Investment in Kronos Worldwide, Inc. (Tables)
 12 Months Ended
Dec. 31, 2016
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,

 

 

2014

 

 

2015

 

 

2016

 

 

(In millions)

 

Balance at the beginning of the year

$

284.5

 

 

$

237.7

 

 

$

140.7

 

Equity in earnings (losses) of Kronos

 

30.2

 

 

 

(52.8

)

 

 

13.2

 

Dividends received from Kronos

 

(21.1

)

 

 

(21.1

)

 

 

(21.1

)

Equity in Kronos' other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

(4.2

)

 

 

0.7

 

 

 

.7

 

Currency translation

 

(31.3

)

 

 

(28.0

)

 

 

(5.4

)

Interest rate swap

 

-

 

 

 

(0.7

)

 

 

.1

 

Defined benefit pension plans

 

(20.1

)

 

 

4.9

 

 

 

(7.8

)

Other postretirement benefit plans

 

(0.3

)

 

 

-

 

 

 

(.1

)

Other

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the end of the year

$

237.7

 

 

$

140.7

 

 

$

120.3

 

 
Selected Financial Information of Kronos Balance Sheet

Selected financial information of Kronos is summarized below:

 

December 31,

 

 

2015

 

 

2016

 

 

(In millions)

 

Current assets

$

710.8

 

 

$

650.4

 

Property and equipment, net

 

429.5

 

 

 

434.0

 

Investment in TiO2 joint venture

 

82.9

 

 

 

78.9

 

Other noncurrent assets

 

19.5

 

 

 

16.3

 

 

 

 

 

 

 

 

 

Total assets

$

1,242.7

 

 

$

1,179.6

 

 

 

 

 

 

 

 

 

Current liabilities

$

201.7

 

 

$

182.1

 

Long-term debt

 

337.2

 

 

 

335.4

 

Accrued pension and postretirement benefits

 

209.4

 

 

 

234.2

 

Other noncurrent liabilities

 

32.5

 

 

 

32.9

 

Stockholders' equity

 

461.9

 

 

 

395.0

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

1,242.7

 

 

$

1,179.6

 

 
Selected Financial Information of Kronos Income Statement

 

 

Years ended December 31,

 

 

2014

 

 

2015

 

 

2016

 

 

(In millions)

 

Net sales

$

1,651.9

 

 

$

1,348.8

 

 

$

1,364.3

 

Cost of sales

 

1,302.2

 

 

 

1,156.5

 

 

 

1,107.3

 

Income (loss) from operations

 

149.7

 

 

 

(1.1

)

 

 

81.1

 

Income tax expense

 

34.5

 

 

 

142.8

 

 

 

17.9

 

Net income (loss)

 

99.2

 

 

 

(173.6

)

 

 

43.3