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Investment in Kronos Worldwide, Inc. | 12 Months Ended
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Dec. 31, 2016
Equity Method Investments And Joint Ventures [Abstract] |
Investment in Kronos Worldwide, Inc. | Note 6 - Investment in Kronos Worldwide, Inc.: At December 31, 2015 and 2016, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos at December 31, 2015 and 2016 was $5.64 and $11.94 per share, respectively, or an aggregate market value of $198.6 million and $420.5 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, |
| 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 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 |
| 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 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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