketable securities		.9			-			-
Interest rate swap		.6			-			-
Other		.1			-			(.9	)
Balance at the end of the year	$	229.5		$	255.5		$	248.4

Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

	December 31,
	2018		2019
	(In millions)
Current assets	$	1,201.4	$	1,219.7
Property and equipment, net		486.4		490.6
Investment in TiO2 joint venture		81.3		90.2
Other noncurrent assets		129.0		165.3
Total assets	$	1,898.1	$	1,965.8
Current liabilities	$	233.4	$	270.6
Long-term debt		455.1		444.0
Accrued pension costs		262.9		307.4
Other noncurrent liabilities		106.9		127.7
Stockholders' equity		839.8		816.1
Total liabilities and stockholders' equity	$	1,898.1	$	1,965.8

Selected Financial Information of Kronos Income Statement

	Years ended December 31,
	2017			2018		2019
	(In millions)
Net sales	$	1,729.0		$	1,661.9	$	1,731.1
Cost of sales		1,159.3			1,099.7		1,344.9
Income from operations		347.8			330.1		145.8
Income tax expense (benefit)		(48.8	)		88.8		34.0
Net income		354.5			205.0		87.1