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Business Segment Information | 6 Months Ended
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Jun. 30, 2014
Business Segment Information | Note 2—Business segment information:
Business segment |  | Entity |  | % controlled at June 30, 2014 |
Chemicals |  | Kronos |  | 80 | %
Component products |  | CompX |  | 87 | %
Waste management |  | WCS |  | 100 | %
Real estate management and development |  | BMI and LandWell |  | 63% - 77 | %
Our control of Kronos includes 50% we hold directly and 30% held directly by NL. We own 83% of NL. Our control of CompX is through NL. Our control of LandWell includes the 27% we hold directly and 50% held by BMI.
| Three months ended June 30, |  |  | Six months ended June 30, |
| 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |
| (unaudited) |  |  |  |  |  |  |  |  |
| (In millions)
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals | $ | 481.1 |  |  | $ | 443.5 |  |  | $ | 944.7 |  |  | $ | 863.6 |
Component products |  | 24.0 |  |  |  | 26.8 |  |  |  | 45.5 |  |  |  | 52.6 |
Waste management |  | 10.9 |  |  |  | 11.9 |  |  |  | 25.0 |  |  |  | 18.9 |
Real estate management and development |  | — |  |  |  | 9.5 |  |  |  | — |  |  |  | 19.0 |
Total net sales | $ | 516.0 |  |  | $ | 491.7 |  |  | $ | 1,015.2 |  |  | $ | 954.1 |
Cost of sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals | $ | 472.1 |  |  | $ | 350.3 |  |  | $ | 932.4 |  |  | $ | 690.5 |
Component products |  | 16.4 |  |  |  | 18.3 |  |  |  | 31.9 |  |  |  | 36.3 |
Waste management |  | 10.3 |  |  |  | 11.9 |  |  |  | 20.8 |  |  |  | 22.6 |
Real estate management and development |  | — |  |  |  | 7.0 |  |  |  | — |  |  |  | 14.7 |
Total cost of sales | $ | 498.8 |  |  | $ | 387.5 |  |  | $ | 985.1 |  |  | $ | 764.1 |
Gross margin: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals | $ | 9.0 |  |  | $ | 93.2 |  |  | $ | 12.3 |  |  | $ | 173.1 |
Component products |  | 7.6 |  |  |  | 8.5 |  |  |  | 13.6 |  |  |  | 16.3 |
Waste management |  | .6 |  |  |  | — |  |  |  | 4.2 |  |  |  | (3.7 | )
Real estate management and development |  | — |  |  |  | 2.5 |  |  |  | — |  |  |  | 4.3 |
Total gross margin | $ | 17.2 |  |  | $ | 104.2 |  |  | $ | 30.1 |  |  | $ | 190.0 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals | $ | (45.3 | ) |  | $ | 46.3 |  |  | $ | (90.4 | ) |  | $ | 73.9 |
Component products |  | 2.9 |  |  |  | 3.9 |  |  |  | 4.4 |  |  |  | 7.2 |
Waste management |  | (4.4 | ) |  |  | (5.0 | ) |  |  | (6.0 | ) |  |  | (13.5 | )
Real estate management and development |  | — |  |  |  | 1.5 |  |  |  | — |  |  |  | 1.9 |
Total operating income (loss) |  | (46.8 | ) |  |  | 46.7 |  |  |  | (92.0 | ) |  |  | 69.5 |
Equity in earnings of investees |  | (.5 | ) |  |  | — |  |  |  | (.8 | ) |  |  | — |
General corporate items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities earnings |  | 6.7 |  |  |  | 6.6 |  |  |  | 13.3 |  |  |  | 13.4 |
Insurance recoveries |  | 1.0 |  |  |  | .4 |  |  |  | 1.6 |  |  |  | 1.2 |
Loss on prepayment of debt |  | — |  |  |  | — |  |  |  | (6.6 | ) |  |  | — |
General expenses, net |  | (21.6 | ) |  |  | (13.9 | ) |  |  | (31.3 | ) |  |  | (22.2 | )
Interest expense |  | (14.7 | ) |  |  | (14.6 | ) |  |  | (30.1 | ) |  |  | (28.3 | )
Income (loss) before income taxes | $ | (75.9 | ) |  | $ | 25.2 |  |  | $ | (145.9 | ) |  | $ | 33.6 |
Segment results we report may differ from amounts separately reported by our various subsidiaries and affiliates due to purchase accounting adjustments and related amortization or differences in the way we define operating income. Intersegment sales are not material. Our Real Estate Management and Development Segment consists of BMI and LandWell. We acquired a controlling interest in BMI and LandWell in December 2013, see Note 3. We commenced consolidating the results of operations and cash flows of BMI and LandWell beginning January 1, 2014.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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