Note 6 - Investment in Kronos Worldwide, Inc.:
At December 31, 2014 and 2015, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos at December 31, 2014 and 2015 was $13.02 and $5.64 per share, respectively, or an aggregate market value of $458.6 million and $198.6 million, respectively.
The change in the carrying value of our investment in Kronos during the past three years is summarized below:
|
|
Years ended December 31, |
|
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
|
(In millions) |
|
|
Balance at the beginning of the year |
$ |
323.1 |
|
|
$ |
284.5 |
|
|
$ |
237.7 |
|
|
Equity in earnings (losses) of Kronos |
|
(31.0 |
) |
|
|
30.2 |
|
|
|
(52.8 |
) |
|
Dividends received from Kronos |
|
(21.1 |
) |
|
|
(21.1 |
) |
|
|
(21.1 |
) |
|
Equity in Kronos' other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
2.0 |
|
|
|
(4.2 |
) |
|
|
.7 |
|
|
Currency translation |
|
2.0 |
|
|
|
(31.3 |
) |
|
|
(28.0 |
) |
|
Interest rate swap |
|
- |
|
|
|
- |
|
|
|
(.7 |
) |
|
Defined benefit pension plans |
|
8.5 |
|
|
|
(20.1 |
) |
|
|
4.9 |
|
|
Other postretirement benefit plans |
|
1.2 |
|
|
|
(.3 |
) |
|
|
- |
|
|
Other |
|
(.2 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the end of the year |
$ |
284.5 |
|
|
$ |
237.7 |
|
|
$ |
140.7 |
|
Selected financial information of Kronos is summarized below:
|
|
December 31, |
|
|
|
2014 |
|
|
2015 |
|
|
|
(In millions) |
|
|
Current assets |
$ |
879.9 |
|
|
$ |
710.8 |
|
|
Property and equipment, net |
|
479.7 |
|
|
|
429.5 |
|
|
Investment in TiO2 joint venture |
|
89.0 |
|
|
|
82.9 |
|
|
Other noncurrent assets |
|
184.5 |
|
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,633.1 |
|
|
$ |
1,242.7 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
$ |
234.2 |
|
|
$ |
201.7 |
|
|
Long-term debt |
|
339.7 |
|
|
|
337.2 |
|
|
Accrued pension and postretirement benefits |
|
245.2 |
|
|
|
209.4 |
|
|
Other noncurrent liabilities |
|
32.9 |
|
|
|
32.5 |
|
|
Stockholders' equity |
|
781.1 |
|
|
|
461.9 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,633.1 |
|
|
$ |
1,242.7 |
|
|
|
Years ended December 31, |
|
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
|
(In millions) |
|
|
Net sales |
$ |
1,732.4 |
|
|
$ |
1,651.9 |
|
|
$ |
1,348.8 |
|
|
Cost of sales |
|
1,620.2 |
|
|
|
1,302.2 |
|
|
|
1,156.5 |
|
|
Income (loss) from operations |
|
(132.6 |
) |
|
|
149.7 |
|
|
|
(1.1 |
) |
|
Income tax expense (benefit) |
|
(57.9 |
) |
|
|
34.5 |
|
|
|
142.8 |
|
|
Net income (loss) |
|
(102.0 |
) |
|
|
99.2 |
|
|
|
(173.6 |
) |
|